In his recent interview on the PBD Podcast, Leon Cooperman discusses his big mistake was not buying Berkshire stock. Here’s an excerpt from the interview:
My hero in life was Henry Singleton, the founder of Teledyne, and the guy was absolutely probably the smartest guy I ever dealt with. In August of 1982 basically Business Week had him on the cover pictured as Icarus, the mythical Greek god that flew too close to the sun, whose wax wings melted and he crashed to Earth.
I wrote them a seven page letter saying how foolish they were, this guy was really a genius, and Warren Buffett got a hold of it and had sent me a letter and I call this my one of my big mistakes in life because he sent me a letter, which I framed in 1982. I framed it but I didn’t buy his stock. If I framed his letter I must have thought very well of him right.
Way before he was viewed as the genius, which he is and he sent me a letter:
Dear Lee, I always enjoy the quality of your writing, the quality of your thinking, your letter to Business Week re Teledyne was 100% on the mark, best regards Warren.
I framed that letter, it’s hanging on my office wall to this day, but I never bought his stock, which is a big mistake, a big miss.
You can watch the entire discussion here:
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