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

Wild Diva Leopard Platform toe Suede Peep toe Heels Women's Platform Bootie Women's Shoes US sz.5 6d808b6
Wild Diva Leopard Platform toe Suede Peep toe Heels Women's Platform Bootie Women's Shoes US sz.5 6d808b6 -

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.

Kenneth Cole REACTION Women's Tale-Spin Boot, Brown, Size 7.5 medGently used Fur Lined Leather Calf High Stiletto Heel Women’s Boots Size 8M , Crocs Womens RainFloe Waterproof Boot Shoes, Red/Red, US 4Gia-Mia GS3A Silver Kombat Sequin Boot, GS3A, Womens 7, NewWomens Boots 8.5 M 8 1/2 Black Faux Suede 1/2 Side Zip Silver Buckle 4" Heel , $265 NEW Sachelle Salt Leather Fashion Ankle Boots Brown Size 7.0,Arturo Chiang Women Ella Riding Boot, Sahara Sand Maple, US 8Karen Scott New Womens Lonnie Black Boots 8 M Shoes NWOBChinese Laundry Zanga Ankle Boot Size 9.5 M Camel Brown Split Suede 4" HeelFRH Stilleto Heel BOOTIES Blue Suede W/Grommets Womens 7.5 NEW in BOXDKNY Rain Boot Niagra Graffiti Tall Rubber Boots Knee High Love New York US 7 , BooRoo Womens Eva Tall Suede Merino Wool Winter Boot Shoes, Chocolate, US 8 , Leopoldo Giordano Dark Brown Suede Shearling Lined Boots Size 38.5, 8.5 , Arturo Chiang Women Ella Riding Boot Shoes, Sahara Sand Maple, US 9.5 , New York Transit Riding Boots Mir-Calf Black Leather Size 8BKadina High Heeled Knee High Boots 7m Womens Designer Shoes - UsedMichael Antonio Size 8.5 Women's Berlin BLACK PU Knee-High Boot Boot ShoeBass Womens Paloma Leather w/ Strap & Metal Buckle Ankle Bootie Cognac Size 7.5 , Nine West Pierce Boots Size 8.5 M Womens Black Leather Knee High Block Heel S506 , Stilettos Thin Heels Sexy Women Pointy Toe Knee High Boots Casual Shoes Leisure , NEW LADIES Womens Gray Flat Slouch Round Toe Sexy Knee Boots Size 5 , Clarks Brown Leather Chunky Heel Zip Ankle Boots 9M , QUPID Women's Black Zippered Stellers Ankle High Heels Platform Size 6.5 , Nine West Truella Women's Black Suede Wedge Knee High Boots US Size 6 MOUTWOODS AUTUMN, Women Duck Boots, Calf High, Monogram, Brown, Size 10, LGS009Stuart Weitzman Women's Black Suede Ruby Slipper Ankle Booties / US 8 , Legroom Women's Black Zip Up Wide Mid Calf Boots US Size 7Liz Claiborne Flex Women's Black Leather High Heel Ankle Boots Size 8.5 M S168 , $294 NEW Tall Brown Sweater boots - Eva Turner US 6.0 M

More Stories

Fergalicious LULLABY Women's Black Leather Knee High Riding Boots Size 7.5 MThe Orginal Duck Boot Arianna Flannel Lined Boots 836, Tan/Brown, 7 USBare Traps Eventure Black Suede Leather Faux Fur Lined Winter Boots Sz 6.5M , Spot On Ladies F50029 Dark Grey Microfibre Wedge Ankle boot Sizes 4 x 8 (R17A) , SUGAR Riggle Women's Booties Ankle Boots Faux Suede Bow Zip Brown Sz 7.5M NEW , Women British High Block Heel Side Zip Round Toe Ankle Combat Boots Retro ShoesNew Women Refresh Glory-01 Embossed Velvet Block Heel BootieReport Signature Boots Size 7 Womans Black Leather Gold Toned Buckles Heels Sexy , NEW Born Post Clogs Woman's Sandal's W 1634 Green Lime Leather. Size 10. , Kamik Brooklyn Snow Boot - Women's Size 7 Brown , Skechers Women's Keepsakes-Brrrr Boot, Charcoal, Size 5.0 , Cabi 10 Leather Bisset Boot Bootie Leather Purple Black Pointy Toe Zip Shoes SzWomens Barbour Bede Snow Wellingtons Mid Calf Winter Waterproof Boots US 5-11 , Impo Eman Block Heel Ankle Tie Booties, Stucco, 9 USLucky Brand Bartalino Ankle Boots Size 11 M Silver PewterNWT Sketchers Women Boots Leather Studded Metal Brown Lined Sz 7.5 Motorcycleboots CAFè noir black leather p 37 fr very good conditionNWT Cole Haan Womens Size 7 AA Red Bow Satin Slipper Loafer Flat Made In ItalyCUTE! Women's $450 Stubbs and Wootton Fabric "HOUNDSTOOTH" Slippers Loafers ShoeTory Burch Brown Reggie Gladiator Sandals Size 8.5 , AUTHENTIC LUXURY PRADA SNEAKER SHOES 3S6159 TOURQUOISE NEW US 7 , NEW BALANCE RUNNING SHOES SIZE 8 WOMEN PURPLE COLOR CUSH STYLE CC3Outdoor Womens Platform Breathable Fashion Comfort Nurse Shoes Size US4-10Women Men Hand-Painted Cute Kittens Sweet Cats Comfortable Boy Girl Canvas Shoes , New Balance Women's Shoes U396 BP Size 5 usWomen's I-Runner Orthopedic Running Shoes Athletic ShoesRL Ralph Lauren Women's Brown Real Leather BOOTS Size 9 BCamel Mid-Calf Stiletto Boots (Size 9)Cole Haan Pinch Genevieve Weave Black Leather Loafer Womens US Size 7 NEW in BOXSAS Womens 10 N Free Time White Leather Tripad Comfort Shoes Oxford Sneaker

Wild Diva Leopard Platform toe Suede Peep toe Heels Women's Platform Bootie Women's Shoes US sz.5 6d808b6 -