Omega, Pershing Confident of Stock Picks Even as Gains Disappear
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As the stock market plunged 5 percent in the first five minutes of trading on Monday and spent the next 48 hours in free fall, selling wasn’t on the minds of the traders at Leon Cooperman’s Omega Advisors.
“We were fully invested going in and we switched out of some companies and added to others,” said Steven Einhorn, vice chairman of New York-based hedge fund firm. “If you believe the selloff was not fundamental and you have good companies, you stick with them.”