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 Boots , NEW BONBONS ANGIE WOMENS FASHION MID HEEL LEATHER ANKLE BOOTS , ENZO 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 BLACKsensational NINE & COMPANY brown leather western inspired side zip boots 9NEW HIGH PLATFORM WEDGE SEQUENCE SHIMMER GLITZ SHOE BOOT WOMENS BOOTIESFRANCO SARTO DARK BROWN SUEDE BOOTS, WOMEN'S SZ. 9-1/2M, HIGH HEELSwomens 6 M 36 Rieker Annemarie Kendra ankle boots leather brown zip riding linedAsolo Womens Tacoma GTX Waterproof Athletic Hiking Mid Boots Sz Right 9 Left 8.5 , Natural Soul Naturalizer All Thru Comfort Women’s 6M Booties Shoes box10 , Chic Winter Warm Fur Lined Flats Casual Women Ankle Snow Boots Cotton Shoes N-70 , BOTTINES 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 505WOMENS LADIES FAUX SUEDE FASHION PIXIE ANKLE BOOTS FLATS SHOES UK SIZE 3-9 FM-1 , JUSTIN 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 8 , WANTED TWEETY TEXTILE UPPER BROWN BOOTS SZ 10 NEW , Crocs 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

Zodiac Western Boots Womens Size 7 1/2 Genuine Leather Cowboy Ankle VintageWomen's Rain Boots Plaid Red Green Size 10 , focus-33 Fashion Over Knee Casual Party 4 Inch High Heel Women Boots Brown 6Paprika Swamo-H Women's Brown Suede Stiletto Heel Ankle Booties Size US 6REPORT Unique Brown Suede Wedge Floral Embroidered Rafia Espadrille Boots 8.5 M , Nine West Pointy Toe Booties - Size 5 , Rocket Dog Women's Shelby Graham Owlette Ankle-High Leather Boot , Unisa Womens TRINEE Almond Toe Knee High Fashion Boots, Black MULTI, Size 6.5 ptBottes Cuissardes Sexy Aspect Daim Mode Fashion Talons 9Cm P34 - 45! NEUVES! , Skechers 49372 Womens Gemma-Space Trip Mule- Choose SZ/Color.Steve Madden Women's Kaden Loafer FlatWoman Elastane Abstract Leopard Print Pointy Toe Mid Calf Stiletto Heels BootNew Women Mid Calf Combat Military Boots Flat Heel Front Zipper Leather Booties , Donald J Pliner Antique Olive Metallic Boots Size 7 M 7M Worn Once $328 Retail , TWISTED X Womens 9 Brown Leather Ostrich Short Western Cowboy Ankle Boots , Tory Burch Silver Reva Flats, Logo shoes, Womens Size 7.5 US EXCELLENT!!! , Brooks Brothers Classic Brown Slip On Leather Penny Loafers Womens Size 7AA $248Asics Enstasy red vegan Yoga light wmns shoes 4.5 5 5.5 , Uptown By Spring Step Black Leather Shoes 35 EU / 5 US Women , SPERRY TOP SIDER A/O PLATINUM KIDSUEDE WOMENS FLAT BOAT SHOES MULTISIZES , Salvatore Ferragamo Vola Patent Ballet Flat , VALENTINO White Noir Rockstud Patent Leather Cage Flat 38 , Stubbs Wootton Velvet Flats Round Toe Mules Loafers Barbed Wire 10.5**Fila Memory Foam Running Shoes - Women's Size 8.5, Berry/Gray/Whitebernie mev women's black gem yael slip on shoes size 39 eu 8.5 - 9 usNew Balance Womens 847v2 Black Walking Shoes Sneakers 5 Wide (C,D,W) BHFO 6039 , New Balance WC786YB Women's Tennis White/Yellow/Blue Shoes Size 9.5 B Medium , Women's NEW ALBERTO MORETTI WOMENS LOAFER Flats , H Womens Sexy Pumps Block Chunky High Heels Platform Winter Over Knee High Boots , $283 SKECHERS Women BLACK SURE TRACK MEMORY FOAM SNEAKERS WORK SHOES SIZE 8.5 ,

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