Cooperman: Market ‘in a zone of okay’
Lawrence Delevingne | @ldelevingne
Leon Cooperman, the founder of $10.7 billion hedge fund firm Omega Advisors, doesn’t believe stocks are overvalued.
“There are pockets of overvaluation,” Cooperman said during a “Squawk Box” appearance at the Delivering Alpha conference presented by CNBC and Institutional Investor Wednesday. “But….the market is basically in a zone of okay.”
Cooperman said signs of a recession would make him bearish but instead he noted that indicators were largely positive. “On balance things are getting a little better in the economy,” the billionaire investor said.
Cooperman also noted that the Federal Reserve’s continued economic stimulus programs meant that there are no viable alternative to stocks for investors.
The Omega founder also weighed in on media group 21st Century Fox’s offer to acquire peer Time Warner Inc. in June.
“This is not a crazy deal. it’s a rational deal,” Coopeman said of the offer. “I don’t look at this as a crazy move.”
Cooperman will speak again at the conference later Wednesday. He will offer a fresh set of stock picks after selecting mostly winners at the event over the last three years.
Category: Markets and Trading