{"id":1379,"date":"2023-10-15T09:46:18","date_gmt":"2023-10-15T09:46:18","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/hedge-fund-billionaire-leon-cooperman-doesnt-see-sp-500-above-4600-heres-what-hes-investing-in\/"},"modified":"2023-10-15T09:46:18","modified_gmt":"2023-10-15T09:46:18","slug":"hedge-fund-billionaire-leon-cooperman-doesnt-see-sp-500-above-4600-heres-what-hes-investing-in","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1379","title":{"rendered":"Hedge-fund billionaire Leon Cooperman doesn\u2019t see S&P 500 above 4,600. Here\u2019s what he\u2019s investing in."},"content":{"rendered":"
\n
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\n

\n \u201c<\/span>\u201cI would be very surprised we went above 4,600 anytime this year, and I\u2019m not interested in the S&P. I\u2019m interested in individual stocks.\u201d\u201d<\/span>\n <\/p>\n


\n \u2014 Leon Cooperman, Omega Advisors<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

That was hedge-fund billionaire Leon Cooperman, saying he\u2019d be \u201csurprised\u201d if the S&P 500
\n SPX
\n can grind much higher from here.\u00a0<\/p>\n

In a transcript of comments made in an interview at CNBC\u2019s Financial Advisor Summit, the Omega Advisors chairman and CEO said he finds the index \u201cuninteresting\u201d as he asked the audience whether they would be \u201cwilling to pay 20 times earnings for the S&P.\u201d<\/p>\n

\n

The investor then answered his own question by stating that \u201c20 times is too high relative to the macro environment and relative to interest rates.\u201d He said he\u2019s looking for \u201cthings that I like and are mispriced,\u201d noting that investors can find \u201cmany inexpensive stocks\u201d right now.<\/p>\n

The hedge-fund chief compared the current market environment to when he started his career in 1967, as he argued that gains won\u2019t be found in the wider S&P 500. At the time, he said, the Dow Jones Industrial Average
\n DJIA
\n was at around 1,000. \u201cIn 1982 it was roughly 1,000. I made my money picking stocks, and that\u2019s, I think, the environment we\u2019re in,\u201d he said. <\/p>\n

Cooperman slammed the prospect of investing in long-term bonds, saying they make little sense \u201cgiven what\u2019s going on in the world\u201d \u2014 even as he thinks interest rates won\u2019t go lower but instead \u201cwill likely go higher.\u201d\u00a0<\/p>\n

Earlier this week, investors heard from another hedge-fund manager, Paul Tudor Jones, founder and chief investment officer of Tudor Investment Corp., who said he was steering clear of U.S. stocks over recession fears and he sees aggressive Federal Reserve policy as a recessionary trigger. <\/p>\n

Cooperman said that, while he does not \u201csee any major upside in the market,\u201d he sees no \u201cmajor downside, either, short of a recession,\u201d which he suggested is not likely because of \u201cvery aggressive fiscal policy.\u201d\u00a0\u00a0<\/p>\n

The hedge-fund notable was critical of both U.S. domestic politics and the economy, especially what he sees as a \u201cvery disturbing\u201d debt buildup. He noted that many are so fixated on inflation that they can\u2019t see the bigger danger in a potential fiscal crisis, given the U.S. is so dependent on others to lend it money at \u201cattractive prices.\u201d<\/p>\n

Don\u2019t miss: <\/strong>Ray Dalio thinks the U.S. is courting a debt crisis. Are regulators moving fast enough to avert it?<\/p>\n

Cooperman also predicted that the U.S. economy was facing \u201cshrinkflation,\u201d as consumers struggle to keep up with prices. \u201cAnd I think what we\u2019re seeing is a monetary illusion,\u201d he said.\u00a0<\/p>\n

As for where investors should put their money? He said his first choice is composed of his \u201cfavorite cheap stocks,\u201d followed by short-dated Treasurys in the one- to two-year period, and then long-term bonds are his least favored.\u00a0<\/p>\n

The storied money manager said there\u2019s little case to be made for investing in long-term bonds offering yields below 5.5%, and he\u2019d wait until interest rates go above 5% to buy bonds. \u201cIn the long term, you\u2019re much better off in stocks and you can find a lot of attractive stocks,\u201d he said.\u00a0<\/p>\n

Cooperman said he likes Canadian oil and gas company Paramount Resources
\n PRMRF,
\n +1.21%<\/bg-quote>,<\/span>
\n as he noted the Calgary-headquartered company currently produces oil at roughly $31 a barrel.\u00a0<\/p>\n

The influential investor said he owns a \u201cbunch of energy stocks,\u201d which together constitute around 20% of his portfolio, including oil major Exxon Mobil
\n XOM,
\n +3.19%<\/bg-quote>,<\/span>
\n which this week struck a deal to acquire Pioneer Resources
\n PXD,
\n +3.30%<\/bg-quote>
\n for $59.5 billion, the sector\u2019s biggest deal in decades.\u00a0<\/p>\n

He suggested the Exxon-Pioneer deal could drive further consolidation in the energy sector, pointing to Oklahoma oil and gas explorer Devon Energy
\n DVN,
\n +3.64%<\/bg-quote>
\n as a possible \u201ccandidate.\u201d He said he also owns shares in pipeline companies including Enterprise Products
\n EPD,
\n +0.69%<\/bg-quote>
\n and Energy Transfer
\n ET,
\n +0.44%<\/bg-quote>.<\/span>
\n \u00a0<\/p>\n

Elsewhere, his cheap-stock picks include nuclear safety company Mirion
\n MIR,
\n +0.14%<\/bg-quote>,<\/span>
\n while he also owns shares in tech giants Microsoft
\n MSFT,
\n -1.04%<\/bg-quote>
\n and Google
\n GOOGL,
\n -1.16%<\/bg-quote>,<\/span>
\n healthcare companies Elevance
\n ELV,
\n +0.13%<\/bg-quote>
\n and Cigna
\n CI,
\n +3.14%<\/bg-quote>,<\/span>
\n private-equity firm Apollo Global Management
\n APO,
\n -0.44%<\/bg-quote>,<\/span>
\n and Citibank
\n C,
\n -0.24%<\/bg-quote>.<\/span>
\n \u00a0<\/p>\n

Read on:<\/strong> Citigroup\u2019s third-quarter profit edges up and beats lowered expectations<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c\u201cI would be very surprised we went above 4,600 anytime this year, and I\u2019m not interested in the S&P. I\u2019m interested in individual stocks.\u201d\u201d \u2014 Leon Cooperman, Omega Advisors That was hedge-fund billionaire Leon Cooperman, saying he\u2019d be \u201csurprised\u201d if the S&P 500 SPX can grind much higher from here.\u00a0 In a transcript of comments made in an interview at CNBC\u2019s Financial Advisor Summit, the Omega Advisors chairman and CEO said he finds the index \u201cuninteresting\u201d as he asked the audience whether they would be \u201cwilling to pay 20 times earnings for the S&P.\u201d The investor then answered his own<\/p>\n","protected":false},"author":1,"featured_media":1380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-1379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nHedge-fund billionaire Leon Cooperman doesn\u2019t see S&P 500 above 4,600. 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