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

Clarks Originals Wedge Women 27800 8 Boots Blue Suede Desert Yarra Boots Wedge 85bf024
Clarks Originals Wedge Women 27800 8 Boots Blue Suede Desert Yarra Boots Wedge 85bf024 - 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.


Isaac Mizrahi Alysa Brown Multi Leather Riding Boots 8.5 W NEW , Cotswold Polar Waterproof Womens Snow Boots UK3-8 , MADE IN ITALY ACCADEMIA LEATHER MOTO BIKER RIDING BUCKLED MID BOOTS Women's 36 6TEVA FOXY BLACK LEATHER ANKLE BOOTS, WOMENS US 7/ ~ NEW IN BOX , Women Stiletto Heels Ankle Boots Pointy Toe Multi-colored Side Zip Casual ShoesNIB Rockport Women's CS Waterproof Buckled Fur Boots Black 7.5M , Clarks Golden Tan Suede Water Resistant Hiking Boots - Faralyn Alpha NEW , Silver Thigh High Drag Queen Crotch Chaps Crossdresser Costume Boots 12 13 14 15VINTAGE Bottes Cuir Noir T 35 TBESilver Urban Glitter Rhinestone Cute Ankle Boot Size 2 , Bearpaw Emma Tall Black Suede & Sheepskin Pull on Boot 9 40 NEW , Kenneth Cole Reaction Coffee Leather Tall Boots GORE LEE Women's Shoes US 5.5 , By Oksana_Cha. Felted wool womens boots, organic wool bootsAsh black velvet flora ankle bootsWomens Shinning Block Chunky Heels Zip Ankle Boots Leather Booties Shoes Chic , Zara Ankle Boots Embroidered Jacquard 6052/201 US7.5, EU38 AW17KEEN Brown Leather Faux Fur Winter Waterproof Boots Size 6 Women's GUC , Sam Edelman Women's Sheldon Cowboy Boot NewDebra Womens Thigh High Heels Stilettos Platforms Boots Ladies Party Shoes SizeHandmade Ladies Square Toe Western Boots - 2630 - Size 10 , Coolway Alida Motorcycle Boots 41 US 10 Black Leather , Bonnibel | Danniz Mid-Calf Slouchy Boot Black , DURANGO CRUSH RD005 WOMENS MUSIC INSPIRED 11.5" WESTERN COWBOY BOOTS - SIZE 9.5Handmade Ladies Round Toe Western Boot - 2576 - Size 10Bottes Hautes COLISEE DE SACHA Paris Tout Cuir Marron T 40 BE , GUESS Boots Cuir Noir Doublées Cuir Talons Fins Chaînettes T 38 TBE , NINA Shoes Size 7 Open Toe Ankle Boots Black Glitter ESSENCE New , Women's boots high up to knee genuine leather black made in Italy c150J. SHOES Olive Green Suede Leather Slouch Boots US 8.5 Kitten Heel Odette


More Stories



Tags
Bandolino Lethia Brown Womens Shoes Size 7 M Boots MSRP $109Women's Mossimo Brown Fashion Knee High Riding Boots Size 6 B , Womens Brown Flat Slouch Comfortable Round Toe Knee Boots Size 6 , Womens Twin Toggle Classic Short Fur Waterproof Winter Rain Snow Boots 3-9Ariat Hiking Boots Shoes Women's Size 9B US Brown , New Balance Fresh Foam Black Snow Boots Women's US Sample 8 (N3,5) , Aldo Fronori knee high suede 2 tone brown tall boots size 8 , Isaac Mizrahi Samantha Burgundy Suede & Stretch Zipper Detail Wedge Boot 8.5 NewIsaac Mizrahi Tasha Black Leather Moto Buckle Ankle Boot 7W NEWCOLE HAAN WOMEN'S CHARCOAL MOTORCYCLE NUBUCK NIK AIR MID BOOT SIZE 7 BFranco Sarto Women's Wayra Zip Bootie - Cognac Suede Size US 7W |361273 LTSPBTS50 Women's Shoe Size 7 M Dark Wine Leather Zip Up Boots H.S. Trask , NWT Women's Apt. 9 High Heel Ankle Boots Shoes Choose Size BlackVasque Breeze 2.0 GTX Gargoyle/African Violet Women's Hiking Boots 6.5MGabriella Rocha Vasha women Boots6.5 mDr. Scholl's Womens Dakota Fabric Closed Toe Ankle Black Microfiber Size 7.5 mNew FRYE Women's Camille Perf Slip Fashion Slip On Sneaker Choose Size/ColorEUC! SPERRY TOP-SIDER BAHAMA NAVY BLUE RED ANCHOR SEQUINNED BOAT SHOE SIZE 9 , Tod's 614 Gold Tone Metallic Leather Ballerina Flats 37 / US 7 , Brunello Cucinelli Ballet Flats shoes 37 , Marc Jacobs Size US 6.5 M MJ21093 Silver Leather Flats New Womens Shoes , Alice + Olivia Hilary Travel Printed Canvas Flat Sz 37-NEW , Adidas Women Originals Superstar Bounce Sneakers Shoes BZ0634 UK3.5-6.5 04'Allrounder by Mephisto 8.5 Black Niro Mary Jane Flat Women'sTidewater Sandals Women's Flamingos Flip Flop Black/Pink Thong Sandals , VANS New Prairie Chukka Perfed Suede Vault Lady size USA 7 , Women's Luca Rossi Women’s Tassel Loafers Flats , Women's Ladies Spot On Boots F50154 BootsEasy Spirit Dandra Womens Size 7.5 Black Fashion Ankle BOOTS NIB , Asics Gel Lyte V 5 Dark Grey/Dark Grey H6R9L 1616 Women's SZ 10 ,

Clarks Originals Wedge Women 27800 8 Boots Blue Suede Desert Yarra Boots Wedge 85bf024 - digitalcraftmedia.com




Boots
2523908
2735707
5335588
8756054
9684364
10805256
12223551
16393997
18319864