The billionaire investor Leon Cooperman is warning of a permanent change to capitalism after the coronavirus-induced recession.
Billionaire Leon Cooperman says that the U.S. economy and markets may be facing lasting implications from the COVID-19 pandemic that has ravaged global economies.
‘Capitalism as we know it will likely be changed forever.’
The coronavirus pandemic and subsequent recession will have profound repercussions for capitalism as we know it, according to the billionaire investor Leon Cooperman.
The Omega Advisers chief executive, who has a net worth of more than $3 billion, made the dramatic prediction in an interview with CNBC on Thursday.
“I believe that what we’re going through has very lasting implications for the long term,” he said. “No. 1: Capitalism as we know it will likely be changed forever.”
Specifically, Cooperman, who has previously called the market rout “healthy” despite losing “a ton of money,” said there could be tighter regulation and higher taxes as the economy recovers from record job losses and a plunge in equity values.
The prominent, veteran investor, who boasts a net worth of $3.2 billion, according to Forbes, said he thinks that the market is currently fairly valued at its current level but could head to as low as 2,200 on the S&P 500 index due to the coming recession.
“I believe that the market doesn’t hold any great excitement for me at the current time,” he said.
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