Omega Advisors' Leon Cooperman believes the market "is reasonably, fully valued," he said on Wednesday during an appearance on CNBC's "Halftime Report." The billionaire hedge fund manager is also expecting the Fed's plan to gradually increase benchmark interest rates to result in capital losses over the next couple of years, although at a slow pace.

"We can't sit here and make a silk purse out of a sow's ear. The market has had a big move and the conditions for a big decline aren't present - I want to make that very clear. I think the market will end the year modestly higher than it is now," Cooperman said.

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