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

Womens Cole Haan Cameo Beige Shoes Beige Cameo Leather Patent Leather Loafer Flats Size 10 M NEW! 95d00ae
Womens Cole Haan Cameo Beige Shoes Beige Cameo Leather Patent Leather Loafer Flats Size 10 M NEW! 95d00ae - 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.


naturalizer Thea3 Platform Espadrilles Flats, Cream Snake, 8.5 US / 38.5 EUWomen's Purple Suede Sam Edelman 'Felicia' Ballet Flats Size 7M New!:/US 8-8.5 NWB Ferca 81Women Ballet Flats with Pointy Toe. , GUESS Loriana Pointed Toe Sleek Loafers, Pewter, 9.5 US , $149 CORSO COMO CHEETAH/BLACK HAIR CALF/NAPPA FLATS SZ 6M US , $179 DONALD J PLINER SELENE LT BRONZE DSTRSD METALLIC SLIP ON SNEAKER US 11MVera Wang Womens Suede/leather Blue Shooes 6 M , Under Armour NWOB Size 6 Pink SneakersNine West Gradskool Perforated Loafers, Blue, 9 USAnne Klein Harmonie Navy Reptile Womens Slip-On Size 8M , TORY BURCH BALLET FLATS Navy/Silver LEATHER SNAKESKIN PRINT (size 5 1/2M)Ecco Bluma Mary Jane Flat Women's Sz.US 6-6.5 black NEW , New Sam Edelman Blue Floral Canvas Perri Slip On Slides Mules Flat Loafers 8.5 , Sesto Meucci Women Loafers Size 10 N Brown Leather Lined Made In Italy. , SPERRY TOP-SIDER TAN BOAT SHOE, PINK & GREEN ACCENTS, SIZE 6.5, NEW! A RARE FIND , TORY BURCH WOMAN SHOES SIZE 10.5 , SAS Black Patent Loafers Alligator Texture Womens 9.5M , Propet Mary Jane - Active - Women's Black - 11 Wide , Cole Hann leopard wedge - 8 , Bass Denise Dirty Buck Leather Womens Oxfords Size 7.5MMiu Miu Flats Black Patent Leather Size 35 , $198 NWT TORY BURCH 'CECILY' GEOMETRIC MULTICOLOR EMBELLISHED ESPADRILLES Sz: 6Tods brown leather loafers in s. 37.5 , Women's Ortho Feet "Chelsea" Gel Flats Patent Leather Shoes - Size 7 1/2, X-Wide , Birkenstock Arizona 36N L 5 M 3 Metellic Stones SilverNWOB Womens Cole Haan Slip-On Shoes Size 6 B , LIDEA Womens Vintage Printed Leather Punk Pumps Studs Black Purple Rare Size 37 , PAUL GREEN Burgundy Brown Leather Handmade Loafers Heels 4.5 , SALE - Germany- Ganter, 7 1/2 US Ladies (5UK) Quality black leather NEW -04


More Stories



Tags
New Women DbDk Alecia-2 Faux Suede Double Buckle Platform Wedge BootieWomen Autumn Rain Boots Chunky High Heels For Girls Female Rain Boots , J Crew Women's Ankle Boots Size 9 Brown Leather With Buckle Back Zipper , Brinley Co Womens Nixon Closed Toe Ankle Fashion BootsEnzo Angiolini Stiletto Bootie Women 7.5 Camel Tan Zip up Peep Hole 4" Heel shoeAmerican Rag Womens Adarra Taupe Over-The-Knee Boots 9 Medium (B,M) BHFO 9291 , RB Boots Sabot Cuir Clouté Noir Revers Fourré T 35 TBE , Lucky Brand LK Lahela Ankle Boot Back Zip Brown Suede Leather 9M 39 Bootie , western cowgirl leather boots sz 8.5 MSEXY TALL SONORA LEATHER Ladies COWBOY BOOTS 7 MAquatalia by Marvin K. Black Suede Ankle Wedge Boots Sz: 6.52019 Vogue Women's Shoes Solid Round Toe Leisure Boots Fashion Pull On Boots New , ZARA HIGH HEEL DENIM ANKLE BOOTS 36-41 Ref. 7111/001Impo Womens Osie Fabric Closed Toe Ankle Fashion Boots Black Size 8.5 F4SB , Born Black Leather Knee High Boots Women's Shoes Size 40.5 / 9 , AC129 MBT shoes gray blue leather women moccasinsTory Burch CLINES Pebble Leather Black Open Toe Ballet Flats CHOOSE SIZE UsedCrocs Womens Eve Ballet Flat- Select SZ/Color.Marc Fisher Women's ALIE Mary Jane Flat Ivy Size 8.5 , LANVIN GRAYISH BEIGE LEATHER PEEP TOE FLATS Sz 37M , tory burch flats blue suede excellent conditionCHRISTIAN DIOR J'ADIOR BEIGE NUDE PATENT LEATHER&RIBBON BALLERINA SLINGBACK 35.5 , ASICS Womens Gel Cumulus 18 Silver/PinkGlow/Lapis Running Shoes Size 6 (365691) , ASICS Womens Size 8.5 Shoes Gel-Nimbus 16 Athletic Running Cross Training T485NNIKE ROSHE TWO CASUAL WOMEN's BLACK - SAIL - ANTHRACITE - VOLT - WHITE SIZE 6Women's adidas Women's Baseline Fashion Sneaker Athletic ShoesWomen's Helen's Heart Black SHOES BootsDavid Tate Texas Boots Black size 6.5 Wide calf Leather upper balance man madeDansko Kate Stone Brown Distressed Leather Mary Jane Shoes Womens US 7.5-8 , women's Dansko clogs professional shoes size 36 white/Sky blue US 5.5

Womens Cole Haan Cameo Beige Shoes Beige Cameo Leather Patent Leather Loafer Flats Size 10 M NEW! 95d00ae - digitalcraftmedia.com




Flats
5686323
5943345
7390869
7858450
7908021
9407385
11317270
11407053
12374136