“Now is the time to be conservative—just look at Tesla stock, Bitcoin, options trading volumes and the frenzy in IPO activity—these are all signs of speculative excess on Wall Street,” warns hedge fund billionaire Leon Cooperman.Cooperman thinks there is “too much bullishness” in the market today, arguing that the S&P 500 is fully valued and he expects little return going forward.
The billionaire hedge fund titan is particularly skeptical of the SPAC boom, calling it “another sign of excess” taking place on Wall Street. “Everyone is going into the SPAC business these days,” he cautions, adding that he turned down the chance to sponsor a blank-check company in late 2020. “People should be very careful.”
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