Everyone was talking about Leon Cooperman’s rant about President Obama at the cocktail reception following the CNBC Institutional Investor Delivering Alpha conference yesterday.Cooperman, one of the presenters on the “Defend Your Best Idea” panel, said avoid U.S. government bonds and buy U.S. equities, because Obama’s “anti-business” policies won’t last.
But the kicker came when Cooperman described the process by which Obama was elected and made a slight suggestion that it was similar to Hitler’s rise to power.
(We’ve spoken to a few people in order to paraphrase what he said as accurately as possible in lieu of a transcript. We made a call to ask Omega for a comment, but it was unanswered.)
He said in effect: What happened is, a 48-year old with no prior business experience, made his way into power, which you know is not all that different from how Hitler made it into power. I’m not –
Then he immediately said he was not comparing Obama to Hitler, but of course just saying the two names in the same sentence caused a gasp.
Cooperman presented 14 reasons for being bullish on equities at the conference.
One of the first reasons he gave was that he’s not worried about Obama’s anti-business sentiment constraining growth in the long-term. Other examples are that the savings rate is up and that bank asset levels are encouraging.
During his presentation, one of the other panelists (hedge fund managers Dan Loeb, Phil Falcone, Kyle Bass, and Blacksone chairman Tom Hill also spoke) asked Cooperman to elaborate on why he’s not worried about President Obama’s anti-wealth and business politics.
Cooperman responded that thinks the President will change his view for “political reasons.” He also said he’s confident that the Republican party will win in 2012, as long as the Republican party backs a viable candidate. In Cooperman’s view, Rick Perry is not viable (if the GOP picks Perry, Cooperman says he won’t vote). He likes Romney.
And his 5 stock picks: Apple Inc. (“I see all of you out there with your iPads,” he said), Boston Scientific, KKR Financial, Qualcomm, and SLM Corp.
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