After Selling Out, This Top Fund Manager Buys Micron Again
One of the world's top hedge fund managers of the past 25 years has been David Tepper of Appaloosa Management. Since 1993, Appaloosa has achieved remarkable 25% average annualized returns. That's significantly better than the best-performing technology mutual fund, the S&P 500, and even Warren Buffett's Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) over that time.
This year, Tepper decided to stop taking outside investor money, turning Appaloosa into a family office to manage only his own fortune. However, Appaloosa is still releasing 13F filings, which show the latest moves Tepper has been making.
Over the past two years, the stock of Micron Technology (NASDAQ: MU) had been one of Tepper's favorite holdings. Tepper is a value investor and was perhaps attracted to Micron's very low PE ratio during that time. In addition to its attractive valuation, Micron is also at the center of many exciting technology trends, including artificial intelligence, the Internet of Things, and 5G communications.
Source Fool.com
