Leon Cooperman (Trades, Portfolio), a noted hedge fund manager who manages his own money at Omega Advisors, spoke with CNBC this month about his outlook for the economy and his view of the state of the markets.
Cooperman said he believes the market is fairly valued, but one more burst upward could be a "closeout move." He thinks the initial public offering market, which includes blistering debuts of stocks like Slack (WORK, Financial), has reached bubble territory, and many of the companies do not have strong financial fundamentals.
"I would say that these companies generally don't have earnings," he said. "They have maybe at most some Ebitda. And Ebitda to me stands for 'We have no earnings.'"
Watch the interview below:
