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

CAT Footwear P308599 P308599 Size Caterpillar Women's Casual Shoes Size US soapapp-3989 8 1/2 3020d55
CAT Footwear P308599 P308599 Size Caterpillar Women's Casual Shoes Size US soapapp-3989 8 1/2 3020d55 -

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.

$139 New DR COMFORT LAURA Brown leather SHOES Therapeutic Diabetic Women's 5.5 WBirkenstock Gizeh 38R L 7 M 5 Metellic Stones SilverAGL Womens Black Leather Flats 38.5JSport by Jambu Sideline Encore Sport Flats 641, Charcoal/Pink, 7 USALEGRIA PAL-545 PALOMA PASTEL STONES WOMEN’S U.S. 9M (5300) , Dolce Vita Coy Espadrille Flats, Black/White Palm Mesh, 9.5 US , Via Spiga Demetria Ballet Flats, Gunmetal Lizard, 5 US / 35 EU , Thierry Rabotin Gem Black US 5.5 $420 A5Tory Burch Womens Flats Size 7M Black Patent Reva Ballet , JSport by Jambu Sideline Encore Sport Flats 580, Charcoal/Pink, 9 US / 40 EU , Paul Green Munchen Tennis Shoes Obermat Leder Blue And Brown US Size 6Fendi Flats Black Patent Leather Mini-Buckle Size 39.5 Made In ItalyEasy Spirit Devitt White Womens Slip-On Size 7.5M$168 COLE HAAN ZEROGRAND CRNBY NPRN/ MESH MARY JANE SHOES SZ 9BTod's blue suede ballet flats 8.5 flat shoesJeffery Campbell Womens Black Apfel Loafer New Size 9 MSRP $120naturalizer Thea3 Platform Espadrilles Flats, Cream Snake, 8.5 US / 38.5 EUWomen's Purple Suede Sam Edelman 'Felicia' Ballet Flats Size 7M New! , :/US 8-8.5 NWB Ferca 81Women Ballet Flats with Pointy Toe.GUESS Loriana Pointed Toe Sleek Loafers, Pewter, 9.5 US , $149 CORSO COMO CHEETAH/BLACK HAIR CALF/NAPPA FLATS SZ 6M US , $179 DONALD J PLINER SELENE LT BRONZE DSTRSD METALLIC SLIP ON SNEAKER US 11M , Vera Wang Womens Suede/leather Blue Shooes 6 MUnder Armour NWOB Size 6 Pink Sneakers , Nine West Gradskool Perforated Loafers, Blue, 9 USAnne Klein Harmonie Navy Reptile Womens Slip-On Size 8MTORY BURCH BALLET FLATS Navy/Silver LEATHER SNAKESKIN PRINT (size 5 1/2M)Ecco Bluma Mary Jane Flat Women's Sz.US 6-6.5 black NEW , New Sam Edelman Blue Floral Canvas Perri Slip On Slides Mules Flat Loafers 8.5 ,

More Stories

FRANCO SARTO black leather pull on western style mid calf pointy toe boots 9.5 , Womens J Crew Tall Leather Boots Size 9 1/2 Made In Italy , REPORT Women's 8.5M Purple Suede Leather Fringe Moccasins Boots Boho Beaded g5 , Apple bottom rain boots black 8 1/2 , WOMENS LADIES OVER THE KNEE THIGH HIGH LOW BLOCK HEELS BOOTS WORK STRETCH SIZECole Haan Brown Suede Leather Calf Boots Women's Heel US Size 6BColin Stuart Knee High Boots Straps Size 8.5 Heeled Boots Cross Strap Boots...Ellie Shoes Women's 106-Avenge Boot, Green, 8 M USDirty Laundry Women's Below Zero Rain Boot, Black, Size 8.0 , Crown Vintage Womens Kallee Fabric Closed Toe Ankle Fashion, Black, Size 9.5 BUSAnthropologie Everybody by BZ Moda Cabernet Leather Belted Boots 10.5M -- $160NEW ZARA BLACK LEATHER BIKER WITH METAL BOOTS US 10 /201 , NEW Womens Size 11 SKECHERS Keepsakes Mercury 47340/BLK Black Boots Shoes , Sperry Top Sider Juniper Bree Women's Tan Ankle Boot 10MJustin Brown Style L 4512 Leather Cowboy Boots Womens Size 6 BYES Y.e.s. BLACK Bergamasco Pom Pom Bootie Tan Suede Fur Rare Free Boho PeopleFIDJI Women's 36 5.5 Booties Distressed Leather Brown Wrap Strap Ankle Boots EUCTory Burch Cap Toe Ballet Cami Metallic Flats Shoes Leather GOLD Size 8 , PRADA Tan Leather Classics Loafer Slip On Ballet Flat Shoes 8M ITALY , Yosi Samra Women's Samara Ballet Flat Black Python Print Leather Flats , Tory Burch Kent Ballerina Beige Gold Logo Reva Leather Ballet Flats Shoe 10- 40TOD'S - Woman's Brown Leather Flats Mocs 39 US 9 (3706)Cole Haan Womens W02577 Closed Toe Loafers Purple Size 6.0Fulinken 3 Color Sz 5-10 Real Leather Loafers Casual Dress Slip On Womens ShoesZARA NEW WOMAN SS18 FAUX PATENT LEATHER TASSEL LOAFERS WITH BOW REF:6514/301 , Converse Chuck Taylor All Star Dainty Suede Leather Shearling XHi Black 540307C , Easy Street Womens Barbara Low Top Slip On Fashion, White flower, Size 9.0 xRZg , Women's Naturalizer Women's Emily Pump Flats1. State Skkylar Women's black leather ballet flats sz. 8.5 M , Skechers Women's E Z Flex 3.0 Swift N Sly Fashion Sneaker - Choose SZ/Color ,

CAT Footwear P308599 P308599 Size Caterpillar Women's Casual Shoes Size US soapapp-3989 8 1/2 3020d55 -