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

Occident Shoes Women Lady Patent Rhinestones Leather Patent Rhinestones Square Toe Low Heels Casual Shoes 2715242
Occident Shoes Women Lady Patent Rhinestones Leather Patent Rhinestones Square Toe Low Heels Casual Shoes 2715242 -

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.

Women Brogue Classic Retro Elegant Comfort Casual Low Heels Solid Leather Shoes , Spring Women Lady Patent Leather Metal Decor Block Low Heel Comfort Casual ShoesWomens First Layer Leather Mouth Shoes Diamonds Square Toe Block Heel Shoes PumpMarc Joesph Cypress Exotic Tan LeopardChic Women Furry Rabbit Fur Lining Casual Loafers Winter Creeper Platform Shoes , LADIES SHOES/FOOTWEAR - Flyflot Q3886 black shoe , Women Leather Square toe Fur Lined Slip on Loafers Flats Mules Winter Warm Shoes , Womens Feather Real Leather Rhinestones Slip On Loafers Casual Vogue Flats Shoes , Vintage Women Comfty Ethnic Handmade Embroidered Flower Shoes Soft Flat LoafersZiera Orthotic Comfort Shoes 8.5 W ZIERA SHOES 8.5 W ZIERA LOVE YOUR FEET 8.5 , Ladies Skechers - CALMLY Casual Fashion Shoes Branded Slip - on , Womens Wool Stretch Platform Flats Slip On Loafers Floral Paillette Casual Shoes , New Womens Pointy Toe Loafers Metal Decor Sandals Real Leather Shoes Casual Sz , women's knee high sandals boots roman bandage hollow out flat heel shoes rivetDemonia Daisy-03 Ballet Flats - Gothic,Goth,Punk,Black,Buckle , Women Low Heels Leather Color Matching Slip On Loafers Handwork Casual Shoes NewSteve Madden Women's Audriana Pointed Toe D'Orsay Flat Black Synthetic FlatsJ/Slides - Abba Satin - MauveEnzo Angiolini Leather Loafers Sz 6.5 M Made In Brazil , South African Boerboel Dog Print Slip Ons For Women , FRYE SHOES 8 FRYE Campus Clog 8 Brown Leather Clogs 8 FRYE CLOGS 8 M FRYESLucky Brand Women's Marleigh Espadrille Cedar Suede/Leather Espadrilles , Women Suede Leather Zipper Pointy Toe Wedge Heel Casual Pump Shoes Sizewomens rhinestone blingbling slip on loafers shoes mules slippers casual Gommino , Tod's Women's Driving Shoes Sz 36.5 Italy Black Silver Casual Slip On 6.5 USWomens Leather Slip on Loafers Real rabbit Fur Flats Mules Slides Shoes , Chic Womens Bowknot Shinning Slip On Pointy Toes Loafers Flats Casual Shoes NewWomens Retro Preppy Square Toe Loafer Bowknot Slip on Casual Low Block Heel Shoe , womens lady rhinestone pointy toe buckle strap flat heel casual ballerinas shoes ,

More Stories

ME TOO MID-CALF FASHION BOOTS BROWN LEATHER SIZE 6.5M "SAVOY" VGC!! , 02-2092 Seychelles Women's Boot black size 7.5sn327 BASIC EDITION.. brown leather boots 8.5w , Justin Women’s Size 5 B Red Roper Western Cowboy Boots Red/Black Short , New Women's Fashion Boots Red Lug Soles Shoes Winter Snow Ladies size 6.5^^Sam Edelman Suede Ankle Boots Booties Leather Perforated Laser Cut Size 8.5 M , Indigo Rd. Womens Irsablena Suede Closed Toe Ankle, Black Fabric, Size 9.0 t66FBearpaw Ophelia Women's Black Leather Short Winter Boots Shoe Size 6 NEW! , Women's Rockport Shoes Brown Leather Ankle Boots Size 8.5 M NEW! , Brown Suede Fly London Wedge Heel Mid-Calf Boots 7.5 38 , Andre Assous Women's Jace Western Boot, Blue, 40 EU/10 M US , Sperry Womens Stella Leather Round Toe Ankle Fashion Boots, Taupe, Size 11.0 Rlj , Cobb Hill Rockport SHAYLA $180 Womens Black Leather Heel Boot Bootie Pump Sz 10 , Madden Girl Womens destory Closed Toe Ankle Fashion Black Fabric Size 7.0 IQQE , Amazonas Cavalier Tall Black English Leather Riding Tie Boots - Sz. 8 WSteve Madden Gorgeous Over-The-Knee Dress Boots 139, Navy Velvet, 7 USSpeckled Ladies PRADA Fabric Patent Leather Slides Sandals 39.5 US ITALYDansko Sonja Clog Antique Brown Oiled Leather - size US 6 - was $115 , Flamingos Ponyhair Ocala Leopard Flat Shoe Loafer Moccasin Size 7 US / 37 EUcharlotte olympia Purrfect Sneaker Brand New!!! , New DONALD J PLINER Italy Women Leather Fabric Red Flat Loafer Shoe Sz 7.5 MTory Burch Miller Thongs Gray Leather Shoes Flip Flops 6 Slides Mules Sandals , Skechers 49139 Womens Reggae Fest Epic Adventure Walking Shoe- Choose SZ/Color.indigo by Clarks Charlie Cap Womens Oxford- Choose SZ/Color.CLARKS Women's Danelly Alanza Flat - Choose SZ/Color , L.k. Bennett Reno Patent Leather Scalloped Loafer Flats- Nude- Size 38-$225Mizuno Womens Wave Rider 21 GTX Running Shoe Athletic ShoeB- Pick SZ/Color.Korean Women Embroidery Floral Canvas Sneakers High Boots Zipper Shoe Flats X826SKECHERS 11436 Womens Pastel Weave Mary Jane Sneaker Flats Shoe 9MSTUART WEITZMAN Latchit Womens 9.5M Square Toe Horsebit Low Heel Mules Beige R51 ,

Occident Shoes Women Lady Patent Rhinestones Leather Patent Rhinestones Square Toe Low Heels Casual Shoes 2715242 -