Leon Cooperman, the founder of $10.7 billion hedge fund firm Omega Advisors, doesn't believe stocks are overvalued.
"There are pockets of overvaluation," Cooperman said Wednesday during a "Squawk Box " appearance at the Delivering Alpha conference presented by CNBC and Institutional Investor. "But….the market is basically in a zone of OK."
Cooperman said signs of a recession would make him bearish, but he noted that indicators were largely positive. "On balance things are getting a little better in the economy," the billionaire investor said.
Read MoreAlpha addict: Leon Cooperman
Cooperman also noted that the Federal Reserve's continued economic stimulus programs meant that there are no viable alternative to stocks for investors.
"I don't look at this as a crazy move," Cooperman said of the offer. "It's a rational deal."
Cooperman was scheduled to speak again at the conference later Wednesday. He will offer a fresh set of stock picks after selecting mostly winners at the event over the last three years.