Now here's a name I rarely hear people on here mention.
40% gross returns over 15+ years, 30%+ net. A $1 invested back in the beginning is worth $140+ today.
Not sure of any other fund managers that come remotely close to that sort of net return over that long period of time (except Eddie Lampert, but his performance has tanked since taking over Sears in 2005+ I believe)
I also assume it's probably insanely hard to land a job at Appaloosa haha. He's a boss.
Two words: Medallion Fund
Man, I knew this was a good fund, but not 80% returns a year for over 25 years good. Wow. That's not even human....
their final round involves making a brass replica of ur balls
if they look good ur in
While Tepper is one of my all time favorites and certainly one of the best around there are so many managers out there that purposely stay under the radar who are absolute beasts.
Jeff Gates Glenn Greenberg Jeff Ubben John Shapiro Larry Robbins The list could go on and on...
Interesting point.
I'm familiar with many of those portfolios.....I don't think a single one of them has returned 30% net returns over long periods of time. Correct me if I'm wrong?
What I'm saying is that it is foolish to evaluate a manager simply on returns only.
So what would you prefer to evaluate them on instead? Volatility?
In all seriousness, among the active bigger funds with more than 10 years of history, no one's touching Tepper's 30% net.
That's what I figured. I believe that ESL did 30% net for its first 18 years or so? David Geffen, one of the earliest partners, has mentioned this several times in interviews if you search online. But the market overall did decent those years too. I think if you look at strictly outperformance to the S&P, Tepper kills just about everyone even more.
I know his methods are weird/controversial and he runs a borderline cult, but it's pretty hard not to mention Ray Dalio here. He manages the most money and still crushes it from a returns perspective year in and year out.
Except, you know, this year.
Heard of Seth Klarman of Baupost? I hear that he know one thing or two about investing
He's definitely the best HF value investor, but I don't think he's the best hedge fund manager. He is all about risk aversion, sitting on 1/3 cash, and no leverage.
You might be getting Tepper mixed up with Seth Klarman.
I feel like I'm reading about girls discussing the longest rod they've ever sucked.
Yeah, Jim Simons is definitely ahead of Tepper if we're talking returns over a long period.
Tepper is impressive in that he has done a lot of different things well over the years, and is not afraid to make big marco calls as well.
Klarman is an incredible and consistent value guy, but he's not doing relative value bond arb to go along with it.
RENTECH is on another level, but until David Tepper retires at the top, he doesn't touch Stan Druckemiller.
Druckenmiller is still the best macro guy in the game... and he's not even really in the game anymore.
Tepper, Klarman, etc, have nothing on the great Fredrick Douglas Scott. The guy had a 3.7bn fund in his 20's!
https://docs.google.com/file/d/0B0I2xRH4YopPYzFzQjI3b3pNU0U/edit
God.no offense but you guys are a bunch of idiots.
1) why the hell are you looking at net return, you should only focus on gross, fee structure doesn't make one a better or worse manager lol 2) comparing track records is very hard because its hugely a function of what capital base and what time it's from. Track records from the 70s/80s are not reall comparable to today.
Fine, even with gross return, Tepper kills it. Net return, at least for me, is more useful because that's what the actual clients made. If someone tells you to "show them the money," you look at the net return.
Why are track records from the 70s/80s not comparable to today? Other than the fact that the field has only gotten MORE competitive a time goes on, which makes Tepper's success even more phenomenal.
Name me some top funds that were down less than 30% in 2008. I'd wager out of the top 20 return-generating funds, most were down more than that. Third Point was down close to 50%!!
Pure Alpha returned 14% gross in 2008. Paulson Advantage was up 24% . Paulson Advantage Plus was up 37%.
umm, virtually every discretionary macro and trend following fund was up in 2008
top of my head, the average return of CTAs/managed futures that year was close to 20%, ackman's main fund was only down about 10%, chanos was up about 15%
regardless, if you've had a 20% down year you're not the "greatest" period, regardless of other funds... hedge funds are in the absolute return business
Soros? Tudor? Moore?
Tepper was DOWN nearly 30% in 2008, down more than 20% in 2002, and down nearly 50% in 1998.
He comes back very strong after each down year (hence why he is still in business) but can a guy who blows up every crisis be the BEST?
please refer to the second post
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