It’s so important to learn from the nation’s top investors. You don’t need to tell that to the thousands that flock to Omaha, Nebraska once a year to glean fresh wisdom from Warren Buffett. Many others follow the actions of George Soros, Carl Icahn or others. These top investors have proven track records, and simply mimicking their performance can make you wealthy.

One of my favorites: David Tepper from Appaloosa Management. Here’s a guy that put himself through college and eventually became one of the titans of hedge fund investing. He’s been so successful that the Carnegie Mellon School of Business in Pittsburgh, Penn., where he got his MBA, is now the Tepper School of Business.

#-ad_banner-#I started following Tepper in 2008 and 2009 when he was loading up on stocks even as others were fleeing. That kind of temerity — buying when others are selling– is the only way to beat the market. The net result: Tepper’s picks are up 185% during the past five years, compared with a 12% gain for the S&P 500, according to Gurufocus.com.

Forging ahead
Fast-forward to 2012, and Tepper is again getting aggressive on the very stocks that many are shunning. This time, he’s focusing on three sectors, spreading his bets around on several stocks in each. None of his stock picks are poised for great results in 2012. Yet that’s the point. Tepper knows that the best long-term investments may hold little current appeal.

So where’s he buying now?

1. Autos
If you receive alerts for my $100,000 Real-Money Portfolio, you already know that I’m a huge fan of Ford Motor (NYSE: F), which is one of my largest holdings. The stock remains under pressure because of the woes in Europe and other foreign markets, but Ford’s profits should rise smartly when the gloom recedes. The same could be said for GM (NYSE: GM). It’s also very inexpensively priced in the context of where profits will be in a better global economic environment.

Tepper apparently had a hard time figuring out which auto maker to buy, so he bought both of them. He bought roughly $80 million in Ford’s stock and another $55 million in GM in the first quarter. Both stocks have fallen even more since the first quarter ended, and if history is any guide, Tepper will simply buy more.

2. Airlines
Tepper is also focusing on a theme that I’ve been writing about for nearly a year now. While many remember how airline stocks periodically flirt with major financial distress, I’ve been noting (most recently in this article) that airlines are run so much more conservatively these days and are far better-equipped to handle a weak economy. Delta Airlines (NYSE: DAL) remains my favorite stock in the sector, not because it is the most inexpensive in the group, but because it is so well-run.

Tepper seems to share my take. In the first quarter, he significantly added to positions in U.S. Airways (NYSE: LCC) and United Continental (NYSE: UAL) while initiating a new position in Delta. He’s now got more than $300 million tied up in these three stocks.

3. Banks
Tepper is also loading up on bank stocks, even as many other investors are fleeing them. In the first quarter, he bought more than $200 million of Citigroup (NYSE: C), making it his single-largest buy in the quarter. You can read this article to understand why I also think this bank stock could deliver major returns.

Frankly, Tepper seems to be even more enthusiastic on bank stocks than I am. In the first quarter, he bought $70 million worth of Bank of America (NYSE: BAC) and $60 million of Hartford Financial (NYSE: HIG). These financial institutions are far from healthy, but Tepper likely takes note of their deep value appeal, as both trade far below tangible book value.

A clever tech play
But Tepper isn’t just about super-cheap transport and financial stocks. He also likes technology a great deal. His top holding is the Nasdaq 100 ETF (NYSE: QQQ), with an eye-popping $1.3 billion in that fund. His $410 million stake in Apple (Nasdaq: AAPL) is his single-largest individual stock position.

What’s he buying now? Well, one his largest fresh buys in the first quarter was Broadcom (Nasdaq: BRCM), which I wrote about in this article.

Risks to Consider: Tepper’s investment strategy isn’t foolproof. His fund lost 27% in 2008 (though not as bad as the 37% drop in the S&P 500 that year). Indeed, the picks cited above are mostly lower than they price he paid for them a few months ago.

Action to Take –> The key to Tepper’s success: fortitude. He stays the course on controversial picks, and refuses to change his mind if the economy or the market shows signs of weakness. Many investors are selling stocks like Ford, Citigroup, Broadcom and others right now, which, simply put, is short-sighted. These are precisely the times to go bold. Sure, these stocks can fall further, but the stars will eventually be aligned for their shares to be much higher a year or two from now.

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