Early Life
Leon G. Cooperman was born on April 25, 1943, in the South Bronx, New York City, to Jewish immigrants from Poland. His father worked as a plumber. He was the first in his family to attend and graduate from college. Cooperman attended Hunter College where he was an active member of the Alpha Epsilon Pi fraternity. He graduated with a bachelor's degree and later earned an MBA from Columbia Business School in 1967.
Rise to Success
Cooperman began his career as a quality control engineer at Xerox in 1964. In 1967, he joined Goldman Sachs. He spent his first 22 years in the firm's investment research department, eventually becoming partner-in-charge and co-chairman of the Investment Policy Committee and chairman of the Stock Selection Committee. In 1989, he was appointed chairman and CEO of Goldman Sachs Asset Management. Cooperman left Goldman Sachs after 25 years in 1991 to found Omega Advisors, Inc., an investment advisory firm. Omega Advisors was later converted into a family office in 2018.
Key Business Strategies
Cooperman's investment strategy has been value-oriented, influenced by Warren Buffett, Benjamin Graham, and David Dodd. Omega Advisors aimed to identify undervalued stocks. His hedge fund, Omega Advisors, returned 12.5% annually, outperforming the S&P 500.
Philanthropy
Cooperman and his wife, Toby, are signatories of The Giving Pledge, committing to donate the majority of their wealth to charitable causes. They have made significant contributions to various organizations. Some key initiatives include: establishing the Cooperman Scholarship Challenge, the Cooperman Family Fund for a Jewish Future endowment of Birthright Israel. They have also pledged $25 million each to the St. Barnabas Medical Center Foundation and Hunter College.
