Big ups to our friends at Dealbreaker for grabbing this gem from a long Bloomberg Markets profile of the legendary Leon Cooperman.Cooperman, the founder of hedge fund, Omega Advisors, is known for being a great stock picker. And since 2009 he’s been buying up shares of JP Morgan — that means he probably has quite a lot of them.
Normally, that’s a great thing. In the last month or so though, it’s definitely not. The stock has plummeted since the bank revealed a $2 billion trading loss in its London Chief Investment Office.
And the stock’s not the only thing that’s taken a beating. Jamie Dimon, JP Morgan’s CEO, has been flayed alive in the media and on Capitol Hill.
Leon Cooperman, to be blunt, thinks all that criticism total idiocy, and he told his staff so.
At Omega’s staff meeting in May, one of the portfolio managers suggests that JPMorgan shares may now be ridiculously cheap. Cooperman launches into a tirade about how Dimon has been unfairly pilloried by Representative Barney Frank and other critics. “I’m incensed by some of the sh– you’re reading,” Cooperman tells his managers. He says he’ll hold on to his remaining shares as a vote of confidence in Dimon.
You’ve been warned.