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

NEW Madewell $98 The 5sfg-24233 Ava Slingbacks Flats Flats 6 in Suede antique purple 6 H6686 c992f04
NEW Madewell $98 The 5sfg-24233 Ava Slingbacks Flats Flats 6 in Suede antique purple 6 H6686 c992f04 - 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.


Womens New Mules Shoes Bee Embroidery Slippers Real Leather Loafers Horsebit New , B&CB FREE PEOPLE At Ease Gold Loafer Slide Mule Sold Out! Sz 9 39 , Stuart Weitzman Women’s Silver Mesh Diamond Studded Cap Toe Wedge Flats 11.5 NNEW Kenneth Cole New York Gold Loafers Flats Shoes Size 6 , COMFORTIVA SALLIS WOMEN'S FLATS LEATHER SLIP ONSanuk Women's Donna Crochet Loafer Flat White/Oatmeal 07 M USDemonia by Pleaser Women's Daisy-09 Mary-Jane Flat Black Polyurethane , Dr Martens Womens Size 7 () Brown 2-Strap Mary Janes 8065 MIE , Fulinken 8 Color Sz 5-10 Bridal Wedding Dress Prom Flats Heels Pumps Shoes W388Tory Burch Womens Black Slides Size 9.5 (409907) , MUNRO SHOES BLACK/METALLIC LEATHER LOAFERS W ELASTICS SIZE 8SS /38 MADE IN USA !JCrew $168 Kiki Ballet Flats in Houndstooth Jacquard Sz 6 Red & Blue F8505 AVL , Women's Sperry Songfish Painterly Stripe Graphite Boat Shoes -SIZE 7 Medium--NEW , j. crew collection Viv calf hair flats size 7.5ALEGRIA Palima PAL-505 Houndstooth Mary Janes Shoes Patent Leather 9, 40 - NEW , Birkenstock JENKS Narrow BLUE Navy Sneaker Loafer tennis shoe US 11 , Bernie Mev Women's Demure Flat Black 39 EU/8-8.5 M USNEW BLUNDSTONE WOMENS WORK RANGE JOGGERWomen's JACK ROGERS REGINA 228680 bright pink leather ballet flats sz. 6 MEileen Fisher Lee Espadrille Loafer, Women's Size 6, BlackAGL Attilio Giusti Leombruni Womens Black Leather Wedge Flats Size 38 M* , Vintage Prada Loafers Kelly Green Suede Women's Size 9 () Made in ItalySkechers BOBS Women's Pureflex3-Stretch Skimmer Ballet Flat - Choose SZ/Color , Softwalk Meredith - Grey's Anatomy Professio Multi Mosaic - 9 MediumCollegiate Women Check Loafer Leather Low Top Block Heel Round Toe Leisure Shoes , Dansko Canvas Red Purple Print Espadrille Clogs Womens Size 40 USJon Josef Women's Beijing Loafer Teal Lime Green Linen Smoking Flats Shoes Sz 9Anne Klein Women's OVI Ballet FlatSAS Freetime Walking Shoes - Women's Size 8.5M, Bone


More Stories



Tags
Zodiac Boots Childs Size 7 Black , Snowboard Boots “DC” Brand Shoes Women's Lt Gray/Gray/Charcoal , New B.P. Nordstrom Brown Suede Chelsea Ankle Boots Women's 8 MUnisa Womens adivan Fabric Closed Toe Over Knee Fashion taupe fabric Size 10.0Predictions Mid-calf Womens Chocolate Brown Zip Up Boots 2 in Heel Sz 6 1/2 , Fabulous Suedette Formal Women's Black Zip Up Medium Heel Ankle Boots New , NWOB Weatherproof Womens Alexa Sneaker Boots Free Shipping , GO WEST Bottes RANCHERS Croûte de Cuir Camel T 37 TBERockport Rola Nutella Tumbled LTHR Mid-Calf Boot Size 7.5M D1123/ , Steve Madden Bradleee Taupe Leather Belted Mid Calf Boots Womens Size 6 M*Sz 35-44 Womens Sexy Patent Leather Pointed Toe Over Knee Boots Stilettos ShoesDelicious womens brown wedge heel faux fur trim winter boot size 8Lamo Ocotillo Chestnut Size 6 US Women’s Mexican Blanket Style BootsLADIES DURANGO CRUSH " ROCK N SCROLL" WESTERN BOOTS RD5512 , White Mountain Women's Havana Ankle Bootie, Black, 6 M US … , J Crew JCrew Flats Shoes 12 12M 12B 42 , Proenza Schouler PS28125 Slip On Flat Loafers Silver Women’s 36 US 6NIB Tory Burch Perforated Gold Logo REVA Leather Flat Shoe Blaze Orange Sz 9Mint Velvet Bibi Gray Plimsolls UK7/US9/EU40 BNIB! ASONaturalizer Women's Channing Slip-On Loafer Black 9.5 W US , ASICS - GT-1000 5 Running Shoes - Women's Size 12 - Coral , Katy Perry Womens the heart sneaker Leather Low Top Slip On Fashion Sneakers , TOD'S Italy Blue Suede Leather Pointy Toe Ballet Flats Size 38.5 , Aetrex Kelly EF800 Black Single Strap Slip-On , Mephisto Womens 9 Mary Jane Cool Air ShoesFlexus by Spring Step Women's Cubby Trimmed Slide Black Patent/Pewter , Skechers 13800 Performance Womens Go Walk Affix Slip-On Walking Shoe , C. Label Women's Black Hannah Ankle Boots - Size 6.5Matisse Ladies 10 M Becky Black Leather Side Zip Knee High Riding Boots Brazil , Dolce Vita Women's Kenzie Taupe Suede Ankle Boot US 10

NEW Madewell $98 The 5sfg-24233 Ava Slingbacks Flats Flats 6 in Suede antique purple 6 H6686 c992f04 - digitalcraftmedia.com




Flats
465104
2869447
5717015
7211610
8857162
9268142
14638663
14883808
19015139