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Billionaire investor: Enjoy the bull market while it lasts

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‘Whenever you bought into the market when it was selling at the present multiple of, say, 22 times or higher, you’ve never really made any serious money one year, three year, five years out. I think that’s what we’re looking at.’

That’s Leon Cooperman, the billionaire behind the Omega Family Office, talking to CNBC on Wednesday about how the stock market will likely struggle to deliver the goods for investors who are banking on the continuation of the bull run.

‘The near-term outlook is probably OK,” Cooperman continued.” Long term, I think that we’re borrowing from the future.”

He put the blame on the Federal Reserve’s monetary policy as well as the government’s aggressive fiscal stimulus for creating an environment fraught with risk going forward.

“There’s a meaningful chunk of the market today that’s in euphoria. You see 50% price moves,” Cooperman explained. “I do have long-term concerns because I think the policies we’re running are unsustainable.”

He added that the incoming administration could also put pressure on the top-heavy market. “It’s a less pro-business, less friendly business environment,” he said. Still, Cooperman said he put his values ahead of his economic interests and voted for Joe Biden.

Watch the interview:

Meanwhile, investors are embracing the Biden administration so far, with the Dow Jones Industrial Average
DJIA,
+0.59%,
Nasdaq Composite
COMP,
+1.50%
and S&P 500
SPX,
+0.99%
all pushing higher on Inauguration Day.

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