Update: A reader emails the
9-page rebuttal that Mr. Cooperman sent the editors of BusinessWeek regarding the story I mentioned. Thanks.
Original post:
On May 31, 1982 BusinessWeek ran a cover story on Teledyne. Among other sins, the story accused Mr. Singleton of milking the TDY operating companies to play the market, accumulating a pretty large portfolio for the company.
Ten weeks later the 18-year Great bull market began.
Mr. Cooperman spoke to the New York Society of Security Analysts on Thursday evening.
From the
NYSSA's Value Investing Committee:
The presentation will profile the strategy of the late founder of
Teledyne, Inc., Dr. Henry E. Singleton. In particular, it will review
Dr. Singleton's corporate and share buyback strategies.
Warren Buffett considers that Henry Singleton of Teledyne
has the best operating and deployment record in American business. Leon
Cooperman knew Dr. Singleton very well and thus is uniquely qualified to
explain his strategies. Attend this program to better understand true
corporate value creating strategies and learn criteria for assessing
share buyback strategies.
Who should attend
Fund managers and executive officers.
Biography
Leon G. Cooperman
retired from his positions as a general partner of Goldman, Sachs &
Co. and as chairman and chief executive officer of Goldman Sachs Asset
Management at the end of 1991 after 25 years of service in order to
organize a private investment partnership, under the direction of Omega
Advisors, Inc. At Goldman Sachs, Cooperman spent 15 years as partner and
from 1990–1991, as of counsel to the Management Committee. In 1989, he
became chairman and chief executive officer of Goldman Sachs Asset
Management and was chief investment officer of the equity product line
including managing the GS Capital Growth Fund, an open-end mutual fund.
Prior to those appointments, Cooperman spent 22 years in the Investment
Research Department as partner-in-charge, co-chairman of the Investment
Policy Committee and chairman of the Stock Selection Committee. For nine
consecutive years, Cooperman was voted the number one portfolio
strategist in the Institutional Investor All-America Research Team
survey. Cooperman received his MBA from Columbia University and his
undergraduate degree from Hunter College.
Here's an earlier version of the presentation:
Leon Cooperman Value Investing Congress-Henry Singleton
