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Roller Coaster

Investors in former junk bond trader David Tepper's Appaloosa fund are used to fabulous ups and dismal downs. This year they ought to be ecstatic.

When David Tepper was in his 20s, his father won the Pennsylvania state lottery. Investors in Tepper's Appaloosa Management hedge funds can appreciate how the senior Tepper felt. But like most lottery entrants, they must also reconcile themselves to a lot of disappointments. This is one of those times when the firm's investors hit the jackpot:

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