Leon Cooperman slashes Microsoft holding, says he's conservative on markets due to fiscal debt

Cooperman believes the widening U.S. fiscal deficit could become a crisis down the road.

Billionaire investor Leon Cooperman is more bearish on the stock market than the consensus view on Wall Street, saying the widening U.S. fiscal deficit could become a crisis down the road. "I have a more conservative view of the outlook than most," Cooperman said on CNBC''s " Money Movers ." "We're heading toward a fiscal disaster in our country. There's nobody focusing on the debt creation in the economy.

Cooperman, a longtime value investor, also grew worried about high valuations in the current bull market. "The big problem I have is the market is over 20 times earnings," he said. The former CEO of Goldman Sachs Asset Management slashed his Microsoft holding by 57% last quarter, to a stake worth just $57 million, a regulatory filing showed. Cooperman made small changes to his top 10 holdings in the second quarter, leaving most of them unchanged. At the end of June, mortgage lender Mr.

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