Leon Cooperman

And all these data centers are being announced, and someone has to finance them to manage demand for credit.

I think the surprise will be when they cut short rates, long rates are going to move up.

The stock market is very expensive relative to long rates, and it's going to become a problem for the stock market.

You don't know.

I would have thought lower levels, but I've been too conservative, but I've not been short anything.

I'm selling stuff, becoming more liquid.

But I would say that, you know, bear markets don't materialize out of immaculate conception.

It tends to be a causative factor.

I think something has to blow up in the, you know, all these announcements, all these deals,

with the centers, data centers.

You have the voluntary session, where race has to work to a point where they start the market.

Clearly, I love Warren Buffett's comment, which if you allow me, if I can find it, I was under the impression, this was an interview with Mike Hitt, not about the market, but, you know, Warren Buffett, quite some time ago, observed that where bull markets gets going,

People basically ignore the interest rates and profits, and they figure out that they're making money, and they can't filter it out of the stock market.

This was a speech he gave in 1999.

Right.

Once the bull market gets underway, once you reach the point where everybody has made money, no matter what system he or she has followed, the crowd attracted to the game is responding not to interest rates and profits, but simply to the fact that it seems to be a mistake to be out of stocks.

In fact, these people superimpose on, and I can't miss the party factor on top of the fundamental issue that drives the market.

Like Pavlov, Dog, these investors, in quotes, learn that when the bell rings, in this case, the one that opened the New York Stock Exchange at 9.30 a.m., they get fed.

This is daily reinforcement.

They become convinced that there is a God that wants them to get rich.