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    Omega Advisors, Inc.

    October 18, 2011

    PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE PERSONS, AN OFFERING MEMORANDUM FOR THIS POOL IS NOT REQUIRED TO BE, AND HAS NOT

    BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES

    TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS OFFERING OR ANY OFFERING MEMORANDUM FOR THIS POOL.

    The Investment Outlook and SomeAttractive Values

    Leon G. Cooperman

    Chairman and CEO

    Omega Advisors, Inc.

    Investment Manager:

    Omega Advisors, Inc.Wall Street Plaza

    88 Pine Street, 31st Floor

    New York, NY 10005

    (212) 495-5200

    Presentation by

    Omega Advisors, Inc.

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    Omega Advisors, Inc.

    2010 2011 2012

    Real GDP (qoq % saar) 3.4 1.9 2.2

    Real Consumer Spending (qoq % saar) 3.0 1.7 2.0

    Real Business Equipment & Software (qoq % saar) 16.6 8.0 7.5

    Core PCE Inflation ( qoq % saar) 1.0 1.8 1.5

    Unemployment Rate (avg %) 9.6 (a) 9.0 (a) 9.0 (a)Federal Funds Target (%) 0.25 (a) 0.25 (a) 0.25 (a)

    S&P 500 Operating Earnings (yoy %) 36.6 13.5 5.0

    S&P 500 Operating EPS ($) 85.5 97.0 102.0

    (a) Year-end actual/forecastssource: BEA, Bloomberg, Macroeconomic Advisors, and Omega Advisors, Inc.

    Q4 to Q4

    U. S. Economic Environment

    Exhibit 1

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    Omega Advisors, Inc.

    Exhibit 2

    100806040200989694929088868482

    14

    13

    12

    11

    10

    14

    12

    10

    8

    6

    4

    2

    0

    Saving - Monthly Data from 12/80 to 8/11, Debt - Quarterly Data to 11:q2

    Source: Federal Reserve Board, BEA, and Omega Advisors, Inc.

    Household Debt Service Ratio and Saving Rate

    1110090807060504030201009998

    95

    90

    85

    80

    75

    70

    65

    60

    95

    90

    85

    80

    75

    70

    65

    60

    Quarterly Data from 97:q4 to 11:q2

    Source: Federal Reserve Flow of Funds and Omega Advisors, Inc.

    Household Liquid Assets % Liabilities

    11100908070605040302010099989796959493929190

    40

    200

    -20

    -40

    -60

    -80

    -100

    40

    200

    -20

    -40

    -60

    -80

    -100

    Quarterly Data from 90:q3 to 11:q3

    Source: FRB Senior Loan Officers Opinion Survey and Omega Advisors, Inc.

    Bank Lending Standards Easing

    C&I

    Consumer

    Debt Service Payments as a % of Disposable Personal Income (left scale) Personal Saving Rate (right scale)

    Households Liquid Assets as a % of Household Liabilities

    Net % of Banks Easing Standards for C&I Loans, avg of Small, Medium & Large Bus.Net Percent of Banks Indicate More Willing to Make Consumer Loans

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    Omega Advisors, Inc.

    Exhibit 3Why We are Not Likely to Experience Another 2008 Type Decline?

    1. Banking system has gone from insolvency to strong capital ratios.2. No weak/opaque shadow banking system to contend with.3. The financial condition of Corporate America is excellent.4. Profit and revenue growth are still good as is growth in dividends and share buybacks.5. Business inventories are in excellent shape. There is no bubble in housing as in 2008 and

    most cyclical sectors of the economy are at a very low percentage of GDP.

    6. Household debt/GDP, while still high, has dropped from 95.4% to 85.1%. Debt serviceratio substantially improved.

    7. The consumer savings rate has gone from 1% to 5.0%.8. Lower dollar should be a plus for exports.9. Oil price decline from $115 to $77 WTI ($130 to $102 Brent) per barrel positive for

    consumers and economy generally.

    10. FED policy of zero interest rates will ultimately work.11. Tame wages and decent productivity.12. Decent M&A activity and large pool of private equity capital.13. Investors are conservatively postured.14. Market valuation very appealing both absolute and particularly relative to alternatives

    (financial repression).

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    Omega Advisors, Inc.

    Exhibit 4

    Euro Zone Will Be Okay ?

    We have been very disappointed in the tardiness and substance of policies offered by the euro-

    zone governments and the ECB to address the European sovereign-debt issue. This tardiness

    and lack of substance has taken its toll on risk assets. Nonetheless, we do believe that

    governments and the central bank in Europe, for now, will address the sovereign-debt issue.

    EFSF permitted to buy weak peripheral debt in the primary and secondary markets EFSF permitted to extend loans to shore up bank balance sheets

    EFSF/IMF likely to fund Greece through mid-2014

    ECB purchasing Italian and Spanish debt

    ECB providing unlimited liquidity to banks

    ECB moderating its tight money policy

    ECB purchasing covered bonds from banks, aiding bank funding

    Asian governments likely to support euro-zone sovereign debt

    EFSF lending capacity lifted to 440 billion and likely to increase further

    Euro-zone bank re-capitalizations coming

    Increased dollar swap funding available to euro-zone banks

    Note: EFSF European Financial Stability Fund

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    Omega Advisors, Inc.

    Exhibit 5

    201120102009200820072006

    160

    140

    120

    100

    80

    60

    40

    20

    160

    140

    120

    100

    80

    60

    40

    20

    Daily Data from January 2006 to 10/14/11

    Source: Bloomberg and Omega Advisors, Inc.

    Crude Oil Price

    Crude Oil Price ion US $ - WTI Crude Oil Price in US $ - Brent

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    Omega Advisors, Inc.

    Exhibit 6

    Length of

    % Change Peak to P/E Contraction

    Peak to Trough Peak to

    Date S&P 500 Date S&P 500 Trough (months) Trough

    Jun 1948 17.06 Jun 1949 13.55 (20.6)% 12 (38.4)%Dec 1952 26.59 Aug 1953 22.71 (14.6) 8 (18.3)

    Jul 1956 49.74 Dec 1957 39.42 (20.7) 17 (15.3)

    Jul 1959 60.62 Oct 1960 52.30 (13.7) 15 (10.3)

    Dec 1961 72.64 Jun 1962 52.32 (28.0) 6 (33.8)

    Jan 1966 94.06 Sep 1966 73.20 (22.2) 8 (26.7)

    Nov 1968 108.37 Jun 1970 72.72 (32.9) 19 (31.2)

    Dec 1972 119.12 Sep 1974 62.28 (47.7) 21 (63.2)Dec 1976 107.46 Mar 1978 86.90 (19.1) 15 (26.6)

    Nov 1980 140.52 Aug 1982 102.42 (27.1) 21 (24.7)

    Aug 1987 336.77 Dec 1987 223.92 (33.5) 4 (41.2)

    Jul 1990 368.95 Oct 1990 295.46 (19.9) 3 (20.1)

    Jul 1998 1186.75 Aug 1998 957.28 (19.3) 1 (19.3)

    Mar 2000 1527.46 Oct 2002 776.77 (49.1) 31 (14.9)

    Oct 2007 1565.15 Mar 2009 676.53 (56.8) 17 (48.3)*

    Average (28.3)% 13.2 (28.8)%

    Apr 2011 1363.61 Current(a) 1099.23 (19.4) (21.8)

    *Exc ud ng nanc a sector wr te-downs

    (a) As of October 3, 2011

    Source: Standard & Poor's, UBS Investment Research, and Omega Advisors, Inc.

    Peak Trough

    Historical Bear Marke t Cycles

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    Omega Advisors, Inc.

    Exhibit 7

    Date of Date of Recession

    Economic Economic Duration

    Peak Trough (month) Date Months After Recession Started Date Months After Recession End

    Nov 1948 Oct 1949 11 May 1949 6 Nov 1949 1 -3.3

    Jul 1953 May 1954 10 Aug 1953 1 Nov 1953 -6 -1.6

    Aug 1957 Apr 1958 8 Aug 1957 0 Aug 1958 4 -17.0

    Apr 1960 Feb 1961 10 Aug 1959 -8 May 1961 3 -11.7

    Dec 1969 Nov 1970 11 Aug 1969 -4 Nov 1970 0 -12.9

    Nov 1973 Mar 1975 16 Aug 1974 9 Aug 1975 5 -14.8

    Jan 1980 Jul 1980 6 Feb 1980 1 Aug 1980 1 -4.3

    Jul 1981 Nov 1982 16 Nov 1981 4 Feb 1983 3 -19.1

    Jul 1990 Mar 1991 8 May 1989 -14 Nov 1991 8 -14.9

    Mar 2001 Nov 2001 8 Aug 2000 5 Feb 2002 3 -22.2

    Dec 2007 Jun 2009 18 May 2007 -7 Aug 2009 2 -44.5

    Ave rage (months) 11 -1 2 -15.1

    Source: NBER, Standard & Po or's , and Omega Advisor s, Inc.

    The Economic and Profit Cycles

    Peak to Trough

    S&P 500 Profit Peak S&P 500 Profit Trough % Change in Profit

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    Omega Advisors, Inc.

    Exhibit 8

    Date of Date of Expansion Date of Market Peak

    Economic Economic Duration S&P 500 Prior to Eco PeakTrough Peak (month) Peak (month)

    Oct 1949 Jul 1953 45 Dec 1952 7

    May 1954 Aug 1957 39 Jul 1956 13

    Apr 1958 Apr 1960 24 Jul 1959 9

    Feb 1961 Dec 1969 104 Nov 1968 13Nov 1970 Nov 1973 35 Dec 1972 11

    Mar 1975 Jan 1980 57 Feb 1980 -1Jul 1980 Jul 1981 11 Nov 1980 8

    Nov 1982 Jul 1990 91 Jul 1990 0Mar 1991 Mar 2001 120 Mar 2000 12

    Nov 2001 Dec 2007 73 Oct 2007 2

    Average (months) 60 7.4Average ('49-'81) 45 8.6

    Jun 2009 ? ?Source: NBER, Standard and Poor's, and Omega Advisors, Inc.

    Market Peaks versus Economic Peaks

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    Omega Advisors, Inc.

    Exhibit 9

    100806040200989694929088868482807876747270

    6

    4

    2

    0

    -2

    -4

    -6

    -8

    -10

    6

    4

    2

    0

    -2

    -4

    -6

    -8

    -10

    Quarterly Data from 69:q4 to 11:q2

    % %

    Source: CBO, Bloomberg, and Omega Advisors, Inc.

    U.S. GDP Gap