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

Adidas W Women's Cf Advantage Advantage W - Fashion Sneakers Cf White Size 7.5 6bceb8b
Adidas W Women's Cf Advantage Advantage W - Fashion Sneakers Cf White Size 7.5 6bceb8b - 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.


Nomad Women's Yippy Rain Boot,Turquoise/ Black Monet, 9 M, NWB sold for $49.99Women's FILA Energized Cool Max Memory Foam Athletic Tennis Shoes Size 8 1/2Cole Haan Air Fashion Sneaker Shoes Size 8.5 , Nike AF 1 Air Force 1 334031-100 Womens 9.5M High Top Sneaker White Teal 179-10Nike Fly Wire Quick Fit Free XT Women's 9 1/2 Athletic Shoes US Womens Size 9.5Sanuk Sidewalk Surfer Limelight ll Rust Copper Bronze Sequin Shoes Size 7 NWT , New! Women's Skechers Glider/Lynx Slip-On Bungee White SZ 6 22704 J6 , Dr Scholls Scout Original Collection Weave/Leather Slip On Woman's Size 6.5 M , New Womens Canvas Shoes Wedge High Heel Casual High Top Shoes Boots Zipper YooocNew Balance 461 WT461RP Women's 9.5 Hiking Backpacking Sneaker Grey Pink , Nike Lab G Series Leather Fabric Athletic Shoes Size 9 Black PurplePearl Izumi Womens Road M3 Black/Scuba Blue Running Shoes Size 5 (3502) , Easy Spirit Twist2 Women Shoes White Fabric Slip On Sneakers Sz 10 MSkechers Shape-Ups Womens US Sz 8 M Metallic Silver Blue , Dr. Scholl's Women's Kimberly Slip Resistant Work Shoe Super White Size 9 MediumAhnu Womens - Chocolate Brown Trail / Hiking Shoes Size 7.5 MediumNew Balance Womens Wl515hnb M.FoliageGreen/Flame Fashion Shoes Size 8.5 (413938) , Ladies Fur Lined Faux leather Hidden Wedge Heel Sport High Tops Sports Shoes Hot , Mizuno Womens 410974.5C00.11.0900 Peacock Blue/White Running Shoes Size 9 , Skechers Women’s Relaxed Fit Gel Infused Running Shoes Memory Foam EUC! Size 7.5New Rockport Womens Roa Brand Hi Top Black Fashion Shoes Size 8.5 , Girl's Basics Hyper Rocket SP 5 PINK - Sz.9 - G357YPearl Izumi Womens - Black Cycling Cleats Size 6 (369264) , SKECHERS On-The-Go Glide Slip-On Loafers Shoes Womens Size 8.5 Navy Blue , TSUBO Womens US 9 Athletic Shoes Running Hiking Sneakers Nubuck LeatherNIKE Fierce Maxair Athletic Sneakers Shoes~White with Silver~Size US 6.5, UK4 , Pearl Izumi Womens W All-Road V4 Gray Cycling Cleats Size 9 (353237) , MBT Sport 04 Ladies 5.5 (37-2/3 Euro) Gray Masai Walking Toning Rocker Fitness , FootJoy DryJoys Fit-Bed Classic Leather Woven Saddle Golf Shoes Womens 6W Cleats ,


More Stories



Tags
Nine West Womens Nicolah Leather Closed Toe Knee High Fashion Cognac Size 5.0 , Rampage Ivelia Knee High Boots - Women's Size 7.5 W, Black/Brown , White Mountain Calisi Ankle Booties 856, Black, 10 US , ZIGI GIRL 'Tender' Size 8 M Brown Suede Leather Flat Heel Slip-On Ankle Boots , ROSE PETALS by WALKING CRADLES $295 CARLY Brown Napa Riding Boots Shoes 6 W NWT , Womens Shoes Bamboo Avenge-01M Chunky Heel Zipper Booties Chestnut Brown Size 10Brinley Co Women's Avita Ankle Boot, Brown, Size 12.0Style&co. Women's Frisky Platform Ankle Boots Black With Faux Fur Size 7.5 M , Steve Madden Brown Leather Zip Mid-Calf High Heel Boots Size 7.5 B Style Snap , NINE WEST 'Brienne' High Heel Almond Toe Wine Suede Booties Shooties 7.5M 8MAnn Creek Women's 'Clarens' Fur Trim Wedge BootiesSC35 Hadleyy Over The Knee Boots 554, Black, 8.5 US , Reba New Womens Stand Dark Brown Leather Boots 6.5 M Shoes NWOBFRANCO SARTO Bronze VEGAN Mid-Calf Boot 3.5" Strappy Heels Zippered Womens 10MBare Traps Women's Adalyn Snow Winter Ankle Boots Black Suede Size 5.5 MSantoni Women’s 100% Authentic Italian Made - Suede Tennis Shoes - USA Seller , Women's Mephisto Slip On Black Leather Loafers Sz. 9 M $290Tory Burch Laila Ballet Flat - Women's Size 7.5M Beige , Wolverine 1000 Mile Women's Nesbit Kiltie Oxford Shoes - W00800*TOD'S PONY HAIR LOAFERS SHOES BLACK OFF WHT WORN ONCE CLEAN EXCELLENT TAN 5 1/2NIB Hermes Black Rivoli Mules Size 37.5 , TORY BURCH ASHTONWomen T-Strap Flats Size 7 M Royal Navy Blue SuedeBOBS from Skechers Women's Bobs World Slip-on Flat , Dolce Vita Women's Cowan Loafer Flat - Choose SZ/ColorLiz Rene Women's Jacqueline 2 , Versace 19.69 B1670 CERVO BORDEAUX Brogue Women's Bordeaux USNew Balance Womens Wl574eb Black Fashion Sneaker Size 6.5 (C,D,W) (32713) , Women's Bowknot Engraving Ankle Boots Boots , Women's Duck Boots Size 8 BootsWomen's APT 9 PHEDRA Grey/Taupe Dress Mid Calf Pull On Boots New ,

Adidas W Women's Cf Advantage Advantage W - Fashion Sneakers Cf White Size 7.5 6bceb8b - digitalcraftmedia.com




Athletic Shoes
754386
4893081
5872582
6701520
6702444
11572687
12887158
13493205
17231959