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

Matt Bernson Burgundy Belted Suede NEW Belted Suede Wedge Boots NEW 9db98a5
Matt Bernson Burgundy Belted Suede NEW Belted Suede Wedge Boots NEW 9db98a5 - 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.


Rosegold - Black heel booties - Size 36.5 (5.5 US)Casual Ankle boots Womens Comfy Block Low heels Round toe Platform Buckle Shoes , $225 GABOR Brown Suede Fur-Cuff Modern Granny Boots YOOX German Brand 4Bass Lite Meredith Wedge Boots Size 9M Black Leather Ladies Shoes , Frye Womens Shoe Size 6.5B Tall Tan Leather Pull On Boots Ankle Strap B118 , Fashion Women Rain Boots Flat Waterproof Red Zipper Knee High Mid Calf Boots New , Rebels Lattice and Pink Suede Leather Ankle Booties Size 6 , Anne Klein Womens Sz 10M Leather Boots iflex Booties Pointed Toe - Side Zip , CRUSH DURANGO RD3217 SLOUCH BROWN HARNESS MOTORCYCLE COWBOY WESTERN BOOTS SZ 6 M , JUSTIN STYLE #L0506 BLACK LEATHER WOMEN'S BOOTS SIZE 6B MADE IN THE U.S.A. , Ladies' Ash Tall Leather Black Zipper Boots Size US Size 6 LeatherB Makowsky Nellie Black Suede Oxford Wedge Ankle Boot Bootie New , Sporto Ellie Navy Blue Suede Quilted Waterproof Snow Midcalf Boots SALEAldo Haviax Red Suede Ankle Boots Pull On Size 9Lucky Brand Ashbee Women's Boots Black Size 8.5 MWomen's Round Toe pull on low heel knee high boots knight snow boots shoes , Forever 21 Women's Vegan Wine Chunky Heel Mid Calf Back Zip Boots Size US 6M , Chinese Laundry Two Step Mid Calf Leather Boots 9.5 Brown Women Wooden Sole , RANCHO Size 8 On Your Feet Women’s Brown LEATHER SOLES Western Cowboy BootsNORTHSIDE WOMEN'S SPINDRIFTER INSULATED SNOW WINTER BOOTS US 7 -40F/-40C , [BRANDNEW] Amanda Smith FATE Black Leather MidCalf Boots Size 9M Made in BrazilWomen Over The Knee Thigh High Velvet Stretch Boot Navy Blue Block Heel 7 , GUESS!! SANA BOOTIE WOMEN'S SIZE 8.5 CAMOUFLAGE STYLE ON TOP ZIPPER ON THE SIDE , VIA SPIGA ITALIAN LEATHER BOOTS WOMEN'S SIZE 10M BROWN WEDGE KNEE LENGTH PULL ON , MATISSE BECKY BROWN DISTRESSED LEATHER ZIP BUCKLE RIDING BOOTS size WOMEN'S 8 M , New Vasque Womens St Elias GTX Leather Athletic Hiking Outdoor Mid Boots Sz 10.5Silver 1.5 Hidden Wedge Heel Side Strap/Button Sexy Mid-Cal Boot Size 6 , Clarks Nevella March Womens Brown Suede Casual Dress Strap Boots Shoes , Mossimo Supply Co Women'sKayce Cognac Tall Boots - Size 8.5 Ext Calf


More Stories



Tags
Not Rated Cupertine Women's Faux Leather Caged Heel Bootie ShoesRoxy Marley Ankle Boot Size 10 Brown Faux Suede w/ Fringe- EUC!!Womens Black Studded Platform Boots/Booties Size 8.5Steve Madden Eminent Pull On Ankle Boots 950, Black Patent, 9 USCole Haan Womens Ankle Boots Red Patent & Wine Nubuck Waterproof Size 7BNew Rubber Rain Garden Boots Shoes Black Polka Dots 8 9Over knee thigh length Boots Vintage High Heels Crossdresser Mens Cross playWinter New Women's Booties Increased Martin Boots Scrub Leather Wedge BootsDonald Pliner Women's Size 5.5 Lucano Brown Leather Side Zip Knee High Boots , Clarks Women's Brown Leather Jolissa Topaz Ankle Boot 10M , Columbia Lavela II Winter Snow Boots Womens 9 Black Suede Warm Waterproof Fuzzy , Marc Fisher Womens Vandra Suede Almond Toe Ankle Fashion Boots, Black, Size 8.5 , New Women Miss L Blanch Cutout Pointy Toe Lug Sole Chunky Heel Zip Bootie SizeVero Cuoio Leather Detailed Boots- New , CLARKS Women's Everlay Luna Slip-On Loafer, Black Leather, 9.5 W US , Tory Burch Snakeskin Ballet Flats Shoes 9 Brown Leather Logo Stamped , Sperry Top-Sider Ambrose Brown Olive Leather Ankle Boots Women’s Size 6 M *Sas Bliss On Low Heel Shoes Womens Casual Shoes Low Heel , NEW! AGL Ivory Perforated Leather Platform Oxford Loafer Wingtip Shoes 38.5, 8.5 , NEW $110 KEEN Brown PRESIDIO Leather Oxford Casual SHOES WOMENS 7 NIB -LAST PAIR , Enzo Angiolini Ivory Black Espadrilles Flats NWOT Size 8 , Paul Andrew Zoyra Brown Seude Cutout Shoes (38) , Thom Browne Loafers shoes - BNWT- RRP$1,730 , J.Renee Women's Dewport Ballet Flat - Choose SZ/ColorReport Andre Zip Studded Sneakers - Women's Size 8.5, BlackNike Womens Kaishi Running Trainers 654845 Sneakers Shoes 431 , Nike ID Sprint Sister Premium VGT Brown Black Gold White Size 8.5 , SPERRY TOP-SIDER Dark Grey Leather Women's Shoes Size 6.5 , Clarks 26116791 Vailee Frost Black Nubuck Women's Casual Shoes , Sano by Mephisto 'Excess' Walking Shoe, Women's Size 8, Silver

Matt Bernson Burgundy Belted Suede NEW Belted Suede Wedge Boots NEW 9db98a5 - digitalcraftmedia.com




Boots
778276
939954
2450703
2795814
4038548
6576314
11059508
13251903
17524447