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

Joie Suede Womens Gray Suede localjoes-27796 Buckle Closure Over Closure The Knee Boots Size 35 5 a4a3408
Joie Suede Womens Gray Suede localjoes-27796 Buckle Closure Over Closure The Knee Boots Size 35 5 a4a3408 - 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.


Fashion Women Rain Boots Flat Waterproof Red Zipper Knee High Mid Calf Boots New , Rebels Lattice and Pink Suede Leather Ankle Booties Size 6 , Anne Klein Womens Sz 10M Leather Boots iflex Booties Pointed Toe - Side Zip , CRUSH DURANGO RD3217 SLOUCH BROWN HARNESS MOTORCYCLE COWBOY WESTERN BOOTS SZ 6 MJUSTIN STYLE #L0506 BLACK LEATHER WOMEN'S BOOTS SIZE 6B MADE IN THE U.S.A.Ladies' Ash Tall Leather Black Zipper Boots Size US Size 6 Leather , B Makowsky Nellie Black Suede Oxford Wedge Ankle Boot Bootie NewSporto Ellie Navy Blue Suede Quilted Waterproof Snow Midcalf Boots SALE , Aldo Haviax Red Suede Ankle Boots Pull On Size 9Lucky Brand Ashbee Women's Boots Black Size 8.5 MWomen's Round Toe pull on low heel knee high boots knight snow boots shoes , Forever 21 Women's Vegan Wine Chunky Heel Mid Calf Back Zip Boots Size US 6M , Chinese Laundry Two Step Mid Calf Leather Boots 9.5 Brown Women Wooden Sole , RANCHO Size 8 On Your Feet Women’s Brown LEATHER SOLES Western Cowboy BootsNORTHSIDE WOMEN'S SPINDRIFTER INSULATED SNOW WINTER BOOTS US 7 -40F/-40C[BRANDNEW] Amanda Smith FATE Black Leather MidCalf Boots Size 9M Made in Brazil , Women Over The Knee Thigh High Velvet Stretch Boot Navy Blue Block Heel 7 , GUESS!! SANA BOOTIE WOMEN'S SIZE 8.5 CAMOUFLAGE STYLE ON TOP ZIPPER ON THE SIDEVIA SPIGA ITALIAN LEATHER BOOTS WOMEN'S SIZE 10M BROWN WEDGE KNEE LENGTH PULL ON , MATISSE BECKY BROWN DISTRESSED LEATHER ZIP BUCKLE RIDING BOOTS size WOMEN'S 8 M , New Vasque Womens St Elias GTX Leather Athletic Hiking Outdoor Mid Boots Sz 10.5Silver 1.5 Hidden Wedge Heel Side Strap/Button Sexy Mid-Cal Boot Size 6 , Clarks Nevella March Womens Brown Suede Casual Dress Strap Boots Shoes , Mossimo Supply Co Women'sKayce Cognac Tall Boots - Size 8.5 Ext CalfMukluks Women's Taupe Brown Tall Boot 10M , Sonia Rykiel Black Leather Stacked Wood Heel Ankle Boot Shoe Size 38.5 8.5COLIN STUART Brown Leather Fashion Ankle Boots High Heel Pointed Toe Womens 8.5M , Kirkland Signature Women's Winter Boots Shearling Lining Chestnut Various SizesKAMIK Waterproof Snow Boots Women's Size 9 Black Zip Up EEUC ,


More Stories



Tags
Women's Corkys Brown/Pink Multi Flower Rodeo Western Cowboy Rain Boots - Sz 6 , SKECHERS WaterProof Thinsulate Insulation Winter Boots Purple/Black Women Siz 8Ladies Womens Winter Boots Warm Comfy Snow Casual Fashion Mid Calf Shoe Size 3-8Clarks Light Brown Leather Zip Ankle Boots Size 6 M Style 73579Nine West Black Suede Leather Zip Ankle Boots Size 6 MWomen Fashion Suede High Heel Warm Sexy Buckle Shoes Winter Over Knee BootsWomen's Style& co. Ruddy Brown Fashion Knee High Side Zip Boots Size 7.5 B , Matisse Ezrah Embossed Croc Leather Harnes Double Zip Ankle Boots Booties 8.5 , Cole Haan Air Navy Blue Leather Heeled Booties Size 9.5 BUsed Red Justin USA Made Roper Style Western Cowboy Cowgirl BOOTS SZ 6.5 B , Rocket Dog Tour Lewis Boots Color Black Size 6.5 M New In Box , Women's Low Flat Heels Thigh Pull Over The Knee High Boots On Sneaker All US Sz , Anime Attack on Titan Cosplay Shoes Shingeki no Kyojin Eren Jaeger Knee Boots , ✿ NAUGHTY MONKEY Gold-Trim Tan Premium Suede Leather Zip Boots 7.5 M NEW! L@@K! , Women Bearpaw Emma Short Boot 608W-220 Hickory Suede 100% Authentic Brand NewDolce Vita Women's Iona Leather Suede Ankle Bootie,Camel, 7 M US , NIB Fly London Womens Selm Brown Leather Casual Oxford Shoes Sz US 5.5 - 6 , STUART WEITZMAN Soft Black Leather Black Buckle Mid Calf Low Zip Boots Heels 8BIRKENSTOCK CAMDEN PEBBLED BROWN WOMEN'S US 7N (2500)Chie Mihara Loba Burgundy Patent Mary Jane Flats, Size 38.5/US 8 , COS Shoes NEW AUTH Black Leather Size 41 US 10 Medium (B, M) Ballet Flats Solid , BRUNELLO CUCINELLI Monili Strap Silver Leather Ballerinas 8.0US / 38.0EU NWB , ESPADRILLES VALENTINO BRODEES NEUVES TAILLE 39Naturalizer Women's Saban Black Cheetah Suede Calf Hair Flat WIDE , Skechers 73505 Street Womens Moda-Rhinestone Vamp Fashion SneakerSkechers Street Women's Double Up Fashion Sneaker , New Women's Skechers 14315 Go Step Untouched Slip Ons - Gray Size 7 (E16)NIKE IN-SEASON TR 7 ATHLETIC 909009-002 BLACK Womens Size 7Women's SCHUTZ Women's Sasha Ballet Flat Flats , Stylish Womens Winter Warm Pull On Hidden Heels Wedges Snow Bootie Shoes Causal ,

Joie Suede Womens Gray Suede localjoes-27796 Buckle Closure Over Closure The Knee Boots Size 35 5 a4a3408 - digitalcraftmedia.com




Boots
3168262
3924582
4158582
9062646
9146307
13013156
14044828
17766366
18367428