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

DaniBlack 18045 Knee Charcoal High Boots Leather Varnish Leather Sz 7M Sample Shoe Charcoal Gray Retro 321af3a
DaniBlack 18045 Knee Charcoal High Boots Leather Varnish Leather Sz 7M Sample Shoe Charcoal Gray Retro 321af3a - 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.


Rampage Women's Eliven Tall Shaft Dress Boots Cognac Brown Knee-High Size 7 M , Franco Sarto Bailey Women Shoes Over The Knee Fashion Chained Boots Gray Sz 6.5 , B35 Rene Over The Knee Boots 460, Black, 7 US , Sbicca Sound Fringe Ankle Boots-Women's size 7.5 Khaki , G by Guess Hailee Black Womens Shoes Size 6.5 M Boots MSRP $89 , Kenneth Cole Reaction Vin Win Boot - Women's Size 7.5M Black , 9.5M - ESPRIT Reina-e Black Biker Moto BootsJOIE New Brown Wedges Booties Studded Heels 11Franko Sarto Womens Black Size 7 M Riding Boots Knee High Side Zipper HeelsClarks Artisan Leather Ankle Boots With Buckle Palma Rena PICK SIZE COLOR NEWMarc Fisher Leather REGULAR Shaft Riding Boots - Taite PICK SIZE & COLOR NTOCarlos Brie Booties - Women's Size 8 M, TaupeBRECKELLES BLACK FRINGE BOOTIES WESTERN COUNTRY CHIC BOUTIQUE 6BC Because Life Is A Dance Floor Boots Women Leather Size 10 Tan Side ZipHarley Davidson Women's Black Leather Ankle Boots Size 6 Zip Sides NEW BikerBare Traps Salie Wedge Bootie- Women's Size 7 M, Whiskey , ROCKPORT Womens size 5 Brown Suede tall bootsWOMENS BEARPAW EMMA SHEARLING MID-CALF BOOTS CHARCOAL SIZE 10 BRAND NEW IN BOX!SC35 Mandyy Cowboy Boots 771, Coffee, 9.5 US , JUSTIN Womens Size 8.5 Golden Brown Saltillo Leather Western Cowboy Riding BootsClarks Adriel Sadie, Black Suede Ankle Boots, Women Size 12M NEWChaps Page Tan or Black Women's Ankle Boots NIBJack Rogers Miss Chloe Boots Women's Size 6 M, Black , ME TOO Lexington Size 9-9.5 Black Calf Hair Leather BackZip HighHeel Ankle BootsCougar Minty 6 Boots - Women's Size 9 M, SlateWomen's Nocona Leather Boots Gray Western Cowboy Rodeo Size 7.5 D Made in USAFranco Sarto Idrina Heeled Ankle Bootie Brown Suede Size 6.5Dirty Laundry Crossroads Booties - Women's Size 9, Split Suede Sand , NEW PROPET Faux Brown Suede Leather Womens Boots Size 8 1/2 Pull On Ankle Shoes ,


More Stories



Tags
Aerosoles Brown Leather Fabric Ankle Boots Women's Size 7 BOOTIE QUEEN , NEW Black Camel Pink Brown Round Toe Over Knee Thigh High Flat Boots Faux SuedeCOLE HAAN AIR Wide Calf KNEE LEATHER BUCKLE RIDING BOOT SZ 10M , MATT BERNSON Jardin Booties Safari Suede Leather WOMENS SZ 8.5 Brown Crackle EUCDolce Vita Women's Gage Black Leather Pull On Knee High Riding Boots Size 6 M* , Sporto Zany Women's Waterproof Boots, Black ‑ Size 6 - MSRP $120.00 , NEW Black 6"Stiletto High Heel Gold Buckle Round Toe Sexy Knee Boot Size 8.5Marco Tozzi Ankle Boots, Boots, grey, Zip 25303 NEW , Dr Martens Triumph Air Wair Distressed Boots Leather Floral Print Women’s Size 7 , NIB $195 Josef Seibel Britney 06 Leather Womens Mid Calf Boots Brown US 6 , Dirty Laundry Twist and Shout Boots, Black, 8.5 US / 39 EUVera Wang Indigo Suede Flats - Women's Size 8.5 M, BurgundyNIB Dr. Martens 1461 Women's Vintage Rose 10084605 Cherry Red US 9BD27 WOMEN'S SHOES 37 LOAFERS BALDININI 100% BLACK LEATHER MADE IN ITALYTOD'S women shoes Ciclamino purple leather iconic "gommini" penny loafer , NIB Christian Louboutin Pigalle Follies Black Leopard Brown Patent Ombre Flat 37Aravon Women's Brown Erica 5.5 2E US , Nine West Women's Sophie Denim Walking Shoe - Choose SZ/Color , Camper Womens Myriam K200393 Dress PumpEU/- Pick SZ/Color.NEW Adidas Women's BLUE Cloudfoam CF Lite Racer Slip On NIB , MBT Blue Athletic Toning Walking Sneaker Shoes Womens US 6 - 6.5 / , Women's Softwalk Ballerina Hollis Flats US 10 M Black S1561-001JCrew $158 Emrboidered Satin Mary Jane Flats Sz 7 Bright Cumin H1819 (Flaw) AVL , Brooks Glycerin 15 Running Shoe - Women's Size 10B, Capri/Blue/Purple , New Balance Women's WRL420V1 Sneaker - Choose SZ/Color , Nike Women's Huarache Premium ID Hot Lava-Black SZ 7 [777331-994]ASICS Women's Hyper Rocketgirl XC Spike Shoe - Choose SZ/ColorAdidas ZX 700 BE LO W Navy Purple Pink Womens Retro Casual Shoes Sneakers M19384 , NEW Jessica Simpson Women's JS Ellister Leather Riding Studded Brown Boots 5.5 , adidas Women's Predator 18.4 Firm Ground Soccer Sh - Choose SZ/color

DaniBlack 18045 Knee Charcoal High Boots Leather Varnish Leather Sz 7M Sample Shoe Charcoal Gray Retro 321af3a - digitalcraftmedia.com




Boots
1911091
6388523
7512583
7643250
14362790
17291931
18264453
18546206
18647007