Ira Sohn hedge fund reasearch conference-David Tepper likes BofA and Banco Santander

Discussion in 'Wall St. News' started by ASusilovic, May 27, 2010.


    Another high profile speaker at the conference came out in favor of banks, foreign and domestic.

    David Tepper, of Appaloosa Investment LP, the world's best-paid hedge fund manager last year, said he still likes Bank of America Corp (BAC.N) and Spain's Banco Santander SA (SAN.MC).

    Tepper said he liked Bank of America for its management and more than ample opportunities to offset future credit losses.

    As for Santander, he said the company's stock has the potential to more than double. Santander's shares closed down 0.62 percent at 8.121 euros on Wednesday. Bank of America's shares lost 0.13 percent to $15.47 a share.

    Tepper said that at the beginning of the month Appaloosa was a $14 billion hedge fund but is now $13 billion.