Billionaire investor Leon Cooperman warned day traders against reckless betting. Here are 12 of his best quotes.

• Billionaire investor Leon Cooperman is the chairman and CEO of Omega Advisors.
• His wealth is estimated to be about $3.2 billion.
• Cooperman recently warned that Robinhood traders are "doing stupid things" that will "end in tears."
• Here are 12 of his best quotes on success, markets, COVID-19 and much more.
• Visit Business Insider's homepage for more stories.

Billionaire investor Leon Cooperman doesn't shy away from airing his views, whether the topic is the next US president or the economic fallout from the coronavirus pandemic.

Cooperman, the chairman and CEO of Omega Advisors, boasts a net worth of around $3.2 billion. He famously built up Goldman Sachs' asset management division before founding his hedge fund in 1991.

Cooperman recently warned Robinhood traders against reckless betting in a CNBC interview.

"The gambling casinos are closed and the [Federal Reserve] is promising you free money for the next two years, so let them speculate," he said. "From my experience, this kind of stuff will end in tears."

Below are 12 of his best quotes on success, markets, coronavirus, day-traders and much more.

"No matter how much money you have, one luxury you cannot afford is arrogance."

Getty Images, CNBC / Contributor

Source: CNBC

"What is wrong with billionaires? You can become a billionaire by developing products and services that people will pay for. I believe in a progressive income tax and the rich paying more. But this is the f---ing American dream [Elizabeth Warren] is s---ting on."

Reuters

Source: Politico

"I believe that what we're going through has very lasting implications for the long term. Capitalism as we know it will likely be changed forever."

Wall Street Week

Source: CNBC

"[Robinhood traders] are just doing stupid things, and in my opinion, this will end in tears."

Rafael Henrique/SOPA Images/LightRocket via Getty Images

Source: CNBC

"I don't think the country is so leftist in its orientation that a Bernie Sanders or Elizabeth Warren will be elected president."

Sens. Elizabeth Warren and Bernie Sanders.      Jose Luis Magana/AP Images

Source: CNBC

"Own your favorite stocks, hold cash, limit your holding of bonds and keep the maturity shorter than average. A bear market is not just a price decline in a short period of time."

Source: CNBC

"I'm a watcher of Buffett and Munger for good reason. Uncharacteristically, Buffett sold airlines into weakness and he doesn't seem to be too active despite his liquidity. If the greatest investor in my generation can't figure it out, who am I to be bold?"

FILE PHOTO: Berkshire Hathaway Chairman Buffett and Vice Chairman Munger arrive to begin the company's annual meeting in Omaha      Reuters

Source: Business Insider

"We are fundamentally oriented, do our own research, and stay flexible. Most conventional money managers just buy stocks."

YouTube screengrab

Source: Fortune

"In this business, if you don't make mistakes, you're either a liar or you don't take many swings at the ball."

CNBC screenshot

Source: The New York Times

"If there is a bubble out there, it is not in the stock market."

Mario Tama/Getty Images

Source: Reuters

"Don't confuse a bull market with brains."

The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City      Reuters

Source: CNBC

"You have to respect the stock market. If you don't, you're going to get wiped out."

Reuters/ Rick Wilking

Source: Graham & Doddsville