Q: Let's talk about specific stocks. Einhorn: This is a market where you want dominant companies with good balance sheets and that aren't dependent on financial intermediaries to fund their growth. There are plenty of dominant companies out there that are selling at attractive multiples. Cooperman: Step back and think about Corning [GLW]. There are thousands and thousands and thousands of retailers that sell flat-screen TVs. There are roughly 50 companies that make the panels. There are only three guys that make the glass. Typical U.S. companies are earning 14% or 15% on equity; Corning earns 27%. If you put in the recent numbers, it is higher than that. The stock sells at 10 times what we think they will earn next year, compared with about 13 times for the S&P. At the beginning of the year, the consensus for this year's earnings was $1.70 a share. Now it's $1.92. Next year, they were supposed to earn $1.84 and now it's up to $1.99. We think they'll do better than that. They're a world-class company in a growing industry. They claim -- and I just visited the company -- that just 10% of the market opportunity in flat-screen TVs has been penetrated.

Q: How about another pick? Cooperman: Another holding is Transocean [RIG], which has one one-third of the world's supply of deepwater drilling rigs. It's basically the only area of the world where the opportunity exists. Most onshore deposits around the world have been discovered. Look at what is happening in Brazil, which has had a huge discovery offshore. I also think we are going to open up the outer continental shelf to drilling. Transocean has a backlog of more than $40 billion, which is about the same as its market cap.

Q: Which ones in particular? Cooperman: We own WellPoint [WLP], UnitedHealth Group [UNH] and Aetna [AET]. These stocks have gotten decimated much more so than their businesses have.

Q: Which ones in particular? Cooperman: We own WellPoint [WLP], UnitedHealth Group [UNH] and Aetna [AET]. These stocks have gotten decimated much more so than their businesses have.

Q: What recommends these companies? Cooperman: It is valuation, basically. If you buy things at the right price, that's half the game; we don't need sex appeal. UnitedHealth is generating a 12% free-cash-flow yield, and they've bought back a lot of stock. They generate tremendous amounts of free cash flow. It sells at half the market multiple and, over time, you are probably looking at maybe 1% growth in employment, with 5% health-care inflation. So you have the top line growing 6%. We think the bottom line will grow 8% to 10%. These guys could afford to buy back 8%-10% of their company annually. As far as ranking these companies, I would start with UnitedHealth, followed by WellPoint and Aetna.

Q: Any financials look interesting? Cooperman: One is Sallie Mae [SLM]. Probably 95% of its loans are government-guaranteed and the stock sells at 10 times earnings. A year ago, a private-equity firm wanted to buy Sallie for 60 bucks. You can buy it now at 18.

Q: What about CIT Group [CIT]? Cooperman: That's more speculative. Its book value is about $15 a share. We think they can earn $1.50 to $2, and we wouldn't be surprised if the company is sold.