vegas, commonly known as salt, where top leaders and hedge fund managers are meeting, including leon coopermannley vice chairperson, gary kaminski moderated a panel with cooperman today and many others. just ended moments ago and he's here to give us the scoop. hey, gary! >> good afternoon. i must say, you were greatly missed here. you are still legendary from when you were out here and killed the blackjack tables. nobody ever forgets. >> i just came off the panel. >> what happened, what did they say? >> i just came -- i just came off the panel and i wanted to ask lee cooperman a question in a bit of a different way than he's used to. i said, lee, if i gave you $500 million, i was willing to pay you 2 and 20, i wanted to buy one stock, not invest just in ome omega, buy one stock, and i won't look at it for three years, what did you do with my money? this is what he told me. oh, we don't have the slot? okay. sorry about that. well, maria, basically what lee said -- >> what did he tell you? i'm dying to know. >> oh, god, i wanted to play this. so he basically referred to a company in the uk. the

leon cooperman of omega advisers initiated a stake in the gdx, the gold miners, now at the lowest level 2008, and he likes the gld, the etf that tracks bullion. cooperman also carved out a position in the slv, the etf that tracks silver, now at the lowest since october 2010. soros likes the gold miners, upped his stake in the gdx, but he did reduce his stake in the gld by 12% and we were watching john paulson. his position in the gld, unchanged, but he did eliminate his entire state in barrett, so all 915,000 shares. of course, if paulson is right, then michael novogratz is wrong. earlier this week on cnbc, he said gold is in a classic bubble and could trade back down to 500 per ounce. that's a price not seen in about seven years. scott, back to you. >> josh lipton, thanks so much. so with the smart money taking different stances in gold, how should you invest in the money? >> george and the co-founder of graphite capital. hello to you both. >> hi, kelly, hi scott. >> the question is, given the backdrop here of some of the smart money, if you will, getting out of gold, maybe upping thei

. >> that was leon cooperman on "the halftime report" from salt in las vegas, talking about his bullishou might say this, what is he talking about with the puts and calls? well, thank the cable gods for giving you "options action," because we are going to break it down here. basically, he's doing what's called a call spread risk reversal. he sold a put, used that money to buy the 400 460 call spread. he can make $60 by january expiration, but because he sold the put, he must be willing to buy apple at that put strike price for $325, even if it goes below that level, of course. so, dan, you are active in apple. >> beautiful trade. you know, on a mark to mark basis, if the stock had gone down towards that 325 strike, and just remember, the options market, if you did that before the earnings event, it was an 8% move, it does not get you down to 325. he was conservative on that. that's a great, great trade. when we say it's for free, it's really not for free because if the stock does go against you, you're going to have losses. so, one of the ways that i think you can modify this trade for

a couple weeks ago i was at a private dinner, leon cooperman, amazing, and doctor doom who called thecial crisis, an interesting perspective on the world. >> the company they keep. >> they both agreed the market still has more room to grow, and even ranin, who thinks we're going to hit the dooms day at some point, thinks the dooms day won't happen for another couple years. why is that? it comes down to consumer confidence. home builders, home races -- >> neil: better than it was. >> off the bottom, nothing that is going to spur inflation and prevent the feds printing money. so when you see inflation coming and the fed is going to change, this market is going to keep going up, and i think it could good to 20,000 soon. relatively soon. obviously a lot can happen between now and the 20,000 hits in the next year or two years, but if there's really nothing to change. here's something else. i talk to a lot of sophisticated instant vorss and in one breath they say, something -- can't go up never e forever, and the next breath they say there's only one thing preventing this economy from reall

on the program today, leon cooperman, michael carson double lines jeffrey gundlock. pete joohn here to help us navigate. let's get straight to lee cooperman who continues to beat the market, up double digits already this year after being up 34% gross of fees last year. a man who continues to do it. it's good to see you. >> i'm just keeping up with the market, up 15%. >> all right. so you're having a good year. it's been a good run for you certainly of late. how do you feel about the markets, as we sit here at these record levels? we're a little mixed today, giving a little back on the dow and s&p but how do you feel overall? >> i think the stock market's probably a little ahead of itself. by and large think the bull market has more time to run. generally speaking, bear markets are induced by either recessions, terrorist events. i think the economy's limping along, you know, a couple percent growth rate and given the absence of alternatives, i don't really see the reason for the market to decline a lot. i really think bernanke has succeeded in getting the market into

. >> even the guy that's really slower money, leon cooperman, fast money lead, so please don't come back at us for anything disparaging against you, but he's a guy that gets in there and holds things for a long time. he was in this apple trade of his, i think ten days or something like that. this is a short term, a flip, a trade. it's not an investment. >> coming up on "the half," portfolio manager with his head in the cloud. ken allen of t. roe price will spell out what he sees as the best money-making plays in tech right now. later on the comeback trail, some would call this company's turnaround me ra turnaround miraculous. the big reveal is coming up on of it of it. . the ocean gets warmer. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. >>> welcome back. cisco is getting ready to report earnings after the closing bell. shares rallying nearly

that big theme with leon cooperman's o megaga advisers., the etf that tracks bouillon. can he also carved out a position in the sld, that tracks silver, which is near an 83-year low. >> some of the smart money going to those metals. >> i wonder what time in that quarter, because they have not done well lately. >> although, that's when you buy, right? >> thus the reason to buy. >> we'll see if it works out. >>> as the work in our nation's capital piles up, such as tax and immigration reform, the white house is now battling scandals on multiple fronts. eamon javers has the latest developments from scandaltown, where things got a bit hostile today. eamon? >> we thought that eric holder, the attorney general's testimony here before the house judiciary committee might get a little bit heated over this irs investigation issue or even the ap issue about obtaining phone records of journalists. instead, we got a near meltdown over an entirely different issue, a whistle-blower lawsuit case, a long-simmering controversy. take a look at this exchange.

on the program today, leon cooperman, michael carson double lines jeffrey gundlock. perman who continues to beat the market, up double digits already this year after being up

leon cooperman who was bullish last year at the dinner is basically getting less nervous.more to go, room to run. as long as the fed keeping printing. at some point, and he can't tell you exactly when, you have to read the tea leaf, people will be speculating rather than investigating. i think the market could go as high as 20,000. i'm telling you, the fed keeps printing and that's what cooperman says. the one issue, though, they're going to have to stop at some point. cooperman was critical of obama now, the culture of dependency. i think he's factoring that now into his market play. cooperman, one of the best investors around, he worries about the culture of the tenancies and what that means for a market based economy. then one of president obama's economic advisers basically seeing no real catalyst for robust growth. that's interesting coming from an obama guy. what they're telling you in the white house is the housing recovery is fixing up. he looks at it differently. he doesn't see the housing economy going up in a major way to get us through a growth of what we're us