"A lot of these FANG stocks with the exception of Amazon support very very reasonable valuations relative to their growth rates," he said. "The biggest concern I have frankly is government intervention. The government looking at their success and dominance and sticking their beak into their business."
FANG stocks are a basket of high-growth technology stocks — , , and (formerly known as Google) that have led the bull run of the last 9 years.
The investor confirmed his firm was long Facebook shares and said he had an open order to buy more of the social media company's stock at the $180 per share level.
He said Facebook can grow its earnings at 20 percent per year and trades around a 20 times this year's earnings versus the S&P 500's 5 percent growth and 17 times earnings.
Facebook has "a fortress balance sheet. It doesn't look expensive to me," he said.
The investor also recommended AMC Networks.
Cooperman founded Omega Advisors in 1991. The firm has approximately $3.4 billion in assets under management, according to its website.