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

Nine 27777 West Espadrille White Women's Beachinit Espadrille White 9e90262
Nine 27777 West Espadrille White Women's Beachinit Espadrille White 9e90262 - 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.


Woman's Frye Size 10 Dylan Slip - On Italian Leather Shoes Black , Nine West Beachinit Women Espadrilles Slip On Flats Black NEW , Vionic W/Orthaheel CHILL KENYA Supportive Suede Loafers NAVY SIZE 6.5 M NIB , ZARA WOMAN NEW AW18 BEJEWELLED SLINGBACK SLIDES BLACK SHOES 5510/301Free People Monte Rosa Flat Size 8 MSRP: $98 Women New , NWT ZARA Black Gold Metallic Embroidered Velvet Pointy Toe Mules 7/7.5 7870/201NEW LADIES WOMENS BEIGE ZASEL PATENT LEATHER FLAT POINTY FLATS WORK CASUAL SHOES , Jimmy Choo Womens Flats Size 38.5 8.5 Black Gold Suede Studded Ballet , Helle Comfort Size US 6 M Saki Black Slip On Loafers New Womens ShoesSteve Madden Womens Hibiscus Ivory Casual Shoes 10 Medium (B,M) BHFO 4272Jimmy Choo Womens Multi Colored Leather Printed Slip On Ballet Flats Size 39 9Olukai Pehuea Teal/Teal Loafer Shoe Women's sizes 6-11/NEW!! , BADGLEY MISCHKA Womens Davis Ii Pointed Toe Ballet Flats, Pewter, Size 8.0 , Womens Fly London Yaz Mousse Smart Leather Slip On Wedge Heel Work Shoes US 5-12 , Arcopedico Aetrex Womens Knit Shoes Left Sz 39 8 - 8.5 Right 38 7 - 7.5 PortugalFitFlop Women's Super skate In Velvet Loafer Shoes Size US 9 NewSarah Flint 'Andrea' Espadrille Lt Pink Grained Leather Flats Shoes Sz 40 US 10 , Camper Women’s Brown/Green Leather Mary Janes Size 39 EU/9 US $155Mozo MAVEN Womens Black White M33748 Canvas Slip Resistant Comfort Sneaker ShoesSatin Mules with Bow Slip-On Flats Black Pink Leather Lining Slippers ShoesNATALA BLACK LMPF60 Women's Shoes Size 7.5 M Black Leather Slip On Mephisto , 2018 Spring Womens Loafers Strappy Bowknot Flats Casual pumps Slip On Chic Shoes , Womens 6.5 sz 36.5 Attilio Giusti Leombruni AGL Cap Toe Ballet Flats Shoes Pink , Nine West Womens Girlsnite Synthetic Ballet Flat- Select SZ/Color.New Cole Haan ZeroGrand Stagedoor Ballet Flat women's size 8.5Merrell Black Leather Water Resistant Emma Slip on Comfort Shoe NEW , T.U.K. . Womens Flat- Pick SZ/Color. , Easy Spirit Womens GARIMA Closed Toe Mary Jane Flats , New Women's Sperry Top-Sider Dunefish Boat Shoes Flats 6 7 7.5 8 8.5 9 9.5 ,


More Stories



Tags
Women's Clarks Bendables 66753 Size 9.5M Clogs Shoes Brown Leather Stretch X6 , Bandolino Womans Black Ankle Boots Size 5.5M , Chinese Laundry SOFT Over the Knee Boots 5.5 M Black | NEW Fawn Leather ShoeWomens Size 7 Mark and Maddux Side Zip Fashion Boots Shoes , OLD NAVY Brown ,Tall Boots Size Ladies 7 With Buckle , FIT FLOP Womens SZ 11 Black Leather Shearling Skatebootie Comfort Fur Boots , BRAND NEW WOMENS NINE WEST BLACK LEATHER ZIPPER MID CALF BOOTIES SIZE 10 1/2 , Kelsi Dagger Brooklyn Height Boot - Women's size 10 - Black , Ecco leather shoe/boots shootie dark blue, size 40/9 New , HUSH PUPPIES RUSTIQUE ANKLE BOOTS BLACK WP LEATHER INSULATED WATERPROOF 10Vintage Leather Zodiac Knee High Boots Brown Womens 7 M With a 4" Heel , Minnetonka Women's Stone Leather Double Fringe Side Zip Moccasin Boot 696Miu Miu Womens Boots Size 10 Black Leather Ankle Pull OnSoftWalk Women's Rock Creek Boot, Dark Grey, 10.5 M USLATIGO Women's Tan Leather Booties "Eddie" Size 6 Heeled Wooden BootsCLARKS Women's Caddell Denali Slip-On Loafer - Choose SZ/Color , Naot Women's Rongo Mary Jane Flat - Choose SZ/Color , Report Women's Arvey Sneaker, Black Shimmer, 10 Medium US , Derek Lam Ladies Shoes Flats Sz. 7 B ItalyBed Stu Spunky Women's Fashion Vintage Motorcycle Boots - Black and TanHush Puppies Women's Analise Clever Flat Frost Gray Suede Perforated 8.5 M USSam Edelman Issa Women's Saddle Pompom Espadrille Slip Ons Sz 6M 1107SAM EDELMAN "Loraine" Rare Light Pink Leather Horsebit Loafers EUC Size 8.5 , New Balance Fresh Foam Zante V4 Women's Fiji/Vivid Coral/White Munsell WZANTHH4 , Skechers D Lites Interlude Coated Leather Low-top Womens TrainersWomens 3D Floral Round Toes Wedge Hels Slip on Elastic Multi Color Leisure ShoesSkechers Women's Seager - Stat Scalloped Collar, Engineered Skech-Knit Slip-on , Women's used well worn womens shoes Boots , Women's Ladies Coco Ankle Boots L8627 BootsBlack Patent High Heel Knee Height Dress Boots Side Zip Sz 8 1/2

Nine 27777 West Espadrille White Women's Beachinit Espadrille White 9e90262 - digitalcraftmedia.com




Flats
1130587
3639752
5434226
8405004
9849293
10768201
11375274
13506120
14684043