Leon Cooperman is partying at SALT but found the time to speak with CNBC. He spoke for quite some time, below are the videos and computer transcripts of Leon Cooperman.
Major Themes at SALT This Year
Anthony Scaramucci, founder of SkyBridge Capital, and Leon Cooperman, Omega Advisors, discuss key themes at the SALT Conference in Las Vegas.
your money needs an ally. welcome back to vegas. spedititn of the halftime show continues. we’re joined by lee cooperman of a advisers. now, anthony is back with us today. yesterday, it was a great day here. you had john paulson in the room who doesn’t do much of anything publicly talking about part of his portfolio. which was really interesting. who do you think they enjoyed more, you interviewing al pacino or you — it depends who you ask. i just let john talk. i thought that was the most important thing. i thought he told a very compelling life story. he explained some of the things he’s done on investing. he said something which i think is true for every one of our viewers out there. this is a game of compound interest. this is something that my old boss, lee cooperman, knows better than anybody. starting from very humble origin in the south bronx to where he is today. it has to do with compound interest and trying to get it rigver a very long period of time. john has had some stumbles. i’m a very proud investor in his recovery fund h is the best performing fund we have in our portfolio now. i thought he did a great job yesterday. i was proud to have him on the stage. to your point, and his overall point, not looking at the returns month to month or maybe you’re going to have a down year but over the course of, say, 10 to 15 to 20 years, if you can get that kind of compounded return, you can do quite well for yourself and for your investors. this is the salt of the earth old-line partner at goldman sachs that would say a couple of things. be long-term greedy. don’t get too ahead of yourself. the immortal words, some people grow, other people swell in our business. you’ve got to be very, very careful about that. so good lessons all around. it was an off the record conversation. but he mentioned gold. obviously, he’s known as a guy who’s been invested there. he talk a little bit about sprint which is interesting. without revealing his direct comments, again, in the spirit of honoring the off the record part of the discussion. sprint, though, lee, is your top holding. yes. well, we got involved, as i mentioned before, around $2 a share. we’ve added to it at the current price. a little lower. 7. i’ve been an investor in dish for probably six, seven years and have enormous respect for charlie. he’s a really smart guy. reminds me of my hero henry singleton in some respects. we’ve met with mr. sun. he is enormously accomplished, smart guy. so we sit in the position. we’re two guys we have enormous respect for. want the same asset. we thing there’s a bump coming. we think the special committee of sprint will hopefully allow dish into the bidding and get access to confidential information which will result in somebody bumping their bid. so we’re in a good position. you think it ultimately plays out that dish gets — bqualified buyers. we would be happy owning dish paper and would be happy with mr. sun running the company as well. so we’re agnostic. on behalf of our clients, we want the bst price. which we think both are qualified owners. there’s tremendous value to dish’s