On Apr. 13, the College welcomed Leon G. Cooperman, chairman of the private investment partnership Omega Advisors, Inc., former general partner of Goldman, Sachs & Co., and former chairman and CEO of Goldman Sachs Asset Management. Cooperman was the guest speaker at the sixth annual Burton Kossoff Business Leadership Lecture Series.
Each year, the series invites prominent business leaders to share their perspectives on the most pressing issues in business, giving the Baruch community valuable insight into the qualities and strategies of today’s most successful business leaders.
Endearing himself to the overflow breakfast crowd of students, faculty, and alumni, the 68-year-old businessman described himself as “a poor kid from the South Bronx who got lucky.” In addition to luck, Cooperman credited his bachelor’s degree from Hunter College and his MBA from Columbia, as well as a strong work ethic, with his success. “If you want to be successful, you have to earn it,” he advised. And earn it he has: For nine of his 25 years at Goldman Sachs, Cooperman was honored as the #1 portfolio strategist in the Institutional Investor All-America Research Team survey.
At an age where most are retired or considering it, Cooperman still works an 80-hour workweek, spending many of those days on the road. “Before you invest, investigate” was one of the truisms he shared. Fueling his commitment is a true love for the work: “I didn’t go to Wall Street to make money; I went to Wall Street because I liked investing,” he said, counseling current students in the audience to find their niche in the business world.
In addition to offering general business and life advice, Cooperman wasn’t shy about discussing his views of today’s economy. “The stock market is a much more intelligent beast than most people give it credit for being,” he said, reminding the audience of business cyclicality. An investor for 40 years, he has seen his share of economic ups and downs. “We are moving into a self-sustaining economic expansion,” he predicted, explaining that the average economic expansion in the U.S. takes five years. “It’s clear we’ve made an economic turn. We are 1½ years into that economic expansion right now. So it’s a long runway,” he added.
Cooperman acknowledged today’s biggest wildcard: current instability in the Middle East. He also spoke of the U.S. government’s inability to deal with the budget crisis, saying, “Unless we get our house in order, the dollar will go down.”
As a Kossoff lecturer, Cooperman joins a distinguished company that includes Jack Welch, legendary former chairman and CEO of General Electric, and Richard Parsons, current chairman of Citigroup and the former chairman and CEO of Time Warner.
The Burton Kossoff Business Leadership Lecture Series was created by Mrs. Phyllis L. Kossoff in 2003 in memory of her beloved husband and his commitment to his alma mater. Burton Kossoff (’47) was an inaugural member of The Baruch College Fund, which recognized him as a Trustee Emeritus in 2005.
—Diane Harrigan