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

Corky's Women's Winter Rain PVC Women's Tie Top Boots 27153 Cheetah 7 80-2800 Size 7 dd75917
Corky's Women's Winter Rain PVC Women's Tie Top Boots 27153 Cheetah 7 80-2800 Size 7 dd75917 - 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.


Sole Society Black Leather Angie Back Strap Ankle Boot NEWLucky Brand Womens Boots Brown Cognac Leather Heeled Ankle Boho Shoes Size 7NWT Women's SONOMA Goods for Life™ Cecelia Ankle Boots Choose Size Black , LAUREN by Ralph Lauren Womens Mesa Leather Closed Toe Mid-Calf Fashion Boots , Women Ankle Stripes Boots Pointed Toe High Stiletto Heel Faux Leather PartyShoes , Earth Jordan Black Vintage Leather Side Zip Ankle Boot NEWTEVA Womens Boot 9 Ankle 1010105 DELAVINA PERFORATED GREY Waterproof $110Sexy Women Over Knee Boots Platform Stiletto High Heels Fur Trim Suede Zip Shoes , Stylish Women's Block Heels Rhinestone Over Knee Thigh Boots Date Casual ShoesVince Camuto "Corra" Tan Suede High Heel Zip Ankle Booty Women's Size US 9.5M , Sam Edelman Women 7M Leather Side Zip Black Ankle Boots Fringe Western Bootie , Pajar Canada Womens Size 41/10 Gray Black Lined Winter Snow Boots Waterproof A3f , M4D3 Felix Chelsea Leather Slip-On Boot!! New!! Msrp $160.00 Sz. 8.5Via Spiga Women's Brown Suede Knee High Pointy Toe Boots US 9.5M , New In Box! $125 Jacobies Women's Transparent Mid-Calf Boots US9 , NEW L.L. Bean Women's Waxed Canvas Bean Boots Waterproof Size 9 MARIAT 8.5 B WOMENS COWBOY BOOTS WESTERN COWGIRL HERITAGE BROWN LEATHER TURQUOISESJP by Sarah Jessica Parker Kelly Knee High Brown Leather Boots Size 35.5 $595+ , Muk Luks Womens Nikki Boots Size 10 Cognac Southwest Blanket Wrap Buckle MidCalfNine West Women's HARBOURNO Black Leather High Heel Mid-Calf Boots-9.5/10/11 NWBTwo Lips Women's Fargo Leather Knee High Boots , WOMENS ROPER GENUINE FUR/HAIR BLACK WHITE COWBOY WESTERN BOOTS SZ 8 B 8BWomens Ladys Knee High boots Chunky High heels Shoes Platform Suede Boots CasualEarth Origins Black Suede Water Repellent Tori Heel Ankle Boot New , Vince Camuto Women’s Brown Leather Gold Buckle Riding Dress Knee Boots Size 8 M , Cat By Caterpillar Coretta Seal Brown Womens Waterproof Boots US 7 M,Anthropologie Lien Do by Seychelles Sonora Ankle Boots Women's Size 6 MetallicWomens Beige Strap High Top Wedge Hidden Heels Sneaker Boots (Retail $98)New Women's Over The Knee High Heels Boot Black Brown Taupe DBDK SALTYY-1 ,


More Stories



Tags
Easy Street Women's Dynamic Boot, Grey/Grey Crocodile/Gore, 9 N USsize 9 American Rag Edee Black Heel Ankle Booties Womens Shoesgorgeous WORTHINGTON brown leather side zip harness buckle boots 7.5 , cory-1 Fashion Ankle Casual 3.5 Inch Heel High Women's Winter Boots Cognac 7-ANTONIO MELANI 5.5M Western High Heel Boots Expresso Leather Upper and Sole EUC , Wrangler Women 8 N Burgundy Leather Fashion Western Boots Made In USA , HOLLYWOULD caramel brown leather chunky heel pull on boots 9 40 FREE SHIPPING! , Mi Bottes BATA Cuir Noir T 36 TBEVery Volatile ASHANTI Womens Ashanti Ankle Bootie- Choose SZ/Color.Ariat Ladies Legend Western Boots - Oiled Brown Square To MINT RETAILS FOR $179 , Harley Davidson Boots Leather Black Heel 81842 size 9.5 M mid calf "Midnight" , WOMEN VTG DAN POST GENUINE REAL EEL SKIN BRN TALL COWBOY WESTERN BOOTS 5.5~1/2 CItalina womens taupe brown zip up faux suede w/ gold accent rhinestones bootsFergalicious Womens Paisley Closed Toe Ankle Fashion Boots Black Size 9.0 n6zAMark Fisher Women's Humor2 Over The Knee Boots TW4 Black Size 10M , BHLDN 11 ADORA BEADS FLATS SILK LEATHER MESH EVENING BRIDAL IVORY SOLD OUT $290 , ECCO Womens Sculptured Black Leather Comfort Slip On Shoes US 7 - 7.5 NWBEasy Spirit Women's Motion White Leather 10 WW USNWOB $1862 Brunello Cucinelli Patent & Metallic Hammered Leather Tassel Loafers , $475 NIB Rag&Bone Leather Sneaker Loafer Solid or Polished Leather Black Size 8COMME DES GARCONS Silver Oxfords Japan JP 25 US 10 , STUART WEITZMAN Flats Gold Studs Ballet Flats Tan Suede Trim Shoes 5 1/2 M NEW , Cole Haan Ladies Comfort Black Shoes Slides Sz. 8 BFerragamo Navy Leather Loafers With Bow Size 9 AAA , Ahnu Women's Sugarpine Waterproof Hiking Shoe , Propet Stability Strider - Green - WomensASICS Womens - PaleBlue/Silver/Aquarium Running Shoes Size 10 (359947)Converse Chuck Taylor All Star Women Shoes size 9Women's tory burch flats 7.5 new Flats , Ash 480020 Womens AS Lucky Star Sneaker Ice Blue ,

Corky's Women's Winter Rain PVC Women's Tie Top Boots 27153 Cheetah 7 80-2800 Size 7 dd75917 - digitalcraftmedia.com




Boots
2385994
5868248
6287985
7660239
10461904
12379839
13028934
14216231
14907210