market folly

Lee Cooperman of Omega Advisors has filed a 13G with the SEC regarding his position in Harbinger Group (HRG).

Omega Advisors previously held a stake in Harbinger Group as of the end of the third quarter.  Back then, they owned 6.5 million shares. 

Omega's 13G filed today seems to be updating that stake.  The filing indicates that as of September 26th, the hedge fund firm actually owned 7.6 million shares, or 5.3% of the company. 

Keep in mind that Harbinger Group's Chairman is fellow hedgie Phil Falcone of Harbinger Capital.

Per Google Finance, Harbinger Group is "a holding company. The Company's operations are conducted through Spectrum Brands, the Company's subsidiary, which provides branded consumer products, such as batteries, personal care products, small household appliances, pet supplies, and home and garden pest control products, and Fidelity & Guaranty Life Holdings, Inc. (FGL), its wholly owned indirect subsidiary, which provides life insurance and annuity products. In addition, Salus Capital Partners, LLC (Salus), the Company's wholly owned indirect subsidiary, is engaged in the business of providing secured asset-based loans across a range of industries, and Front Street Re Ltd (Front Street), its wholly owned indirect subsidiary provide reinsurance to the specialty insurance sector of fixed, deferred and payout annuities. The Company also own 97.9% of Zap.Com Corporation (Zap.Com)."

You can see some of Cooperman's more recent stock picks here from an interview.