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

WOMENS SAM M EDELMAN BOOTS Packer Zip Booties Black Black Ankle Leather Ankle Booties 8.5 M 8191967
WOMENS SAM M EDELMAN BOOTS Packer Zip Booties Black Black Ankle Leather Ankle Booties 8.5 M 8191967 - 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.


Crocs 7 Leather Wedge Boot A-Leigh Tall Brown 2" Espresso Walnut Pink Size 7 , Womens Steve Madden Boots Miranda Black Leather Block Heel Zip Ankle Booties 7 , AQUATALIA $395.MARVIN K FELICITY LT BROWN SUEDE PERFORATED ANKLE BOOTS SZ 7 GOODEUC! SPERRY TOP-SIDER Rain Boots Nellie Kate Tall Black Brown Rubber Pull On 10NEW Ralph Lauren Nally Brown Leather High Heel Boots 5M , Clarks Emslie Warren Leather Booties, Women's Size 9M, BlackMatisse Western Black Leather Pull On Boots Ankle Pointed Toe Womens Size 6.5 MAriat Western Cowboy Black Boots 15771 Women's 8 B , Vintage Roberto Vianni for Neiman Marcus Brown Suede Over the Knee Boots 7 ItalyTeva Womens Vero Waterproof Insulated Boots Black Suede S/N 4323 Size 9 , NEW COLUMBIA POWDER SUMMIT SLIP WOMEN'S WATERPROOF INSULATED ZIP BOOTS 8 BROWNUKW Leather Ankle Boots Brown Women's Size 7.5 D US Side Zip , Women's Sam Edelman Bleecker Shoes Black Calf Hair Ankle Boots Sz 8 M NEW! , Naturalizer Frances Wide Calf Leather Boots, Women's - Size 9 M, Brown (Broken) , WOMEN X ELEMENT HARNESS MOTORCYCLE BROWN BOOTS 6.5 M WATER REPELLENT LEATHERSperry Waterproof Rubber Boots Womens Black Booties 9 NewMINNETONKA Womens Suede Fringe Hippie Ankle Boots SIZE 7Merrell Tremblant Pull On Polar Waterproof Boot - Women's Size 7.5, Black , Eastland Womens Brown Leather Hiking Trail Everyday Ankle Boots Shoes 8 M , NEW Zara Black Embossed Leather Ankle Kitten Heel Boots Size US 8/NWOB A75Women's BOC by Born brand heeled slip-on ankle booties black leather US size 9Vince Camuto Women's Tall Black Leather Boots Size 7 1/2 M 1" HeelJeffrey Campbell womens boots high heel 8 strappy wrap brown taupe slouch FranceLoeffler Randall Matilde Almond Riding Boots Sz 7.5 Knee High Hidden Wedge $695 , DANSKO brown Leather Booties Boots 39 Back Zip Comfort 8.5 - 9 , Harley Davidson 84422 El Paso Leather Motorcycle Harness Boots Sz 5 Women’s , Lauren Ralph Lauren Marion Wide Calf Riding Boots 441, Black, 5.5 US / 36.5 EUAriat womens heritage 10001021 cowboy boots size 10 CJeffrey Campbell Free People Gray Suede Sgt Pepper Platform Boots sz 10m $198 ,


More Stories



Tags
NIB BEVERLY HILLS POLO CLUB Black Canvas Military Boots Sz 6-11 190878CBCarlos by Carlos Santana Womens quantum Closed Toe Knee High Fashion Boots , Black 4.5" Stiletto High Heel Round Toe Sexy Knee Boots Size 5 , Qupid Women's Sochi-127 Ankle Boot Black Size 6.0 , NEW WOMENS THIGH HIGH HEEL LADIES OVER THE KNEE STRETCH BOOTS SIZE 3-8 , Womens Lucky Brand Hannie Moto Ankle Boots Black Size 10 M , Franco Sarto Black Brown Sole Studded Knee High Boots Size 12MBEBE Ankle High Fashion Boots Size 7B Women'sNEW IN BOX SKECHERS TOASTY TOES BOOTS 7 CHESTNUT SUEDE LEATHER, MEMORY FOAMAriat Women's 6B Jamison Work Boots Golden Brown Leather Ankle Shoes , Womens 9cm Heels Stilettos Zip Over Knee Thigh High Stretchy Boots Shoes Black , Calvin Klein Womens Genevieve Mary Jane Flat- Pick SZ/Color.Womens Fly London Stif Leather Pull On Military Biker Buckle Ankle Boots US 5-10 , Dansko Chrissy Nappa 2710-020200 Black Leather Mary Jane Clogs Sz 37 USA 7 $160Isabelle 251 Black Leather / Gray Patent Heel Ankle Shoe Booties 38.5/ US 8.5Guiseppe Zanotti Design Gold Sparkly Pointed Classic Ballet Flats size 39NewbarK Womens Oxfords Size 10.5 Gold Metallic Leather Charlie Loafers New , Nine West Women's Xalan Nubuck Ballet Flat - Choose SZ/ColorSILENT DAMIR DOMA Womens Flat Oxford Shiner Shoes Size 38/8 , Therashoe TS Sport sneakers WHITE, Womens size 8.5 M Rockers Toning Shoes , AQUAZZURA BELGRAVIA ESPADRILLES FLATS SANDALS, SIZE 42 , NIB TORY BURCH BLOSSOM PORT WINE FLOWERS LEATHER GOLD REVA BALLET FLATS 10 , Puma Suede Classic Glitz - Pink - WomensCaleres Inc Variation Ryka Womens Dream Training Shoe- Choose SZ/Color.UNDER ARMOUR WOMEN'S ATHLETIC SHOES CHARGED CORE GREY PINK GRAPHITE 5 M , New Puma Women's Kids Iginite Limitless Olive Lightweight Casual Atheltic SneakePropét Womens walker strap Low Top Running Sneaker , Women's Dolce Vita Women's Renly Mule FlatsWomen's Women's leather ankle boots BootsWomen's Mia Austin Mushroom Women's Boots Boots ,

WOMENS SAM M EDELMAN BOOTS Packer Zip Booties Black Black Ankle Leather Ankle Booties 8.5 M 8191967 - digitalcraftmedia.com




Boots
2348294
3797608
6605840
8493938
8793329
14064560
14937754
16972023
18083605