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

FENDI shoes 17808 red ballet patent leather women ballet FENDI flats AV223 ce46be7
FENDI shoes 17808 red ballet patent leather women ballet FENDI flats AV223 ce46be7 - 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.


Tory Burch Women’s Gray Wool Brown Ballerina Flats Size 6.5 , Tory Burch Miller Black Patent Stamped Floral Thongs Sandals Flip Flop 9.5 Slide , Womens LANVIN black / taupe leather cap toe ballet flats sz. 7.5 $550Prada Women's Shoes Calzature Donna Espadrilles Multi Color Flats Size 39Stuart Weitzman Circuit Cola Sport Suede Brown Clogs Size 6 1205BT146 MOMA shoes yellow leather women slip onLADIES SHOES/FOOTWEAR - Naot Soprano sandal latte mapleLuca Grossi 1001r Black Beige Leather Patent Round Toe Flats Shoes 41 / US 11Rag & Bone Women's Black Leather Suede Cooper Loafers Shoes size 38.5 new in boxCB CECELIA BRINGHELI Womens Light Brown Suede Loafers Sz 39 , Lanvin Black Textured Leather Slip on Sneakers Size 37 , Corral Fashion Shoes Womens Rope Design Cutouts Zipper Tan C3193GENTLE SOULS Womens Black & White Striped Leather Sz 7 M Loafers NEW! 204308 , Isabel Marant Women's Hidden Wedge Tiger Sneakers /US 11 Blue Bel Calfskin , Tory Burch REVA Black Patent Leather Ballet Flats CHOOSE YOUR SIZE Used No BoxCHIARA FERRAGNI Popcorn & Soda Glitter Sneakers Nib Size 6 Sold Out BloggerNIB AGL Belted Block Heel Pump 39.5/US 9.5 Night Shimmer Leather Attilio Giusti , SAS BEIGE LEATHER Tripad Comfort Women's Free Time Walking Shoes Size 10 M EUC , Manuel Barcelo Navy Dark Blue Velvet Loafer 1.25" Rubber Platform Size 40 NEW , Attilio Giusti Leombruni Beige Leather Dara Ballet Flats Size 34.5 NIB $325 ToeTOD's Fuchsia Leather Slip On Loafers size 5.5TORY BURCH Reva silver leather logo detail ballet flats shoes size 7 WORN ONCETORY BURCH TAUPE GREY EMBOSSED SNAKE LEATHER BALLET BOW FLATS SHOES 7.5 1/2 MBadgley Mischka Women's Davis Pointed Toe Flat, Dark Pink, Size 7.5NIB TORY BURCH WHITE LEATHER STRAW NATURAL RAFFIA BIG REVA BALLET FLATS 10.5F-937202 New Valentino Flats with Pink Feathers and Strap Marked 39 US 9JOHN FLUEVOG women's SIZE 39 (8.5 approx) light pink WORN GENTLY vintage leatherLuca Grossi 511a Beige Bronze Leather Elastic Shoes 35 / US 5$350 size 35 US 5 Alexander Wang Devon Denim Zip Espadrille Womesn Shoes Spain


More Stories



Tags
Roxy Tan Suede Pull On Cowboy Western Boots Womens Size 9 D Style Giddy-Up , AR35 Stansie Pull-On Ankle Boots 249, Sand, 8 USECCO Black Leather Ankle Boot women size 6.5 7 zipper heelAldo Boots Womens Suede Size 9.5 USStuart Weitzman Womens Ankle Boots Zip Heels Pointy Toe Canvas Black 10 M S58women's black rubber equestrian boots made in Israel size 37 XLGood conditionDolce Vita Women's Piscal Wedge BootWomen's NOCONA L207 Soft Brown Leather Cowboy Western Boots Size 7 1/2 C , Madewell Billie Black Leather Ankle Boots size 9.5Womens Ladies New Fashion Leather Cutout Tassel Platform Ankle Boots Shoes Rainb , Propet Women's Scout Boot, Black, Size 7.0New Sam Edelman Klara Almond Toe Black Boots Size: 6.5MNINE WEST NWADELE BLACK SUEDE OVER THE KNEE THIGH HIGH BOOTS SIZE 12M C132 , Ladies Rieker Slip On Loafers 537A6 , Ivanka Trump Signature Riding Boot Black Leather Gold Buckle Zipper Size 5 , Unity Carlos Santana Women Rambler Boot Black Suede Studded Moto Slouch Boho 9.5 , Avenue Womens Suede Over The Knee Boots 11wCOBRA SOCIETY Orange Najet Tapestry Loafers , NIB - SALUDOS Canvas Blue - White Embroidered Mules. Size 8.PRADA Ballerines à bride bouts ouverts tout cuir noir 37 ITL EXCELLENT ETATCB CECILIA BRINGHELI Brown Suede Shoes Tassel Flats Mocassin Loafers Size 10 USnew $995 Giuseppe ZANOTTI black GLADIATOR buckled zipper flats shoes 37 7 - BEST , Stuart Weitzman New Chicflat Blue Womens Shoes Size 5 M Flats MSRP $365NIB Tory Burch Divine Bow Driver Leather Ballet Flat Sz 5.5 in SPARK GOLD , Anya Hindmarch Teal Dyed Calf Fur Buckle Kitten Heel Shoes Size: 38Donald Pliner Harriet Bow Suede Flat, 6, Purple , Adidas Originals Eqt Equipment Support RF W Women's Sneakers Shoe Sneaker BY9105 , Adidas Round It Wedge Suede Sneaker Boot Women Sz 8.5 Multi Beige Purple Ath HipCapezio Women's N625 Jr. Tyette Tap Shoe - Choose SZ/ColorWomen's Brighton Heart Flats Flats

FENDI shoes 17808 red ballet patent leather women ballet FENDI flats AV223 ce46be7 - digitalcraftmedia.com




Flats
362270
2121171
7903005
8876911
9944095
10849562
11522533
11816665
17177977