September, 2018 (Volume: 35 / Issue: 9)
In Focus

Warm winter localjoes-27768 women's high Warm heel boots cotton with with fur casual shoes snow boots 461a64a
Warm winter localjoes-27768 women's high Warm heel boots cotton with with fur casual shoes snow boots 461a64a -

Einhorn ... blasting frackers

Greenlight’s Einhorn slams oil frackers for burning cash

The hedge fund manager, who often unveils short-bets against companies at these events, cited Pioneer Natural Resources as a particular offender

BILLIONAIRE hedge fund manager David Einhorn, who often moves a stock simply by speaking its name, kicked off the year’s most prominent investment conference by laying out a case against oil frackers, arguing these companies drill “lots and lots of holes” and burn through plenty of cash.

Einhorn, who often unveils short-bets against companies at these events, cited Pioneer Natural Resources as a particular offender at the 20th annual Sohn Investment Conference. “We call it the motherfracker,” he said, prompting investors to kick the share price down as much as 5.3 per cent. The company should trade closer to $78 a share, he said, not the $166.50 the stock is trading at now.

“Pioneer is burning cash and its reserves are not growing,” said Einhorn, who runs $11 billion Greenlight Capital, adding “Pioneer ought to stop touting estimates based on stale pricing.” The company is losing 20 cents of present value for every dollar it invests.

Einhorn also mentioned EOG Resources, which he called the “father fracker,” Concho Resources, Whiting Petroleum and Continental Resources.

Last year Einhorn unveiled a short bet against athenahealth at a previous Sohn conference and was the first to underscore problems at Lehman Brothers months before the investment bank filed for bankruptcy.

Einhorn was one of the few investors at the conference who unveiled a short bet, as most other investors put forth ideas that investors can buy and hold.

Leon Cooperman and David Tepper talked about markets and sought to soothe investors fearful that the long-running equities bull market might be over.

Tepper, founder of Appaloosa Management, shocked markets a year ago by warning that investors should not be too long in the stock market. He said that investors should not be “too long bonds, not too short stocks” and warned that investors should be careful with commodity investments.

Investors at this conference, even the billionaires, are told to keep it short and talk no more than 15 minutes. Tepper who didn’t use all of his time joked that he would sell some of his unused minutes to Bill Ackman, who is known for speaking at a breakneck pace to race through dozens and dozen of slides.

Cooperman, who runs Omega Advisors and has long been saying the stock market would continue to climb, stuck by his bullish outlook, saying the stock market can still end higher this year. “If there is a bubble out there, it is not in the stock market,” Cooperman said, adding it may be in the fixed income market.

He pitched a handful of US-based companies including Google, Dow Chemical, Priceline Group and drugmaker Actavis.
Picking up on the pharmaceutical industry theme, Larry Robbins, who runs Glenview Capital Management, touted AbbVie, saying the stock price could double. The company’s price is relatively cheap and management is disciplined, Robbins said.

Even though AbbVie called off a planned $55 billion takeover of Shire late last year, industry analysts are still holding out forecasts that the breakneck pace of mergers and acquisitions in the pharmaceutical industry will continue. The company could be taken over or it could be the one taking over someone else, Robbins said.

Ackman, founder and chief executive of Pershing Square Capital Management LP, talked about his most recent addition to the portfolio: Canadian pharmaceutical company Valeant Pharmaceuticals International Inc VRX.TO, which he called “massively undervalued.” He said companies that buy up others at a steady pace are often misunderstood and said Valeant, which announced plans to buy Salix earlier this year, is an early stage Berkshire Hathaway, referring to Warren Buffett’s company.

Keith Meister, a former Carl Icahn lieutenant who now runs $8 billion Corvex Management, focused on fast food restaurant chain Yum Brands, saying his firm is one of the five largest investors and that the company is Corvex’s second-biggest investment ever. Daniel Loeb’s Third Point said it had taken a significant stake in Yum.

INFO! Women's Riding Lug Sole Low Heel Knee-High Boots in Taupe Leatherette , WOMEN'S CARLOS BY CARLOS SANTANA *MYSTIFY* BOOTIE COLOR~DOE SIZE 6.5 M , Mi Bottes Daim Noir Talons Plats T 41 BEWomens 6.5 M daniblack boots black leather knee high cowboy western embroidered , Pink & Pepper Jr Marrakech Brown Tan Western Pull On Dress Boots Size 10 M , New SUSINA Reid Suede Wedge Bootie Black in size :8MWomens 6 M Laredo black leather cowboy western boots silver conchos cowgirl showEUC ! $90 Bearpaw Women's Abby 6" Cuffed Tab Boots-black-size 6Ladies Leopard Print Wellies Wellys Wellington Boots , New Nature Breeze Saddle-03 Women PU Almond Toe Side Slit Chunky Heel BootieSUDINI Made in ITALY Tall Riding Leather Boots Size 10 MWomens High Block Heesl Faux Suede Ankle Boots Shoes bRITISH Booties Casual New , FRANCO SARTO Bottes Daim Plissé Noir T 10 / T 42 BEWomen Casual Faux Suede Ankle Boots Retro Warm Fur Lining Flat Shoes plus sizeWild Diva Womens Tall Over the Knee Boots Side Half Zip Black Block Heel Sz: 10 , Dusica Kotur Sacks Gray Leather Ankle Boots Booties Heels Women's 39 , British Womens Vintage High top Chunky Low Heel Pull on Ankle Boots Casual ShoesNew w/ Box Arcopedico N42D Dark Olive Comfort BUTTON SIDE Boots Size 35EXСLUSIVE RUSSIAN VALENKI WALENKI THIN FELT BOOTS WOOL All SIZE! CH005MP , Top Moda Women's Greta-1 Faux Suede Low Heel Knee High Boots , Womens Ladies High Block Heel Ribbed Lycra Stretch Pointed Toe Ankle Boots Shoes , New Autumn Women's Block Heels Round Toe Pull On Ankle Boots Suede Fashion Shoes , J Crew Short Zip Ankle Boots Brown Suede Hair Winter Boots Size 6.5 Italy GommusVictoria’s Secret Colin Stuart leather Toggle Boots w/ Fur Lining, Beige 10M , NOCONA Women's Brown Leather Cowboy Western Boots - Sz 8 B - MADE IN USA , Bare Traps size 10 Elexa brown leather boots "fur" edged short , NIB Iron Fist Fire Flamin Sign Black & Red Boots Shoes Sz. 10 New SOLD OUT , Turner-13! Qupid Knee High Side Zipper Buckle Riding Boots Black LeatheretteTousle! By City Classified Slouchy Classic Knee-high Boots Brown Leatherette

More Stories

Electric Karma London Boot Chelsea Brown Round Faux Leather Ankle Boots 9.5 , NATURALIZER WOMEN'S BOOTS SHOES SIZE 9.5 WIDE ZARIE ELEPHANT22 BRAND NEW IN BOXColumbia Women’s Suede Water Resistant Snow Boots Size 8 Medium Insulated RubberSugar Women's Brooke Slouched Flat Ankle Boot Bootie 7.5 Black Micro , Chinese Laundry Finn Boot - Women's Size 8 BlackDKNY Donna Karan Black Leather High Heel Knee Boots - 7.5 M - EUCJustin Gypsy Brown Leather Stockman Cowboy Western Boots Size 6.5 B Style L9903 , Keen Fremont Zip Waterproof Faux Fur Women's Winter Snow Boots Size 5.5 , TEVA FOXY BLACK NUBUCK LEATHER ANKLE BOOTS BOOTIES SIZE US 5 WOMENS 1008317650$ Salvatore Ferragamo Black Patent Leather Vara Bow Shoe Size 8 AAAFootprints Brown Leather Shoes Womens Size 9 / 41Anne Klein AK Sport Women's Jeannie Synthetic Ankle Boot, Black, Size 9.0 OsUYTORY BURCH Beautiful White Leather Eddie Ballet Flats Sz 9.5Ecco Womens Fara Slip-On - Choose SZ/ColorSteven by Steve Madden Pace Women's Flats & Oxfords WHT/GRN Size 10 MGiuseppe Zanotti Gray Reptile Embossed Suede Ballet Flat Shoe Size 38 8 , C.B. CECILIA BRINGHELI 226321 dark gray suede low wedge boat shoes sz. 37 , Calvin Klein 34E4679-OOC Womens Lisette Slip-On Loafer- Choose SZ/Color. , Foot Petals Women's Cami Cushionology Ballet Flat, Navy, 6 Medium USASICS Q752N Gray Walking Women's Shoes Size 6.5 M , $690 PRADA Black Lambskin Leather Slip On Platform Espadrilles Peep Toe SZ 38.5ALL BLACK Women's PT Met Toe Loafers Shoes Exotic Size 5.5 SO0u , Skechers Performance Womens Go Fit TR Trainer Walking Shoe - Choose SZ/ColorRyka Women's Hydro Sport Water Shoe-W, Detox Twinkle Blue/Chrome Silver, 10 M US , Vans SK8 Hi White Canvas Unisex Trainers BootsNike Womens Air Zoom Fit 2 Running Trainers 819672 Sneakers Shoes 001Geox Womens D new club Low Top Slip On Fashion Sneakers White pearl Size 10.5New Balance Womens Wurgelb2 Black Fashion Sneaker Size 6.5 (C,D,W) (32752)Groove Women's Emma Fashion Sneaker, Black Floral, 7 M USLa Redoute Collections Womens Leather Platform Brogues ,

Warm winter localjoes-27768 women's high Warm heel boots cotton with with fur casual shoes snow boots 461a64a -