Leon Cooperman

I'm betting on that, yes.

I think that we're heading towards the likelihood of a recession, and that's what ended the bubble of 1982.

The oil price was increased tenfold by the Arabs, and that pushes into recession.

The technology bubble of 2000 ended when we got into a recession in 2001, 2002.

And so I think we're heading towards a recession and it could happen late this year or next year.

Nice to be with you.

Let me correct one thing you said.

I managed $10 billion when I was in business.

I retired in 2018.

Unfortunately, we have less than $10 billion.

What we have is my own money and my son and my wife's.

Less than $10 billion by a lot.

I'm not comfortable.

I think I'm less optimistic than the consensus.

I'm bothered by the excessive valuation relative to history.

We're in the 98th percentile valuation.

And certainly relative to the obvious macro issues which the market for some reason is ignoring.

I'm bothered by the excessive reliance on debt.

We have a guns and butter economic policy.

which will ultimately lead to crowding out.