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

Minnetonka Camel Women's Camel Suede Fringe 3 Triple Fringe Layer Minnetonka Boots MINT 6 c9c785b
Minnetonka Camel Women's Camel Suede Fringe 3 Triple Fringe Layer Minnetonka Boots MINT 6 c9c785b -

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.

AR35 Lauraine Over-The-Knee Boots 963, Cognac, 7 USSam Edelman Size 7.5 Lucca Ankle Boots/Booties Tan Brown Womens Leather Suede , VTG WOMENS SANCHO SNIP TOE COWBOY LEATHER BLACK BOOTS SIZE 36 , Soda Women's Jenner Buckle Strappy Faux Suede Stacked Heels Ankle Bootie , LRL Women's Leather Boots Brown Leanne Calf Boot Size 9.5 B , LAURA ASHLEY Size 6 M Gray Suede Leather Flowered Side-Zip High-Heel Ankle BootsReport Black Suede Dress Boots Size 6 1/2Justin Brown Leather 6.5 B Women's Western Cowgirl BootsWomen's Coconuts By Matisse Lee Shoes blue velvet Ankle Boots Size 9KHOMBU Boots Brown Leather Faux Fur Lined Women's Size 9steve madden over the knee boots 7Vasque womens two tone tan suede Goretex hiking boots 8 M EUC , Very Volatile Los Angeles Brown Booties Faux Leather Size 9Divertente Boots 7.5M Snake Print Fabric Red Black Knee High Shoes Heel 7.5 MWomen's Black Rubber Ankle Boots Rain Boots Merona Size 6 ,free shipping. , Nurture shoes booties womens 7.5M Shey western clog mule tan leather comfort , Trotters Ankle Boots Gray Suede 'Latch' Booties Size 10 N.Arizona Memory Foam Faux Fur Lined Boots Size 8.5MClarks Bendables Black Leather Zip Ankle Boots Womens Size 6 MSteven By Steve Madden Womens "Pixil" Suede Taupe Ankle Boots Size 8.5Bella Vita Darlene Cut Out Ankle Boots 976, Black, 8.5 USSam Edelman "Louie" Distressed Tan Leather Zip Up Ankle Boots 7.5M w/ Tassels.Clarks Womens Boots Size 8.5 Black Leather Side ZipBareTraps Aero Cold-Weather Boots 661, Black, 8.5 USWomens Ladies High Ankle Cutout Mid Calf Denim Peeptoe Stiletto Heel Boots Size , Sam Edelman Maddox Women US 6.5 Black Ankle Boot Pre Owned SuedeRAYE X HOUSE OF HARLOW 1960 SHENAE HEEL Size 9.5 New Retail: $188WESTIES Black Leather Zip Button Heeled Ankle Fashion Boots Size 6.5 M , Women's Ecco Light Size 36/5-5.5 Booties Clogs Loafers Shoes Brown Leather I13 ,

More Stories

women's Boots Dani Black high heel gold chrome leather Size 8KS35 Darlaa Knee-High Boots, Black/Cognac, 6 US , Wanderlust Women's Clara Ankle Boot, Grey Suede, 10 M US , LADIES ANKLE BOOTS WOMENS WARM LINED FUR WORKER HI TOP WINTER TRAINER SHOESNew Totes Diana White Women's Winter Boots Thermolite Insole Waterproof Size 6M , BROWN BOTTEGA-3 Women Faux Leather Buckle Decor Knee High Boot Size 7.5GIANNI BINI Brown Leather KNEE HIGH BOOTS 3.5" Stiletto Heels SLEEK & SEXY 9.5 M , *EUC* Umberto RAFFINI black SASHA slouch boot RPS1016 - suede - 40 (US 9 - 9.5) , 7 - SANUK WOmens Cute Black Felted Slip On Ankle Boot Slippers Shoes 0316BBNEW Women's Naturalizer Auburn Hi Black Leather Dress Boots , LAUREN Ralph Lauren Lorelei Black Leather Dress Ankle Boots Women's 6.5B NEW NIB , New SKECHERS Highlanders - Polar Bear Waterproof Women Boots Sz 8Vintage Women's CORRAL Boots Size 6.5 US M Style A2519 , **(( nwb womens aerosoles brown hige Boot Size 7 m msrp $189))**Munro Kenzie Ankle Boot- Size 7 , Wolverine Women's Pearl Ankle Buckle Boots Tan 9 M , Vero Cuoio Women’s Ankle Boots Sz Us 7M/Eu 38 Brown Leather Slip On Zip Up Heels , Nine West Womens Zavanna Leather Almond Toe Ankle Wrap Ballet FlatsNew Women's Vince Camuto VOLERO Western Chestnut Black Tie Dye Leather 7 $199 , Lucky Brand Women's Natania Ankle Boot, Sable, Size 11.0 , NIB Dansko Shirley Leather Side Zip Ankle Bootie in Wine SuedeCalvin Klein Reese Suede E/w Tote- Pick SZ/Color. , Cole Haan Tali Bow Espadrille - Women's Size 10B, Nude , NEW CLARKS WOMENS FRIDA DERBY - WOMENS SHOES - BLACK LEATHER , KENDALL + KYLIE Women's Rae Sneaker Navy Size 9.5 8s2U , Lucky Brand Women's Baylint Woven Slip On Mule Roasted Cashew , Reebok Driftium Run Black/Ash Grey/Twisted Pink/Wh Womens Training Sneaker Size , Womens Riding Knight Boot Block Heel Zipper Shoes Belt Buckle Ankle Riding BootDansko Women's Professional Clogs Size 39 Red & Black Heel Stapled Slip onTHINK! Black Leather All Day Comfort Belted Slip On Mules Women US 8 - 8.5 / 39 ,

Minnetonka Camel Women's Camel Suede Fringe 3 Triple Fringe Layer Minnetonka Boots MINT 6 c9c785b -