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Delivering Alpha

Cooperman: Market 'in a zone of OK'

Don't confuse bull market with brains: Cooperman

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.

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Cooperman also noted that the Federal Reserve's continued economic stimulus programs meant that there are no viable alternative to stocks for investors.

The Omega founder also weighed in on media group 21st Century Fox's $80 billion offer to acquire peer Time Warner.

Read MoreTime Warner rejected $80B offer from 21st Century Fox

"I don't look at this as a crazy move," Cooperman said of the offer. "It's a rational deal."

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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.

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Cooperman's top stock picks