In a contrarian call, billionaire investor Leon Cooperman is betting on energy names since he believes a turnaround in oil prices is coming.
“The best cure for low oil prices is low oil prices,” the Omega Family Office chairman and CEO said Friday on CNBC’s “Squawk Box.” “At these prices, a lot of companies will go out of business and the supply demand will tighten up.”
He says he’s weighted two to two-and-a-half times “relative to energy investments.”
U.S. West Texas Intermediate crude has shed more than 50% this month as demand fell during the coronavirus outbreak. Prices also fell because of a price war between OPEC+ nations that increased supply.
On Friday, WTI was trading around…