Leon: Legendary investor's "Price first" doctrine

For more than 20 years, Cooper has achieved an annual yield of around 16%, up to 24% in 2010. He has compared himself with Buffett's investment strategy, "Buffett is at any price to buy the right stocks and bonds, and I was at the right price to buy any stocks and bonds."　　"Zhang Yi in the U.S. hedge fund industry, Leon Cooper (Leon Cooperman) to enjoy the reputation of" legendary investors. Omega Advisors, the hedge fund he founded in 1991, worked with Julian Robertson's Tiger Foundation, George Soros ' Quantum Fund and Merryweather's long-term Capital management company, and said the world's big four hedge funds.　　Compared with the strong "star lineup" of the other three companies and the popular classic case, Cooper is a bit low-key, but maintaining high levels of stability over a longer span of time is the key to what he calls "legends".　　When long-term capital was lost in the wake of the Russian financial turmoil in 1998, and the Tiger Fund was so hard to disintegrate before the dotcom bust, Cooper and his Omega Advisors miraculously survived in front of the Reef Shoals, still alive. For 20 years, Mr. Cooper has gained about 16% per cent of the annualized yield, up from the average annual increase of the S & P 500 index, and in the past 2010 he has gained a net return of 24%.　　The Omega Consultancy has also grown from its initial $450 million trillion into a large international hedge fund with 6 billion dollars in asset management and a collective participation of its employees.　　To buy any stock at a good price like the industry's renowned Perle Richard Perry, Aidy Lambert (Eddie Lampert) and Daniel Ock (Daniel Och), Cooper's success has also benefited from growing up at Goldman Sachs, an excellent hedge fund cradle. As early as 1967, the 24-Year-old Cooper entered the Goldman Sachs Investment Research department and gradually emerged. He was named the best portfolio investment strategist in the United States for 9 consecutive years and was promoted to partner for outstanding performance, acting as co-chairman of the Investment Policy Committee and chairman of the stock-picking committee.　　He became chairman and chief investment officer of Goldman Sachs in 1989, managing the entire Goldman equity product line including open-end funds and Goldman Sachs Capital Growth Fund (GS-substituting Fund). Many people think that the Goldman Sachs career of 25 has created a unique investment strategy for Mr. Cooper, but the answer from Mr. Cooper is simple. He is a typical value-driven investor, and investment theory stems from a generation of value investment guru Roger Moures (Roger Murray).　　He argues that there can be no perfect efficient market, so the intrinsic value of a company differs from its market value, which makes it possible to identify stocks that are undervalued in intrinsic value. There must also be differences between value investors. Cooper used to take Buffett as aVietnam summed up his investment strategy: "Buffett's strategy is to buy the right stocks and bonds at any price, while I buy any stocks and bonds at the right price." "Cooper believes that the intrinsic value of a company may not ultimately be discovered by the market, and in most cases the market evaluates the value of a stock correctly." He prefers to focus on the price of a stock.　　He uses the Top-down approach to select the industry, and then by understanding the company's business and management decision-making, analysis of the financial statements, such as a series of basic aspects, using a bottom-up approach to assess the price of a stock is reasonable, and then create a portfolio. In his view, there is no free lunch in the market, and only hard work can make the wealth accumulate gradually.　　For mature investors, they must be adept at discovering companies that have not yet been found for most people. Mr. Cooper's emphasis on prices is also reflected in his constant scrutiny of whether the stocks he invests have been wrongly priced.　　He sees this as the best long-term investment strategy to hedge against investment risk, because it has allowed the Omega Fund to dodge many of the woes of the market slump. However, Mr. Cooper is very modest to say that Buffett is also his heart "hero." He once said: "I am more moderate, Warren Buffett is a far better than I investors." "The stock market has been in the middle of the rally since 2009, with the firm belief that confidence will be restored in a few years and that economic and corporate earnings will stabilise, so it is a good time to invest in equities," he said.　　Based on this view, he has a lucrative 2009-2010-year earnings, with a 54% net yield on a flagship fund focused on the U.S. stock market. Today, despite a two-year bull market in the US, Cooper still has confidence in the stock market. He argues that the cycle of economic expansion typically lasts 3-4 years, from March 2009 to now only 2 years. Although the economy is far from fully revitalized, the signs of recovery are clear. "At this point, I hold the same view as Mr. Buffett.　　Said Cooper.　　Since 1948, the US stock market has always behaved in the third year after the recovery and during the presidential campaign cycle, Mr. Cooper said. In addition, stocks are now relatively inexpensive to value. Mr. Cooper believes stocks are relatively cheap, compared with historical records and inflation and interest rates.　　The data show that the US stock market currently has a 14 times-fold P/e ratio, averaging about 17 times times the past 10 years. For the credit market, Cooper thinks his once-in-a-lifetime opportunity is over.　　He said there were a lot of short selling of US Treasuries and a rise in the stock market, and that money would continue to flow from the bond market to the stock market. Mr. Cooper also holds the view that "normally the bull market is not going to go away easily, but it usually ends up with too much economic growth, soaring inflation, and a deliberate rate hike by the Fed." "So he thinks the current stock market is still far from the pessimistic point of view, the bull market in accordance withWill go on. "Stocks are at least as tall as short," said Cooper. If America solves its fiscal problems, equities are a better choice.　　"He expects US stocks to end up about 8% per cent this year," he said.　　Based on the above view, he spent 80% of his money on long US equities and one of the most determined market-looking hedge funds in the markets. But Mr. Cooper is not bullish on stocks with a high price-to-earnings ratio. For example, some utilities and consumer-oriented industries, he is more optimistic about some of the industry's privileged market share. The leaders are cheaper, and their internationalization features keep them growing, Mr. Cooper says.　　Among them, he is more optimistic about the company has Microsoft, McDonald's, Pepsi and Cisco and so on. Moreover, as oil prices continue to rise, he favours some energy-related companies. Atlas Energy is one of the current stocks of Cooper's heavy warehouse. The company has rights to Marcellus shale gas resources along the Appalachian Mountains, and is currently negotiating with its collaborators on development issues.　　Cooper believes that once the deal is reached, the company will have access to adequate energy supplies by 2030, which can lead to sustained and steady growth. In addition, Cooper has a few small companies that are not favored by most people, such as the Technology outsourcing service provider Brodrich Financial Solutions (Broadridge Financial FX). Mr. Cooper points out that the company has monopolized the system of issuing financial reports for all listed companies, with a current price-earnings ratio of around 12 times times a year that creates around $300 million trillion in cash flow.