Cooperman on Trump: The market is acting like it's being run by capitalists

Cooperman: Market acting like being run by bunch of capitalists

Hedge fund manager Leon Cooperman told CNBC on Wednesday the market is acting like it is being run by a bunch of capitalists.

"The most thoughtful people are not thrilled about the style of the president but they are very thrilled, myself included, regarding his economic ideas," the chairman and CEO of Omega Advisors said on "Halftime Report."

Cooperman said President Donald Trump has appointed many sane people to this Cabinet, and the ideas of repatriation, lower corporate tax rates and rebuilding infrastructure resonate well with the public.

Leon Cooperman
Scott Mlyn | CNBC

"Who am I to tell him what his style should be?" Cooperman said. "He vanquished 16 opponents. A large portion ... of the population like his style. And very few people thought he was going to be elected president. Why should he listen to those who try to tell him to change his style?"

Earlier this year, Cooperman had said a surge of confidence entered into the system, since Trump's Nov. 8 victory.

After the House Republicans' failed health-care bill last month, Trump said the administration would move on a plan to broadly cut taxes.

Reducing tax rates was a central promise by Trump during his presidential campaign. Investors have had doubts about the time frame for a tax proposal, with some not expecting reform until next year.

Cooperman was concerned about whether the government can push a tax reform deal on a timely basis.

On Wednesday, Cooperman also said the bull market isn't in its early innings. He said the conditions that would normally signal a significant market decline aren't present.

— CNBC's Christine Wang contributed to this report.