On a dreary Monday morning in May, rain pelts the windows of Omega Advisors Inc.’s 31st-floor conference room in New York. Inside, Leon Cooperman and his 14 analysts are trying to come up with ways to make money amid squalling markets. In a single dismal month, half of the hedge fund’s gains for the year have evaporated.
The stock market’s decline this year is healthy and the Standard & Poor’s 500 Index probably will end 2014 higher, Leon Cooperman, chairman of hedge fund Omega Advisors Inc., said on Bloomberg Television.
PennyMac Financial Services Inc., the mortgage company founded by former Countrywide Financial Corp. executives, rose 9 percent after Omega Advisors Inc.’s Leon Cooperman disclosed his hedge funds control a 22 percent stake.