|Lee Cooperman presents his stock picks as
Portfolios with Purpose founder Stacey Asher looks
Leon Cooperman is less bullish on stocks than a few years
ago, but it's still the only major asset class that he thinks
can make money.
Cooperman, presenting at a
fundraiser for nonprofit Portfolios with
Purpose, enumerated the companies he is using in the
group's charity stock picking competition: Brazilian health
care company Qualicorp SA (QUAL3.BZ),
footwear company Crocs (CROX), mobile
financial services company Monitise PLC (MONI:LN),
investment company Tetragon Financial Group (TGONF) and
finance company Chimera Investment Group (CIM).
|| Lee Cooperman
The Omega Advisors founder likes all of the stocks as long
positions. "I'm not going to be like Bill Ackman and trash a
certain company," Cooperman said to laughs from about 275
guests at the Ana Tzarev art gallery in midtown Manhattan.
"I'll talk quickly because I don't want to be sued by
Cooperman was referencing Bill Ackman's controversial
presentation about Herbalife, where the Pershing Square Capital
Management founder recommended shorting the stock in late
December during a presentation to benefit the Ira Sohn Research
Conference Foundation. Cooperman's Portfolios with Purpose
charity of choice is the Damon Runyon Cancer Research
Cooperman also gave his general views on investing. "I've
been very bullish about the market for the last three or four
years. I'm a bit less bullish now but I don't think it's over
yet," Cooperman said. He explained that the Federal Reserve's
policies have created an environment in which there are no
better alternatives to common stocks; cash, government bonds
and high yield credit are all unlikely to make more money than
equities. "I don't see a better alternative," he said, also
noting the strong state of corporate America and the likely
rotation of retail investors from bonds to stocks.
Equity investor Omega managed about $7 billion as of January
1, according to Absolute Return's
Billion Dollar Club. The Omega Overseas Partners fund is up
6.55% through February, according to a report by HSBC's private
bank. The fund also rose 25.66% in 2012.
Portfolios with Purpose was founded in late 2011 by Stacey
Asher, the former director of marketing and investor
relations at hedge fund firm Permian Investment Partners.
Contestants pay as much as $10,000 to enter, pick five stocks,
and the mock portfolios with the best returns over the calendar
year receive a share of the entrance fee pot to give to their
charity of choice. The first competition last year generated
$30,000 for various nonprofits; $185, 000 has been raised for
2013, according to Asher.
Besides Cooperman, other hedge fund manager participants in
the mock portfolio competition include Jamie Dinan of York
Capital Management, David Einhorn of Greenlight Capital and Dan
Loeb of Third Point, among
others. The winners so far this year are Doug Silverman of
Senator Investment Group (up 32.2% year-to-date) and Akiva Katz
of Bow Street Partners (up 23.2%).