Exclusive: Leon Cooperman Reveals New Fav Stock - Met Life

On Wednesday, investors were trying to determine how to put money to work, after Apple stunned the Street with a rare earnings miss.

Considering the tech titan usually blows past expectations, investors were starting to wonder if the bulls were plain out of of gas.

However, top investor Leon Cooperman, the chairman of hedge fund Omega tells Fast Money in an exclusive interview that if you’re looking to buy – don’t get spooked by Apple earnings. Buy stocks, he says.

And although he released a list of 10 favorites at the Value Investing Congress earlier in the week- he brings Fast Money an exclusive idea – longMet Life. ”The stock is trading at 6 times earnings – and 70% book value – with substantial excess cash generation,” Cooperman tells us.

But don't think Met Life is the only non-bank he likes. Cooperman tells us his most of financial exposure is in non-banks and at the Value Investing Congress said he liked KKR Financial Holdings , SLM , ACE Ltd. and E* Trade. (If you watch Fast Money often you know that's something that strategic investor Doug Kass says as well.)

And on a related note, Cooperman also suggests looking at Apple. ”We think the pullback is a buying opportunity.”

In case you missed it, at the Value Investing Congress Cooperman also recommended Boston Scientific, Qualcomm, Transocean, and Energy XXI (Bermuda).

Why is Cooperman so keen on stocks?

Cooperman tells us, “though I’m not ebulliently bullish – stocks are the best house in the financial asset neighborhood. Although he recognizes the risks, his thesis is based on a few assumptions.

1. The US will avoid recession and remain in a slow -growth environment at worst.

2. The ECB and euro zone led by Germany and France will ‘do what they have to do.’

3. Upheaval in the Middle East is a good thing, as evidenced by Brent moving from $130 - $111. “That move is in the right direction,” he says.

And Cooperman also has a 4^th tenant - thought the jury is still out of this one.

4. He's hoping the President will move to the center and soften his anti-business and anti-wealth attitude.

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If you agree with these tenants, Cooperman is fairly clear about the way to play the market. “What are your choices? Hold cash? Buy bonds?” he asks. As far as Cooperman is concerned no way.

” We have about 90 stocks in our portfolio – and we think they’re all extremely attractive or we wouldn’t own them.”

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Trader disclosure: On Oct 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour is long AAPL; Seymour is long BAC; Seymour is long INTC; Seymour is long NOK; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman owns AAPL; Finerman wons JPM; Finerman’s firm owns JPM leaps and puts; Finerman’s firm owns AAPL and short calls; Finerman’s firm owns IBM and short calls; Finerman’s firm owns YHOO and short calls; Najarian has AAPL call spreads; Najarian has GS call spreads; Najarian is long RVBD; Najarian is long Long CIGX; Najarian is long CME; Najarian is long CBOE

For Patty Edwards
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For Brian Stutland
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CNBC.com with wires.