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The Investing Legend Giving Away ALL His Money

Our American Stories / Lee Habeeb
The Truth Network Radio
September 9, 2022 3:00 am

The Investing Legend Giving Away ALL His Money

Our American Stories / Lee Habeeb

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September 9, 2022 3:00 am

On this episode of Our American Stories, Leon Cooperman grew up in a rough neighborhood of New York City and would become one of the most successful investors in history. Join us for Leon’s life story, and why he’s giving away all his wealth.

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This is our American stories we tell stories read everything here in the show clerestory seven hour American for some of our favorite.

As you know we love telling stories about the American dream. Many of those while their business stories because that's how the American dream is manifested by many Americans want to own a little business of their own and grow it into something bigger they are the real heart and soul of America providing purpose and livelihoods for millions across this great country. Today we bring you the story of investing legend Leon Cooper his businesses well they need investors and capital grow as a part of the story well that we love to fill in for phone is our own Joey Cortes with the story of Leon Cooperman in 2015 Wall Street legend Leon Cooperman received the Horatio Alger award, joining the ranks of rich divorce, Buzz Aldrin, Hank Aaron and many more Americans who exemplified great virtue and perseverance hears Leon giving his acceptance speech. Upon receiving the award proudly joining the Horatio Alger Association of established Americans is a wonderful honor for me and grace and become part of an organization's mission so closely matches what I believe we live in a country where there are countless opportunities to succeed we must support support young people who recognize the need of the collocation. This will benefit the individual scholarship recipients will help our nation remain competitive, was become a very small competitive world.

My parents certainly recognize the importance of education, the Polish immigrants. Their lack of education limited prospects, but they instilled in me a desire to do well in school and my education certainly well in my financial career, but the medication I believe the best thing a young person can do is to pursue something they love like to quote Henry Ford who said the best way to make money in business is not to spend too much time thinking about how to make it if you love what you're doing. The money will take care of itself.

Hard work is always been an important factor in becoming successful. You know every morning in Africa a gazelle wakes up nose must run faster than the fastest line will be killed and every morning a lion wakes up knowing it must outrun the slowest gazelle was thoughts of death lesson is that no matter whether your liner gazelle.

The sun comes up. You better be running in neon has been running since his childhood, that one teacher told I never meant anything like what the South brought before the guys we were inseparable school with a secondary consideration everyday after school was paying for the season was basketball ball, football, baseball, and the other was the life movie in the 60s call Fort Apache, the Bronx, starring Paul Newman, Kate and I grew up in Fort Apache. The opening scene of the movie is your two kids on the roof of the six-story tenement building throwing third kid off the roof. I was a killing. I could been that kid I wasn't held by grew up in a rough-and-tumble neighborhood, but I stayed in the straight and narrow ecstatic trouble at the right value to my parents and I was lucky, I get a ghetto. I was very industrious and I did. I did a lot of different jobs growing up. I fixed flat tires, which was a hard working family structure, with a flat tire.

He had a deal with that. I packed the fruit in a fruit store. My first serious paying job was a usher at the Lowe's paradise there in the Bronx $0.55 an hour but you know I learned the benefit of hard work getting money and having some degree of independence.

My father came to America did to 13 is a plumber's apprentice had no formal education at all work very hard. He actually died carrying a syncopal four-story tenement times to send me a favor should have been doing a retired heart condition and had a heart attack and died the same for friend installing a sink here in Florida but he emphasized importance of education and the people asked me where way to my success to.

I say it's hard work, luck, certain amount luck in life and intuition so that most quizzical about the intuition part is the hard-working luck self-explanatory was the intuition so back in the 60s. If you finish your major and minor in college three years allowed to account your first year of dental or medical school, 24th year of college. In a separate degree so the summer of 1963 I worked very hard to finish up my major physical chemistry at University Pennsylvania that ended my major and I am old University of Pennsylvania dental school eight days left. But if eight days is one of those pushing myself in the direction I was fully committed to. I had paid the tuition for year I took up where the hundred spaces that that class I paid my report for year one of which will be lost if I went back to graduate school to finish of my fourth year, unencumbered by any decision: intuition. I went to the dealer dental school was very tough on me that unfair.

His line was usually deprived on first applicant dental education, which was frankly registered date they think are some of the waitlist and admitted they did. I went to the West Bronx and went on to college by the city University of New York and then I worked as a quality control engineer for Xerox Corporation for about a year that I decide to go back to school get an MBA. Leaving dental school would very big thing and have to keep my lust tuition for year I lost my room and board for year all my friends knew I was off dental school. My father, what methane my son the dentist piston look good when I went back you know where you stop for a favorable light by saying leaving. Dental school is a big decision and most important my life during Goldman Sachs and you listen to Leon Cooper and tell the story of upbringing. The South Bronx watch that movie with Paul Newman and believe with the South Bronx looks like and doesn't look like it anymore may have been the toughest batch of real estate in America when we come back we can hear more about this remarkable son of an emergent story Polish immigrants so many millions here in this country. When we returned on our American story view of the great American stories we tell and love America like we do, or asking you to become a part of the all American stories family. If you agree that America is a good and great country.

Please make a donation monthly gift of $17.76 is fast becoming a favorite option for supporters to allow American now and go to the donate button and help us keep the great American stories coming to our American and we continue with Leon Cooperman story here on our American stories only last left off dental school and then, well let's just say the break of his life, get a job at Goldman Sachs. Let's return to more of Leon store my curriculum when I hired and is a junior analyst became a serious very quickly that in 1982 I took the portfolio strategy work at the firm 72, leading to have very very good career. Coleman and for many years I was advocating to go home and that they should go into the money manager business and from heavy year search had little influence I had basically you don't get where the view that brokers a new brokerage lay managed to my magma Dell Computer customer Gomez traditional customer base was institutional investors. I said open up your eyes and smell the roses. Merrill Lynch Merrill Lynch asset management canopy by Kai Webster asset management CSFB has CSFB asset management know everybody's in the business and urine client to accept the fact you know my magma business as long as you compete in a low level playing field and they wouldn't do it. Then all of a sudden one day Salomon Brothers firms are trading rival Nancy that Bob Solomon Junior, who was a friend of mine was leaving the research department uses a position I was. He was a part try to research start Salomon Brothers asset management and Steve Freeman, Bob Rubin time with co-heads of the firm came to me saying that we made a mistake. We should listen to you you leave research and build us asset management business that I became Nice CEO of Goldman Sachs asset management and I want to start a hedge fund as part of the asset management business and they were reluctant to do it and they said no and so I decided I really want to invest my differently and want to manage other people's money without my own money. So when they turned down the ability to have a hedge fund decide to retire to start my own hedge fund and very difficult position was at that time I was like the fifth time part of the firm really see the firm is earning a couple billion dollars a year is make a lot of money.

You don't leave a job making that kind of money for a startup venture very easily and I was happy go, but there was a big decision to make a decision because my first year was up 25% in the second year was up 70%, called me up the absolute worst time 1993 after I was up 70% probably made more money collectively than the entire magically Goldman Sachs in the aggregate K-3 want to get ahead from business say we made a mistake not going happen business to help us build headphone practice. I laughed and I said sure, but I sent him a big smile on my face. Great firm make success in a last-minute part I mentioned before they are and 40 million a.k.a. probably iron 50 20 billion may be more by 2018. Leon's hedge fund Omega advisors managed roughly $3.6 billion. That same year Leon decided he wanted to focus on his charitable investments. We turn his company into a family office manage his own investments in charitable giving, and now Mr. Cooperman with over $3.2 billion is invested in giving it all away and I live the American dream where I started with nothing made a lot of money through hard work, look at tuition and I've taken the giving pledge with Warren Buffett that I was a figure given pled with Mike Levin, who has a comparable deal, but the Jewish world.

Some commit to give away all my money basically that have put all my money. I discovered a long time ago's eye for things you could do it money when you think about first to get new money she complex yourself by airplanes are homes baseball teams football teams best for things I never really had an interest in that secular money is to tilted. I think if you have a lot of money given volume i.e. kids a mistake to deprive them of any silly self achieve. So I give my kids rational some money but did take away from them. The incentive to work and achieve on their own because I give my kids money until they were successful in their own 30 think it might give the government but only a fool give the government money. You don't have to give you pay your taxes, a citizen, you know I am a checks against nectar hundred thousand so like that before the new money is recycled back in society try to make the world a better place.

That's the bulk of my activities very light foundational to set up probably 35 years ago and that put excess money into it and I give away say that bringing this 24, $30 million a year to charities.

My biggest charity that I'm most interested in cervical equipment, college scholars write an idea that I want to put some money aside to pay college tuition for qualified youngsters in Essex County, New Jersey needed financial support is largely of color have about 500 kids and paying the college tuition for the deal was you got a show initiative number one and enroll in a free three week precollege program designed by Franklin Marshall. Basically tells what to expect when you go to college prepares you see happening. It's a free deal. So unless you enroll in that show initiative that qualifies my program second academically qualified.

I'm very big on equal opportunity medical outcome away teach people how to fish anyway give them fish and import of 15 people interview these kids determine whether they qualify for the program and not third you have to have financial need unmet by government if with your luminescence Where the program is based. And I really put $25 million of that program fighting the odds, the odds are not physically favorable 35% of Essex County kids knew the kids went to college only 5% matching graduate. I told the people that I gave the money to not paying this kind of money for 5% graduation rate. You show me a superior graduation rate and basically add to money and the first collectors graduated five visits to the program. 75% graduation rate in four years will have a higher six years and so I gave another 25 minutes or $50 billion a suicide provided is my family and me a great deal pleasure having lived a long successful in charitable life you tell Leon hopes to be remembered that my kids come home.

You know I was very successful and very lucky, but I have retained my sense of values, though I have a 2002.

Automobile have two Hyundai's people of this community drive around with test layers of Bentleys and Rose Royce's. I rather give away the money to people in need rabbits by their automobiles have the right sense of values. I was a good friend and I treat people properly. Aside from giving away all his wealth. Leon's legacy will live on through his grandchildren. A legacy that brings tears to his eyes. 2320 1111-year-old is too early to tell how it turns out 23-year-old exceptional, very charitable very concerned about others. I quoted her basically pose questions give the is if I'm not myself, and who will be for me. If I'm not for others, if not now, when Rabbi Hillel she answers. If you enough. Others know it will be for you. If you are for others and others will be for you. You will show others how to be more only themselves. They will therefore be for you. At times it was now that were never sorry for me little sentimental so my granddaughter Courtney. The greatest pleasure I get now is see my kids and my grandchildren got purposely in good health and not the voice, one would expect them investing legend but it's quite common and ordinary. Actually, the story of a great investor son of immigrants in the Polish immigrant hard-working data plumber shortly. I Cooperman dear in our American story

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