Leon Cooperman, the chairman of hedge fund Omega Advisors Inc., said investors should avoid Treasurys after yields dropped to record lows.

“I wouldn’t be caught dead owning a U.S. government bond,” he said today during a presentation at the Value Investing Congress in New York.

Yields on 10-year Treasurys declined to 1.67 percent on Sept. 23, reaching a level never seen before. Treasurys returned 6.4 percent during the third quarter, according to data compiled by Bank of America Corp., as equities posted the biggest worldwide losses since the last three months of 2008.

Cooperman said the U.S. economy will avoid a recession and American equities offer “appealing valuations.” The investor recommended buying shares in 10 companies: Apple Inc., Boston Scientific Corp., KKR Financial Holdings LLC, Qualcomm Inc., SLM Corp., Transocean Ltd., E*Trade Financial Corp., Sunoco Inc., ACE Ltd. and Energy XXI (Bermuda) Ltd.

“Stocks are cheap relative to history, relative to inflation, relative to interest rates,” he said. “The recent facts suggest the economy is accelerating moderately.”