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

New 5674 Tory Burch Shoes New Chelsea Cap Navy Toe Ballet Flats Size 9 Velvet Navy 2496b15
New 5674 Tory Burch Shoes New Chelsea Cap Navy Toe Ballet Flats Size 9 Velvet Navy 2496b15 -

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.

NEW ARRIVAL-:FINN COMFORT 9- 9 1/2 US Womens (40 EU), 'SOHO' leather, S-18-W-63 , CYDWOQ Size 38 Euro Red Leather Flats Mary Jane , Cesare Paciotti fashion black suede embroidered ballerinas shoes loafers $350PRADA Size 37 Red Patent NEW , Rundholz Black Label Leather Red Blue Slide Shoes 38 , Salvatore Ferragamo Women's Bow Detail Leather Loafer sz 7PRADA Balerina Flats Teal Bow Size 37Katy Perry Women's The Jessica Ballet Flat - Choose SZ/ColorWomems Irregular Choice Carnival Circus Black Red Flat Ballerina Shoes Shu Size , Alexander Wang Dylan Low-Knit Espadrille Sneaker sz 37.5 , Charlotte Olympia Kitty Flats Navy Velvet and Gold EU Size: 40 Excellent cond. , MIU MIU Metal Cap Toe Skate Sneaker sz 38 , PRADA Navy Saffiano Leather Loafers Size 6.5 , MARNI Cap Toe Loafer sz 37Rockport Women's Total Motion Audrina Sling Shootie Pump - Choose SZ/Color , MIU MIU Imitation Pearl Embellished Slide Sandal sz 38.5FINN COMFORT- Womens 9 1/2 US (7 UK) S-W-25Authentic Moncler Claudine Black/White Fashion Sneakers, Size 40, 10 USMiu Miu Jewel-Heel Patent Bow Flat sz 36 , MARTINIANO‎       Glove Leather Flats      Size / US 9NIB Tory Burch LOWELL 2 Leather Ballet Flats in Black 6-9.5Repetto Women's Camille Ballerina, Black, NIB, V511V-410 , VALENTINO Star Espadrille sz 40Softwalk Women's Wish Flat, Black, 11 M US - Choose SZ/ColorMiu Miu Jewel-Heel Patent Bow Flat sz 37 , NIB Tory Burch Caroline 2 Ballet Flats,Black, Size 7, 7.5, 8, 8.5, 9,9.5 , MIU MIU Metal Cap Toe Skate Sneaker sz 35 , Dr. Martens Women`s Aggy Style Bethan Mary Jane Red Smooth US 7 , NEW! Maison Martin Margiela x Converse RARE Painted Canvas High Top Sneakers 6.5

More Stories

VALERIE STEVENS Black Leather Zip Knee High Boots Size 5.5 M , Pleaser 6" Heel Open Toe/Heel Side Zip Women Boots Neon H. Pink Pat/Neon Multi , GILI Knee High Boots Sz 5M Womens Leather Tall Shaft Chandra Slate Gray NWOB , Wow! Nina Henriq Black Faux Fur & Ribbon Stiletto Boots NEWBrown 1" Low Block Heel Combat Sexy Knee Boot Size 6.5Brown 4.5" High Heel 1" Platform Round Toe Sexy Ankle Boot Top Fur Size 7 , Dr. Scholl's 91/2 9.5M Folklore dark brown knee high Womens Ladies Comfort Boots , Shoe Dazzle Women's Adeelah Block Heeled Over Knee Boots HD3 Black Size US:7.5 , Chinese Laundry Stiletto Suede Over the Knee Boot 9 Gray New Heel “Center Stage”MARK FISHER LTD SIERRE HIGH TOP SNEAKER , NINE WEST BLACK FASHION BOOTS, Leather Faux Fur High heels, NWAnesia Boots 9.5MColumbia 10 Boots Women's Snow Boot Minx Shorty Omni Heat gold tan midcalf 9C , Northside Women Boots Brecklin Snow Boot BlackSTEVEN by Steve Madden Womens leina Pointed Toe Ankle, Black Suede, Size 10.0 Iv , MIA Womens Genovieve Closed Toe Ankle Fashion Boots, Grey Nubuck, Size 10.0 i0NcImpo Womens Osie Fabric Closed Toe Ankle Fashion Boots Black Size 8.5 x3CyWomen's Khrio Ines Shoes Black Leather Zip Up Ankle Boots Size NEW!Aldo Vero Cuio Black Leather High Heel Pointy Toe Boots Italy Made Sz 7 US / 37 , Vince Camuto Briella Over-the-Knee Charcoal-Grey 10M Womens Boots NIB , Earth Pax - Women's Lightweight Breathable Leathe Blush - 6.5 MediumMarc Jacobs Glittler Women's Accented Oxford Shoes 36EUMephisto Womens Vicky Oxford- Pick SZ/Color.DOLCE VITA Womens 'Saxon' White Leather Slip-On Loafers Shoes Sz 9 NEW! 229415 , Ladies Skechers Trainers Take Charge 12407New Women’s Nike Free RN Distance Running Shoes Wolf Gray/pink 827116-006 Sz 6.5NIKE ROSHERUN (511882 611) SZ: WMNS 12/ MNS 10.5 , Women's NEW BALANCE WL220 B Rouge Athletic ShoesWomens Blue Polka Dot Four-Season Rain Boots RB019 (Adults 6-11)Fashion Womens Girls Flat Heel Knee High Leisure Pull On Candy Boots Plus Size , new ladies Womens tan Flat Slouch Knee Sexy Boots inside pocket Size 8.5

New 5674 Tory Burch Shoes New Chelsea Cap Navy Toe Ballet Flats Size 9 Velvet Navy 2496b15 -