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 ShoesFrye 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 NewRebels Lattice and Pink Suede Leather Ankle Booties Size 6Anne Klein Womens Sz 10M Leather Boots iflex Booties Pointed Toe - Side ZipCRUSH 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 NewSporto Ellie Navy Blue Suede Quilted Waterproof Snow Midcalf Boots SALE , Aldo Haviax Red Suede Ankle Boots Pull On Size 9 , Lucky Brand Ashbee Women's Boots Black Size 8.5 MWomen's Round Toe pull on low heel knee high boots knight snow boots shoesForever 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 SoleRANCHO 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 MNew Vasque Womens St Elias GTX Leather Athletic Hiking Outdoor Mid Boots Sz 10.5 , Silver 1.5 Hidden Wedge Heel Side Strap/Button Sexy Mid-Cal Boot Size 6Clarks Nevella March Womens Brown Suede Casual Dress Strap Boots ShoesMossimo Supply Co Women'sKayce Cognac Tall Boots - Size 8.5 Ext Calf


More Stories



Tags
Womens Gray 5.5" Heel 1.5" Platform Front Feather Ankle Bootie Size 5.5 , Women's Predictions Size 10 Brown Suede Boots 3" Heels, Zippers , Woman's ~Girl's Brash black boot size 61/2 ~ Costume ~ Steam Punk ~Granny BootEddie Bauer Knee High Tall Boots Black Goth Chunky Leather Womens Size 8.5Sam Edelman Louie Boot Tan Fringe Suede Ankle Boots Booties Size 8.5Cole Haan Air Talia Booties Black Suede Designer Shoes Heels Side Zipper Sz 10B , Torrid Womens Genuine Suede Black Slouchy Boho Boots size 12 Wide Width & Calf , Steve Madden Cynthia Ankle Booties-Women's size 8.5 M Burgundy , INC International Concepts Womens Henry Nutmeg Brown Boots 7.5 M ShoesRASOLLI Brenda Women's Size 5.5 Tan Boots, NEW , ✿MIA HERITAGE Tan Suede Oiled Leather Straps 2.75" Heel Zip Boots 8.5 NEW! L@@K!Vince Camuto Bashan Over-the-Knee Leather Boot BLACK LEATHER 6.5M , GO MAX WOMAN'S BOOTS STYLE GREAT CONDITION SIZE 8 BROWN COLORBorn Womens Red Knee High Fashion Riding Leather Boots Size 7 , NWOT Womens Silver Peep Toe Booties Size 8.5MOpening Ceremony Leah Pearl Stitch Lining Oxford Flats 967, Black, 7 US / 37 EU , Paul Mayer Attitudes Bay Brighton Black Womens Shoes Size 8.5 M Flats MSRP $240 , FRYE 70723 Womens Blake Mule- Choose SZ/Color. , Chiara Ferragni Eye Graphic Point Toe Loafer, 39DT48-C MBT shoes pink nabuk women moccasins 7 - 7.5 ()Sam Edelman Women's Baylee Sneaker Silver Size 10.0 K7Cu , NIB Women's Aerosoles Classic 4 Give Royal Light Blue Leather Sandal Flat 8 1/2BNEW BURBERRY Womens Size 39 Driving Leather Flats Loafers Mocassins Shoes AquaSaucony Freedom Iso Pink Running Shoes Women Size 9.5 New , ASICS Womens - DivaBlue/IndigoBlue/White Running Shoes Size 8 (351691)SKECHERS Women's Flexible Fit Lite Step Natural Flats Shoes - Size 8 & 8.5 NWBWomen's New Women's Shoes 5.5 Athletic ShoesWomen's CLARKS Women's Wallabee Boot Flats , Womens Size 7.5 Steve Madden Brown Leather Baanie BootsArizona Brown Leather Clog Studs Size 42 US 11 Women’s  VERY COMFORTABLE! ,

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




Boots
438123
470024
8679129
10043680
10676785
10695904
10922872
12091830
18329079