Billionaire investor David Tepper is known for his high-risk, aggressive investing style. As the founder of the Appaloosa Management hedge fund, Tepper has made a fortune through contrarian calls and bets on distressed assets.
During the 2008 financial crash, which drove banks' values to record lows, Tepper heavily invested in distressed assets. As an opportunistic fund manager, he bought nearly $2 billion (£1.5 billion) worth of commercial mortgage-backed securities from AIG at face value. He soon profited by $7 billion (£5.3 billion) on the trade after the US government stepped in to save the banks.
