This week, on our Masters in Business radio podcast, we speak with Leon Cooperman of Omega Advisors.
Cooperman studied for his MBA from Columbia University, where he became steeped in the methods of deep value investment. After earning his MBA, his began his career in the Investment Research department at Goldman Sachs in 1967. He stayed there for 22 years, eventually running the research department. Institutional Investor ranked him number one for Portfolio Strategy each year from 1977-1985. He then launched Goldman Sachs Asset Management in 1989. In addition to becoming CIO + CEO of GSAM, he was also the Investment Policy Committee and chairman of the Stock Selection Committee.
Cooperman had advocated Goldman launch some internal hedge fund. When they balked, he launched Omega Advisors. The firm’s flagship fund has outperformed the S&P 500 by 450 basis points over that time; the tax sensitive fund, launched in the early 2000s, has done even better. Now 75 years old, he is in the process of converting the fund into a family office before the end of 2018.
The billionaire philanthropist is also a member to Warren Buffett’s and Bill Gates’ Giving Pledge. He sends 500 New Jersey students to college each year, is a major donor to Columbia University and Hunter College, and was the first in the country to endow Birthright Israel. He has committed to donating his fortune to charity during his lifetime.
A few favorite books are referenced here; our conversation transcript will be published here this week.
You can stream/download the full conversation, including the podcast extras on iTunes, Bloomberg, Overcast, and Stitcher. Our earlier podcasts can all be found on iTunes, Stitcher, Overcast, and Bloomberg.
Next week, we speak with Richard Sylla, professor emeritus of economics at New York University’s Stern School of Business. Sylla is the author or co-author of several books, including “A History of Interest Rates.”
Recent Reads by Lee Cooperman
I Love Capitalism!: An American Story by Ken Langone
When the Wolves Bite: Two Billionaires, One Company, and an Epic Wall Street Battle by Scott Wapner
