“No one typifies the bullish euphoria of the last year better than Appaloosa’s David Tepper (except perhaps Laszlo Birinyi). It appears, however, that everyone’s favorite perma-bull is up to his old tricks again. The manager who infamously opened his mouth about how he couldn’t be more“balls to the wall” bullish of US financials – and then proceeded to reduce his positions notably in the quarter following that media appearance – has seemingly done it again. His appearances earlier this month on CNBC and Bloomberg were both full of hubris and arrogance as he encouraged the world to grab financial stocks with both hands and feet. However, as Fox Business’ Charlie Gasparino reported yesterday, Tepper’s Appaloosa is now seeking bids (to unwind a long position) for $400mm of European bank debt – doesn’t seem so balls-to-the-wall bullish to us? Withtwo weeks left to the great unveiling of the Q4 13Fs, we wait anxiously to see just how big Tepper’s ‘balls at the wall’ really were/are.
Via Fox Business Network,
FOX Business Network’s (FBN) Charlie Gasparino reports that Appaloosa Management Founder David Tepper put out for bid $400 million of hybrids for HBOS PLC, Royal Bank of Scotland and Commerzbank. Gasparino goes on to report that this indicates he might be turning bearish on financials due to some headwinds surrounding trouble in Europe.
On the $400 million of hybrid bank securities Appaloosa founder David Tepper put out for bid….”
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