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.
If you’re not familiar with Cooperman, he 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 toward 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 battled it out via Twitter, interviews, and television. For example, Cooperman appeared on CNBC and talked about the impact a Warren victory 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!
Here’s the thing for us as investors: Right now, the presidential campaigns 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 sell-off 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 Louis Navellier on December 10 for our special Early Warning Summit 2020. We will discuss the 2020 presidential election and how it’s going to affect the market and your profits next year. I hope you can make it!
P.S. My colleague Louis Navellier 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.
For those of you who don’t know him, Louis is one of the pioneering founders of quantitative analysis, the practice of using predictive algorithms to forecast major moves in stocks and in the broader markets.
Using this approach, Louis picked the number one performing stocks in the S&P 500 in 2014, 2016, and 2017. His expertise has led pension funds and private investors to entrust him with up to $4.5 BILLION in assets. And for good reason. His management firm, Navellier & Associates, has turned every $1 invested into as much as $41, a remarkable 4,000% return.
Well, Louis and I are getting together on Tuesday, December 10 to uncover how the election, among other major trends, is going to affect the market and your profits in 2020. We’re calling it the Early Warning Summit 2020.
What Louis 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.
Matt McCall’s MoneyLine Podcast
Click here to listen to Matt McCall’s MoneyLine podcast! This week, Matt talks about the Russell 2000. The small-cap index rallied to a new 52-week high, trigging a great buy signal. And a small, unknown recent IPO joined the small caps in breaking out. Then, Matt takes a look back at the biggest winners of the last decade.
You can subscribe to this podcast on iTunes, Stitcher, Spotify, or wherever you listen to podcasts.
Learn where Matt McCall sees
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