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Tepper Topples From Top 10 Highest-Earning Hedgies
For the first time in 4 years, Appaloosa Management's David Tepper is not the highest-earning hedge fund manager in the world. Plunging from No.1 to tied-for-11th (with a mere $400 million earned last year) Tepper appears to have suddenly found investing difficult now that The Fed has stopped printing money (up just 2.2%). What is more ironic, perhaps, is that the other alleged beneficiary of Fed largesse (and recent hirer or blogger Ben Bernanke) - Citadel tops the list with Ken Griffin making $1.3 billion last year.
David Tepper relinquishes the top spot on the Rich List for the first time in three years after posting a disappointing 2.2 percent gain, the worst performance of anyone in the ranking. Still, the legendary investor - who has earned a total of nearly $15 billion in his 11 years on the list - is tied for No. 11 with $400 million in earnings thanks to the huge stockpile of his own cash in Appaloosa’s funds.
Tepper is the only one of last year’s three highest earners who even qualified for this year’s ranking. Paulson, who finished third on the 2013 ranking with $2.3 billion, lost money in most of his funds last year. SAC Capital Advisors’ Steven Cohen, No. 2 last year with $2.4 billion, is no longer in the hedge fund business.
So it seems unless you are cheating or just momo-leveraged blindly to the most-risky stuff with the Fed at your back.. it's not so easy.
Citadel top... Tepper not...
Harsh memories of the global financial crisis pervaded Wall Street in 2014 — at least, for the highest-earning hedge fund managers.
Last year turned out to be the worst one for this elite group of investors since the stock market meltdown of 2008.
How bad was it? The 25 hedge fund managers on our 14th annual Rich List made a paltry $11.62 billion combined, barely half of the $21.15 billion the top 25 gained the previous year and roughly equal to what they took home during nightmarish 2008. The average earnings were just $467 million last year, down from $846 million in 2013, while the median earner made $400 million, down from $465 million the previous year.
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Hedging doomsday is hard work, but other peoples money is endless after all....
All these fucking guys are supposed philanthropists as well obviously in attempt to come off like good people, and not criminals, to the low information folk. Kinda like Cramer and his "charitable trust" what a fucking joke.
But if your name is Clinton, your cool.....
absurd. how did he miss the repeated messages about stopping qe.
Don't post stuff like this Tyler, some "mafia" bloke might get some idea to randsom some folks.
I say FUCK THEM
I should be the top dog. I am in the empire business.
Shame Dr. Suess is gone, as an informative children's investment book could have been created ("Tepper topples from Top Ten totem-pole & then timidly tries TIPS")
I'm guessing he purposefully deflated his stated earnings due to the divorce.
Hedge funds manage other people's money. (OPM) Indeed, they "manage" to pocket OPM so they can get high. What's so sad is the way the process has become legalized, and the fools who expect to play the game and win. Like the movie "War Games," the only way to win is not to play.
"Greetings Professor Falkien, how about a nice game of chess?"
What a great movie and such a great illustration as to how things are running on wall street these days.
So you can pay yourself USD400m for growing your clients portfolio 2.2%. I'd get sacked for that performance. Are there any regulators out there seeing whats going on with the HFT guys. It is insane.