Investor Leon Cooperman Says Stock Market Is 'Fairly Valued'
Leon Cooperman, founder of hedge fund Omega Advisors, said the stock market and tech companies are “fairly valued”.
(Bloomberg) -- Leon Cooperman, the billionaire founder of hedge fund Omega Advisors Inc., said the stock market is “fairly valued” and valuations of technology companies are reasonable.
"I’m kind of neutral to mildly positive about the market,” Cooperman said in an interview with CNBC on Tuesday, adding that he doesn’t see many signs of euphoria. But he said: "I like the stocks that I own better than I like the market."
Cooperman, 75, a self-described "value guy," said FAANG stocks -- Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google -- could gain further.
Facebook “doesn’t look expensive to me," Cooperman said, just ahead of Facebook Chief Executive Officer Mark Zuckerberg’s testimony to the European Parliament over the social media company’s data privacy scandal.
Yet he said his allegiance to technology stocks has its limits. "If I listened to my technology analyst, I would have my entire portfolio in FAANGs, but I wouldn’t sleep as well,” he said.
The New York-based hedge fund managed $3.4 billion as of April 30, according to the firm’s website.
Cooperman said he is positive on traditional banks, saying it was a "mistake" to sell JPMorgan Chase & Co. He said he also exited his Wells Fargo & Co. position in favor of Citigroup Inc.
Cooperman reiterated his positive sentiment toward United Continental Holdings Inc., a long-time pick for the money manager.
To contact the reporter on this story: Kristy Westgard in New York at kwestgard1@bloomberg.net
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Alan Mirabella, Steve Dickson
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