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

Women's Leather Shoes 6L Mismatch Paul Green Munchen Ankle Boots Women's Black Leather Size 7R 6L 5995c67
Women's Leather Shoes 6L Mismatch Paul Green Munchen Ankle Boots Women's Black Leather Size 7R 6L 5995c67 - 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.


NEW! $200 FF2 FITFLOP LEATHER "DUE CHELSEA" LEATHER BOOTS CHOCOLATE SIZE 5M (36) , XOXO Katniss Cross Strap Booties, Black , Baretraps New Sakari Brown Womens Shoes Size 9.5 M Boots MSRP $89Rebel by ZIGI Nanon Ankle Boots, Wine VelvetSperry Top-Sider Womens Brown Juniper Bree Leather Ankle Boots Shoe Size 7 MMocassins bijoux et plume derbys ZARA - T. 38 NEUFS , B35 North Platform Block-Heel Ankle Booties, BlackWomen's Cole Haan Country Ankle Boots Size 9.5 (B,M) Casual Solid Brown Leather , Lucky Maldeev Block Heel Ankle Boots 675, Taupe, 7.5 US / 37.5 EUWomen's Ariat Cognac & Mint Legend Cowboy Western Boots size 8 B , Clarks Enfield River Black Womens Shoes Size 6 M Boots MSRP $150 , Born Mendocino Booties Suede Black Women's Shoes Size 9 MJC Play Women's Gray/Multi Color Glittered Boots 10Madison By ShoeDazzle Aurora Purple high heels Tall boots S 9DIESEL Size 9-9.5 Slate Black Leather Suede Med-Heel Side Zip Buckle Ankle BootsBearpaw Elle Short Cold Weather Boots 867, Black, 5 US , Aldo Asteille Black Womens Shoes Size 6.5 M Boots MSRP $130Born Taupe Leather Distressed Buckle Knee Boots 11 Worn Once CGIsaac Mizrahi Live! Suede Quilted Stacked Heel Boots PICK SIZE COLOR , BORN Women Knee High Block Heel Boots Size 7.5M Black LeatherWomen's Shoes Vintage By Jeffrey Campbell Oriley Boots Gray Size 6L 6.5R MediumWomen's MINNETONKA Black Suede Boots - 3 Layer Fringe - Flats 9 ($98)VERY CUTE BEARPAW Women's Kola II Boot NEW! Size 5 , Vtg Dingo 8 M BLK & Carmel highly styled western cowboy boots Excellent! USA , NEW Fleecy Rain Boot Liners Medium 7 9 BlackI35 Fedee Harness Strap Riding Boots F39, Black, 5.5 US Display , I35 Fedee Harness Strap Wide Calf Riding Boots, Cognac, 7 US , Women's Calvin Klein - Delanie Suede - Oak colored boots sz 40.5 New in Box NIBPierre Dumas Harper Woman's Boot size 7.5 Mocha Harper-3 NEW Leather Riding boot


More Stories



Tags
Sbicca Allegretto Women's Fringe Wedge Platform Mule BootiesWoman's Chunky Grip Sole Block High Heel Black Ankle Zips Shoes BootsNine West Germaine Black Leather Ankle Boots Women's Size 8 M**Kim Rogers EMANI Black Synthetic Leather/Fabric Knee High Boots Womens Size 8.5MVia Spiga Black Leather Zipper Buckle Strap Riding Boots Women's Size 5.5 M , Refresh Rihana-02 Strech Shaft Over the Knee Platform Block High Heel BootsNEW Women Fashion Slouch Boot Shoe Mid-Calf Knee High Riding Combat Comfort Flat , Nine West Boot Size 8 Womens Black Suede Block Heel Thigh High Adjustable , Wolverine Burnt Orange LEATHER Cowboy boots Women 5 M (Girls Youth) 285 1943 ~1 , SPORTO SIDE WINDER 7.5 WIDE NAVY NWD , Isaac Mizrahi Tasha Black Leather Moto Buckle Ankle Boot 7W NEWSam Edelman Womans Riding Boots Flat Knee-High Black Leather 6.5 37 , Nina Marielle Women's FLATS Ballet Pink , Seven Dials Womens Tinsley Peep Toe Ankle Fashion Boots Fashion, Black, Size 9.0 , POLLINI BROWN PEBBLED LEATHER KNEE HIGH BOOTS SZ 38 US 8 , Brown Ankle Boots by Bruno Premi Size 40 , New J Crew Collection Viv Jewel Suede Flats Nude/ Beige 24743 Sz 7 $275Ladies Easy B Slip On Shoes ElsieNEW MARNI WALNUT SCARPA SNEAKER SHOES 40 RETAIL 610 REDUCED TO 229 LAST PAIR ! , New madewell the lou loafer in animal-print calf hair F5100 Sz 6Klogs Naples Mens - Womens Clogs Black Smooth - 6 Wide , Versace 19.69 7647 NAPLAK SAFARI Loafers Women's Beige USWomens VINCE CAMUTO "EVY" black w/ studs leather ballet flats sz. 7.5 NEW! , Lacoste Ziane Sneaker 417 Womens Light Grey Textile Trainers , Under Armour Women's Micro G Torch Basketball Shoes Graphite/Black Size 9.0M , Christian Audigier Stact Skulls & Roses Leather Sneakers Sz 7 M NIB MSRP $159.99 , NIKE WOMEN FLYKNIT MAX BLACK-HYPER ORANGE-SUNSET GLOW 620659-008 Sz 8 , CONVERSE CHUCK TAYLOR ALL STAR OX M5039 CLASSIC BLACK MONO TRAINERSGentle Souls Silver Perforated Leather SOUL CUTE Ankle Boots size 6 M , WOMEN'S STYLE ankle boots size 8 1/2 ,

Women's Leather Shoes 6L Mismatch Paul Green Munchen Ankle Boots Women's Black Leather Size 7R 6L 5995c67 - digitalcraftmedia.com




Boots
1495414
7064373
10143149
10196172
10860289
13444946
13809726
18603987
18673733