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

Flex Comfortable Flex & Go Womens Made Comfortable Slip On Leather Shoes Made In Portugal 17e0577
Flex Comfortable Flex & Go Womens Made Comfortable Slip On Leather Shoes Made In Portugal 17e0577 -

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.

Birkenstock Boston in Zinfandel EU Sizes 36 Women's SandalsNEW TORY BURCH EDDIE W LOGO BOW PINK BALLET FLATS SIZE 5 $225 , Stuart Weitzman Rialto Black Patent Leather Women's Low Heel Pumps Size 8.5 N , LADIES SHOES/FOOTWEAR -Cabello shoe 5388 black crinkleNEW Vince Acker Slip-on Sneakers Shoes Suede Espadrille light wood smoke 7.5Alegria Black Floral Leather Paloma Winter Garden Mary Jane Shoes 38 8 NEW , Gentle Souls Alexis in Black US Sizes 6.5-8.5 , Vionic Women's Shoes Size 9 Black Flat Slip On Spark MinnaARA Women's Slip-ons Low Shoes Ballerina blue, 39879 New , Arcopedico Shawna Brown Leather Flats Mary Jane, Size (US 9.5 to 10) , Dr. Martens Women`s 1461 LIMITED EDITION MIE Green Tartan ALL SIZES Ret. $300!!Tod's Womens Suede Patent Ballet Flats Ballerina Shoes Gray 38.5 / 8.5 , Burgundy Red Velvet Platform 90s Gothic Punk Sneaker Ankle Boots Demonia 8 9 10FABIO RUSCONI flat shoes leather black BraidWomen's Shoes Clarks Neenah Garden Cap Toe Ballet Flats 32503 Gunmetal *New* , MERRELL WOMENS ENCORE Q2 BREEZE ALUMINUM SIZE 8.5 WIDEMBT Shoes Black Swiss Engineered Walking Mary Janes Womens Size US 6-6.5Womens 7.5 8 38 Henry Beguelin Tan Hair Calf Fur Moccasins Flat Slippers Slip-OnFitFlop Black Leather Tassel Superskate Slip on Loafer Shoes 9 41 NewSam Edelman Loraine Gold Bit Metallic Silver Leather Loafer Shoe 7.5 NewNEW DANSKO WOMEN'S NEELY SLIP-ON LOAFER TANGERINE LEATHER 38 8 MEDIUM $145 , LADIES SHOES/FOOTWEAR -Rieker L3853 black crinkle shoe , Lanvin Dark Blue Black Leather Cap Toe Ballet Flats Size 9Cabello Comfort Womens 761-27 Leather Shoes Made In TurkeyNEW DANSKO WOMEN'S PROFESSIONAL SLIP-ON CLOG BLACK SCRIBBLE 42 12 MEDIUM $135$395 GIVENCHY Ninni Magnolia Print Leather Ballet Flat Black Womens 9 US 39.5 EU , LADIES SHOES/FOOTWEAR -Cabello shoe 5481 navy crinkle , Women's Twisted X Turquoise Basket Weave Driving Mocs Slip On D Toe - WDMS006Fly London Softinos Black Washed Leather Ita Slip-on Shoes Loafer 38 7.5 8 NEW ,

More Stories

Style & Co. Womens Astaire Brown Riding Boots Shoes 6 Medium (B,M) BHFO 1981 , MARK HIGH PERFORMER GOLD STUDDED CAP TOE BOOT - SIZE 10Man Woman Plush Fur Paw Claw Boots Polar Bear Animal Party Home Slipper Shoes , Charles By Charles David Women’s Mid-Calf Boots Sz 7.5 M Black Leather Heeled , INC Womens Zennora Black Faux Suede Ankle Boots Shoes 6 Medium (B,M) BHFO 6673De Blossom Collection Comfortable Round Toe Side Buckle Ankle Boot Size 10 , Cape Robbin Evan Black Leather Chic Block Metal And Lucite Heel Ankle BootieNew Women's Skechers 48622 Shelbys Coppenhagen Boots - Gray Size 6 (C3) , Vintage Blondo Apres Ski Shearling Boots - Womens 9Marc Fisher Womens Vortex Leather Almond Toe Ankle Fashion Vigonia Size 9.0 , Me Too Women's Legend 2 Ballet Flats Patent Leather Shoes Black Size 6 , Circle S Brand Leather Boots Ladies 8M Black Great Detail Pirate Gaucho BrazilCliffs by White Mountain KESHA Sherpa Cuff & Trim Mid-Calf Zip Womens Boots 10 , Women's Eddie Bauer Waterproof Ankle Boots Blue With Black Stripe 6 Pre-OwnedG By Guess Hailee Women US 5 Brown Knee High BootTORY BURCH Metallic GOLD Flats Shoes with Logo Smooth Size 8 , Anthropologie Trinket Flats Shoes Ballerinas Patent Leather Bow By Pilcro Sz 8.5Vintage GIANNI VERSACE Square Toe Black Italian Vero Cuoio Leather Mules Sz 35NEW J. CREW PATTERN SILK HABOTAI BALLET FLATS GOLD YELLOW PINK SIZE 6.5 ITALYPikolinos Pisa 937-7389 Womens Ballet Flat- Choose SZ/Color. , AUTH YSL Saint Laurent Leather Espadrilles Loafer Shoes 36.5HOGAN women shoes Black suede stretch ballerina flat with patent leather accents , Sperry Top-Sider Women's a/o Haven Boat Shoe Coral 7.5 M USNWOB TE CASAN Multi Color JENA Patchwork Flat Shoes Sz 39 270645DZWomens MUNRO AMERICAN PACE olive green suede fashion sneakers sz. 11.5 $180Women's Columbia Caldorado III Trail Running Shoe color Grey size US 6New Balance Women's 574 Miami Palms Pack Lifestyle Fashion Sneaker , Dansko Women's Harriet Flat Black Stretch/Suede Size 7.0 dCnT , Nike Free Run CMTR Womens Running Shoes Purple Dust/Hyper Turq/Platinum Size 9.5Womens Size 7 B Justin JBL3000 BLACK COW Roper Western Cowboy Boots ,

Flex Comfortable Flex & Go Womens Made Comfortable Slip On Leather Shoes Made In Portugal 17e0577 -