Leon Cooperman (Trades, Portfolio), founder of Omega Advisors, told CNBC Wednesday that quantitative trading systems caused last week’s market sell-off.
Economic conditions did not warrant a decline, he said.
“The things I look at would suggest that the market is okay. It’s not cheap, but it’s not expensive. It’s not an exciting message,” he said.
There is also a misplaced focus on interest rates, which will not have as large of an effect as people think.
“The market will allow for a rise in rates,” Cooperman said. “In fact, I think the rise in rates will be more positive than negative.”
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