Two closely followed billionaire investors are shaking off the trade war drama. : Hedge fund investor Leon Cooperman and value investor Mario Gabelli highlighted reasonable valuations, a "friendly" Federal Reserve and low risk of recession as reasons for calm amidst international trade drama. "All I know is I don't think we're heading for a recession," Cooperman, founder, chairman and CEO of Omega Advisors, said on CNBC's Halftime Report Thursday. "Between valuations and other conditions that are normally associated with an important decline, we don't have them."