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Longtime investor Leon Cooperman racked up market-beating returns before closing his hedge fund, and he still remains one of the most influential voices on Wall Street and a prolific stock picker. Cooperman converted his New York hedge fund, Omega Advisors, into a family office in 2018 to manage only his personal wealth. He said at the time that the decision was made based on his age in a way to reduce his stress level. Founded in 1991, Omega’s fund had posted a 12.6% annualized return during its operating years, compared to the 9.6% gain for the S & P 500 during the same period, according to The Wall Street Journal. The 80-year-old investor, a regular guest on CNBC television, has kept himself busy in recent years. During the pandemic in 2020 and 2021, he turned bullish on the energy sector when it was still an unloved area of the market. The S & P energy sector ended up being the best-performing grouping in 2021 and 2022, returning 48% and 59%, respectively. Cooperman recently said he still owns some of his favorite players in the sector, including Canadian companies Tourmaline Oil and Paramount Resources . Still, Cooperman has been negative on the overall market longer term as he believes the unprecedented stimulus from the pandemic has pulled demand forward and created an artificial situation in the economy. He believes that stock picking is key to superior returns going forward as the overall market has grown stagnant, and he expects very little from the benchmarks . In 2016, Cooperman and his hedge fund were charged with insider trading in Atlas Pipeline Partners by the Securities and Exchange Commission. Cooperman, who called the case “extraordinarily abusive,” later agreed to a $4.9 million settlement but admitted no wrongdoing.
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