Larry Robbins' big idea for companies is debt—loads of debt at a time when rates are still low but ready to rise.
The CEO at Glenview Capital Management believes that while capital markets still can be accessed for little cost, it makes all the sense in the world for companies to use that financing to boost their operations and share prices.
Share buybacks using low-cost money courtesy of the Federal Reserve's ultra-cheap monetary policies have been integral for the stock market's nearly 200 percent gain since 2009. With the Fed expected to raise rates in 2015, Robbins thinks companies ought to get in while the getting's still good and take on long-term debt.
"Instead of talking about (rate increases) shouldn't companies do something about it, which is to access the capital markets while they're free and available?" he said Wednesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.
Read MoreCooperman: Buy these stocks now
"Companies should be levering up now," he said. "They should be levering up either to buy back their own stock, or to acquire undervalued enterprises."