QOTD: Leon Cooperman on being a demanding boss

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.

Source:

Cues From Cooperman (Barron’s)

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