David Tepper in New York Magazine

Jessica Pressler, a personal friend of mine, has an absolutely amazing article profiling David Tepper in this month's New York Magazine. And if you have not seen it, David Tepper was on CNBC last week with a fantastic (and often funny) interview with the guys from Squawk.

When I first joined the buy side, I joined a colleague at an event where David Tepper was one of the keynote speakers. Ever since then I have followed the moves of Appaloosa. The fund has always been active in the distressed space (situations they have recently played: WAMU, AIG sub debt, Delphi, GM, etc). In my opinion, David Tepper and Seth Klarman are the best money managers in the business right now.

My favorite quote:

“This company looks cheap, that company looks cheap, but the overall economy could completely screw it up,” he said grumpily. “The key is to wait. Sometimes the hardest thing to do is to do nothing.”

Again, a must read for all distressed debt investors.