In an interview with CNBC’s “Squawk Box” on Thursday, Leon Cooperman (Trades, Portfolio), chairman and CEO of the Omega Family Office, discussed markets, his investment strategy and several other topics.
The guru emphasized that the stock market is not susceptible to an imminent correction, and there are still plenty of bargains to be found.
“The cyclical conditions are not ripe for a big decline,” he said. “I’m finding a lot of things to do in the market, which is encouraging. … By and large most companies are not overvalued.”
He continued on to note that steep sell-offs are unlikely to occur coming out of a recession amid easy monetary policy and massive fiscal stimulus.
The guru also criticized the Federal Reserve’s stance on inflation, which he disagrees with, and commented on the areas where he is finding value currently. He said his biggest position at the moment is a “very contrarian view” on energy, especially in regard to natural gas.
He also has found individual stocks that are “very cheap,” including Citigroup Inc. (C, Financial), Cigna Corp. (CI, Financial), and Athene Holding Ltd. (ATH, Financial), along with “standby” stocks like Google parent company Alphabet Inc. (GOOG, Financial) (GOOGL, Financial), Amazon.com Inc. (AMZN, Financial), Facebook Inc. (FB, Financial), Microsoft Corp. (MSFT, Financial) and Fiserv Inc. (FISV, Financial).
The investor closed out by sharing some of his biggest concerns.
“I am finding lots of things to do, but I must say I am keeping a wary eye on the market,” Cooperman said. “I don’t like monetary policy, I don’t like fiscal policy and I don’t like the attack of the wealthy. It’s not because I am wealthy; I am giving all my money away so I could care less, but I am a capitalist with a heart. I think this constant attacking of wealthy people is very disturbing.”
Watch the full segment below.