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Leon Cooperman says his biggest position in the market is really contrarian

Leon Cooperman on CNBC's "Halftime Report."
Scott Mlyn | CNBC

Billionaire investor Leon Cooperman said Thursday the stock market is not susceptible to an imminent correction, and investors can still find plenty of bargains.

"The cyclical conditions are not ripe for a big decline," he told CNBC's "Squawk Box." "I'm finding a lot of things to do in the market which is encouraging. … By and large most companies are not overvalued."

He said steep sell-offs are unlikely to occur coming out of a recession amid easy monetary policy and massive fiscal stimulus.

To that effect, the chairman and CEO of the Omega Family Office has set his sights on a counterintuitive play in the market.

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