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

Stuart 5 Weitzman Silver Metallic Boots Studded Studded Buckle Strap Ankle Boots Size 5 ba7e0b3
Stuart 5 Weitzman Silver Metallic Boots Studded Studded Buckle Strap Ankle Boots Size 5 ba7e0b3 - digitalcraftmedia.com

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.


FS/NY Brown Suede Zipper Closure Ankle Boots Size 39 9Carlos by Carlos Santana Hollie Western Inspired Boot Color: Tan US: 7 , Minnetonka suede boots size 10 womensZIGI GIRL Womens CORREE Black Distressed Suede Ankle Boot US 8.5M (887721386084) , New Women's Riding Fashion Boots Brown Casual Shoes Winter Snow Ladies size 9Stuart Weitzman Black Suede Pointed Toe Ankle Booties Size 6M3 Color Fashion Zip Open Buckle Fashion Women Mid Calf Boots Low Heel Shoes , Brinley Co Women's Thora Ankle Boot, Black, Size 7.5 22khCall It Spring Womens Abert Closed Toe Knee High Fashion BootsKensie Tayson Women's Black Zip Up Slanted Roper Heel Knee High Boots Size 9 M , Faux Fur Stiletto Furry Faux Fur Knee Heel Boots -Beige , Women's JORE RACHEL BROWN Zipper Wedge Dress Booties Shoes SZ 7 Newa.n.a Womens Black Leather Knee High Boot Shoe - Size 7.5M , Cole Haan Black Leather Zip Up High Slim Heel Pointed Toe Booties Size 6.5 , 2 Lips Too Women's Too Lexia Fashion BootNICE! womens shoes CHARLIE HORSE western cowboy boots sz 7.5 B square toeNEW Women's RAMPAGE SHIREEN Black Knee High Wedge Boots Shoes SZ 8 , Chinese Laundry Tremendous, Over-the-Knee Leather Boot, Elastic Back PanelLiz Claiborne Brown Ankle Boots Side Zipper Size 7.5M Heel 2.5 inches , NWOT H&M Black Quilted Leather Ankle Booties - Women's 9.5RARES BOTTILLONS BOCAGE NOIRS T 38 TBE A ACH IMM FP RED MOND RELAY A VOIRVera Gomma Cristina US 6.5 Black Suede Calf Heel Fashion Boots ITALYNEW Womens SODA LODE BROWN Knee High Riding Dress Boots Shoes SZ 6.5 , WOMENS LADIES ANKLE WELLIES WELLINGTON SNOW WINTER RAIN WATERPROOF CHELSEA BOOTSNew Women's Knee High Brown Fashion Boots Winter Snow Shoes Ladies size 6 , Dolce Vita Black Leather Side Zipper Fringe Ankle Round Toe Boots Size 7 MNina Womens Keely Pointed Toe Knee High Fashion Boots, True Black, Size 9.5 D4CT , Dark Brown Croc Embossed TALBOTS Side Zip Ankle Boots Worn Once 8 B , DBDK Fidelia-1 Womens Side Zip Chunky Heel Knee High Leather Riding Boots WINE 6


More Stories



Tags
Sporto Makela Waterproof Winter Boots 102, Dark Pewter, 6 US , Lorenzo Banfi Cole Haan Leather Brown Green Wms Dress Boots Size 39 As Is Marks , NEW WOMENS GREY KHOMBU SLOPE THERMOLITE ALL WEATHER TERRAIN WINTER SNOW BOOTSNew ISAAC MIZRAHI LIVE! Women's Imtory Tall Leather Stretch Shaft Boots 5 M , Sam Edelman Suede Petty Chelsea Ankle Boot Sz10.5 , Bottines noires à talon compensé Lauréana , WOMENS JUSTIN L3068 BURGUNDY LEATHER ROPER COWBOY WESTERN BOOTS SZ 7.5~1/2 B , Style & Co. Womens Arianah Closed Toe Ankle Fashion Boots, Wine, Size 7.5 , Eastland Womens Chukka Ankle boots leather Moc toe sz 10 M , WALKING CRADLES WOMEN'S SZ 8.5 M CULLEN SLIP ON BLACK LEATHER SHOES D6689Black/Gold Stud Over The Knee Sexy Boot Side ZipSize 7 ping , Carlos by Carlos Santana Womens miles Suede Almond Toe Ankle Fashion BootsSeychelles Women's Chrysalis Boot, Black, Size 7.5 EuqtRockport Black Womens Boots SZ 6M Leather Upper, Strech, block heel , Yuu Sindi Women Ankle Booties Black.Size 5.5MWomen Ankle Rhinestones Boots Plus Size High Heels Zip Pointed Toe Sexy ShoesDolce Vita Jenna Taupe Suede Zip Fashion Ankle Booties Women's Size 8.5 M*Olukai Athleta Black Embossed Kaila Boot Women's US 5 Leather Upper , Davinci Women's loafer shoe 006 BlackTORY BURCH MELINDA BALLET FLAT GOLD LEATHER SIZE 7MSesto Meucci Women's Neda Slip-On Loafer, Dark Tan, Size 8.5 , NEW ! NIB TORY BURCH Laura Ballet Mestico Leather Flats Chicory Blue Size 6 , Ted Baker Women's DORLINE Loafer Flat, - Choose SZ/Color , New Francesco V. Black Leather Moccasin Size 37 US 7 , NIB 100% AUTH Prada Navy Blue Leather Tassel Pointed Toe Flats Sz 36 $670Trotters Womens Josie Closed Toe Ankle Strap Mary Jane, Dark Blue, Size 11.0 , Womens ADIDAS AEROBOUNCE RUNNING SHOES Black Sneakers BW0297 NEWWomen's Fila Boots Luminous BootsWomens Mid Calf Stilettos High Heels Ankle Booties Stocking Platform Wedges ShoePUMA 18950502 Womens Enzo Metallic Wns Cross-Trainer Shoe- Choose SZ/Color. ,

Stuart 5 Weitzman Silver Metallic Boots Studded Studded Buckle Strap Ankle Boots Size 5 ba7e0b3 - digitalcraftmedia.com




Boots
3534163
7045525
11166947
12250013
12469226
13492902
14621515
16284269
18167020