Hedge Funds Will Have A High Failure Rate, Says Cooperman

Last week CalPERS (California Public Employees’ Retirement System) made headlines by pulling out of hedge funds, forcing fund managers of all sizes to ask if other institutional investors will soon follow them out the door. According to Leon Cooperman of Omega Advisors, talking to Bloomberg’s Stephanie Ruhle following his talk at the Most Influential Summit, the best funds are going to be fine, but the industry’s failure rate is going to be high. Some managers aren’t as able as they should be, says Cooperman “Money goes where money’s treated best,” said Cooperman, explaining that it’s not just a question of…