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board of St. Barnabas Hospital. He serves on the national board of trustees of the Crohn's and Colitis Foundation, is a member of the board of directors of the Cancer Research Foundation of the Damon Runyon–Walter Winchell Foundation, and is a member of the investment committee of the Museum of Modern Art.

THE INDUSTRY TODAY AND TOMORROW

Although Cooperman says he considers the hedge fund industry "a young man's game," his work ethic continues to be intense. Interestingly, Cooperman's son, Wayne, is also a hedge fund manager.

Cooperman suggests looking at managers' core competencies. He observes that "those that do well keep with their style and don't get shaken out."

While he acknowledges that global macro managers are currently out of favor, he believes it probably means there will be excellent opportunities going forward.

Regarding day traders, he says they have impacted the stock market and made it more volatile and more of a momentum market, yet it doesn't affect him personally since he is a long-term investor.