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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.)

Leon Cooperman on Banks, Apple

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 4th 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.

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.”

Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to .

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
Trutina Financial owns AMZN
Trutina Financial owns C
Trutina Financial owns GOOG
Trutina Financial owns MSFT
Trutina Financial owns QCOM
Trutina Financial owns KO
Trutina Financial owns TGT
Trutina Financial owns JWN

For Brian Stutland
Stutland owns GS corporate bonds
Stutland is long V and has short V calls
Stutland Equities is market maker holding options and underlying positions hedged in VIX, VXX, SPX, SPY

For Dennis Gartman
Gartman is short Euro vs. dollar
Gartman is short copper

For Sam Hamadeh
No disclosures

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For Jeremy Wien
Peak Investments has vix positions

For Brian Kelly
Shelter Harbor Capital owns MGD
Kelly is long TLT
Kelly is long GLD
Kelly is short EURO

For Steve Weiss
Weiss owns QCOM
Weiss owns NIHD
Weiss owns NS
Weiss owns EUO
Weiss owns HPQ
Weiss owns RIMM

Fir Jim Iurio
Iuorio is long AAPL
Iuorio is long MSFT
Iuorio has short puts RIG

For Josh Brown
Brown is long AAPL

For James Gorman
No disclosures

For Leon Cooperman
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For Tristan Gerra
Robert W. Baird & Co. Incorporated makes a market in the securities of INTC.
Robert W. Baird & Co. Incorporated and/or its affiliates expect to receive or intend to seek investment banking related compensation from the company or companies mentioned in this report within the next three months.

CNBC.com with wires.