market folly

Leon Cooperman's hedge fund firm Omega Advisors recently filed a 13G with the SEC regarding Arbor Realty Trust (ABR). Per the filing, trading on June 13th means that Omega Advisors now has a 5.2% ownership stake in ABR with 1,311,300 shares.

This is a brand new equity position for the firm as they did not show a stake at the end of the first quarter. For more from this manager, yesterday we posted up Cooperman's thoughts on equities at a recent hedge fund conference.

Per Google Finance, Arbor Realty Trust is "a specialized real estate finance company. The Company invests in a diversified portfolio of structured finance assets in the multi-family and commercial real estate markets. It invests primarily in real estate-related bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity, and in limited cases, discounted mortgage notes and other real estate-related assets (collectively, structured finance investments)."

If you want to hear investment ideas directly from this hedge fund legend, he'll be presenting at the upcoming Value Investing Congress and our readers receive a discount here.