Billionaire investor Leon Cooperman said he’s still holding a cautious view on stocks and the economy, but he’s finding cheap stocks to buy after the recent correction. “I would basically take the position that we’re in a market of stocks rather than a stock market,” Cooperman said on CNBC’s ” Closing Bell Overtime ” Thursday. “I think anybody looking for a new bull market anytime soon is looking the wrong way.” The chair and CEO of the Omega Family Office said the financial markets have just gone through a period of highly speculative activities, citing assets like SPACs, crypto, options contracts and the so-called FANG names, with their sky-high valuations, as examples. “I think we’re finding a lot of stocks that have been through a classic bear market. And I find things that I want to do. … I just have low expectations for the market,” Cooperman said. The widely followed investor is sticking by his call for a recession this year. He said he believes the economic downturn could be brought on by the Federal Reserve’s quantitative tightening, a strong dollar and high oil prices. Cooperman expects that inflation has cooled quite a lot in the wake of the Fed’s aggressive rate hikes. The central bank has raised its benchmark interest rate to its highest level in 15 years, but is signaling more increases may be needed to bring soaring inflation under control. “The inflation rate has come down quite dramatically. It’s probably running right now at 3% to 4%,” Cooperman said. The investor has said previously that “inappropriate” fiscal and monetary policies will be a culprit for a downturn in the economy and the market. He said the unprecedented stimulus has pulled demand forward and created an artificial situation in the economy. Cooperman said he currently has 10% in cash in his portfolio. He also revealed that his two recent stock buys were Regal Rexnord , a manufacturer of electric motors, and security company ADT . Regal Rexnord shares are trading about 45% below its 52-week high hit last January. However, ADT shares are closer to the top of its 52-week trading range. The stock closed at $9.08 on Thursday. On Dec. 13, it traded as high as $10.10.