The latest big winner in the hedge fund industry is David Tepper, founder of Appaloosa Management, which has racked up huge gains in its flagship fund by betting correctly on bank stocks. Unlike a lot of value investors, who bet on a recovery years too early, he timed the bottom of big banks like Bank of America (BAC) and Citigroup (C) pretty well.

Appaloosa Investment LP I achieved a 117.3 percent return for the nine months ending on Sept. 30, according to Bloomberg, which reports it was the best-performing big fund for the period. Tepper is now enjoying a bubble of publicity, which can be two-edged sword. John Paulson has managed to avoid a backlash by keeping his returns high, but stringing together consecutive blockbuster years is not easy. For now, some Tepper lore is developing. He apparently likes to throw money on the floor to make a point about the best trades being like "found money." 

For more:
- here's the Bloomberg article

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