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Omega’s Lee Cooperman On Worst Investment And ADP

Lee Cooperman, Omega Advisors Chairman, joins the “Fast Money Halftime Report” team to answer the halftime questions.

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Omega's Lee Cooperman

Omega's Lee Cooperman On Worst Investment And ADP

Transcript

First up Jeff from California asks really what was the biggest investment mistake you learned from during your career.

Biggest and best mistake I guess you can parade my mistakes up Fifth Avenue five abreast invested in the voucher privatization program in Azerbaijan based upon the recommendation of my colleagues this was in 1998. It was a very very bad outcome. So I would say that would be a big mistake. And then I bought into mobile payments company called Monitise and it turned out that they were being disrupted rather than being a disruptor but you know in this business if you don't swing the bat you don't make anybody who doesn't make any mistakes is either a liar or doesn't make decisions. You win has got to be more plentiful than you losers. And again to quote Warren Buffett he said like in the investment lifetime you know it's like a cafeteria punch card and heart out you went in a cup of coffee you get that plant should take it. You bought a sandwich they punch your ticket. You get a certain number of great ideas in your lifetime and you got no snow when an idea is a great idea and be properly weighted. But you're going to make plenty of mistakes I've made them believe me I've made them a we have.

We have another one from somebody pretty close to home our own Joe Terra Nova from the half time report writes Lee. Are you surprised with ADP trading of one hundred and thirty seven dollars. Is it fair value over valued or still undervalued Of course we know your past service on the board there and your history with that company.

Yeah. My point when they were under attack was that this was a fabulously run company. This was a record that's almost unparalleled in American industry and the company didn't deserve to be attacked. I think they went public from memory 1961 with a market cap of 15 million dollars the market cap correctly calculated probably 60 or 70 billion dollars to compound rate of growth of 17 or 18 percent or 50 or 60 years they earned 35 percent equity a return about 60 percent of earnings for a great company. I haven't looked at the numbers recently. Like I said I made a big mistake when I retired from the board. I gave all my stock to charity I should have given cash and kept the stock. But I have a very high regard as a great company. Absolutely have challenges like most companies but you didn't get to where they got. In the business world. Without them being astute and they understand the challenges and dealing with them. But I'm not prepared to render the opinion so I'm not current on the numbers.

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