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

Bottines Betty Boots biker soapapp-25431 London Felipa Noir de Betty London - T. 38 d3bb9f7
Bottines Betty Boots biker soapapp-25431 London Felipa Noir de Betty London - T. 38 d3bb9f7 - 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.


Madden Girl Womens Klash Closed Toe Knee High Fashion, Black Fabric, Size 8.0 XYWOMAN’S 7 ARIAT 14972 WESTERN COWGIRL BOOTS BROWN ORANGE FATBABY PULL ON NICE � , Diba Womens 7.5M Black Knee-High 4.5" Stiletto Heels Gladiator Boots Zip Buckle , FLORENCE KOOLJMAN Bottes Daim Souple Violet Petits Talons T 4.5 / 37.5 TTBE , Tamaris 1-22410-21 Women Black Zealot Pumps , Bandolino Womens Layita Leather Closed Toe Ankle Fashion, Kona Tan, Size 7.0 KrCCATERPILLAR Bottes Cuir Taupe T 8 US / 6 UK / 39 EUR TBEPropét Womens Delaney Leather Closed Toe Ankle Fashion, Black Suede, Size 7.0 Q , Brown Ankle Bootie 3" Heel Shoe Boot Chain Accent Faux Suede Womens 9.5 NIB , FRANCO SARTO Womens SKYLAR Mid Brown Ankle Boot Size US 10M (D6462L1200)BEARPAW Ruby Women's Boot, BLACK, Size 8.0 , Qupid Nubuck Scallop Trim Cutout Almond Toe Ankle Booties , Rockport 'Amy Strap Bootie' Women's Black Leather Size 7 M .Bottines SAN MARINA Paris Cuir Marron foncé et Marron Clair T 35 TBE , METAL JEANS Bottines Boots Cuir Synthétique Broderies Incrustées T 37 ETAT NEUFBottines Fourrées LES TROPEZIENNES Daim Taupe T 40 TTBEMANFIELD Bottes Genoux Pointues Tout Cuir Marron et Rose T 40 TBESperry Shearwater Rainboots Womens Boots Size 5M USVINTAGE Bottines SAN MARINA Cuir Marron T 37 TRES BON ETATUnisa Womens dedrii Closed Toe Knee High Fashion Boots Black Size 9.5 6KvNXOXO Womens BELINA Open Toe Ankle Fashion Boots, TAUPE, Size 7.5 qw4l , Bottes BATA Cuir Marron Taupe T 37 TBE , Winter Women High Heels Round Toe Flock Zip Wedges Over The Knee Female BootJBU Womens Jasper Closed Toe Ankle Fashion Boots, Black, Size 10.0 mOvu , Bearpaw Women's Tama 9" Snow Boot, Black, Size 8.0 , Bar III Womens Hope Closed Toe Ankle Fashion Boots, Black, Size 6.5 t9KD , White Mountain Womens CAYDEN Almond Toe Ankle Fashion, Black/SMOOTH, Size 8.0 hZ , JBU by Jambu Women's Violet BootVince Camuto Women's Knee High Boots Sz Us 9B/Eu 39 Brown Leather Sid Zip Buckle ,


More Stories



Tags
BEARPAW® Maggie Suede Wool Blend Sheepskin Boot NeverWet® CHARCOAL 6 NEW 571-230 , Nine West Boots Women Knee High Brown Nwheelium High Heel Boots Size 5 MNEW $ 119 MT Jansyn Oxford Bootie Sz. 10ZARA Woman BNWT Authentic Grey Flat Ankle Boots With Zip Ref. 6156/101Black 5.5" High Heel Round Toe Top Buckle Sexy Knee Boots Size 8.5VINCE CAMUTO Filtra' Over-The-Knee Boot's NEW!!!!!! SZ 5 1/2 , Anthropologie Kelsi Dagger Brooklyn Briallen Black Suede Over Thigh Boots 6.5M , DSQUARED2 WOMENS DISTRESSED BROWN LEATHER HIGH HEEL WESTERN COWBOY BOOTS 39 US 9Vince Camuto Felishan English Taupe Tye Dyed Leather Ankle Bootie Size 8 W , Sexy Sports Soccer Football Referee Halloween Women's Costume Mid-Calf BootsDurango Women's Distressed Brown Slouch Western Boots RD542 Sz 7.5 cowgirl (b28)$139 LUCKY BRAND ELOY Bomb Jeronimo Leather Designer Ankle Boots 10BZees Womens hot shot Fabric Closed Toe Ankle Fashion Boots, Grey/pink, Size 6.0BOC Born Concept Ankle Boots Booties High Heels Leather Women Shoes Sz 7.5 �ks1Khombu Womens Slalom US Ski Team Faux Fur Lined Winter Silver Tall Boots 7 $155Ladies Birkenstock Milano Birko-Flor Cut Out Fashion Buckle Sandals All SizesElaine Turner New With Box Trina Kidsuede Slide NavyCircus By Sam Edelman Women's Ava Ballet Leather Flats Silver Sz 7 1022FENDI White Leather & Black Patent Capped Toe Mary Jane Ballet Flats Sz 39 8.5 M , Women's Ralph Lauren COLLECTION PONYHAIR SLIP-ON SNEAKERS 7.5Frye Womens Gemma Slip On- Pick SZ/Color.Women's Skechers (22194H) Black/White Slip on shoes 17F , CELEBRITY STYLE Women's Purple Blue Diamonds Real Suede Leather Flowers HeelsNEW $840 DOLCE & GABBANA Shoes Flats Green Paglia Tassel Sicily s. EU38.5 / US8Adidas Pure Boost X ATR Women's Size 10 Athletic Running Sneakers BB3797 NEW , Nike 651997-100 Delight NEW Two-Toned Black Golf Sneaker Cleats Women's US 7.5 , Women's Vibram Women's Vi-b Cross-Trainer Shoe Athletic Shoes , Soda's Womens Serve-S Faux Suede Round Toe Front Treaded Style FootwearWomen's RAMPAGE IZABELLA Brown Knee High Pull On Riding Dress Boots NEWEastland Women's Debora Loafer Navy Leather Loafers

Bottines Betty Boots biker soapapp-25431 London Felipa Noir de Betty London - T. 38 d3bb9f7 - digitalcraftmedia.com




Boots
498691
4013506
4197098
7593556
8380755
12917581
15302134
15775701
16051658