Legendary Investor Leon Cooperman Predicts S&P 500 Won't Hit A New High For Years: 'I Find Myself Somewhat Pessimistic At The Present Time'

Renowned billionaire investor Leon Cooperman recently expressed a bearish outlook on both the S&P 500 and the housing market.

In an interview with Business Insider, Cooperman said he believes that the S&P 500 will not surpass its current record of about 4,800 points for some time, stating that stocks are overpriced. He also predicted a downturn in the housing market due to the ongoing affordability crisis.

“I made my money being a bull, but I find myself somewhat pessimistic at the present time,” he told Insider.

Cooperman pointed to years of near-zero interest rates and rampant government spending as key factors that have “pulled forward demand in a dramatic way,” inflating asset prices and driving up national debt.

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Although he doesn’t believe we’re in a bubble, he thinks we’re in a “rolling correction” and it will “take a long time for us to work out the problems.”

Cooperman, former head of Goldman Sachs’ asset management arm, also highlighted that a bear market has already hit the majority of stocks, with only a few Big Tech names such as Tesla Inc. TSLA, Nvidia NVDA, and Microsoft MSFT pulling major indexes higher this year.

On the housing front, he expects home prices to fall. Rising mortgage rates and an affordability crisis have made many buyers unwilling or unable to pay premium prices for homes and take on high monthly mortgage payments.

Cooperman, who has cautioned about stocks several times this year, had previously predicted that the S&P 500 could bottom around 3,100 points, or 35% below its January 2022 peak.

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