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

women over the platform knee knee high boots platform high heel boots pleated pull on sexy shoes 80efa70
women over the platform knee knee high boots platform high heel boots pleated pull on sexy shoes 80efa70 -

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.

NEW LADIES Black Flat Round Toe Frill Mid-Calf Boot Size 7.5Journee Collection Womens SANA Almond Toe Over Knee Fashion, Black, Size 6.0 gb5Brinley Co Women's Helmi Ankle Boot Taupe Size 6.0 4HRyBrinley Co Women's Helmi Ankle Boot, Taupe, Size 6.0 4HRyBlack 1.5" Low Hidden Wedge Heel Round Toe Comfortable Mid-Calf Boots Size 5.5NIB $65 Bucco Women’s Pustany Short Boots-black-10m , Zigisoho 'Jazzier' brown ankle boot wedges/ shoes sz. 7 M , Women's Gypsyz Knit Sweater Green/Blue-ish Grey Knee Boots & 2 Other Knee Highs4B12 Cole Haan Chesney Zip Casual Dressy Round Toe Booties Women Shoes Size 7.5B , Dolce Vita DV Women's Black Suede Connery Zipped Ankle Boots Size 6 , new ladies Womens Gray Flat Slouch Round Toe Sexy Knee Boots Size 6.5 , Womens ABOUND black fabric ankle booties sz. 6.5Brinley Co Women's Spiro Ankle Boot Tan Size 7.5 j5gbWOMENS BOLSA BROWN LEATHER/STUD MID-CALF SIDE ZIP-UP BOOTS SIZE 39 , Report Maysonia Women Round Toe Leather Black Ankle Boot, Black, Size 8.5 , 10A9 Dirty Laundry Pinnacle Quilted Faux-Fur Cold Weather Boot Women's Shoe Sz 8WOMENS BOLSA TAN,BROWN LEATHER MID-CALF SIDE ZIP-UP BOOTS SIZE 39XOXO FOOTWEAR Womens JEANS Black Knee High Boots US 7M (XQBJUL14)WOMENS HALOGEN BLACK LEATHER SIDE ZIP-UP KNEE-HIGH BOOTS SIZE 6MFaux Suede Thigh High Heel Bootsnew ladies TAN 3"Block Heel OPEN toe side frill Sexy Ankle Boot Size 6.5 , new ladies Black 1"block Heel gold stud side elastic Sexy Ankle Boot Size 8Chris Craft Footwear Tan Rubber Nylon Quilted Insulated Slip On Boot Women's 6MWOMENS BRAUDE BLACK & WHITE DESIGNED LEATHER BOOTS SIZE 39STOP! BEAUTIFUL, IN EXCEPTIONAL CONDITION ,SIZE 7M, GOLO BRAND LEATHER BOOTSBrinley Co Women's Spiro Ankle Boot, Tan, Size 7.5 j5gb , Franco Sarto Women's Beech Bootie Black US 9 L(Wide) R(Med) Mismatch Width NWDEnzo angiolini Women's Saevon Boot Black L5 R5.5 (Different Size) NWDRock&Candy Women's Spray paint Foldover Tan US 8 NOB

More Stories

Vince Camuto Womens Bristin Brown Ankle Booties Shoes 5 Medium (B,M) BHFO 4624 , Native Apollo Rain Women’s Black White Slip On Rubber Rain Booties US 7 C275 , $170 Seychelles Los Angeles Suede Women’s LOUNGE Boots USED, Olives, Size 10Sporto Womens Jillian Closed Toe Ankle Fashion BootsST JOHN'S BAY Vintage Fashion Leather Woman Boots Size 8 MFiel Stanton Women's Stanton Rust Suede Boot , b.o.c Bristol Ankle Boots - Women's Size 7 M, Dark BrownVINTAGE Bottines SAN MARINA Paris Cuir Biscuit T 37 BON ETATElie Tahari Womens Marvel Black Riding Boots Shoes 38 Medium (B,M) BHFO 3784 , Skechers USA Duck-48837 Womens Boot- Choose SZ/Color. , Ausland Men Classic Short Snow Chestnut Boots Size: Men US 7.5 M / Women 8 MIvanka Trump Women's Presli Ankle Boot, Gray, 10 Medium US , Womens Ariat Fatbaby Red Croc Print Cowboy Boots Size 6Demonia Huge 3" Black/White Glitter Bat Wing Creepers Punk Goth Mod Womens 6-11Cole Haan Womens Sz 8 Equestrian Black Side Zip Leather Riding Knee High Boots , Frye Brown Leather Cowboy Boots Womens Size 6 B Style 6215 USA , VINCE - ROBIN SNAKESKIN LEATHER ESPADRILLE FLAT SZ 11 RETAIL $225Haflinger Women's Kitty Slipper Light Grey 41 M EU / 10 B(M)Fendi Women's Leather Pom-Pom Ballerina Flat Shoes Black , NIB TORY BURCH NAVY BRYANT QUILTED LEATHER GOLD REVA THONG FLATS SANDALS 8 , ECCO Womens Black Leather Quilted Ballet Flats Sz 41Tory Burch Melinda Gold Leather Ballet Flats Size 5 , Stella McCartney 'Binx Star' Slip On Platform Sneaker Loafer Shoes Size 10 , Womens Canvas Sequins Floral Platform Flat Sport Sneaker High Top Casual ShoesWomen's JANA Sneakers Mid 26205 Black BootsWHITE MOUNTAIN Colisa Women's Ankle Booties Boots Zip Shoes Black Sz 6M NEW $79Steve Madden Womens boots Ivory/Biege/Nude Leather Booties 8M Trial 4" heelSoftWalk Women's Meredith Clog Black 7 C/D US , Nike Zoom Winflo 5 Women's Black/White/Anthracite A7414001Ryka Women's Grafik Flow Training Shoe Grey/Yellow/Blue Fitness Shoes

women over the platform knee knee high boots platform high heel boots pleated pull on sexy shoes 80efa70 -