Billionaire hedge-fund manager David Tepper said investors should bet against the euro because of European Central Bank policy, according to two people familiar with the matter.
Tepper, who runs the $20 billion Appaloosa Management LP, made the comment today at the Robin Hood Investors Conference in New York, said the people who attended the event and asked not to be identified because it was private.
Tepper, a former high-yield credit trader at Goldman Sachs Group Inc., started Short Hills, New Jersey-based Appaloosa in 1993 and was last year’s top-earning hedge-fund manager. He’s been critical of European Central Bank President Mario Draghi for failing to do enough to revive growth.
The ECB has entered the 2.6 trillion euro ($3.3 trillion) covered bond market after Draghi unveiled plans last month to bolster companies’ and households’ access to financing. Draghi, who also included asset-backed securities in the program, intends to expand the bank’s balance sheet by as much as 1 trillion euros to stave off deflation in the euro area.