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David Tepper Dumps 20% Of Financial Holdings During Quarter Of Infamous CNBC Speech

Tyler Durden's picture




 

Guess who, after on September 24 David Tepper almost screamed that he was "balls to the wall long" and EVERYTHING was about to go up on QE2, you were very likely buying shares Bank of America and Citigroup from? Why, David Tepper, that's who. In Tepper's just released Q3 13F, the Appaloosa fund manager disclosed that in the quarter ended September 30, one week after his pompous, self-serving speech on CNBC served as a reason to pump the market up by almost 2%, he sold 18% of his BofA holdings (his largest holding both at June 30 and September 30), 11% of Citi, 19% of Wells Fargo, 19% of Fifth Third, 19% of Capital One, 75% of his then $157 million Hartford Financial position, and lighten up on pretty much all of his other financial positions. And congratulations to CNBC for serving as the medium which David Tepper manipulated to his advantage and dump about 20% of his financial stake, which as of June 30 was his biggest, at 56% of total holdings.

Some of the new additions include Hewlett Packard, UAL, a Semiconductor ETF, Applied Materials, Yahoo and a whole lot of other tech. But most poetically, he also bought $157 million of Cisco. Oops.

Top 25 Appaloosa holdings as of September 30, together with change from Q2.

 

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Fri, 11/12/2010 - 19:24 | 723648 themosmitsos
themosmitsos's picture

German truth in advertising police have more teeth than SEC investigations

Fri, 11/12/2010 - 19:25 | 723649 NOTW777
NOTW777's picture

in the old days this was a crime but now?

Fri, 11/12/2010 - 20:37 | 723785 doolittlegeorge
doolittlegeorge's picture

what "old days" are you referring to ?

Sat, 11/13/2010 - 14:00 | 724880 alibabaandthefo...
alibabaandthefortythieves's picture

The old days like this clown refers to in how he manipulated markets.

 

http://www.youtube.com/watch?v=HRa0B34jMOQ

 

 

Fri, 11/12/2010 - 19:28 | 723652 Apostate
Apostate's picture

Good catch.

Fri, 11/12/2010 - 19:30 | 723660 Id fight Gandhi
Id fight Gandhi's picture

A self serving fund manager? No.

Fri, 11/12/2010 - 19:36 | 723661 etrader
etrader's picture

RBS & Banco Santander could also be an  "Oops" with their pigs sovereign bond exposure.

Fri, 11/12/2010 - 19:31 | 723664 AccreditedEYE
AccreditedEYE's picture

But most poetically, he also bought $157 million of Cisco. Oops.

Your Bernanke Put didn't save you on that one, eh Davy boy? Nice!

Fri, 11/12/2010 - 20:39 | 723789 doolittlegeorge
doolittlegeorge's picture

so where's the poetry?  Now if you'd said "He thought he was ridin' with the Cisco Kid but instead was just following the Grateful Dead" then i'd be with ya'.

Fri, 11/12/2010 - 19:31 | 723665 InsanePonziClown
InsanePonziClown's picture

roflmao, he took down 45 million of etrade, lol............i guess he believed alot of trading would be done

Fri, 11/12/2010 - 19:34 | 723666 Bill Lumbergh
Bill Lumbergh's picture

Now everyone is repeating those words from this sell-side "expert" as if risk is so yesterday...was it Goebbels who said that if you repeat a lie often enough people begin to believe?

Fri, 11/12/2010 - 19:35 | 723669 nmewn
nmewn's picture

Pump dem stocks up all day long...doo dah...doo dah.

Fri, 11/12/2010 - 21:31 | 723899 espirit
espirit's picture

Yep, but now it's Tepurd!

Fri, 11/12/2010 - 19:36 | 723671 Sean7k
Sean7k's picture

A little more advertising of this and maybe people will end this career, hopefully.

Fri, 11/12/2010 - 19:36 | 723672 London Dude Trader
London Dude Trader's picture

All I can say is that I hate that hypocritical fuckhead with a vengeance. 

Sat, 11/13/2010 - 03:39 | 724382 equity_momo
equity_momo's picture

Room on your team for 1 more?  We all knew he would be dumping stock after that interview , lying asshole that he is. 

Id like someone to remind him about his claim that at s+p 1K he will go "all in"

Because when we are back at s+p 1k , my bet is he will be dumping stock with shit running down the inside of his fat thighs like every other momo chasing sheep in the market whos suddenly lost their nerve.

Fri, 11/12/2010 - 19:37 | 723675 RobotTrader
RobotTrader's picture

Heh, Tepper is obviously one of the "old school" investors.

Too many stocks.

Too much diversification.

He's probably getting run over by the younger, nimbler ones who have their entire stash in just 5 stocks:

AAPL

BIDU

NFLX

CMG

FFIV

Fri, 11/12/2010 - 19:44 | 723690 Bill Lumbergh
Bill Lumbergh's picture

You need to start listening to Cramerica for your investment strategy:

http://market-ticker.org/akcs-www?get_gallerynr=615

Earlier today I calculated the average P/E for those stocks is a little over 70.

Mmm...I love value.

Fri, 11/12/2010 - 19:49 | 723696 Id fight Gandhi
Id fight Gandhi's picture

I still don't get cmg. 240 a share for high end fast food. At least mcd and yum have diversification outside of north america and some hedging in commodity prices.

As sanford used to say "and beans and disease to you!"

Fri, 11/12/2010 - 20:29 | 723765 InsanePonziClown
InsanePonziClown's picture

always check a stocks float, it only has 30 million shares, and no debt

Fri, 11/12/2010 - 20:35 | 723779 Id fight Gandhi
Id fight Gandhi's picture

Yep, and margins less than yum and a pe of twice it.

Commodity prices will crush it since its mostly in the USA and Canada,

Hsy, df, kft,gis all getting pinched by the falling dollar and input costs.

Fri, 11/12/2010 - 22:47 | 724070 obamaphobe
obamaphobe's picture

The market cap of cmg puts each leased storefront fastfood restaurant at a value of $7,000,000.00.  You gotta sling a lot of burritos to make that fad business pencil. 

Fri, 11/12/2010 - 23:04 | 724096 dark pools of soros
dark pools of soros's picture

grab some COSI...  i rode it from the 50's to over a buck..  great food - if they get their head out of their ass they'll shoot up

Sat, 11/13/2010 - 00:01 | 724197 jeff montanye
jeff montanye's picture

answer: peak chipotle (hat tip to daneric).

Fri, 11/12/2010 - 20:41 | 723793 doolittlegeorge
doolittlegeorge's picture

how 'bout a little "interest rate sensitivity" with that free money mother...truckers!

Fri, 11/12/2010 - 19:38 | 723678 the rookie cynic
the rookie cynic's picture

David Tepper does not strike me as being very smart, nor trustworthy.  His interview was like a frat-boy talking smack. "Hey, I've got the world by the balls. Follow me boys."

Fri, 11/12/2010 - 20:12 | 723738 Cdad
Cdad's picture

That is exactly who and what Tepper is.  Search him, and it isn't hard to find the opinion trail.

The guy is typical scum, part of the never ending criminal syndicate known as Wall Street.

Sat, 11/13/2010 - 03:41 | 724383 equity_momo
equity_momo's picture

Ex goldman , do the math.  He is part of the club and knows whats going to happen along time before mere mortals looking at fundamentals or technicals do. All you need when youre in that club is a phone.

Fri, 11/12/2010 - 19:39 | 723680 treemagnet
treemagnet's picture

I remember watching that asshole and while being impressed by his record, couldn't help but wonder if he wasn't the expert in reading a credit induced bubble bull run economy that was basically dead at the date of his call.  Anybody right that long thats still not only swingin for the fence....but calling it.....is gonna go down hard.  And just like those fickle fans who love and hate you within the span of a pitch, his "loyal" investors will bail on him in even less time.  I remember watching him though....good performance.  The negative futures just fucking melted up as he spoke.  The heady, gregarious attitude oozed out of my tv speakers - I was pissed and calmed (knew his brand of bullshit) all at the same time.

Fri, 11/12/2010 - 19:43 | 723687 Tyler Durden
Tyler Durden's picture

The affidavits will be very interesting. Certainly looking forward to any discovery involving Jeffrey Toll.

Fri, 11/12/2010 - 20:40 | 723792 Fraud-Esq
Fraud-Esq's picture

Now you're talking. We need a clearinghouse of all accessible discovery in BK's and civil fraud cases. public access. connect the dots.  

Fri, 11/12/2010 - 20:44 | 723797 doolittlegeorge
doolittlegeorge's picture

apparently being told "they're angry C-bass" isn't good enough.

Fri, 11/12/2010 - 22:38 | 724049 Tyler Durden
Tyler Durden's picture

This is Epiq's free bankruptcy database. not all cases are here, but most.

http://www.epiqsystems.com/Chapter11.aspx?id=210

Fri, 11/12/2010 - 19:44 | 723688 GoldmanSux
GoldmanSux's picture

The prostitutes at CNBC did what they do best. Fuck viewers.

Fri, 11/12/2010 - 19:44 | 723691 detournement
detournement's picture

smart guy!

Fri, 11/12/2010 - 19:45 | 723692 Bob
Bob's picture

I must be getting punch drunk--I couldn't help but laugh about that.  He's an Ivy League boy, I would guess? 

Fri, 11/12/2010 - 19:50 | 723699 AccreditedEYE
AccreditedEYE's picture

That would be a bad guess Bob.. :)

http://en.wikipedia.org/wiki/David_Tepper

Fri, 11/12/2010 - 19:54 | 723704 Bob
Bob's picture

Oh, a real scrapper of a conman. 

Fri, 11/12/2010 - 19:46 | 723695 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Plus ca change ...

Ah, nice to see some consistency again.

Fri, 11/12/2010 - 19:49 | 723697 johngaltfla
johngaltfla's picture

David Tepper rooked in the suckers and now went CRAMERICA on them....

It's an old wrasslin' move:

Hit them with a steel folding chair after they've bought into his bullcrap, then cut them with a razor, and as they lay on the mat crying laugh at them and scream:

BOOYAH!

Fri, 11/12/2010 - 19:59 | 723715 carbon based unit
carbon based unit's picture

soooo... david was selling 'us' BAC while john chambers was selling CSCO shares to him?

 

SWEET!

Fri, 11/12/2010 - 20:03 | 723722 notadouche
notadouche's picture

How was it the TBT went up.  I wrongly sold yesterday thinking the natural move would be down.

Fri, 11/12/2010 - 20:10 | 723734 Misean
Misean's picture

Does he have to pay for those ads?

Fri, 11/12/2010 - 20:15 | 723743 Fraud-Esq
Fraud-Esq's picture

CNBC = THE CORPORATE BOILER ROOM. 

Fri, 11/12/2010 - 20:41 | 723750 Fraud-Esq
Fraud-Esq's picture

Tepper made his 2009 money off inside information, the legal kind - government inside. His old interview, he says it would have been illegal for the gov to nationalize the banks - WRONG. He bullshitted and gave them a bunch a reasons he was so sure...

The real reason? Likely a few phone calls. 

 

Fri, 11/12/2010 - 20:23 | 723755 molecool
molecool's picture

Time for some torches and pitch forks...

Fri, 11/12/2010 - 20:34 | 723777 max2205
max2205's picture

TD,

My crack lawyers will be right on it. Oh that's a web site

Best

Shellia

Fri, 11/12/2010 - 20:47 | 723802 unum mountaineer
unum mountaineer's picture

bank failure friday anyone:

Regulators seized two small banks in Georgia and one in Arizona

drank a bottle of wine last night..made a switch to beer for the night..cheers

Sat, 11/13/2010 - 00:10 | 724207 chindit13
chindit13's picture

I didn't think Georgia had any banks left.  I'm going to check Ancestry.com to see if there was a General Sherman in Sheila Bair's background.

Fri, 11/12/2010 - 20:51 | 723809 doolittlegeorge
doolittlegeorge's picture

TD:  my "crack" lawyers 'll be on this one, too.  We'll start with "taking money away so people don't get any crazy "crack like" ideas."  i mean DT didn't ask our government to "ride this crazy train."  They've gone down this path with both eyes WIDE open.  Are the "bad guy's winning"?  To be honest at this point I have a hard time making a judgement anymore though clearly "you're either in this camp or that camp" now.  Am i right?  because believe me "i'd rather be wrong."

Fri, 11/12/2010 - 21:01 | 723830 greenewave
greenewave's picture

For more on the Corruption on Wall Street, watch the YouTube video Bankrupt Motors IPO, Hedge Fund Fraud at (http://youtu.be/JmrZikbC0zE).

The American public gets robbed, and we are supposed to be thankful??!!

Anonymous- 

47 seconds ago

Great upload cgreen34, the best fictional writer in the world couldn't even make this nonsense? up. Makes me sick.

Fri, 11/12/2010 - 21:12 | 723852 rapacious rachel wants to know (not verified)
rapacious rachel wants to know's picture

he changes his mind

please, give a girl a break

and break the fucker over his millionaire head

Fri, 11/12/2010 - 21:30 | 723892 gkm
gkm's picture

Anyone applying commonsense would have known Tepper, appearing on CNBC for the first time ever after numerous invitations to appear, was there to create a market for his shares.  Say you are a hedgefund manager and you have no problem lying with a straight face, what would you do different?  Squat.  It's the same game that has been played over and over again throughout time.

Fri, 11/12/2010 - 21:45 | 723913 Cdad
Cdad's picture

Quite frankly, there used to be rules against that sort of thing.  Thanks to the liberalization of these rules and a complete lack of enforcement by an incompetent SEC, we now have systemic fraud.

But go ahead and simply suggest it has always been this way.  You are incorrect.

Fri, 11/12/2010 - 21:38 | 723914 espirit
espirit's picture

Anyone, I repeat anyone on public tv with strong conviction should be viewed as a contrarian indicator.

We should know by now they're not on our side.

Fri, 11/12/2010 - 22:56 | 724059 obamaphobe
obamaphobe's picture

The rooten wood of BAC, FTIB, STI, and WFC.  He sure knows value.  Great picks if he bought in Mar09.  But I doubt that.  He'll get  what he has coming.  And to boot, the steelers suck!

Sat, 11/13/2010 - 01:33 | 724289 mark mchugh
mark mchugh's picture

I'll remember this one.  CNBS treated him like he was spouting the wisdom of Solomon.  What a lying sack of shit.  Hope he has drink Dom Perignon's bad years.

Thanks for the info, Tyler.

Sat, 11/13/2010 - 05:47 | 724404 The Real Fake E...
The Real Fake Economy's picture

Dom P doesn't do bad years.  That's why they don't make their champagne every year, unless the master thinks the harvest is good enough.  :)

as for Tepper, he needs to get himself a pawn the way Soros does to do his dirty work for him in order to protect himself and not seem as if he's trying to manipulate any market.  Soros has roubini (Paulson used to as well til they had a falling out over gold) bu perhaps Tepper can use one of his former colleagues with a decent track record.  Jan Hatzius anyone??

Sat, 11/13/2010 - 05:58 | 724409 GFORCE
GFORCE's picture

Everything did go up. Probably quicker than Tepper expected. The game changed in financials since then and so he cut them. Known in the business as smart trading I guess.

Sat, 11/13/2010 - 17:53 | 725254 RockyRacoon
RockyRacoon's picture

John Maynard Keynes once said: "When the facts change, I change my mind – what do you do, sir?".

Sat, 11/13/2010 - 06:21 | 724418 Ned Zeppelin
Ned Zeppelin's picture

No doubt these sales were just part of a perfectly understandable, pre-arranged plan to diversify the portfolio of which Tepper was completely unaware, nothing to see here, move along. 

Sat, 11/13/2010 - 06:23 | 724419 Ned Zeppelin
Ned Zeppelin's picture

But right now the whisper seems to be slight correction, more like a pause, then we go to  1300 and upward by year end. Not that I agree with that, or that there is any reason outside POMO for that to occur. They even pissed all over CISCO's bad news as Cisco's faulty "execution. No market problems, people. 

Sat, 11/13/2010 - 08:12 | 724476 cva2biz
cva2biz's picture

Yeah we stopped listening to Joe and Becky a long time ago. All they do is sing the corporate mantras and Becky, though married, has the hots for brother Buffett. BTW I thought it interesting that in last week's episode of The Event, the alien's reveal they make so much money but are able to hide this fact because they have a man in the midwest (Buffett?) who takes credit for it. :=)

PS for better business news we go with Dagen McDowell on Fox Business The Power to Prosper. double :=)

Sat, 11/13/2010 - 10:00 | 724578 john-zh
john-zh's picture

Dear Mr Durden,

your website is great and unique, but this particular analysis looks to be wrong in two aspects:

1.
Tepper gave his interview on Sept.24th. So only 4 trading days were left to profit from a manipulated public. Compared to about 70 trading days a quarter contains, this seems to be very late for a strategic action.
I would say:
When he gave the interview he HAD already rearranged his portfolio.

2.
Tepper did not really dump financial shares.

The only figure that decreased in the Q3-report was the VALUE of the financial shares.
All other figures did rise, which is:

* the number of SHARES overall rose by 41%
* the number of financial shares rose by 25%
* the number of non-financial shares rose by 114%

* the VALUE overall rose by 18%
(- the value of financial shares decreased by -19%)
* the value of non-financial shares rose by 83%

(all percentages relate to previous quarters figures)
the spreadsheets of this analysis you find here: http://i933.photobucket.com/albums/ad179/johnjacobphotobucket/zh-tepper-... http://i933.photobucket.com/albums/ad179/johnjacobphotobucket/zh-tepper-...

The reason I am writing, is to let your excellent website not become a place of just moaning.

The background of Tepper's interview, though, does contain an interesting aspect, worthwhile to be investigated.
On that issue I sent quite a few e-mails to your team, detailing the ominous points (last on Oct.25th), but nobody answered.

I was astonished, that such an interesting topic was untouched.

Yours sincerely
JJ

Sat, 11/13/2010 - 17:24 | 725217 Clapham Junction
Clapham Junction's picture

JJ:

Moaning is under-rated. 

 

Sat, 11/13/2010 - 09:21 | 724583 Downtoolong
Downtoolong's picture

CNBC proved years ago that it is possible for a T.V. show to be 100% advertising.

Sat, 11/13/2010 - 09:55 | 724610 Sqworl
Sqworl's picture

Shilling me softly....

Sat, 11/13/2010 - 17:19 | 725212 Clapham Junction
Clapham Junction's picture

Everything you hear or see on CNBC, believe the opposite, then ignore.

Better yet, throw your TV through a plate glass window. It won't permanently make CNBC go away, but after you calm down you may not watch it ever again.

Sat, 11/13/2010 - 17:57 | 725259 sheriff
sheriff's picture

Tepper is a scumbag and the weasels at CNBC are complicit in his manipulation.  This no worse than Bill Gross or his minions coming on after every Fed meeting to talk their books but still sickening because it got so much play.

As Jesse Livermore said so many years ago, "If a law were passed that would punish bull liars as the law now punishes bear liars, I believe the public would save millions."

 

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