Word: cooperman
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...good news, at least from one perspective, is that despite the market's run-up and the still soft economy, stocks remain on pretty solid ground. So says Leon Cooperman, who runs Omega Advisors, a New York City hedge fund. Cooperman spent decades guiding the investment-policy committee at Goldman Sachs; he's long been considered a tough-minded, analytical sort with savvy instincts. (Read an interview with 2008's No. 1 stock picker...
...Late last week Cooperman laid out his views to a packed room of securities analysts and hedge-fund managers in Manhattan. He noted the power of big federal spending and expressed concern that Washington's largesse, if unchecked, would fundamentally alter America's competitiveness. But he also made clear his view that the latest rounds of federal spending have averted crisis and set the stage for a shallow economic recovery with modest inflation. Longer term, he believes the U.S. will be growing at only 1.5% to 2% a year, well below the historical growth rate of 3%, a shortfall resulting...
...with interest rates remaining low, Cooperman says, the value of stocks is appealing. Indeed, whether measured against Treasury-bond yields or corporate-bond yields, he says, the stock market appears not only fairly valued but perhaps even be relatively cheap. And with the darkest hours of the financial crisis now behind us, so too, Cooperman believes, are the stock-market lows of March, not likely to be seen again anytime soon. "The lows [of this stock-market cycle] are in," he flatly told his audience. He then repeated the line with gusto, as if to jog a crowd still paralyzed...
...Stock-market valuation is an inexact science, and it offers no guarantee that the market will not correct sharply after its big run-up. Indeed, even Cooperman expects the months ahead to be characterized by a trading-range market, with a lot of backing and filling. But in fits and starts, he believes, it will edge higher over the next 12 months. Perhaps it's a mark of these unusual times that such a modestly bullish forecast felt bold; it's another such mark that professional investors are just as skittish about the market as the little...
...other testimony, it was shown that gunfire shattering the car's front window could have caused Isnora to believe shots were coming from inside the car. Queens Supreme Court Justice Arthur Cooperman said the prosecution failed to refute that evidence or any witness that claimed the contrary. In his statement, he said that "at times, the testimony just didn't make sense...