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

Women's Knee Crown By Born NEW! Roxie Shoes Shoes Leather Knee High Fashion Boots Size 5 M NEW! 9af5bc6
Women's Knee Crown By Born NEW! Roxie Shoes Shoes Leather Knee High Fashion Boots Size 5 M NEW! 9af5bc6 -

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.

Jeffrey Campbell Taggart Ankle Booties Taupe Suede Excellent Condition Size 9.5 , Zara New Fabric High Heel Boots With Stretch Black Size 9/40 NWOB Retail $89.90 , Vionic Suede Ankle Boots - Anne Black 7 wideWomens Charlie 1 Horse Western Lucchese Tie Back Heels Cowboy Boots 7ADIDAS CW CHOLEAH PADDED BOOT Vapor Steel Green CLIMAPROOF AQ2598 SIZE 10 NIB!Ariat Women's Broadway Work Boot, Trendy Tawny, 8 B US , NEW* Bearpaw Hickory NEVERWET Suede Ankle Boot with Faux Rabbit Cuff Trim 7M , Ros Homerson Womens Black Size 7 W Brown Two Tone H41907 Leather Riding Boots , Anthropologie MIZ MOOZ Blogger’s Fave Danita Black Leather Ankle Boot 39 / 8.5Shellys London 'Toreth' Platform Boot - Women's size 9, BlackVince Brigham Bordeaux Burgundy Oxblood Peep Toe Bootie, Size 8.5Madden NYC Josiee Women's Size 8.5 High Heel Combat Boots Metallic PewterSoftWalk Rock Creek Wide Calf Suede Western Boots, Women's Size 8 M, Dark GreyWomens Sperry Sweetwater Navy/Tan Duck Boots STS98305 Waterproof Sz 10 F442Steve Madden New Tempe Black Womens Shoes Size 8 M Boots MSRP $109L.K. Bennett Dionne Tan/Cognac Leather Boots US Size 9.5, UK Size 42 , NEW MANAS Women's ARABELLA Cold lined classic boot Leather Women's US 8.5 MNEW BEARPAW Womens 1813W Serena Boot Size US 7 , VTG Dexter Cowgirl Boots Womens 8 M Red Burgundy Leather 3" Heel Cowboy USAMARNI Women's Size 39 (7.5-8) Brown Suede Silver Side Zipper Ankle Boots Booties**Vince Camuto Vayda Bootie - Women's Size 9.5M - BlackLane Bryant Womens Sz 9W Cabernet Red Velvet Stretch Ankle Boot Booties NIB , NEW without Box Sam Edelman Womens Sz 9.5 Kaleb Suede Fringe Boho Booties Heels , VIA SPIGA 'Gillian' Round-Toe Pull-On Suede Leather Boots (Cashew/Tan) Size 10MClarks somerset Brown suede ankle Boots size 9.5 NEW Retail $120 , Frye Harness 12R Womens Sz 8.5 Leather Western Brown Biker Riding Work BootsJeffrey Campbell Women's Cloudy Rain Booties, Black, 9 M USFree People Nude Tan Leather Booties Slouchy Soft 40 , Ladies Harley Davidson Riding Boots size 61/2

More Stories

G by Guess Womens Hailee WC Round Toe Knee High Fashion Boots, Brown, Size 9.5 S , WindRiver Women's Waterproof High-Cut Faux Fur Winter Boot Black/Grey Size 7.5MCasual Outfitters Ladies Boots Color:Brown Sizes: 5-10 Material: Faux MicrosuedeLL Bean Goretex Brown Leather Vibram Hiking Boots Shoes Womens Size 7White Shiny PVC Platform Nurse Fetish/Costume Ankle Boots Size 6 by Fantasma , White Mountain Womens auburn Closed Toe Ankle Fashion taupe suede Size 8.0 kzg , Naturalizer Katrina Leather Buckled Straps Ankle Booties Gray 11 NEW 498-079WOMEN'S GOLD BOOTS BY METRO-SIZE 7-BRAND NEW WITH TAGSAndrew Geller Waive Dark Brown Patent Mini Wedge Tall Boots NEW , Via Spiga Women's Black Leather Idelissa Tall Riding Boots Shoe Size 6.5 M NEW!BLONDO Made in CANADA Waterproof Suede w/Pure Wool Lining Boots Size 7B Régence , Guess Women US 8.5 Black Embellished Studded Ankle Heel Boots , Stylish Womens faux suede pointy toe stiletto heel cross trap ankle boots Zip Sz , TORRID $79 Gray Faux LeatherBOOTS Womens US 11 W WIDE CALF Knee High Zip NEWNEW (Wide Calf) Fitzwell Mesquite Leather & Suede Riding Boot - 7M , Nine West Gowithit Suede Booties, Women's - Size 7.5 M, GreyBella Vita Zofia W Round Toe Leather Bootie - Size 9 W, BrownIvanka Trump Overland Tall Back Stretch Boots, Black Multi, 6.5 US Display , Boots MAM'ZELLE chaussure compensé à talon femme botte montante chelsea CUIR 38 , BOEMOS Nearly NEW Navy Leather Penny Loafers Shoes Womens Size 6.5 M EU37IVY KIRZHNER LADYBUG Electro Plum Leather Flat Embellished Slide Mule SandalsRebecca Minkoff Sable Fashion Sneaker - Women's Size 9 M - Multi-Color , SAINT LAURENT YSL LOULOU 95 ANKLE STRAP SANDAL BLACK PATENT SZ 40 NEW YVESBurberry Heritage horn Hodgeson white espadrilles Women's size 8.5 b Euro 38.5Klogs Imperial Women's Leather Comfort Clog Black - 9 MediumNew Women's Sperry A/O 2-Eye Embossed Navy Boat Shoes Leather 8 8.5 9 9.5 10 11Puma Muse Echo Women's Size 9 Fashion Sneakers Shoes White , Nike Juvenate Athletic Women's Shoes Size , Women's A/O Brown 9195017 Sperry Flats , Womens Lovely Stitching Cat Pull on Snow Winter Warm Ankle Boots Cute Shoes New ,

Women's Knee Crown By Born NEW! Roxie Shoes Shoes Leather Knee High Fashion Boots Size 5 M NEW! 9af5bc6 -