Leon Cooperman And The Misplaced Meritocracy Assumption
I should refrain from writing satire about "legends" of the investing universe.
It's probably gratuitous, and I'm not convinced I'm adding much in the way of value. Then again, I'm occasionally reminded that there's no value like comedic value. I suppose that's another way of saying laughter is the best medicine.
Some of the best satire I've ever penned centered around Jeff Gundlach. One trader whose name most readers know still insists it was the best content ever published here. That may be
No push back.
People aren’t very good with odds (me neither). But one issue is that, with 300 millions people, you can find anecdotal evidence for pretty much anything. Including a black kid growing up in a tough neighbourhood and making it. And then you have one political party of a duopoly dedicated to say “see? it’s possible! so we don’t need to change anything to the status quo”.
Good point. Maybe the acceptable question should be “Is it probable?” not “Is it possible?”. As a society we should focus on making success within the limits of a person’s natural talent and motivation probable. And maybe success should be defined as a life well lived, not a life dedicated to greed and the accumulation of money. It’s not about how much you get. It’s about how much you give.
+1
Oh H, you got me with this one! “Cooperman said, dialing into CNBC’s Financial Advisor Summit from the closet, where he stores a bulky printer and enough reams of paper to make five copies of War and Peace (clip below).” That office setup is hilarious!!
Your meritocracy argument continues to ring true. There is no meritocracy in the US, otherwise slaves would have been freed after the umpteenth crop of cotton they picked, politicians would be jobless/homeless, and lawyers would have nothing to do all day. These systems were designed to reward “the right people” and keep out the “bad” ones. We need politicians and care so much about them because most people recognize the government is a broken self-serving enterprise that only cares about the tax payer insofar as collecting some of their earnings and making sure they vote for the continuation of the system. And the legal system is propped up by bad actors that keep the payroll rolling.
‘Warren’s venom symbiote’ good one. Having had many pro-athlete friends, I can tell you what many think about adult fans…..’Jock sniffer’s’ One thing you can do in America is easily become a millionaire thru hard work and some education….you don’t need Columbia Business School…..Cooperman was funny this morning…..’wouldn’t touch US bonds with a ten foot pole”……in the worst case scenario, two Black Swans colliding… I would bet I would get no less than 80 cents on the dollar for US Bonds….whereas in Malta…..
I think part of it is people are caught in a Time Warp. They think they’re experiences at 16,18, 22 or 24 are the same now as they were then. When I got out of high school I was pumping gas during the oil embargo. Linesg so long they stretch for blocks. Who can tell me opportunities were as strong after that as they were before that? And after the.com bust opportunities were even less strong.
The mythology that people had that oh things were more difficult when I was young and now they’re easier for all these people is as old as time.
What he didn’t say is what it took to get into Columbia business school. Who is parents were that knew that would be a good opportunity for him. Even then if you were not connected to Wall Street you didn’t get that Wall Street job first day out of college.
All of this tells you more about H…. than Cooperman.. We are all a product of circumstance and upbringing and inherited Genes that hopefully don’t clash. Me , I’ve been both sides of the fence my whole life and appreciate the stories I here about others irregardless of who painted the smiley face to make them come out palatable to it’s author… In a roundabout way this makes the author of this website my hero…Thanks !
If Cooperman can survive ONE DAY on the streets of Englewood or Washington Park in Chicago on just his wits and $20 of walking around money, I’d be happy to grant him honorary Legend status.
“There is a darkness inside of me. It wants to get out, it wants to walk around. It wants some walkin’ around money. And it wants to buy some shoes.” — Gator
“Suffice to say that, in my opinion, people should grow out of hero worship when they become adults and reserve their reverence for people who dedicated their lives to something other than making money or playing sports or building hotels.”
Our collective futures depend on this tenet…
thanks, H.
Diogenes reportedly searched Athens with a lamp to find such people. I don’t think he was real successful.