Surveillance: GameStop with Cooperman
Bloomberg Surveillance
Bloomberg
3.8 • 1.2K Ratings
🗓️ 18 February 2021
⏱️ 28 minutes
🧾️ Download transcript
Summary
Leon Cooperman, Omega Family Office Chairman & CEO, doesn't see the market turmoil that formed around GameStop as a rich versus poor story. Dennis Gartman, University of Akron Endowment Fund Chairman & Former Editor of The Gartman Letter, says a commodities bull market has begun. Jim Bianco, Bianco Research President, says economists are starting to pick up on the idea that the supercycle has turned. Representative Gregory Meeks, Democrat from New York, says the GameStop hearing will inquire about whether hedge funds did any harm.
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Transcript
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| 0:00.0 | Welcome to the Bloomberg's surveillance podcast, I'm Tom Keane, along with Jonathan |
| 0:09.9 | Ferrell and Lisa Abralwitz. |
| 0:12.2 | Daily, we bring you insight from the best, an economics finance investment and international |
| 0:17.9 | relations find Bloomberg's surveillance, an Apple podcast suncloud, Bloomberg.com and |
| 0:24.0 | of course, on the Bloomberg terminal. |
| 0:29.9 | Right now, Leon Cooperman joins us. |
| 0:31.4 | He's with Omega, their family office, the chairman, the CEO. |
| 0:35.3 | What he really is is a kid out of Hunter College who got a job at Xerox a million years |
| 0:40.4 | ago and stumbled through Columbia into Goldman Sachs where he found a claim, fame and fortune. |
| 0:47.0 | He was a regular and institutional investors award ceremonies for years and years and years. |
| 0:53.0 | Mr. Cooperman joins us this morning. |
| 0:55.2 | Leon, why is this short squeeze different than the 42 others you've known since you joined |
| 1:00.7 | Goldman Sachs? |
| 1:01.7 | Well, the market is very different because things are happening much more quickly. |
| 1:07.0 | There's just no stabilizers. |
| 1:08.3 | When I came to Wall Street 55 years ago, the broker's firm is trading stock for 25 to 50 cents |
| 1:14.0 | a share. |
| 1:15.0 | The vulgar rule didn't exist. |
| 1:16.6 | They had incentive to stabilize and go against the trend that doesn't exist anymore. |
| 1:21.4 | 80% of the volume used to be in New York Stock Exchange, 80% of the volume is well-bored. |
| 1:26.4 | The specialists don't play a role. |
| 1:28.3 | If for some, I'm going to unexplained reason, the SEC eliminated the uptick rule of 2007 |
... |
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