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

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

He said he’s finding “tremendous value” with many stocks today and suggest investors buy more of “their favorite stocks” here. Cooperman spoke with CNBC’s Scott Wapner on the “Halftime Report.”

“Don’t favor the notion that we are headed into a bear market. 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 said.

“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 S&P 500 fell 16 percent. The sell-off in the stock market deepened after the Federal Reserve hiked its benchmark overnight lending rate by one quarter point on Wednesday.

The S&P 500 fell 1.4 percent on Thursday as consumer staples and discretionary stocks underperformed. The Nasdaq Composite fell 1.6 percent, but was well off its lows, which had pushed the index into bear market territory as Facebook, Apple, Amazon, Netflix and Alphabet all declined.

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 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.