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 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.”
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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
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
For Ken Heinz
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
For Leon Cooperman
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.