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Leon Cooperman sees ‘euphoria’ in elements of market, skeptical on long-term outlook

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Leon Cooperman

Scott Mlyn | CNBC

Billionaire Leon Cooperman told CNBC on Wednesday that he believes the stock market will struggle to generate significant returns in the years to come, having rallied sharply from the lows in the pandemic over the past 10 months.

“I think the short-term outlook is probably okay. In the long-term, I think we’re going to borrow from the future,” Cooperman said on Squawk Box.

“Whenever you’ve shopped in the market when it was being sold at the current multiple of, say, 22 times or more, you’ve never really made any serious money in a year, three years, five years. I think that’s us” added the chairman of the Omega Family Office.

The Federal Reserve’s accommodative monetary policies and aggressive congressional fiscal stimulus in response to the pandemic “just add fuel to the fire” on Wall Street, Cooperman said.

“There is a significant part of the market today that is in euphoria. You see 50% price movement. You see one SPAC per minute. This is something that is ringing the bell,” Cooperman said.

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