thanks for having me. >> lee cooperman. coming up, we'll talk about southeast things that lee said on the other side of this break and get ready for a food fight at mcdonald's. one trader is loving it and another trader skipping it for a salad. ibm offers a case study why it's a bad idea to predict the future in tech. herb greenburg is all upset about it. we're talking about big blue and the big tech replay. a big show planned for tomorrow. we'll be life from the robin hood investors conference in new york city. david einhorn has made some news today. we'll talk to him exclusively tomorrow. green light capital's david einhorn. he spent years learning the tools of the trade from karl icahn before starting his own hedge fund. he's making a lot of noise. keith meister joins us tomorrow on the halftime show. but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your i

lee cooperman is joining us right now. he is the chairman and ceo of omega advisers. t to thank you so much for joining us today. we know we've had troubles with the studio, but we are thrilled to have here with us. the reason we originally booked you was to talk about the hedge fund industry. i do want to talk about that. obviously it's com under fire. you've been vocal in defending it. you're here on a day we've seen so much volatility over the last week or so. i'd love to get your thoughts on the markets and see what you think about these massive swings. are you worried at this point? >> you know, you got to get used to the fact that 35% of daily trading volume has nothing to do with -- you've got to ignore it and hopefully are smart enough to capitalize on it. i was on the program in i think december and then three month ago. i said the entire debate determining the outlook for the stock market is a function with what you think is the appropriate multiple for earnings. because earnings are growing very slowly. so the real leverage is in the multiple. i was saying f

and to his credit lee cooperman said, if the u.s. bonds aret a 2% or 3%, it is a problem for the markets. he did not say complete blowup here. >> and the stock, and this is where if you look and go into the fourth quarter, high-dividend paying stocks growing 3% or 4%, and let's use pepsi, because it is a stock through the moon, but they are going to be growing organically 3%, and this is at a time when the company is paying a 3% dividend yeel. i agree with the guys, and kudos to guy who has been banging the table saying the yield is going lower. and that is what going to happen, it is going to flatten, and it is not necessarily an awful thing, and we do stay in the range. >> and one area of the market wrecked today, is the energy stocks. underperform ing t underperforming the markets and falling more than 3%, and crude plunging to below $84 a barrel for the first time since 2012, and let's bring in the president anthony gra zahny of e&r trading. >> well sh, it is simply supplyd demand. the demand from here in the u.s., and the gasoli

i spoke with lee cooperman who is clearly in equities and he said, the bull market is still intact, and he gave me a list am a yesterday he made a speech to a group of portfolio managers, a 25 page report where he gave me a list of reasons why the bull market is intact. one of those is the corporate balance sheets are still very strong. it's at the highest level since 1955. stocks as a whole are pretty said it shows around 14.9 but that does not by any means indicate a peak in the market versus what we have seen in prior bull market cycles. you, you haveith all these great factors, should the market go higher? not sure the balance sheet really matters unless you're doing something productive. you're seeing a lot of buybacks, at the same time you're not seeing a lot of investment. a lot of investment through the economy or building businesses, so buybacks are great but at the end of the day that doesn't last too long. qa -- qe is discouraging. you add to that questions in the market about the impact of energy prices and the overly strong dollar and you factor in things like worry when yo

. >> i spoke with lee cooperman a couple of days ago who said we will only get of bull market peak after fed rate hike. that is usually when the market peaks. when is that rate hike? then maybe you can predict what we will see? >> they told us we would get a rate hike early next year whether it is march or june. that seems less important on the fact that they are looking at one .25-1.50% by the end of the year. it begins canwhen only be a little ripple. what matters is where it's going and how fast it's getting there. i think it's not going far enough. imply in place and -- inflation forecast and it exceeds the fed funds rate. that is not a good place to be. >> it seems that every time people thank the policy will -- everyd that perhaps time they believe this time is coming and we will see tapering and doing moc interest rates rise, it seems that's when the market signals not to do this. market participants are like kids who want candy. they always want the fed to provide more liquidity. >> they are addicted to it now? >> yes, but what will drive this thing higher? andill be a stable eco

. >> kelly, we had lee cooperman on with us earlier today and asked him about where he thinks the market is, where he thinks it may go from here, too. here's what he said and then let's react on the other side with the group if we could. >> bear markets don't materialize out of immaculate conception and induced by the stock market smelling onslaught of recession or respectively overvalued market or maybe there's a geopolitical event but there's something that's a factor and i would say that i don't see the factors in play. i was saying on terms of deflation, the inventories in good shape, employment is growing, leading indicators are rising. >> he would be the first to say the market may be fairly valued and could go more. do you agree? >> i do agree. and i like the way he put that. i think that the economic indicators we're seeing are not indicative of a recession. we have got strong data coming in. we have got earnings that are encouraging. the housing starts came in very positive last friday which suggests forward growth. the manufacturing sector is a little slow but still it's in the