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Leon Cooperman says he's finding 'tremendous value' in many stocks right now amid the sell-off

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Leon Cooperman: 'I don't think Powell laid an egg' during Fed press conference

Omega Advisors founder Leon Cooperman said Thursday that the indicators he looks at do not show him that stocks are in a bear market yet and he's buying.

"Own your favorite stocks, hold cash, limit your holding of bonds and keep the maturity shorter than average. A bear market is not just a price decline in a short period of time. ... There's plenty to worry about, but I'm still finding a tremendous amount of value in the market," Cooperman told CNBC's Scott Wapner on the "Halftime Report. "

"To me, I'm going to have a combination of cash and stocks ... even take a long-duration asset like Google, which has over $100 billion cash in the balance sheet ... 20 times earnings. I think that's better than cash in my way of thinking," he added.

Shares of Alphabet have tumbled more than 14 percent in the past three months, while the  has fallen 16 percent. The sell-off in the stock market deepened after the Federal Reserve hiked its benchmark overnight lending rate by a quarter point on Wednesday.

The Dow Jones Industrial Average dropped 470 points to a 14-month low on Thursday in a second day of big losses following the Fed rate hike. Fears of a government shutdown also sent stocks tumbling to new lows.

The billionaire earlier this month blamed the Securities and Exchange Commission for failing to address the impact computerized trading has had on the broader market and how it exacerbates volatility during market swings.

As algorithmic, trend-following investment models have gained popularity on Wall Street, passive vehicles such as index funds and exchange-traded funds keep reeling in assets from Main Street, raising fears that too much of stock trading is in the hands of automated buyers and sellers. DoubleLine Capital CEO Jeffrey Gundlach on Monday took a shot at passive investment strategies, declaring the investing strategy a "mania" that is causing widespread problems in global stock markets.