Leon Cooperman, Who Was Down 36% In 2008, Defends Buffett, Bashes Steinhardt

Tyler Durden's picture

Earlier today Leon Cooperman, founder of Omega Advisors, took some time from his busy schedule of buying stocks, to bash Mike Stinhardt's moment of truth from last week, and to reaffirm his praise at the altar of crony capitalism by defending Warren Buffett. There is little we can add here, suffice to remind readers that the Omega Advisors' "hedge" fund was down by a whopping 36% in 2008 and was one of the worst performing hedge funds in the Great Financial Crisis (GFC), surely knows all about government funded rescues of the economy and those who ride on its coattails... not to mention the ensuing career risk in the absence of one.

Cooperman's attempt at perpetuating the Bailout Quo can be jeered below.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Widowmaker's picture

The practice of executives personally front running firms like BH is pervasive and widespread.

This is what is being defended/diverted from - make no mistake about it.

duo's picture

It's just sloppinies.  A memo will go out.  Nobody did anything wrong.

Ask Martha Stewart about that.

The Axe's picture

No Blow-ups ever..ha ha

TooBearish's picture

TY - Reuters saying OPEC cutting production becasue of demand destruction?! WTF?

knukles's picture

Wasn't Leon just voted an empty suit in some recent survey?  "Thatzza ah big suit ta fill, pil-grim."

Monkey Craig's picture

Cooperman: "You will bend over for the finance oligarchs, and you will like it. And BTFD in Alcoa"



Alcoholic Native American's picture

It's like watching a wrestling match. Cept I'm not entertained.

long juan silver's picture

Fuck Leon Cooperman. Not going to listen to 19 minutes of him only to find that my hunch was true: He's another overrated lucky bastard.

infotechsailor's picture

im not saying i like this guy, or warren bailout banks berkshire buffet...

but alot of people were off 30+% in 2008... the truth is with all these government market distortions, the figures are skewed on short timelines.

gordengeko's picture

Perfect example right here.  Leon Cooperman studied at Columbia University the epitome of euro-eugenic-keynesian economics courtesy of the British Crown!  Fuck 'em

Bahamas's picture

He looks a little like an umpa lumpa from Chocholate factory

Josh Randall's picture

One D-Bag lies, and another one swears to it

Zero Govt's picture

Cronism is alive and well and will continue ad nuesium until this declining Western empire built on credit (debt) crumbles to its very last brick

Astute Investor's picture

Who gives a shit what Fat Leon thinks...

Slim's picture

Omega is almost always very long as far as hedge funds go (we can argue about fees but this is important when evaluating performance).  This isn't a market neutral fund or even a fund where it varies between 30-50% long.  You need to factor in net beta positions when evaluating a track record.  If you don't want to be biased, you should also present 2009 and 2010 returns (where long beta did well).  Evaluting performance begins after you remove easy to access/cheap beta and fund style.  That's a different discussion though. 

dogismyth's picture

maybe Holder and the SEC can conduct a criminal investigation. Bahahahaha....

Where is Holder BTW?  Oh yeah....he's suing Arizona because the citizens want to enact a law that requires state officers to determine whether machine gun toting mexicans are residents.

Problem Is's picture

Holder who?

Empty Suit strikes again...

Bansters-in-my- feces's picture

Looks like there is a spot on Leon's chin ,where Buffetts
balls have rested often.

rocker's picture

And here I thought it Kermits spew.  Oh yeah, he doesn't have any.  Your right.  My wrong.

spekulatn's picture

I'm stunned beyond belief. 

/sarc off/


BTFD or we will find you.

Confused's picture

I want to puke. 

AccreditedEYE's picture

1. He assumes most clients are educated enough to know what it is they are getting. (wrong) Some pension managers still don't have a f-ing clue exactly what a hedge fund is.

2. He assumes all Hedge fund managers are WORTH 2 and 20.

3. He's just another ex-Squid crony. The club holds the party line well..

Confused's picture

I enjoy his comparison of managing $50-200 million, 30+ years ago, to what hedge funds manage now. 

After the old...."I know him..." yada yada yada. "...No gun or mask..."

What a fucking douche. 

And whats "complicated" about the "Buffet thing?"

AccreditedEYE's picture

And whats "complicated" about the "Buffet thing?"

Indeed sir.

writingsonthewall's picture

It makes me sick the way we're told that we should have respect for Warren Buffet simply because he has managed to accumulate billions.


I have more respect for the guy who stood in front of the tanks in Tianamen Sq. or the guy who set himself on fire in Tunisia in protest sparking a world democracy revolution, or the guys who are currently sacrificing their lives in Fukushima trying to control the nuclear accident....or any number of millions of people who have shown great humanity in a world of darkness.


People who idolise Warren Buffet show themselves for the materialistic and shallow retards they are. There is no great skill in making money - it's all a question of how much you're prepared to screw over your fellow man for a buck.


This idiot is quick to defend hedge funds - but I bet you all his wealth he cannot explain "where his profit comes from".

There is no profit in exchange - despite what the Capitalists keep suggesting.

Problem Is's picture

"...suffice to remind readers that the Omega Advisors' "hedge" fund was down by a whopping 36% in 2008 and was one of the worst performing hedge funds in the Great Financial Crisis (GFC),"

Is There Anybody Watching??
Well, that certainly qualifies Cooperman for an appearance as "financial expert" on the Idiot Channel aka Boobs and Friends better known as CNBC...

Brokenarrow's picture

Cnbc, a despicable pos, didnt ask Leon about Victor Kozny that ripped him off for 50mil.

"The Pirate of Prauge"

Econocidal Tendencies's picture

Big Fat Leon Cooperman. 

If this guy is someone to be looked upon as a voice of wisdom in the USA, then the USA esta en mierda grande!

Cdad's picture

When is the BlowHorn [CNBC] just going to switch over to a subscription model, quit with the repetitive commercials, and simply assess a fee each time one of these worn out fuck stick criminal syndicate Wall Street banker clowns comes on air to pitch his idiotic, self-serving, lunacy to an ever diminishing audience of viewers?

We cannot be far from that reality...and COMCAST must be very near to its own confession period after this horrible acquisition.

Riesgoso's picture

Leon Cooperman is a billionaire with more than 3 decades of experience investing.  Being down in 2008 is no big crime...A lot of very

succesful investors lost money back then, but they made a lot of money back on 2009 and 2010.


Cooperman is a billionaire and a lot  of people here are internet trolls and losers with nothing better to do but complain and lose money 

shorting stocks or spreading doom and gloom. 


While I agree that the crazy money printing and fiscal deficit will be bad for the economy going forward, it has been a great opportunity to make money by buying stocks or gold.

AccreditedEYE's picture

Wow Riesgoso, aren't you showing balls posting this a day after it's front and center. People don't pay 2 and 20 to lose the money, even in 2008. The average hedge fund was down some 16% in 2008 so your hero Leon had worse performance than most of his peers.


Riesgoso's picture

Hahaha..I'm not scared of posting my opinion front and center so guys like you can rant and troll about it.


I just hadn't seen this post.  


"People don't pay 2 & 20 to lose money"...Have you ever traded or invested? I guess not...The thing about investing is about long term average returns, not about 1 year that was a historic sell off.... It is true that he had a bad performance, but that can happen to anyone once in a while.


He is not my hero by the way...I just respect the man because he became mega rich trading the market.