In an August interview with CNBC, billionaire investor Leon Cooperman warned that stock market returns will be “unimpressive for a long time,” and said he sees signs of investor euphoria. This according to a recent article in Forbes.

“The market has no margin of safety,” Cooperman argued, adding that valuations should fall once investors realize that most of this year’s gains are due to government support. He cited major concerns regarding “soured” U.S.-China tensions, the delayed fiscal package from Congress and the uncertainty surrounding the upcoming presidential election. He also reportedly criticized investors who purchased shares of Apple and Tesla after they both announced stock splits, noting “Everyone understands that splits don’t create value.”

Cooperman described the current outlook: “We came into 2020 with a full employed economy, yet we were running a trillion-dollar deficit. And now we’re piling a lot of debt on top of that. And so, I would have to say I have a conservative view.”