Jonathan Tepper
Founder & CIO, Prevatt Capital. On 1 show, 2 appearances. The Shows tab opens the full record on each.
investorfounderauthorexecutiveanalystjonathan-tepper.com ↗
He founded the macroeconomic research firm Variant Perception and co-founded Demotix before launching Prevatt Capital, a concentrated investment firm. He is also the author of The Myth of Capitalism and co-author of Endgame.
1shows
2appearances
49statements
12resolved
10supported
0contradicted
83%fully supported
3said about them ↓ Everything Jonathan Tepper said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Tepper calls TransDigm's price-tripling aerospace model 'slightly parasitic'
“You have some like Transdime, for example, which relies on FAA certification and are pretty open about they triple the pricing when they purchase a little part, and they raise prices over six percent per year, regardless of what the underlying cost of producin…”
Tepper: Replicate expensive quality funds for 15bps using XLP, XLK, and XLV
“You can basically buy XLP, XLK, and XLV at 15 bibs and replicate with about 95% correlation a lot of these quality funds.”
Tepper: High corporate margins stem from pricing power, not efficiency
“That paper itself started tied the high profit margins to competition and pointed out that it's not because these firms are just that much better and more efficient. They're getting a higher return on assets and it comes from scale. Rather, they end up with pr…”
Tepper: Economic Inequality Stems from Lack of Competition, Not Capitalism
“What Piketty talked about certainly does happen, which is that you end up with an increase in inequality. And it doesn't come because there's a fatal flaw in capitalism. It comes because essentially there's not enough competition. Capitalism itself is not func…”
U.S. Antitrust Chief Makan Delrahim Was Once Google's Lobbyist
“Macon Dalrahim, for example, is the attorney general for antitrust in the US. He was Google's lobbyist for the double click acquisition.”
TransDigm Hikes Acquired Aircraft Component Prices by 500% to 700%
“A classic one that hedge funds love and that I think is horrific is Transtime. Basically, there's not competition because to get an FAA part approved takes a very long time, and so you and I can go and provide seat belts cheaper than Transtime, and anytime the…”
Antitrust Regulators Are Captured by Retrospective Bribes From Law Firms
“What they're ultimately doing is, it's what Nassim Taleb called the retrospective bribe, where it's not like someone's giving them a suitcase of cash, but rather they're very aware and conscious that if they're going to go back to their law firm, they want to …”
Warren Buffett Invests in Unnatural Monopolies Created by Regulatory Fiat
“Buffett tends to like what I call the unnatural monopolies, right? So he's an owner of Moody's. That only exists because it was an act of Congress which created the NRSRO designation, and it's easier to raise an armed militia in the U.S. Than it is to start a …”
Tepper: About two-thirds of US industries have significantly less competition
“And the issue was he was trying to look at for the median industry. Are there fewer competitors? Is there less competition at the national level today versus 10, 20 years ago? And the answer is for about two thirds of industries, the answer is there's a lot le…”
Tepper: Many Oligopolies Exist Due to Regulation Rather Than Economic Scale
“There are just many industries where there's absolutely no reason why they should be a duopoly or an oligopoly. And a lot of this comes down to regulation. And so the myth of capitalism in my mind is that we're not really looking at a true capitalist system be…”
Facebook Killed Twitter's Vine Platform by Blocking Video Sharing
“Facebook effectively killed off fine by preventing that from being shared, which was Twitter's video platform. Facebook wanted to own video.”
Tepper: Two Companies Effectively Control 90% of the US Beer Market
“It's very difficult for companies to get national distribution, so that those who do have it have a pretty big advantage, and then through a series of mergers, because the regulators don't honestly care, you've ended up with two companies having over 75% marke…”
Tepper: US antitrust regulators have blocked almost no mergers
“And in industry after industry, what's happened is that the DOJ and the FTC over the years, the level at which they will scrutinize mergers has sort of gone up and up. And then effectively, they've blocked almost no mergers and scrutinized almost no mergers.”
Smart Money in Silicon Valley Dumped Bitcoin on Retail Investors
“Bitcoin, I think it's a pretty bad investment. All the smart people I know in Silicon Valley who made loads and loads of money bought early and sold early. And, you know, it was all the sort of dumb retail people who piled in late.”
Tepper: US corporate profit margins driven by rising industrial concentration
“It's not the only reason, but it's certainly a very important reason was the rise in industrial concentration in the U S. So the rise of monopolies, duopolies and oligopolies.”
Tepper: Short selling is a negative carry game where time works against you
“And often now with high borrow costs and all hedge funds shorting the same names, you end up paying a lot more than you would have previously. So you're running a negative carry game where time's against you.”
Tepper: Two insurers control 90% market share in some US states
“The U S spends more on healthcare and medicine than almost any other country with worse outcomes because you have some states with two insurers having about 90% market share.”
Tepper: Media Industry Destroys Capital Through Uneconomic Acquisitions
“Media itself tends to lead towards Uneconomic decision making, which is to say that whether it's the arts or music can't be judged on financial metrics. And so therefore a lot of capital gets destroyed in pursuit of acquisitions and growth.”
Tepper: Immediately trimming winning stocks leads mathematically to worse returns
“Returns tend to have a Pareto distribution, and I think as a manager, if you immediately start trimming a winner, you're going to have worse returns, just mathematically.”
Tepper: Investing with CEOs holding outsized voting control is generally ill-advised
“Being in a relationship with a CEO who has outsized control relative to their shares is generally not a good idea.”
Tepper: Semiconductor valuations are unattractive relative to fundamentals
“And the valuations today are certainly not at all attractive relative to the fundamentals in many cases.”
Tepper: High talent and high agreeableness generally do not go together
“And I think one of the important things is finding high talent and high agreeableness. Generally, these two don't go together.”
Tepper: Single Currency and Monetary Policy Cannot Work for Europe
“And I thought the Euro was an incredibly stupid idea because, you know, I was looking at the correlation of employment shocks with Netherlands and Germany and Spain and Germany, and the sort of core periphery issues quite were already evident then, and it was …”
The other half of the tape: Jonathan Tepper's own voice is left out of every number here. Other people bring the name up 3 times in 3 episodes across the shows. every mention, with the transcript →
Who brings them up most Ted Seides 3
Every mention by year
tap a year for its mentions
Capital Allocators 3
2025 1 mention in 1 episode
2022 1 mention in 1 episode
2020 1 mention in 1 episode
One line per show, most statements first. The link opens Jonathan's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| CAPITAL ALLOCATORSLEDGER | Founder & CIO, Prevatt Capital | 2 | 49 | 83% 10/12 | full record on Capital Allocators → |