(Bloomberg) -- Leon Cooperman, the founder of New York-based Omega Advisors, tells CNBC that he doesn’t see a bull market anytime soon and adds that he has low expectations for the market this year.

Looking at 2023, he believes there is a 50% chance that the S&P 500 stays in a range between 3,600 and 4,600. There is a 5% chance of the index going above 4,500 and a 45% chance it goes into the low 3,000s.

Cooperman says he is finding a lot of cheap stocks, adding that he has about 10% of holdings in cash but would likely retain more in cash if he was running client money.

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