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

BLACK 9.5 Slip BLACK M Easy Spirit e360 Jeyden Leather Slip 9.5 On Loafer ~ new without box 4ac4d07
BLACK 9.5 Slip BLACK M Easy Spirit e360 Jeyden Leather Slip 9.5 On Loafer ~ new without box 4ac4d07 - 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.


DANSKO CLOGS-WOMEN BEIGE WITH BLACK SHADES LEAVES DESIGN- SIZESam Edelman Slip on Filly Penny Flats Mule Loafers Moccasins Shoes Black Sz 6 , ANYI LU Size 8 Ivory Patent Quilted Ballet Flats Shoes 38 1/2Ecco Biom Yak Leather Hybrid Sneaker Brown Grey Purple Women US 11-11.5Paruolo Shoes Leather Flats Jewel embedded Bow Leopard Animal Print Euro Size 36 , Easy Spirit Gilaria wedge flats mary janes navy blue sz 8.5 Med NEW , Fulinken 8 Color Sz 5-10 Bridal Wedding Dress Prom Flats Heels Pumps Shoes W310 , ~size 7 AAA narrow~Salvatore Ferragamo Black Brown Dress ShoeNew Womens Rabbit Fur Furry Winter Warm Fashion Slippers Shoes Embrodiery MulesEarth Pax - Women's Lightweight Breathable Leathe Black - 5.5 Medium , Dansko XP Pro Black Patent Leather Slip On Clog Shoes Womens US 7.5 - 8 / , LKNW BALLY Black Women's Suede Slip-On Penny Loafers Shoes Flats 7 NSPRING STEP PRO WOOLIN-B-M - WOOLIN Size: - Color:Drew Bloom II sz 9.5 WW Black Leather Diabetic Comfort Stretch Mary Jane ShoesSperry Top Sider Firefish Seaweed Tan/Pink 7M , Bettye Muller Rabat Brown Womens Shoes Size 7 M Flats MSRP $225Skechers BOBS Women's Plush-Peace and Love Flat - Choose SZ/ColorSPRING STEP PRO WISTERIA-W-W - WISTERIA Size: - Color: , GEOX Suede Slip-On Shoes - Charlene Dove Gray Women's Size 9 NewDANSKO WOMAN 38 US BLACK LEATHER PORTIA MARY JANE SHOE BUCKLE COMFORTNEW Madewell $98 The Ava Slingbacks Flats in Suede antique purple 6 H6686 , Viscata Barceloneta Canvas Espadrilles - Black (Elastic Inseam) , Hush Puppies Women's Happee Heather Flat - Choose SZ/Color , Socofy Shoes Size 40 (SR)Free People Snake Eyes Loafer Size 8 NEW MSRP: $128Cole Haan Grand OS NEW Ivory Leather Slip On Sandals Womens Size 9 BJ CREW Gemma Cap-Toe Ballet Flats SZ 9.5 Metallic /Vintage Champagne Leather NEWBeautiful Womens BORN Handcrafted COMFORT 8 M Ballet FLAT SHOES great conditionClarks Keesha Donna Backless Loafers 845, Black Suede, 7 US / 37.5 EU ,


More Stories



Tags
Faded Glory Women's Size 9 Brown Motorcycle / Biker Zip BootsAeropostale Size 7M LADIES RIDING Boots Studs Buckle WOMENS Tall Brown , White Mountain Pinnacle Black Slouchy Buckle Tall Boots 10 SALEBar Iii Women's Naomi Knee-High BootWomen's Born Concept Knee High Boots Shoe Size 6M Brown Leather Riding Zip Up J1 , Lamo Gray Suede Button Whipstitched Faux Fur Ankle Boots NEW , New Women Wild Diva Amaya-09 Faux Suede Wraparound Chunky Heel BootieBlack Faux Suede Double-Side Zippered Chunky Heel Ankle Bootie 8 9 , Khombu Anne Waterproof Women Boots Sz 8 (MSRP $110) bp , Spring Women's Brown Leather Block Heels Boots Size: 37 New , Madden Girl Womens Combat Taupe Combat Boots Shoes 10 Medium (B,M) BHFO 0295 , Italina BD6656 Black Suede High Heel Dressy Knee High BootsRoper Western Boots Women Ostrich Square 10 B Tan 09-021-1900-0807 TA $94.9NINE WEST Glyn Black Suede Leather Dress Booties Boots Heels Shoes 7 M New w BoxNine West Nicolah Wide Calf Riding Boots 320, Cognac, 7 US , Sanuk Womans big bootah size 8.5WOLKY Womens SAPONI Black Brushed Leather Loafer US 7, M (731700) , HOGAN women's shoe PULL UP Trainers Size 37 Slippers SALE NEWGentle Souls Women's Hanna Platform Slip On Fashion Leather Sneaker 9 MNEW Puma Womens Sz 8 Rose Gold SKY II Reset High Top Ladies Sneakers 3017543 , SKECHERS RELAXED FIT ' Winner' Ladies Chocolate Slip-On Shoes Sz. 7.5 NIBNEW ROBERT CLERGERIE WOMENS YOULA MULE , Church's English Shoes Brown Leather OxfordsNIB Tory Burch Weston Flat Espadrille-Canvas, Natural/ BlackSexy Mounth Women Colorful Mesh Shoes Lady Slip On Casual Running Sneakers Cool , Reebok Crossfit Shoes 3D FuseFrame F48 Sneakers Athletic Running Women 9 Orange , Cole Haan Women's Tali Bow Ballet, Grey Velvet, 8 B USVince Camuto Women VP Raylena Purple Patent Leather Bow Loafer Flats Size 8NIKE FLYKNIT LUNAR3 WOMEN`S SHOES TRAINING RUNNING ATHLETIC NEW SZ 6;Altra Womens Black/Gray Walking Shoes Size 11 (29606)

BLACK 9.5 Slip BLACK M Easy Spirit e360 Jeyden Leather Slip 9.5 On Loafer ~ new without box 4ac4d07 - digitalcraftmedia.com




Flats
220403
3529195
4730465
7797494
9401386
9597940
11273671
11584843
17824947