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

Stuart Weitzman Brown Leather Stuart Boots & & Shearling Fold Over Platform Boots a4000f1
Stuart Weitzman Brown Leather Stuart Boots & & Shearling Fold Over Platform Boots a4000f1 - 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.


Stylish Women's Block Heels Rhinestone Over Knee Thigh Boots Date Casual ShoesVince Camuto "Corra" Tan Suede High Heel Zip Ankle Booty Women's Size US 9.5MSam Edelman Women 7M Leather Side Zip Black Ankle Boots Fringe Western Bootie , Pajar Canada Womens Size 41/10 Gray Black Lined Winter Snow Boots Waterproof A3f , M4D3 Felix Chelsea Leather Slip-On Boot!! New!! Msrp $160.00 Sz. 8.5Via Spiga Women's Brown Suede Knee High Pointy Toe Boots US 9.5M , New In Box! $125 Jacobies Women's Transparent Mid-Calf Boots US9NEW L.L. Bean Women's Waxed Canvas Bean Boots Waterproof Size 9 M , ARIAT 8.5 B WOMENS COWBOY BOOTS WESTERN COWGIRL HERITAGE BROWN LEATHER TURQUOISE , SJP by Sarah Jessica Parker Kelly Knee High Brown Leather Boots Size 35.5 $595+Muk Luks Womens Nikki Boots Size 10 Cognac Southwest Blanket Wrap Buckle MidCalf , Nine West Women's HARBOURNO Black Leather High Heel Mid-Calf Boots-9.5/10/11 NWB , Two Lips Women's Fargo Leather Knee High BootsWOMENS ROPER GENUINE FUR/HAIR BLACK WHITE COWBOY WESTERN BOOTS SZ 8 B 8BWomens Ladys Knee High boots Chunky High heels Shoes Platform Suede Boots Casual , Earth Origins Black Suede Water Repellent Tori Heel Ankle Boot New , Vince Camuto Women’s Brown Leather Gold Buckle Riding Dress Knee Boots Size 8 M , Cat By Caterpillar Coretta Seal Brown Womens Waterproof Boots US 7 M, , Anthropologie Lien Do by Seychelles Sonora Ankle Boots Women's Size 6 MetallicWomens Beige Strap High Top Wedge Hidden Heels Sneaker Boots (Retail $98)New Women's Over The Knee High Heels Boot Black Brown Taupe DBDK SALTYY-1 , Trouve Women's 'Hazel' Black Leather Mid-Calf Buckle Boots sz: US 6 , Blowfish Women's Board Knee-High Leather Boot , Fashion women pumps soft square toe Short boots and heels pleuche soft Zipper , Iman Platinum Black Leather Rock the Runway Riding Boots NEWWomens Ladies Studded Over The Knee Thigh Boots High Heel Stilleto Spikes Size , ANNE KLEIN black leather LIBBY side zip BOOTIE ankle boots size 8.5 *barely worn , Aldo Contessina Suede Ankle Boots/Booties 5 BN - BLUE , Bally Womens Shoes Size 39 8.5 Brown Solid Knee High Boots Casual ,


More Stories



Tags
Call It Spring Womens Abert Closed Toe Knee High Fashion BootsReport Womens Brown Suede Boot - Size 9.5 Super comfy!Women's ARAIT Beige ATS Equipped Western Cowboy Leather Boots Size 6.5 , JALEN-C1-05 WOMEN SUEDED RIDING FLAT BOOT FOREVER FOOTWEAR BLACK , new Nike Air Force 6"Ice Blue 314389 141 Womens Size 7 , ICEBUG CREEK-L BUGRIP Women‘s Lightweight Leather Shell Snow Boots Spikes Size 9 , Just Fab Women's Gray Boots Fur Lined Buckles Mid Calf Size 9Dr. Martens Philip AW004 Womens 5 Air Wair with Bouncing Soles Tan Suede B18 , New Aerosoles Plum Pie Leopard Calf Fur Booties Ankle Boots sz 5.5 MMiss Sixty Brown Knee High Boots, Size 7.5MAD651 KEP'S by CORAF shoes black gray suede textile women ankle boots EU , Womens Ballet Flat Shoes Ballerinas Tabi Ninja Marugo Jog Ninjutsu Black Any , DR. MARTENS WOMEN'S IRONBRIDGE STEEL TOE BOOTS BROWN LEATHER 6 MEDIUM 4 UK $135 , Edgy Gold Watch Clock Bone Leather Ankle BootsEasy Street Women's Jan Harness Boot Brown Size 8.5Fly London Yip Ankle Boot - Women's Size 11/11.5, Espresso Oil Suede , SPLENDID OAKLAND SLATE 3F03325-SPL WOMEN BOOTS SIZE 6M MSRP $ , GABOR WOMEN'S BALLET FLAT SHOES, MADE IN PORTUGAL , CLARKS Women's CloudSteppers Sillian Firn Flat - Choose SZ/ColorPRADA SCRUNCH BALLET FLATS NUDE PATENT LEATHER CRISS CROSS DETAIL SZ 39Louise et Cie Size 6.5 M FERRARIA Brown Leather Ballet Flats New Womens ShoesNew Vivienne Westwood Melissa Flower Shoes, Sold Out Everywhere. Size 7 Euro 38adidas Originals Superstar Slip On Shoes Black Women Size 7.5 Authentic CQ2382Dr. Comfort Lucie X-Depth Black Leather Casual Comfort Sneaker Shoe Women 10.5 M , Hoke One One Infinite Running Shoe- Women's Size 8, Blue/Red/Yellow , New Balance Women's Shoes WX608V2W Size 7 , Women's Puma Womens Sneakers 6 US Athletic Shoes , Women Shoes Suede Med Kitten Heels Pointed Toe Stilettos Ankle Boots Cool Sbox14 , Spring Step Women's Ferrara Slip On Shoe Vegan Butterfly Flower Size 9 , Emeril Lagasse Women's Canal Canvas Slip-Resistant Work Shoe

Stuart Weitzman Brown Leather Stuart Boots & & Shearling Fold Over Platform Boots a4000f1 - digitalcraftmedia.com




Boots
97255
1360607
3727466
4177431
8547906
11263948
12105858
13506917
15789207