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

Crown Vintage Womens Kallee Fabric Kallee Closed Toe Vintage Ankle, Black localjoes-19583 Fabric, Size 6.5 v8BL a63c4e1
Crown Vintage Womens Kallee Fabric Kallee Closed Toe Vintage Ankle, Black localjoes-19583 Fabric, Size 6.5 v8BL a63c4e1 - 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.


Dolce Vita Womens Gwen Suede Almond Toe Ankle Fashion, Anthracite, Size 9.5Easy B 'Canberra' Ladies Brown Leather 3/4 Length BootsGeorgia GB00084 Mid Calf Boot Black Size 12W US size 11.5 M pEzTCrown Vintage Womens kamron Fabric Almond Toe Ankle Fashion, Taupe, Size 8.0 xzqCarlos by Carlos Santana Womens Candace Closed Toe Mid-Calf, Brown, Size 6.5 o80 , Khombu Womens Jenna Closed Toe Mid-Calf Cold Weather Boots, Navy/Tan, Size 7.0 h , Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Blue, Size 7.0 WAO , Naturalizer Womens zarie Fabric Pointed Toe Ankle Fashion, Taupe, Size 12.0SALE Clarks 'Luminere Spin' Ladies Taupe Suede Ankle BootsCrown Vintage Womens Khlowi Almond Toe Ankle Fashion Boots, Grey, Size 7.5 fO3j , Bar III Womens Dove Closed Toe Ankle Fashion Boots, Black, Size 10.0 zebpCrown Vintage Womens carly Leather Closed Toe Ankle, sparrow taupe, Size 9.5 rJC , RELATIVITY WOMEN'S AVALANCHE FAUX-FLEECE-LINED COMFORT BOOTS BLACK US SZ 6.5 MEDCrown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 8.0 ZNG , Alfani Womens Biliee Leather Round Toe Knee High Fashion Boots, COGNAC, Size 7.5Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Black, Size 10.0 HANNIE SHOES WMN'S BLISS ANKLE BOOTS BLACK/BLACK CROC SYNTHETIC US SZ 6.5 MEDIUM , Carlos by Carlos Santana Womens Candace Closed Toe Mid-Calf, Grey, Size 6.0 HzYVMatisse Womens scout Suede Almond Toe Over Knee Fashion, Midnight, Size 8.0 lDpi , LifeStride Womens Xandy WC Fabric Round Toe Knee High Fashion, Grey, Size 11.0 , Carlos by Carlos Santana Womens Galina Leather Almond Toe, Mustang, Size 10.0 , Jessica Simpson Womens Caysy Leather Closed Toe Ankle Slater Taupe Size 10.0 tYellow Box Womens sunny Fabric Closed Toe Ankle Fashion Boots, Taupe, Size 8.0 2 , Anne Klein AK Sport Women's Jeannie Leather Ankle Boot, Dark Cognac, Size 6.0 kCAlfani Womens Adisonn Leather Closed Toe Ankle Fashion, DARK ROAST, Size 6.5 HBa , PADDERS CHICAGO BLACK OR TAUPE KNEE HIGH BOOTSEnzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Blue, Size 7.0 HnT , American Rag Womens Lorah Closed Toe Knee High Fashion, Chocolate, Size 9.5 VZGB , FLOCE Shoes 574268 Black 24cm ,


More Stories



Tags
Size 7.5 - CANDIE'S Women's Faux Leather Brown Biker BootsBareTraps Women's 15" Sabio Boot Brown *Mismate* Left 8M / Right 7.5M , Isaac Mizrahi Leather Oval ToeAnkle Boots Goldtone Buckle Caramel 8M NEW A267122 , Tommy Hilfiger WOMENS Black Zip Up Knee High Riding Boots 7.5 M (b26)New Women's Ankle Boots With Buckle Accent Size 6 CamelRACHEL ROY BLACK LEATHER BOOTS 10MNew Funky Yellow Butterfly Chunky Heel Ankle Boots Size 4/5/6/7/8/8.5/9Easy Street Women's Lyla Ankle Bootie, Black Flannel/Black, 6 M USChristian Sirjano Black Suede Heel Ankle Boots US10 /4b2h The North Face Thermoball Roll Down II Booties Snow Boots Gray Womens Sz 7Nine West Womens Orion BootM- Pick SZ/Color. , Material Girl Womens Rheta Closed Toe Ankle Fashion Boots, cognac, Size 9.0 rZQhBotte Bottine Femme Talon Carré Similicuir Triple brides pierre-cedric! , Moero Women's Shoes Brown Leather Zip Up Ankle Bootie Heels Size 5 M NEW! , Guess Breki Boots - Women's Size 8M, Taupe , NEW LOGO by Lori Goldstein PAIGE Short Shaft Novelty Moto Boots 7 BLACK CAMOVince Camuto Womans NEW Sexy Black Trapeez Buckle Ankle Booties Boots sz 7 $160Tecnica Skandia Real Fur Boots BLACK Size 5.5 Women's , Women's Pack Noelle Winter Boots - Grey 7 , FINN COMFORT Germany, 10 US Womens, 7 1/2 UK, P-W-28 , Christian Louboutin Sakouette Maroc Black Gold Suede Embroidered Loafers Euro 37Minnetonka Women's Deerskin Beaded Moccasin Loafers ShoesSaucony Women's Liteform Feel Running Shoe, Grey, 9.5 Medium USWomens Platform Wedge Fashion Sneakers Casual Shoes Sport Ankle Boot Creeper New , Women's Flex Experience RN Training, Running Shoes Size US5.5 UK3 , Women's Baretraps Nafila Women's FLATS Black FlatsWomen's zara leopard boots Boots"Newest" Women's Suede Leather Double Gored Ankle Booties in Black - 6.5 , Altra Womens Torin 3 Shoes AFW1737F-4 Grey/Pink Size 8NEW Casual Winter Athletic Sneaker Sports High Top Shoes Creeper Women Sequins ,

Crown Vintage Womens Kallee Fabric Kallee Closed Toe Vintage Ankle, Black localjoes-19583 Fabric, Size 6.5 v8BL a63c4e1 - digitalcraftmedia.com




Boots
1440284
5604250
8392871
9239825
15204892
15262342
15600127
16252029
17518261