Saturday, June 30, 2012

Updated--Leon Cooperman: "A Case Study in Financial Brilliance: Dr. Henry E. Singleton of Teledyne Inc."

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.
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