Mr. Tepper’s hedge-fund firm has racked up about $7 billion of profit so far this year for his company Appaloosa.

Day after day, Mr. Tepper bought Bank of America Corp. shares, then trading below $3, and Citigroup Inc. preferred shares, when that stock was under $1. “I felt like I was alone,” Mr. Tepper recalls. On some days, he says, “no one was even bidding.” Mr. Tepper, who specializes in the stocks and bonds of troubled companies, manages about $12 billion, a sum that makes Appaloosa one of the largest hedge funds in the world.

Some experts predict more bad news for commercial real estate—and say that if Mr. Tepper’s move doesn’t pan out, it could jeopardize a chunk of his recent gains. Mr. Tepper says he remains optimistic.

Mr. Tepper grew up in a middle-class neighborhood in Pittsburgh, the son of an accountant who worked seven days a week and once won a $715,000 lottery payout.

After he was repeatedly passed over for a partnership, Mr. Tepper left Goldman to start Appaloosa in 1993. By 2008, he had a track record of annual gains averaging about 30% and a net worth estimated at about $2 billion

Mr. Tepper says the worrywarts have it wrong: “If you think the economy will be fine, as we do, then we’re going to do very well.”

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