Leon Cooperman's Omega Advisors is a surprising subject for a new government trading inquiry.
With one minor exception, Cooperman and his $9.4 billion New York-based hedge fund firm enjoy an excellent reputation and have avoided the slew of insider trading investigations that have stained the reputation of other hedge fund firms in recent years.
Despite a small loss last year, Cooperman's addiction to finding undervalued stocks has resulted in annualized returns of about 14 percent over nearly 25 years, among the best long-term track records in active money management.
The 71-year-old Bronx-native is worth an estimated $3.7 billion, according to Forbes, but is known for his philanthropy and frugal lifestyle. Once called "the James Brown of hedge funds" by a peer, he loves his work so much he struggles to do much else.
"The way to be successful is do what you love and love what you do," Cooperman told CNBC last year. "I get paid normally a lot of money for basically doing something I enjoy doing. And what I enjoy is to hunt—finding something somebody else doesn't see, making a bet and having Mr. Market prove me right."