David Tepper: The King of Bouncing Back
Enter the Labyrinth
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The Government's Back Stop on Capital Raising
Depper entered two thousand nine with 30 % cash in his main fund and 50% at thoroughbred inflection. The government told me in writing what it would do and out what prices. We also made a lot of money on a i g. About one week before everyone thought they were going bankrupt, we bought a hundred million of their commercial paper for 30 cents on the dollar. When they didn't go bankrupt, the per paper was worth par. But we figured even if a i g did go bankrupt, it was not a bad price to pay.
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