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

Converse All-Star 5sfg-8512 Chuck 6 Taylor Sneakers Womens All-Star 6 Hi-Top Zipper Vintage Wash Blue 7ce8477
Converse All-Star 5sfg-8512 Chuck 6 Taylor Sneakers Womens All-Star 6 Hi-Top Zipper Vintage Wash Blue 7ce8477 - 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.


Vans Era (Tonal) Estate Blue/White-Women's 7.5 , Easy Street Women's Calm Clog , Skechers sz 9.5M Shape-Ups black walking womens ladies rocker shoes 24864 , Vans ISO 1.5 Blanket Weave Atlantic Deep/White Women's Shoes 6 , Womens Skechers Unity - Existent 23074 BKCC #BRNIKE DUNK HIGH WHITE VARSITY ROYAL VARSITY RED WOMENS WMNS SZ 11.5 318676-111Womens Nike Orange White Free Run 5.0 Running Shoes Size 8.5 , Salomon Sense Ride Athletic Shoes - Women's Size 9, Navy/PurpleSkechers Work Shape Ups Black Fabric Toning Womans Shoe Anti Slip Womans S11/EWW , Womens Running Shoes ASICS Black & Blue T7B8N Gel Cumulus Size US 9On Cloud Womens Cloudflyer Purple Running Shoes Size 7 (390948) , Unisex Converse Chuck Taylor All Star II Boot Fatigue Green 153570C Women 6 M 4New Balance Women's 515 Shoes Blue with WhitePropet Stability Walker Walking Shoes - Women's Size 10 B, Black , Brooks Adrenaline GTS 18 Running Shoe - Women's 13, Navy/Teal/Mint , Women Rivets Studs Platform Wedge Fashion Sneakers Sport Ankle Boots High HeelsWomen's Brooks Revel running shoes sneakers size 8Puma Ignite Limitless Sneaker - Women's Size 8.5, Knockout PinkEasy Spirit Twist8 Slip On Shoes Womens Athletic Casual Shoes Low Heel , ASICS GEL-Excite 4 Running Shoes, Women's Size 7, Navy/Silver/Purple , Ecco Bluma Slip On Shoe - Women's Size 10 - Dark ShadowPropet Stability Walker Walking Shoes - Women's Size 12 D, Black , Nike SB Zoom Janoski CPSL Skate Shoes Various Sizes 855629 147 Tan Blue WhiteOn Cloud Womens Cloudflyer Purple Running Shoes Size 9 (367090)Puma Women's Enzo Metallic Women's Cross-Trainer Shoe Size 8Puma Fierce Core Womens Slip On Mesh Dance Trainers 188977 02 P0Lauren Ralph Lauren January High Top Sneakers Size 7.5 Cream $90 NewWomen's Knitted Fabric Stock shoes Ankle high Round toe Pull on Sneaker Sports X , Altra Shoes Zero Drop Youth Size 6 & Womens Size 8 ,


More Stories



Tags
Soda Womens Ankle Boots 8 Black New NWOTEarth Winter Ankle Boots Dakota Chocolate Brown Microfiber faux shearling Sz 6Khombu Melanie Waterproof Winter Boots, Black/Grey, 10 US UsedBlack 4.5" Stiletto High Heel Pointy Toe Sexy Ankle Boots Size 7.5 , Merrell Womans Slip On Brown Polartec Thinsulate Water Proof Size 10Blue Leather Boots size 8 med , Aravon Anstice Ankle Boot - Women's Size 9.5B Brown , J.Crew Emmett Tall Brown Pebbled Leather Boots Size 6 , NIB Australia Luxe Collective Women's Dita Tall Boots Gray Size 11KELSI DAGGER, DOROTHY ANKLE BOOT, WOMENS, BLACK, US 10 M, EURO 40, NEW WITH BOX , JC Play Women's Gray/Multi Color Glittered Boots 10Women Mule Maison Shoes Slide Slippers Sneakers Trainer Slip On , Women Hollow Curved Ankle Buckle Boots Pointed Toe High Block Heel Casual Shoessize 8.5 BRUNO MAGLI black satin monogram pointed toe goretex boots witchy goth , BORN Vita Black Leather Knee High Tall Boots Stacked Heel Wide Shaft Size 6.5 , NEW Dr. Martens Women's 1461 FC Oxford Shoes Multi Floral Mix Backhand SZ 6US , Jeffrey Campbell Play zOMG Platform Shoes Womens Yellow/Silver Trainers SneakersNaturalizer Women's August Slip-on Loafer, Beige, Size 6.5V 1969 Italia Womens Ballerina E08 VERNICE NERO NASTRONEW CLARKS WOMENS NEENAH VINE - WOMENS SHOES - AUBERGINE LEATHER , Cole Haan W07784 Womens Zerogrand Stitch Lite Oxford- Choose SZ/Color.Kenneth Cole New York Women's Kingvel Triple Strap Sneakers Black Size 6.5 M , Puma Eskiva Mid Whisper White/Black 361010 02 Women's SZ 7 , Skechers 15611 Womens Go Walk Joy- Sneaker- Choose SZ/Color. , J. Reneé Women's charlsey Slide Gray Size 6.0Women's Sperry Topsider Angelfish Boat Shoes FlatsWomen's NEW BALLIN WOMENS LOAFER FlatsWomen's FOREVER Ankle Bootie Buckle Double Side High Slim Heels Boots Sz 10 , women shoes high heel stiletto size zip platform faux suede over the knee boots , Women's DANSKO Slip On Clogs Wedge in Black Leather, Size US 6.5-7 Y4 ,

Converse All-Star 5sfg-8512 Chuck 6 Taylor Sneakers Womens All-Star 6 Hi-Top Zipper Vintage Wash Blue 7ce8477 - digitalcraftmedia.com




Athletic Shoes
3942005
4761445
7830872
8967535
10154604
10773620
14038133
14782754
17361414