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What Leon Cooperman Is Buying Now

Bonds, schmonds.

Leon Cooperman of Omega Advisors said Wednesday that regardless of what bonds do in the near term, there are plenty of stocks that will outperform right now.

While praising DoubleLine Capital's Jeff Gundlach as "brilliant," Cooperman disagreed with his assessment that bonds would be the next best bet and added that bonds held no allure.

(Read More: Jeff Gundlach: Bet on a Bond Market Rally Soon)

"I just don't see any fascination in a 2.2 percent 10-year government. I think when it was 1.70 on your show I said it was like walking in front of a steamroller to pick up a dime. It's just not a good policy," he said.

"I can find so many companies that make sense."

As an example, Cooperman noted a stock that he owned, Thomas H. Lee Credit Co., a mezzanine lender.

The stock, he added, yields 9½ percent and sells "slightly above book value."

"I'm highly confident that the present dividend will go up by the end of the year," Cooperman said.

That stock wasn't an anomaly, he added.

"We can find a bunch of things like that, both growth companies and yield companies," Cooperman also said. "I think there's plenty of stocks around that are more attractive than 2.2 percent 10-year government bond rate because I don't see them at 2.2 percent three years from today."

"I'm highly confident that the present dividend will go up by the end of the year," he added. "We can find a bunch of things like that, both growth companies and yield companies. I think there's plenty of stocks around that are more attractive than 2.2 percent 10-year government bond rate because I don't see them at 2.2 percent three years from today."

(Read More: Why I'm Buying Facebook Stock: Cooperman)

Cooperman also said that he expected Fed Chairman Ben Bernanke to continue its asset purchases, backstopping the market, so he wasn't overly concerned.

"I think what breaks us out on the downside would be a radical change in Fed policy, which I think is off the table," he said. "The economy's just not performing well enough for that to happen."

Trader disclosure: On June 19, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long QCOM; Steve Weiss is long AIG; Steve Weiss is long MTG; Jon Najarian is long BAC; Jon Najarian is long JPM; Jon Najarian is short GLD; Jon Najarian is long VVUS; Jon Najarian is long BTU; Jon Najarian is long FNSR; Jon Najarian is long DFS; Jon Najarian is long OC; Jon Najarian is long S; Pete Najarian is long AAPL; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long MSFT; Pete Najarian is long FDX.

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