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Leon Cooperman is making big bets on Alphabet and First Data

  • Leon Cooperman, the head of Omega Advisors told CNBC that his favorite stock now is Google parent Alphabet.
  • Cooperman also said he's not afraid of the market correction that some others insist is coming.

Widely followed hedge fund titan Leon Cooperman said Monday his biggest position is a familiar name.

The head of Omega Advisors told CNBC that his favorite stock now is Google parent Alphabet, which has been a market leader during a huge year for stock stocks.

"The only negative is it's owned by everybody," Cooperman said during an interview. "Who's left to buy it?"

The stock, though, has seen plenty of buyers this year and is up just shy of 20 percent. Alphabet is one component of the red-hot FANG trade that also includes Facebook, Apple and Netflix.

In addition to listing his favorite stock, Cooperman also said the second-largest position in his portfolio is First Data, a financial technology provider that also is having a strong 2017 with a gain of about 28 percent.

He also listed a handful of energy company where he's holding big positions.

At a time when many big-name investors are issuing caution about a possible correction ahead for the market, Cooperman said he isn't worried.

"The market is fully valued, but it's not overvalued," he said.

In fact, Cooperman said he's got a shopping list ready if the market does see a substantial drop. In that case, he'd be scooping up big banks including Bank of America, Citigroup and JPMorgan Chase.

"We have no shortage of ideas," he said.

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