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

Women's ROCCO NEW Women's ROCCO LOAFER P. WOMENS LOAFER Flats d466234
Women's ROCCO NEW Women's ROCCO LOAFER P. WOMENS LOAFER Flats d466234 - 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.




More Stories



Tags
Womens Over the Knee Toe Thigh High Stiletto Heels Boots Breckelles Beverly-15 , Corso Como black leather booties size 7Women’s Nine West Black Leather High Heel Ankle Boots 9.5 Pointed Toe Side Zip , Vibram Womens Boots Size 38 7 Black Knee High Zipper , Girl White & Gray Circle Cowgirl Boots 7 M**Xhiliration Brown Chocolate High heels ankle boots size 8.5 NWOB SALE , CAT BY CATERPILLAR WOMENS LEATHER ANKLE BOOTS NEW SIZE 8 , Ladies Casual Shoes Genuine Leather Flats Low Heels Zip Ankle Boots US Size b321Cape Robbin ODYSSEY-10 Violet Purple Pink Mermaid Sequin Peep Toe BootieGiani Bini Black Jonie riding Boots SZ 11Sperry Top-Sider Walker Haze Womens Black Boots , Medicus Womens Maxi Leather Heeled Ankle Boot Shoes, Black, US 6.5Women's Block Heels Pointy Toe Side Zipper Buckle strap Over Knee Thigh BootsPajar Canada Maureen Women's Faux Fur Boots Gray US 9.5 New , Propet Nyla Loafer, Denim, Size 8.0Sperry Womens Saltwater Wedge Reeve Leather Closed Toe, Black, Size 12.0 mOrkJimmy Choo 'crown" Glitter Champagne Platform Pump Peep Toe Heels 40 Shoe 9.5TOD'S women shoes Ciclamino purple leather iconic "gommini" penny loafer , Stella McCartney Black & White Velvet Enchained "Binx" Platform Loafers SZ 41Ryka Glance Sandals - Women's Size 9 M - Black/Pink , SO CUTE! Women's $450 Stubbs and Wootton Canvas "WAVES" Slippers Loafers Shoes , FILA Disruptor II 2 White Brown Shoes Unisex Size US 4-11 FS1HTA1072X_WBR 2018 , SoftWalk Women's Del Mar Slide Sandal Black/Pewter Leather SandalsReebok Women's Ridgerider Trail 3.0 Sneaker - Choose SZ/Color , Nike Roshe Run Sneakers Womens Suede Black Dark Sea Teal Tint 2013 Size 9.5New Balance Women's 420 70s Running Shoes Tan with Off White , Women's Aerosoles Black Ankle Boots Boots , DV by Dolce Vita Brown Shoes Size 7.5 Ankle Booties , Casual Womens Faux Suede Side Zip Block High Heels Over the Knee Leg Thigh Boots , Womens High Heels Stilettos Pointed Toe Front Zipper Tassels Ankle Boots C147 ,

Women's ROCCO NEW Women's ROCCO LOAFER P. WOMENS LOAFER Flats d466234 - digitalcraftmedia.com




Flats
5331092
6132442
7047603
12325988
13955606
14235965
16230495
16710406
18540343