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Leon Cooperman expects stocks to slide this year, and is worried about soaring national debt.
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Stocks are already pricing in strong earnings and an improving economic outlook, he said.
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The billionaire investor thinks Tesla CEO Elon Musk, the world’s richest person, is overpaid.
Stocks look expensive and are likely to drop this year, the national debt is a ticking time bomb, and Elon Musk is overpaid, Leon Cooperman said.
“When you look at everything going on in the world and you see the market multiple at 21 times, it seems too rich to me,” the billionaire investor told CNBC Tuesday.
He was referring to the price-to-earnings ratio of the S&P 500, which surged 24% last year and has climbed another 4% to record highs this year.
Cooperman, who converted his Omega Advisors hedge fund into a family office in 2018, noted the stock market defied bearish forecasts last year.
“Everybody is now positive, and so my…
