Jamie Dinan, founder, Chairman and CEO of York Capital Management, and Rob Sechan of UBS, discuss current market conditions, and what to expect from companies in 2014. Video segments embedded below (sorry for formatting its problem with CNBC.com videos not from VW, but… all the videos are below) Richard Pzena, Pzena Investment Management CEO says the business and earnings of Hewlett-Packard has “stabilized,” and the stock is not “rationally priced.”

Omega Advisors’ Lee Cooperman reflects on the market action in 2013. Bull markets end from excesses, he says.

Richard Pzena, Pzena Investment Management CEO says the business and earnings of Hewlett-Packard has “stabilized,” and the stock is not “rationally priced.”

MArc Lasry on Europe

and are making some investments in and around the deregulation story, in and around the deleveraging story, and in and around the fact that there’s opportunities being created by the fact that banks are not lending. and, marc, why don’t you just expand on that in terming of some of the opportunities that you’re seeing that may be nontraditional, some of the investors that watch the show? sure. i think when you sort of look at what’s going on in europe today, there is a massive deleveraging process that’s going on, and the banks have to be reducing by at least sort of $2 trillion a year. mm-hmm. so who’s stepping in to provide that financing? it’s going to be firms like ours. it will be firms like jamie, where you’re coming in, you’re able to end up providing, whether it’s on a direct lending, on a rescue financing, so there’s a huge opportunity for that, and you’re able to generate some pretty high returns to do that. if you’re getting a little bit more specific on regions or countries, within europe — sure. — is there a really strong bearish reason why you wouldn’t be buying a market like italy or a market like greece, for example? they’ve rallied this year to some extent, but they’re way below the highs and buying them at a cyclically adjusted p/e, in a lot of cases, and why wouldn’t you do most of the trade in europe is improving? i would agree with you on the equity side. on the equity side, you want to be a player in europe. on the debt side, a player in northern europe. it’s very hard, because of the way the legal system is, to be investing in italy or greece. it’s just a much longer process, much more difficult, and the legal system there isn’t as good. so i would — if i’m going to take those risks, i would much rather do it on the equity side. i think you’re right. marc, in europe, we’ve seen now three state months where they’ve had increased durable goods sales, cars, in particular, automobiles, which is pretty positive. and that’s a nice lead into next year. right. so you think that continues despite the fact that money’s tight, they don’t get the same zero-cost loans you might be able to get here to move autos, but you think that that might be supplanted by folks like yourselves that might go in and provide some sort of financing through various a.r.m.s? we’ll provide it. but, look, at the end of the day, if banks are lowering by 2 trillion, nobody is giving me or jamie $1 trillion to provide — no. right? so you’re talking about, on our end, sort of smaller dollars, so you’re able to pick and choose what you want to do. if you sort of look at europe, it’s always been sort of 1% gdp growth. right? it’s not — it’s not 3%, 4%, 5%, it’s not asia. mm-hmm. so i think europe next year, northern europe, will be sort of flat, up 1%, which is fine for what you — what we want to do. and i think on the equities side, i think you’d rather be in sort of southern europe, because there you have much more room to grow.