LeonCoopermanOmegaAdvisors

BarronsTheArtofSuccessfulInvestingConferenceOctober21,2013
Marketisfairlyvaluedbutnotovervalued
Bullmarketsdontdieofoldage.Theydiefromexcesses.
o Doesntseealotofexcess
o Nosignsofarecession
Lackofalternativesintheequitymarket
Believesthereare3phasesofabullmarket:
1) Wow,wesurvivedEarlytolate2009
2) ReflectingthatwhichisprospectiveOurcurrentstage
o Expectsthisstagetobelongerbecausetherecessionwasdeeper
o Sees6%prospectivereturnsinthemarketattodaysprices
3) ExuberanceNotthereyetbuttherearepockets
o TheIPOmarket(potbelly)
o TSLA
Peoplearestillunderinvested
Commentsonthegovernment:Theyclosedthecircusbuttheclownsarestillbeingpaid.
Nooneknowswhattaperingwilldo
25%ofstocksyieldmorethanbonds.
o Ismodestlypositiveonstocks
AtlasEnergy(ATLS)hasadividendyieldof5.5%[??]
o Growingtheyieldveryrapidly
o Undervaluedat2.4Bmarketcapbyalmost50%
o Willgrowdistributionataminimumof15%
o MustbecarefulwithMLPsingeneralasmosttradeaboveNAVinlowyieldenvironment
Monitise(MONI.L)doeselectronicpaymentprocessing
o 1.3BEV
o Extremegrowth
o TechnologyhashighriskofobsolescencebutVisahasdirectlyinvestedinthiscompany
o Willbecashflowpositivenextyear
SandRidgeEnergy(SD)hasnewmanagement
o TheyestimateNAVat$10[stockisat$6.50on10/23/13]
o Managementhasagoodpresentationavailableexplainingthevalue
Ifeveryoneofyourstocksisonthe52weekhighlistyoureinforabigcorrection.Ifeveryone
ofyourstocksisonthe52weeklowlistyoureoutofbusiness.
Sprintisa3yeardoublebutdeadmoneyforawhile
o Oneofthegreatvaluesavailableinlargecaps
o Sees$1.00ofearningsin3yearstime
Doesntownanymajoroilcompanies
o Nonearegrowingtheirreservebases
o LinnEnergy(LINE)probablyworthmid$30s[stockisat$28.65on10/23/13]
Whywouldyouwanttoownbondswhenyouknowforcertainthatthegovernmentisgoingto
stopbuyingthem?
LeonCoopermanOmegaAdvisors
BarronsTheArtofSuccessfulInvestingConferenceOctober21,2013
o Bondsadjusttoinflationbydecreasinginprice.Stocksadjusttoinflationbyincreasing
prices.
o AIGwilltradeabovetangiblebookin23years.
EuropeisasaferenvironmentthanJapan