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.
“There’s no sign of a trend change,” Cooperman, the founder of Omega Advisors, told CNBC’s “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.
One of the key problems the market is facing is an “unconventional White House” that destabilizes the market, according to Cooperman. He also said he would buy some of his favorite stocks at these levels given how strong fundamentals are.
“I think this market will end the year higher than where it is now…this is technical stuff,” Cooperman added.
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.