If you had to pick a clone that embodies the question “What Bear Market?” you would be hard pressed to find a better example than Appaloosa Management’s Top 10 Holding clone. Not only is the long only clone returning 18.2% annualized since 2000 (yes, that’s nearly 20% a year for ten years) it is now at an all time ten year high! Founded and managed by David Tepper, Appaloosa’s specialty is investing in distressed companies so it’s no surprise that seven of the clone’s current ten holdings are in the financials sector. Most investors see a wreck and run the other way, the world’s top investors see one and come running. Here’s the clone’s ten year graph – nice!