Legendary take-no-shit hedge fund manager Leon Cooperman (Omega Advisors) was profiled in Barron’s this weekend for both his recent run of high returns and the large-scale philanthropy he does.
I really liked Leon’s response to the question of whether or not he screams at his analysts and resesarchers:
“If you are paying somebody two and 20, as opposed to 1%, you basically have the right to expect more from that person…And that’s what I tell my people: You’ve elected, for better or worse, to be in the two-and-20 game, so you have to be on the balls of your feet at all times.”
Leon’s famous for both his temper and his work ethic. When I asked a friend of mine who’s known him “forever and a day” about this work ethic and whether or not it was just mythology, I was told to take whatever I’ve been told and multiply it by ten.