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Linn Energy, LLC Message Board

  • fcfguy fcfguy Nov 15, 2013 11:13 AM Flag

    Omega Advisers Bolts

    Leon Cooperman, an early defender of LINE against charges of phony accounting, sold 53% of his holdings in the second quarter, as reported in today's filing of the 13F. Omega reduced holdings from 6.265M to 2.961M (thereby selling 3.304M) at an average price of $23.23 ($76,764,231).

    I guess not only the "weak" retail guys were shaken by the Hedge-Eye polemic. It shows how easily markets can be manipulated when arcane accounting is involved, not to mention little understood medical and electronic technology, patents, off-balance sheet activities, long term pension and medical liabilities, etc., etc., etc.

    No special point - just thought it interesting that one of the true WS giants could display the same gut emotions as the rest of us.

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    • What was his objective for owning LINE? I think he was interested in capital appreciation. My purpose is income as I'm retired and the distributions supplement my SS. I held on during the slide and continued to collect no matter what the price. Also, I avoided paying taxes on the past distributions as I've held LINE since 2008 at an average cost of $17.76. We all have different reasons for holding or not holding a particular security.

      Sentiment: Hold

    • When these guys get on tv they usually have an agenda. Either they are talking up a position they already own or they are talking up a position that they are selling to make sure there are enough buyers to support the price while they are getting out. Don't let them influence your decision one way or another.

    • Fcfguy, you're making a broad assumption that Cooperman sold because of "gut emotions." Considering his professional status, I'd guess that he found an investment he considered superior to Linn and chose to switch horses, keeping a mere 3M LINE.

      • 1 Reply to ronharv
      • ronharv,
        " I'd guess that he found an investment he considered ...."

        Why guess? can just look up what he did...

        One example is he increased his holding in CIM.

        You can look up all of the others.

        Oh, do not forget to notice the 109 institutions who increased their holdings in LINE......the 33 new buy-institutions, the % of LINE that owned by institutions, how many reduced their holdings of LINE ....etc...

        All public info on the nasdaq why guess?

    • You're not reading that right, the $76M figure is the value of the holdings at September 30 (the end of Q3, not Q2), 2,961,583 units at the closing 9/30 price of $25.92. There's no way of knowing when he sold, it could have been in June, in the low $30's, in which case Omega was spared some interim damage, I suppose.

      People in the financial "press" lionize Cooperman, and I like him very much, but he's made some horrific calls. He was gung ho bullish before the 2008 crash, talking up blue chip junk such as Alcoa. He completely missed the incredible yield bargains during the crisis, buying MLP's that suspended distributions, like the Cohen's stuff. He made out on those things eventually, but he also admits not trusting the tech run-up.

      There are no certified geniuses out there, us little mice scurrying around on the floor picking up discarded gold, can do better than the titans. You just have to wait and be patient for the opportunities to drink blood, like LINE this summer. He sold, we bought. We win, he loses. When do we get to be on CNBC?

    • They are people too. When the tree starts shaking a lot of investors fall out.

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