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

Converse Chuck Taylor All Star 20220 Dainty Ox Chuck Shoes Converse Red MSRP $57 dbb8601
Converse Chuck Taylor All Star 20220 Dainty Ox Chuck Shoes Converse Red MSRP $57 dbb8601 - 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.


New Balance Women's WLZanteV2 Sneaker - Choose SZ/Color , Saucony Originals Women's Jazz Low Pro Running Shoe - Choose SZ/Color , Skechers Sport Womens Microburst Mamba Fashion Sneaker- Pick SZ/Color. , Saucony Women's Bullet Capri - Choose SZ/Color , Skechers Women's You-14958 Sneaker - Choose SZ/ColorRocket Dog - JOLISSARA Womens Jolissa Ranger Cotton Fashion Sneaker 7 M , Skechers Go Step Distinguish Womens Slip On Ballet Flat Sneakers Gray 7 , Skechers Womens Reggae Fest-Escondido Fashion Sneaker- Pick SZ/Color. , KONHILL Women's Lightweight Casual Walking Athletic Shoes Breathable Mesh...Ahnu Womens Sugarpine WP Hiking Shoe- Pick SZ/Color.Madden Girl Women's Baabee Fashion Sneaker - Choose SZ/Color , Skechers BOBS Women's Plush - Peace and Love, - Choose SZ/Color , Asics Fuse X Size US 7 M Women's Running Shoes Cross Training Gray Purple T689NKeds Women's Coursa Knit Fashion Sneaker, Black, 8 M US , Fila Inspell 4 Running Womens Shoes SZ 12- Pick SZ/Color.Skechers Sport Women's Unity Go Big Fashion Sneaker - Choose SZ/Color , Saucony Originals Womens Jazz O Ballistic Fashion Sneaker- Pick SZ/Color.Skechers Sport Womens Flex Appeal 2.0-New Gem Sneaker- Pick SZ/Color.Skechers Women's Go Walk Joy-15612 Sneaker - Choose SZ/Color , Rocket Dog Women's Campo Beach Canvas Fashion Sneaker - Choose SZ/ColorSkechers Women's Push Fade Short - Choose SZ/ColorPUMA Women's Vikky Ribbon Bold Sneaker - Choose SZ/Color , New Balance Women's Md800v5 Track Shoe - Choose SZ/Color , Skechers Women's Go Walk Joy-15612 Sneakers Walking Shoes Comfort Slip-On , Superga Women's 2750 Maufloralw Sneaker - Choose SZ/ColorSkecher Street Women's Side Street-Leather Mid Top Fashion SneakerRocket Dog Women's Coolit So Cali Cotton Sneaker, - Choose SZ/Color , PUMA Women's Basket Heart Wn Sneaker - Choose SZ/Color , DC Trase TX SE Womens Skate Shoe - Choose SZ/Color ,


More Stories



Tags
BEAUTIFUL! WOMEN'S MICHELLE D SHORT BOOTS SHOES BLACK Size 7.5 , RARES BOTTILLONS SLOANE NOIRS T 38 TBE SEXY COLLECTOR VINTAGE TALONS CARRES 8CMS , La Canadienne Made in Canada Snake Print Ruby Red High Heel Boots Sz 8.5 MWOMEN'S AMIMOC LEATHER MOCCASINS Size 6 , Coconuts Womens Lasso Ankle Boots size 6.5 , Sporto® Christie Waterproof Suede Stretch Boot BLACK SUEDE round 10WMarc Fisher Yale Pointed Toe Ankle Booties 513, Pewter Multi, 6.5 US , Vero Cuoio Women's Zip Boot - Black - Size 10 WAntelope Women's 793 Coffee Leather Ankle Boots 39 EU/9M US , VICTORIAN $189 GUESS JIRINA * BROWN * SUEDE LEATHER STEAMPUNK ANKLE BOOTS 8.5 , ZARA Woman Black Leather Pointed Toe Ankle Boots Size 38Cougar waterproof Leather White 2-tone Woman's Tennis Shoe Size 6 Medium New , New Arturo Chiang Gray Grey Rakel Gathered Heel Zip Bootie Boot Sz 9 8.5 $159 , Mi Bottes EXCUSA Daim velours Gris Taupe Clair T 43 TBE , Vogue High Heels Stilettos Womens Fur Trim Ankle Boots Shoes Booties Plus Size , Skechers Womens Relaxed Living-Well Wisher Slip-On Loafer- Pick SZ/Color.Marc Fisher Black Leather Julita Pointed Toe Ankle Boots 9.5 NEW , EUC J. Crew Pearl Pink Patent Round Toe Ballet Flats size 8.5 , REBBECCA MINKOFF "Faith" Sandle size 10 Retails $250 Clearance sale $85.00 , Women's Upscale Cole Haan Country Open Toe Leather Flats Mules Sandals Shoes 8AALadies Rieker Flats Label - L8360Earth Women's Violet Slip-On Light Blue Soft Buck FlatsNew Balance Womens Ww665km Grey/Pink Walking Shoes Size 9.5 (C,D,W) (326488)Womens NAVY SKECHERS SIZE 7.5M In VERY GOOD CONDITION(225)New Balance Women's 696 Hybrid Pack Lifestyle Sneaker - Choose SZ/Color , SFC Shoes For Crews Energy White Leather Women's Shoes 9142 Sz 9.5 / 41 $69 NEWWomen's women mocassin boots BootsROCK AND CANDY Womens Brown Leather Knee High Chunky Heel Boots Size 9.5 , Dansko Women's BLACK Oiled 206020202 USED SIZE 39 (S334)Trotters Women's Lucy Woven Slingback Navy Leather Slingbacks

Converse Chuck Taylor All Star 20220 Dainty Ox Chuck Shoes Converse Red MSRP $57 dbb8601 - digitalcraftmedia.com




Athletic Shoes
5364726
5597822
7680730
11143106
11681698
12064556
13474804
17086289
18072101