Billionaire investor Leon Cooperman is still bullish on stocks despite a rare losing streak.
"We believe that the in-place U.S. equity bull market should last for quite a while longer, deliver moderate (high-single-digit) total returns rather than the strong double-digit returns of the past three years, be more volatile than in previous years and have greater breadth," the founder of hedge fund firm Omega Advisors wrote in a recent letter to investors obtained by ValueWalk.
Cooperman, who usually has a relatively positive bent on the markets, also wrote that he wasn't overly concerned about the looming increase in interest rates.
"The upcoming rate hike ... has been well telegraphed by the Fed and debated ad nauseam by investors, " he explained. "We therefore expect it to have minimal, if any, impact on financial markets. One could even argue that it will be met with a degree of relief, as investors bear witness to its irrelevance."