Billionaire investor Leon Cooperman says the recent turbulence in stocks is just part of a market correction as there are currently no signs of a recession happening.
Halftime Report” on Thursday. “You’re just responding to the market.”
“I could be dead wrong, but my position is based on no recession, inflation not a problem, the Fed is far from hostile, bonds are not competitive with stocks, earnings are growing, employment is growing,” Cooperman said.
Cooperman’s comments came as equities fell sharply once again on Thursday. At its low of the day, the Dow Jones Industrial Average had fallen more than 780 points. The Dow, along with the S&P 500, also dipped into correction territory, down 10 percent from its 52-week high.
“If you were a technician, you would have to conclude we’re in a bear market,” Cooperman added. “I am not a technician; I’m a fundamentalist.”
However, Cooperman acknowledged he was “not a huge bull” at this point, citing what he called an unnecessary tax cut in the U.S. that is contributing to a rising deficit.