#Leon and toby cooperman library hunter Patch"So it was really 2008 that was a rough patch for us, and it was very simple. It was by far the largest loss in the firm's history and worse than most hedge funds during the peak year of the financial crisis (the AR U.S. In 2008, Omega lost 35.2 percent net of fees. Eight of them were winners.Ĭooperman's record has other blemishes as well. In 2013, the hedge fund manager presented 10 more picks. All gained in value over the next year, many by double digits. In 2012, Cooperman made 10 stock recommendations at the joint CNBC and Institutional Investor presentation. Take Cooperman's recommendations at the Delivering Alpha conference. However, his fortunes took a dramatic change Thursday when regulators charged him and his firm, Omega Advisors, with insider trading.Ī maniacal focus on picking undervalued companies combined with the hard work and frugality of someone who came from little had led to a nearly unparalleled track record of investment returns for longer than most people have worked on Wall Street. Market had smiled on Lee Cooperman, making the 71-year-old South Bronx native a billionaire. And what I enjoy is to hunt - finding something somebody else doesn't see, making a bet and having Mr. "I get paid normally a lot of money for basically doing something I enjoy doing. "The way to be successful is do what you love and love what you do," Cooperman said in a 2014 interview. Then it's a quick post-dinner shower and more time in front of a Bloomberg terminal checking international markets before bed at 11 p.m. By 6:30 p.m., it's off to a business dinner with more CEOs or fellow investors like Mario Gabelli of Gamco Investors and Bill Priest of Epoch Investment Partners. Cooperman then digs in to investing for 12 hours - including a working lunch in the office - bouncing between grilling corporate executives in person or on the phone, consulting with his 18-person research team and reading company reports. (he took the ferry for 30 years before the firm recently moved from Wall Street to midtown). He then drives to the Manhattan offices of his $10.7 billion Omega Advisors, getting in by 6:30 a.m. on weekdays, when he wakes up in the Short Hills, New Jersey, house he's lived in for 36 years. The hedge fund manager's stock-junkie lifestyle starts at 5:15 a.m.
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