Avoid the Fund Management Industry

Billionaire hedge fund manager Leon Cooperman, the founder of $5.2 Omega Advisors, said young people should perhaps look at a different industry than fund management. “Maybe some of the young people should look into going into different industries…because I think our industry is in turmoil. It’s very ironic because you’ve got Hillary Clinton and Bernie Sanders crapping all over us and they don’t realize Wall Street is in the midst of a very serious downturn,” Cooperman, 73, said at the Benjamin Graham Conference on Wednesday. Cooperman, who’s been running Omega for twenty-five years, told the crowd he recently attended a seminar on income disparity where a futurist spoke. “Before I tell you what [the futurist] said: I’ll quote Warren Buffett who said: ‘The forecast of the future will tell you more about the forecaster than they’ll tell you about the future.’ The futurist said — his opinion was the biggest problem facing the economy in the next decade was that 45% of jobs being performed in the economy were going to be replaced by automation and there would be no alternative work for the displaced workers.”