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

NEW Big Women Winter Warm Boots Waterproof Platform Shoe Snow Boots localjoes-26796 Joggers Boots Warm Shoe 8e34d07
NEW Big Women Winter Warm Boots Waterproof Platform Shoe Snow Boots localjoes-26796 Joggers Boots Warm Shoe 8e34d07 -

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.

Celebrity Faux Suede Booties Size 7 Fuschia Ladies Shoes BootsNEW BONBONS ANGIE WOMENS FASHION MID HEEL LEATHER ANKLE BOOTSENZO ANGIOLINI Women's Black Leather Mid Calf Boots Shoes Size 9 M US , Bronx Knee High Boot Women size 38/8 Brown LeatherNOCONA BLACK CHERRY LIZARD SKIN BOOTS SIZE 5 1/2BZIP FRONT TIMBER BOOT WOMEN SADIE-81-05 J’S AWAKE BLACK , sensational NINE & COMPANY brown leather western inspired side zip boots 9 , NEW HIGH PLATFORM WEDGE SEQUENCE SHIMMER GLITZ SHOE BOOT WOMENS BOOTIESFRANCO SARTO DARK BROWN SUEDE BOOTS, WOMEN'S SZ. 9-1/2M, HIGH HEELS , womens 6 M 36 Rieker Annemarie Kendra ankle boots leather brown zip riding lined , Asolo Womens Tacoma GTX Waterproof Athletic Hiking Mid Boots Sz Right 9 Left 8.5Natural Soul Naturalizer All Thru Comfort Women’s 6M Booties Shoes box10Chic Winter Warm Fur Lined Flats Casual Women Ankle Snow Boots Cotton Shoes N-70BOTTINES FEMME CHARLES DAKY POINTURE 40 , Antonio Melani 7M Black Leather Embossed Reptile Lizard , Brand New Taupe/Light Brown Ankle Heeled Boot, Size AU 9, US 9Musse & Cloud Womens Aina Pink Cut-Out Booties Shoes 6 Medium (B,M) 37 BHFO 9187JUSTIN ROPERS LEATHER WESTERN COWBOY BOOTS WOMENS OR GIRLS SZ 7.5 B BROWN , Enzo high top Tennis shoes purple pink Colette sz 5NEW WOMENS GIRLS LADIES FASHION BLACK FLAT LOW HEEL ANKLE BOOTS PULL ON SIZE 505 , WOMENS LADIES FAUX SUEDE FASHION PIXIE ANKLE BOOTS FLATS SHOES UK SIZE 3-9 FM-1JUSTIN 3056 WOMANS SIZE 6C COUNTRY WESTERN COWBOY BOOTS SOLID GRAY , OVER-KNEE SUEDED BOOTS WOMEN WALKER-2017-52 ANNA FOOTWEAR TAUPE , Banana Republic Boots Black Leather Knee High Pull On & Zip 9 MWOMEN'S LADIES FANCY DRESS 70'S & 1960'S KNEE HIGH GO GO RETRO BOOTS SIZE 4 TO 8WANTED TWEETY TEXTILE UPPER BROWN BOOTS SZ 10 NEWCrocs Brown Nadia Boots Women's Girl's Size 6LADIES UNLINED 11" TALL BLACK RAIN WATERPROOF BOOTS SIZE 8SoftWalk Womens Roper Gray Suede Ankle Boots Shoes 5 Medium (B,M) BHFO 3206 ,

More Stories

LADIES WYRE VALLEY DARK BLUE STRIPED WELLIES SIZE WELLINGTON BOOTS RAINDOLCE VITA Jaxen Womens Size 9M Brown Suede Fashion Ankle Boots 2 1/4" HeelsCarlos by Carlos Santana Brie Booties-Women's size 10 M BrownNEW Unisa Ungale Women's Size 11 M Taupe Suede Side Zip Block Heel Bootie , ZiGi Soho Oreta Tall Riding Boots, BlackMinnetonka Women's Olympia Boot, Golden Tan, Size 10.0 kxyLJessica Simpson Boots Size 6.5 B , I35 Taytee Block Heel Dress Ankle Boots, Spiced Orange, 9 US , Charles by Charles David Womens Gunter Closed Toe Over Knee Fashion Boots , Kelsi Dagger Womens MINDY Leather Almond Toe Ankle Fashion Boots, Tan, Size 9.5Steve madden Black Mimi Booties 7.5M , CLARKS Gelata Siena Black Suede Ankle Boots Size 5.5 MBottines SAN MARINA Cuir Noir T 36 TBEINC Jessa Women's Boots, Mushroom, Size 9.5 U3D1 , DINGO Black Leather Western Boots Women's Size 10 M , Womens Bare Traps Brown Knee High Rider Boots Wide Width Size 9 W$995 GIUSEPPE ZANOTTI SUEDE BUCKLE MID-KNEE PLATFORM HIGH HEEL BOOTS SZ 40 US 9 , Boot Nine West Norabel Black Suede , Tory Burch Jolie Ballet Flats - Women's Size 10.5 M - Silver/BlackButter Women´s Joyce Nude Leopard Leather Slingback Flats , Easy Spirit Women's Faisal2 Sneaker White Size 11.0 goSaMephisto RUNOFF Women's MATCH Shoes size 9 us (SHOE200 , Stegmann Woolfelt Polyflex Black Womens Clogs Size 11MDr. Martens Made in England BEN Unisex BrownLeather Shoe Size UK.5 , Mizuno Wave Kazan Running Women's ShoesWomen's Nike Revolution 4 Running Shoes Black/White/Anthracite 908999 001Nike WMNS Air Zoom Pegasus 32 womens running run sneakers NEW bright crimson , New Nike Womens Free RN Flyknit Run Running Shoes 831070-307 Sz 9.5 , Skechers Performance Womens GO Walk Joy- Sneaker- Select SZ/Color.Ankle Straps Suede Boots Booties 2 3/4" Stacked Heel Alomond Toe Clay ,

NEW Big Women Winter Warm Boots Waterproof Platform Shoe Snow Boots localjoes-26796 Joggers Boots Warm Shoe 8e34d07 -