Hedge Fund Billionaire Says 'Fair Share Is A Bullsh*t Concept' Used To Attack Wealthy People

During an appearance on CNBC Thursday, New York Hedge fund billionaire Leon Cooperman touched on his feelings about GameStop's recent meteoric stock market rise. As reported by BuzzFeed News, the surge was driven by Reddit users and led to the defeat of two hedge funds — Citron Research and Melvin Capital.

"This 'fair share' is a bullsh*t concept. It's just a way of attacking wealthy people," he said in a clip of his appearance that was posted on Twitter.

Elsewhere during his appearance, the investor touched on his view of the individuals behind the rise in GameStop's capital.

"The reason the market is doing what it's doing is, people are sitting at home, getting their checks from the government, basically trading for no commissions and no interest rates. I'm not saying they're stupid. Show me a guy with a good record consistently, and I'll show you a smart guy."
According to Cooperman, the current stock market moment is the result of near-zero interest rates implemented by the Federal Reserve as well as Congress' fiscal response to the coronavirus pandemic.

Nevertheless, the billionaire said he has seen similar surges in the past and believes this one — as they did — will ultimately pass.

"This is extreme, more so, but this too shall pass," he said.

People pass a GameStop store in lower Manhattan on September 16, 2019 in New York City.
Getty Images | Spencer Platt

In a recent segment on The Hill's Rising, Saager Enjeti argued that the highest concentration of "enemies of the people" among the American elites is found in Wall Street. In particular, he pointed to hedge funders and short-sellers — the latter who he accused of colluding amongst themselves for years and using the media to manipulate markets and stocks to make billions of dollars.

"None of this has anything to do with creating good value," he said.

According to Enjeti, hedge fund short-sellers are simply "leeching off of the American financial system" in a manner that gains them hundreds of billions of dollars. Elsewhere, the commentator argued that the tactics used by the Redditors to spike GameStop's stock are identical to the strategies that have been used by Wall Street short-sellers for years.

"For years, they've run the table," he said before likening the current GameStop movement to a populist uprising.

As The Inquisitr reported, the stock-trading platform Robinhood and other Wall Street brokers are now blocking users from buying GameStop stocks, as well as others targeted by Reddit's r/WallStreetBets community. The move has received a strong backlash from various prominent figures, including rapper Ja Rule, Democratic Rep. Alexandria Ocasio-Cortez, and businessman Donald Trump Jr.