Podcast Summary: Bloomberg Talks

Episode: Leon Cooperman and NJPAC CEO John Schreiber Talk $50M NJPAC Donation
Date: October 3, 2025
Host: Bloomberg
Guests:

• Leon Cooperman, Chair & CEO of Omega Family Office
• John Schreiber, President & CEO of the New Jersey Performing Arts Center (NJPAC)

Episode Overview

This episode explores the $50 million donation made by renowned investor and philanthropist Leon Cooperman to the New Jersey Performing Arts Center (NJPAC). It delves into Cooperman’s motivation for giving, the broader impact of philanthropic investment in communities, and the challenges facing urban centers like Newark. The conversation also includes Cooperman’s perspectives on the current market environment and his continued approach to philanthropy.

Key Discussion Points & Insights

1. Leon Cooperman’s Market Outlook

• Market Caution and Overvaluation

  • Cooperman expresses unease about current market conditions:

    • “I'm not comfortable. I think I'm less optimistic than the consensus. I'm bothered by the excess valuation. We're in the 98th percentile valuation in history.” (02:13)

  • Cites macro concerns and heavy reliance on debt as warning signs.

  • Predicts risk with excessive market optimism and compares the situation to previous bull markets, bringing in Warren Buffett’s wisdom:

    “Once the bull market gets underway and once you reach the point where everybody has made money, no matter what system... a crowd is attracted to the game... They become convinced that there is a God, that he wants them to get rich. That's a great description of what's going on now.” — Leon Cooperman quoting Warren Buffett (04:24)

• AI Investment

  • When asked if Omega Family Office is using AI:
    • “People ask. I was born too early.” (06:00)

2. The $50 Million NJPAC Donation

• Motivation for the Gift

  • Cooperman describes his philanthropy as an extension of his personal journey and the "American Dream":

    “My wife and I have lived the American dream. Our financial resources are largely being directed to help the inner city kids achieve what we have...” (06:36)

  • Emphasizes the importance of giving back, citing his background as the son of Polish immigrants who rose from modest means.

• Philosophy on Wealth

  • Outlines his view on money:

    “There are four things you can do with money... You can pleasure yourself, buy planes, automobiles, baseball teams. There’s nothing wrong with that. My wife and I have simple tastes. We both have a similar view that less is more.” (07:57)

3. Impact on NJPAC and Newark

• Transformative Power of the Gift

  • NJPAC CEO John Schreiber elaborates on the direct and lasting impact:

    “It's a remarkable gift... We spend at NJPAC about $8 million a year on what we call social impact work. That's work in arts education, community engagement, the intersection of arts and health.” (08:46)

  • The gift supports NJPAC’s reach to over 100,000 kids and families annually, much of it in under-resourced communities.
  • Details the upcoming Cooperman Center, a 60,000-square-foot facility focused on free community programming.

• Sustaining Community Work

  • The $50M is an endowment, with hopes to double that via further fundraising.
    • “We did financial modeling... If we can endow this work with $100 million, we will be able to deliver services every year in a predictable fashion.” (10:13)

4. Public-Private Partnership and Urban Challenges

• Reduced Government Funding

  • Cooperman points to the critical role of private philanthropy:

    “The private sector has to step up... The government has reduced funding dramatically, and the needs are growing.” (11:41)

• Newark’s Trajectory

  • Schreiber provides an optimistic outlook:

    “Newark is an under-resourced city. It's one of the poorest in the country. That said, Newark is on the rise.” (13:08)

  • Highlights real estate development, collaborations with major local companies, and improvements in crime and social services.

5. Cooperman’s Broader Philanthropy

• Cooperman College Scholars Program

  • Funds higher education access for local students:

    “If you live in Essex County, New Jersey... and you're academically qualified... we'll give you a four year college education for free.” (14:57)

  • Quantifies impact with improved graduation rates:

    “Our first cohort graduated a year ago. We had a 35% graduation rate, which is competitive nationwide.” (16:03)

  • Recently endowed the program with an additional $25 million, aiming for perpetuity.

Notable Quotes & Memorable Moments

• Leon Cooperman on Market Exuberance:

  "People basically ignore the interest rates and profits and... can't afford to be out of stock market... They become convinced that there is a God, that he wants them to get rich." (04:24)

• Cooperman on American Dream:

  "We want to give kids today a chance to achieve the same things that my wife and I achieved. It's as simple as that." (06:36)

• Schreiber on Predictable Community Support:

  "We want to endow that work. No matter what is happening in the economy... we can predictably deliver these important kind of life changing services to community." (09:13)

• Cooperman on Philanthropy and Impact:

  "I'm big on giving people equal opportunity for net equal outcomes." (14:57)
  "There's no shortage of good causes and the shortage is mine." (16:41)

Important Timestamps

• Background on Leon Cooperman & Philanthropy: 00:29 – 01:20
• Market View & Buffett Quote: 02:13 – 05:37
• Motivation for $50M NJPAC Gift: 06:36 – 08:31
• John Schreiber on Impact & Metrics: 08:46 – 11:03
• Cooperman on Public-Private Balance: 11:41 – 12:30
• Schreiber on Newark's Renaissance: 13:08 – 14:34
• Cooperman on College Scholars Program: 14:57 – 16:41

Tone and Character

The conversation is direct, insightful, and occasionally candid, especially when Cooperman discusses the realities of market speculation and philanthropy. Both guests express optimism about Newark’s future and the power of private giving to create lasting community impact.

For listeners interested in finance, philanthropy, or urban development, this episode offers both the perspective of a major donor and the leader of a key cultural institution, set against the backdrop of evolving American cities.