Billionaire investor Leon Cooperman believes the market is a stock-picking market and that only individual names can provide value to investors as the broader market struggles. New filings reveal his top selection. The chairman and CEO of Omega Advisors held approximately $167 million worth of Energy Transfer stock at the end of the third quarter, according to regulatory filings, and the midstream energy company became his largest holding. Energy bulls also held large stakes in Devon Energy and Ashland Global Holdings. Mr. Cooperman became too focused on energy about two years ago, when the group was still unloved. He has done well in these stocks, which have benefited from rising oil prices. A widely followed investor, he kept some of his favorite stocks unchanged last quarter, including mortgage company Mr. Cooper Group, auto dealer Lithia Motors, Apollo Global Management and Alphabet. Regarding the broader market, Mr. Cooperman recently said investors may not see new highs for a long time due to the risk of a financial crisis. “Eventually there will be a public sector financial crisis, but the market is not taking the crisis lightly. Overall, I have very little expectations for the market,” he said last month. He said he would be very surprised if the S&P 500 index rose above 4,600 at any time this year. The large-cap benchmark is up more than 18% since the beginning of the year, trading around 4,550.