Tepper, Kingdon Exit Bank of America Stakes as Buffett Invests
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Appaloosa Management LP’s David Tepper, hedge fund manager Mark Kingdon and Lansdowne Partners Ltd. cut bets on Bank of America Corp. in the third quarter as Warren Buffett’s Berkshire Hathaway Inc. invested in the lender.
Tepper, who counted Bank of America as his largest holding last year, sold his remaining 10 million common shares in the period as Kingdon, founder of Kingdon Capital Management LLC in New York, disposed of all 11.5 million, regulatory filings yesterday show. In September, Berkshire bought $5 billion of preferred stock with a 6 percent dividend and received a warrant to buy 700 million Bank of America shares.