US Billionaire Leon Cooperman: 'People Who Make $400,000 A Year Are Not Rich!'
Billionaire investor Leon Cooperman said he doesn't consider someone making $400,000 a year rich. The reason is because President Joe Biden and Democrats in the House have proposed a plan to increase taxes on wealthy families.
In the memoirs, Cooperman shared about his family's food insecurity, so he wanted to become successful to escape poverty. Through hard work, he received a full scholarship to Hunter College.
Graduating in the 1960s, Cooperman got his first job as a quality control officer for the Xerox motorcycle company.
He then went on to pursue a master's degree at Columbia Business School and worked at Goldman Sachs. There, he conducted investment research in the asset management department.
After 25 years of association, Cooperman decided to leave Goldman Sachs in 1991 after a period of making many famous investment deals.
In the same year, he also founded the asset management company Omega Advisors.
Omega Advisors specializes in domestic public assets investments, while also speculates with a strategy of focusing on valuable assets, selecting investment portfolio by sector, based on fundamental analysis of short and long term.
Cooperman’s investment style mainly focuses on large and mid-cap stocks, attracting many investors for Omega Advisors.
Thanks to Cooperman’s careful research in investing, his clients following his advice have achieved twice the return rate of the S&P 500 through the funds founded and headed by him, even during the most difficult periods of the US stock market.
"The question we need to answer is what should the maximum tax rate for the rich be?" shares Copperman.
The loopholes include rules on add-on interest rates, allowing some private equity managers and venture capitalists to pay a lower interest rate on some compensations they incur.
Cooperman referred to the controversial elections in New Jersey and Virginia earlier this month: "It's clear to me that people don't agree with the change."
According to the Bloomberg Billionaires Index, Cooperman has a net worth of $2.5 billion, although he claims the real number is much higher, but does not elaborate.
The billionaire retired from wealth management in 2018. He was one of the founders of Goldman Sachs' wealth management division.
Cooperman later turned Omega Advisors into a family office. Omega has had an annual return of 12.4% since its founding in 1991 and has provided investors with record-high returns.
H/T: Bloomberg
Source: Forbes
Who is Leon Cooperman?
Cooperman was born into a poor family, with father being a welder in the South Bronx district, upstate New York.In the memoirs, Cooperman shared about his family's food insecurity, so he wanted to become successful to escape poverty. Through hard work, he received a full scholarship to Hunter College.
Graduating in the 1960s, Cooperman got his first job as a quality control officer for the Xerox motorcycle company.
He then went on to pursue a master's degree at Columbia Business School and worked at Goldman Sachs. There, he conducted investment research in the asset management department.
Source: Huff Post
After 25 years of association, Cooperman decided to leave Goldman Sachs in 1991 after a period of making many famous investment deals.
In the same year, he also founded the asset management company Omega Advisors.
Omega Advisors specializes in domestic public assets investments, while also speculates with a strategy of focusing on valuable assets, selecting investment portfolio by sector, based on fundamental analysis of short and long term.
Cooperman’s investment style mainly focuses on large and mid-cap stocks, attracting many investors for Omega Advisors.
Thanks to Cooperman’s careful research in investing, his clients following his advice have achieved twice the return rate of the S&P 500 through the funds founded and headed by him, even during the most difficult periods of the US stock market.
The reason for his opinion
In an interview with Bloomberg, Cooperman said he found that the rich have to pay higher taxes."The question we need to answer is what should the maximum tax rate for the rich be?" shares Copperman.
Source: Fortune
The loopholes include rules on add-on interest rates, allowing some private equity managers and venture capitalists to pay a lower interest rate on some compensations they incur.
Cooperman referred to the controversial elections in New Jersey and Virginia earlier this month: "It's clear to me that people don't agree with the change."
According to the Bloomberg Billionaires Index, Cooperman has a net worth of $2.5 billion, although he claims the real number is much higher, but does not elaborate.
The billionaire retired from wealth management in 2018. He was one of the founders of Goldman Sachs' wealth management division.
Cooperman later turned Omega Advisors into a family office. Omega has had an annual return of 12.4% since its founding in 1991 and has provided investors with record-high returns.
H/T: Bloomberg
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