Over the past year, presidential hopeful Elizabeth Warren has feuded with a lot of people.
But few of her feuds got as much press as the one she had with Leon Cooperman, Chairman and CEO of Omega Advisors.
Cooperman is one of the most successful money managers in America. His net worth runs into the billions.
Cooperman is a staunch advocate for free market capitalism and limited government. As you probably know, Warren is not. Warren’s philosophy leans heavily towards government-sponsored socialism… and her way of thinking has gotten her a lot of support.
So, it’s no surprise that Cooperman is not a supporter. And he’s had no problem telling Warren exactly how he feels about her wealth tax plan, which includes a 6% tax on anyone with a net worth of $1 billion or more.
Since September, Cooperman and Warren have been battling it out via Twitter, interviews and television. For example, Cooperman went on CNBC and talked about the impact Warren winning would have on the stock market. He quipped that “They won’t open the stock market if Elizabeth Warren is the next president.”
In November, Elizabeth Warren ran a political campaign ad on CNBC about the wealth tax proposal – a direct hit at billionaires who often appear on the network. In particular, she called out Cooperman’s battle with the SEC over insider trading.
After the television ad aired, Cooperman didn’t hold back any punches. He responded by telling CNN Business that Warren is a “superficial, nasty hater who isn’t interested in dealing with facts.”
And these are just a few of Cooperman’s more “professional” remarks!
Right now, though, the presidential elections are actually quite good for the stock market. This is when candidates run around and promise everything and anything, which tends to boost consumer confidence.
Successful campaigns tap into “outrage” that crosses party lines and draws big crowds. As of now, President Trump and Elizabeth Warren seem to have the most folks’ attention. However, Warren’s “wealth tax” is very unpopular on Wall Street and has received massive criticism.
Some pundits believe Warren is unlikely to get elected president. But in politics, the unlikely happens more often than we expect. That’s why we are keeping an eye on the presidential polls…and thinking ahead to the impact of each election scenario.
Is Leon Cooperman right? Will the stock market suffer a major near-term selloff if Elizabeth Warren gets elected?
Well, none of us has a crystal ball to foretell the future, but we can look at the facts from past election cycles – and the current climate – and prepare accordingly.
If you want to know what I think is going to happen, join me and my InvestorPlace colleague Matt McCall on December 10 for our Early Warning Summit 2020. We will discuss the 2020 presidential election and how it’s going to affect the markets and your profits next year. I hope you can make it!
Note: My InvestorPlace colleague, Matt McCall, and I are about to alert folks to a major market move we see headed our way in 2020. A move that will have profound implications for your retirement in the coming year, and beyond.
If Matt’s name sounds familiar, it’s because he’s one of the fastest-rising stars of independent financial research.
He’s the founder of Penn Financial Group, one of the most well-respected money management firms in America.
He’s also the author of The Next Great Bull Market, a book that predicted the massive bull run we’re in today, all the way back in 2009.
It forecasted many of the megatrends we’re now seeing unfold – like the rise of solar energy and precision medicine…
And by fearlessly grabbing hold of these trends, Matt found over 200 stocks over the past 10 years that have gone up 100% to 999%…and 16 recommendations over the 1,000% mark!
Now, Matt and I are getting together on Dec. 10 to uncover how the trade war, among other major trends, is going to affect the markets and your profits in 2020. We’re calling it the Early Warning Summit 2020.
What Matt and I are preparing to share impacts far more than just stocks.
It impacts the entire economy, your job, your financial well-being and so much more.
You really don’t want to miss out on this.