- Billionaire investor Leon Cooperman said he voted for Democratic nominee Joe Biden on the basis of his values.
- “I’ll be richer tomorrow if Trump wins. I’ll probably be poorer tomorrow if Biden wins, but I voted my values,” Cooperman told CNBC on Wednesday.
- The billionaire boss of Omega Advisors said he doesn’t believe President Donald Trump is what he says is.
- “He’s not a capitalist. I call him an interventionist,” he said of Trump.
- Here’s an hour-by-hour guide to election night.
- Visit Business Insider’s homepage for more stories.
Billionaire investor Leon Cooperman said he voted for Joe Biden based on his values, not his pocketbook.
“I’ll be richer tomorrow if Trump wins. I’ll probably be poorer tomorrow if Biden wins, but I voted my values.”
The Omega Advisors chief said he doesn’t think Trump is what he says is. “He’s not a capitalist. I call him an interventionist. When the price of oil was down, he tried to talk it up. When the price of oil was high, he tried to talk it down. We came into 2020 with a trillion dollar budget deficit in a fully employed economy, yet he was trying to gun the economy.”
Iconiq Capital, which counts some of the world’s most influential families as clients, broke down the investment implications of the US election. Here are the highlights of its 23-page presentation.
Trump has long called for the US Federal Reserve to lower interest rates and even advocated for them to hit negative territory throughout his presidency. The central bank slashed rates to near-zero in March to soften the economic blow of the pandemic. Trump said the move made him “very happy.”
Cooperman pointed out that capitalists don’t believe in negative interest rates. “At the end of the day, I made a personal decision that I would rely upon 337 members of Congress and 100 US Senators to decide whether the country will remain capitalistic in its orientation or go socialist,” he said on CNBC.
The billionaire believes that a stimulus package is more probable once the election is out of the way. As long as there is a decision, the market would like that, he said.