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

Sporto Winter Ann Gray Suede Boot Buckle Detail Winter Ann Ankle Boot 9 NEW f3a3848
Sporto Winter Ann Gray Suede Boot Buckle Detail Winter Ann Ankle Boot 9 NEW f3a3848 -

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.

Womens Nine West America Vintage sz 7 Leather Shearling Boots , BCBGirls Tall Brown Leather Cowboy Western Boots Side Zipper Womens 10BAlberto Fermani Womens Boots Size 38 8 Brown Leather AnkleBar Iii Women's Dove Ankle-High BootSixtyseven Anthropologie Tan Camel Suede Tall Boots - Size 8/38 Made in SpainWomen Combat Boots Fashion Keen High Cool Retro Style Back Zipper Chain Design , The North Face Womens Amore II Shiny Radiance Purple/Blue Winter Boots (8) NIB , Womens Sweater Top Faux Suede Fur Lined Buckle Combat Block Heel Knee High BootsNwob Peeptoe knit elasticated material black color midcalf pull up boots sz 9.5TONY LAMA WOMENS 6.5 B SADDLE VAMP BROWN LEATHER ROUND TOE RIDING COWBOY BOOTS , Dr. Martens Doc Martens Women's Size 8 Brown Leather Ankle Hiking Boots Mens 7 , $228 J. CREW Black FRANKIE Tumbled Leather Ankle Boots Pebbled Zip Booties 9.5Marc Fisher Black Suede Wilde Stacked Heel Ankle Boots Bootie NEWSteve Madden Suede Zip Ankle Boots Women Fall Studs Black Praque 8.5US $149.95 , Aldo Womens Brown Work Boots Waterproof Shoes Size 10.5M Thinsulate Snow Winter , TONY LAMA BROWN OSTRICH BOOTS SIZE 8BANTONIO MELANI "MACEY" 100% LEATHER BOOTS MADE IN BRAZIL~BROWN~ 7M NEW , womens gray NOCONA cowboy western boots embroidered leather rodeo ranch 7 D W , Women's Shoes Qupid MONTANA 27X Pointy Toe Ankle Boots BEIGE / BROWN SNAKE *New* , Style And Co Women's Astarie Knee-High Boot , Earth Origins 10 Black Tori Suede Water Repellent Ankle Boot , White Patent GoGo Disco Dancer 60s 70s Hippie Knee High Boots size 6 7 8 9 10 11 , Vintage Black Mia Leather Riding Equestrian Style Fashion Boots Women's 9 M FlatCORSO COMO STILETTO HEELS BLACK LEATHER ZIP ANKLE BOOTIES SIZE WOMEN'S 6.5 MBar Iii Women's Naomi Knee-High BootSAM EDELMAN "Paige" Black Suede Fringe Western Bootie Boot Sz 6 New in Box , Sanuk Boot Slip On Horizon Ankle Lined Rainbow Yarn Slats Warm , NEW WOMENS ROPER 09-021-1901-0101 CAMILIA CAMO BROWN COWBOY WESTERN BOOTS SZ 10 , Isaac Mizrahi Fara Black Suede Moccasin Ankle Boot New

More Stories

NEW Cut Out Vamp Stiletto Thigh High Boot BROWN SZ 9 , Justin Black Leather Cowboy Western Roper Boots Size 6B. , Dakota 6" Mackenzie STCP Women's Brown Leather Work Boot's 7.5MEIGHTEEN 68 BLACK LEATHER KNEE HIGH RIDING BOOTS EQUESTRIAN Size WOMENS 9.5 M , new lady faded Denim Blue Rip 5.5"Stiletto High Heel Over Knee Sexy Boots Sz 7.5 , 2 Lips Too Womens TooVivian Closed Toe Ankle Fashion Boots, White, Size 8.0 Cxid , Womens Ladies Suede Long Thigh High Boots Zip Side High Heel Boots Shoes Size , Kenneth Cole Black Leather Tall Buckle Riding Equestrian Winter Boots 9.5 , Rocket Dog Women's Tyree Spartan Pu Boot Black 6 M USFRYE 70770 BLACK LEATHER SLIDES CLOGS MULES COWBOY WESTERN BOOTS WOMEN'S 9.5 MSperry Top Sider Pelican Too Black Quilted Rain Boot Women's 5 M US , Dark Purple Suede DANSKO Elasticized DANSKO Mary Jane Shoes US 9.5 - 10 , Celine Women's Black File Crepe Low Heel Slip On Shoe 36 6 , Born Grey Suede Cuff Tassel Detail Mauvidfe Heel Ankle Boot 9 40.5 NEWEUC Free People Belleville 39 8.5 9 Brown Leather Ankle Boot StrapMINNETONKA Shoes 189000 Black 7Salvatore Ferragamo Womens 7.5 Red Leather Moc Toe Horseshoe Bit Driver LoafersLARTISTE BARDOT-NM - BARDOT Size: - Color: , SAS Viva Teak Leather Ladies Loafer Made in USA , New ETIENNE AIGNER Suede Black Flat Comfort Loafer Moccasin Slip On Shoe Sz 6 MWomen’s NIB Band of Outsiders patent/ostrich loafers, 37.5Women Mary Jane Shoes Buckle Ankle Strap Flat Ballet Ballerinas In Black , Alexander Wang New Devon Brown Womens Shoes Size 11 M Flats MSRP $375STUART WEITZMAN "LOWTUCK" ESPADRILLE FLATS - NWB SIZE 6.5M , Earth Origins Women's, Rory Slip On Shoes , Gravati leather shoes 7.5 N vintage suede neiman marcus brownKeds Women's Champion Wool Fashion SneakerNike Womens Tiempo Mystic V Fg Red Soccer Cleats Size 6 (413973) , Women's ladies northface winter boot BootsWomens Pointed Toe Stilettios High Heels High Top Ankle Boots Shoes Side Zip OL ,

Sporto Winter Ann Gray Suede Boot Buckle Detail Winter Ann Ankle Boot 9 NEW f3a3848 -