Hedge Funds

Leon Cooperman to Mark Fisher: “You’re destroying the market”


A fundamental equity portfolio manager challenges a high frequency trader to lead.

Old school stock pickers and new school high frequency traders don’t see eye to eye. But after last year’s flash crash, the tension has become stronger, as evidenced by the harsh words Omega Advisors’ Leon Cooperman had for Mark Fisher, the founder of algorithmic shop MBF Asset Management.

Cooper told Fisher that high frequency traders are “destroying the market” on a panel at the SkyBridge Alternatives Conference in Las Vegas May 12, a little more than a year since the May 6 flash crash in which the Dow Jones Industrial Average plummeted 9.2% in a single day, largely