Leon Cooperman of Omega Advisors, Inc.
1. "To be successful, you must love what you do. It is both my vocation and my avocation (as well as a means of supplementing my income)."
2. "Every recession leads to the next economic recovery, and every recovery leads to the next recession," because "everything in the world is cyclical"
3. "His philosophy: invest in any stock or bond at the right price." By contrast, most people will buy "only the right stock, at any price." Essentially, the price paid is pivotal. As Howard Marks says, "Well bought is half sold". Indeed, if the fixed assets are worth more than the market capitalisation, it is a good investment. However, it may be better to buy only good businesses which are available cheap. This is because, to paraphrase Buffett, when even the best manager attempts to tackle an industry with poor economics, it is usually the reputation of the industry, that survives.
4. "You evaluate management teams twice, once through the numbers and once face to face."
5. "You want to get rich quietly. I don't go on CNBC trying to talk a stock up." This is particularly true in relation to shorts. Cooperman makes this remark with regards to Bill Ackman's public campaign to expose Herbalife as a pyramid scheme. Though it is possible, that Ackman had no other option, it also resulted in Carl Icahn attempting to squeeze his short position.
6. "You need people that are long term thinkers because short term greed will jeopardise the firm."
7. John Templeton said, "Bull markets are born in pessimism, grow in skepticism, mature in optimism, and end in euphoria".
8. "The most important thing is to surround yourself with people smarter than yourself and fairly share the loot."
9. William Ward said, "Before you think listen. Before you spend, earn. Before you invest, investigate. Before you pray, forgive. Before you quit, try. Before you retire save. Before you die, give."
1. "To be successful, you must love what you do. It is both my vocation and my avocation (as well as a means of supplementing my income)."
2. "Every recession leads to the next economic recovery, and every recovery leads to the next recession," because "everything in the world is cyclical"
3. "His philosophy: invest in any stock or bond at the right price." By contrast, most people will buy "only the right stock, at any price." Essentially, the price paid is pivotal. As Howard Marks says, "Well bought is half sold". Indeed, if the fixed assets are worth more than the market capitalisation, it is a good investment. However, it may be better to buy only good businesses which are available cheap. This is because, to paraphrase Buffett, when even the best manager attempts to tackle an industry with poor economics, it is usually the reputation of the industry, that survives.
4. "You evaluate management teams twice, once through the numbers and once face to face."
5. "You want to get rich quietly. I don't go on CNBC trying to talk a stock up." This is particularly true in relation to shorts. Cooperman makes this remark with regards to Bill Ackman's public campaign to expose Herbalife as a pyramid scheme. Though it is possible, that Ackman had no other option, it also resulted in Carl Icahn attempting to squeeze his short position.
6. "You need people that are long term thinkers because short term greed will jeopardise the firm."
7. John Templeton said, "Bull markets are born in pessimism, grow in skepticism, mature in optimism, and end in euphoria".
8. "The most important thing is to surround yourself with people smarter than yourself and fairly share the loot."
9. William Ward said, "Before you think listen. Before you spend, earn. Before you invest, investigate. Before you pray, forgive. Before you quit, try. Before you retire save. Before you die, give."
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