Appaloosa Management L.P. is an employee owned hedge fund sponsor. The firm typically provides it services to high net worth individuals. It also caters to banking or thrift institutions, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, corporations or other businesses, foreign government entities, foundations, universities, and other organizations. The firm invests in the public equity and fixed income markets across the globe. It primarily invests in equities and debt of distressed companies, bonds, exchange warrants, options, futures, notes, and junk bonds. The firm also seeks to invest in companies in bankruptcy. It typically employs an event-driven investment strategy for its investments. Appaloosa Management was founded in 1993 and is based in Chatham, New Jersey.