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

NWOB Guess NWOB Size Women's Mallay Black On Leather Zip Pull On Buckle Boots Size 8.5-M $189 29b97e4
NWOB Guess NWOB Size Women's Mallay Black On Leather Zip Pull On Buckle Boots Size 8.5-M $189 29b97e4 - 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.


BareTraps Corrie 2 Wide Calf Knee-High Boots, Brush Brown , L9903 JUSTIN BOOTS Brown Leather Western GYPSY Cowboy Womens 10 B Aged Bark? , Aerosoles A2 By Women Craftwork Knee High Boot Black Polyurethane US8WCOLUMBIA POWDER SUMMIT II MID WINTER WATERPROOF WOMEN'S BOOT Sz 7.5 , Chinese Laundry Rainey Women's Shoes - Black Stretch - Size : 10 MWanted Pueblo Black Low Thick Heel Round Toe Ankle Boots , Justin Gypsy Brown Leather Stockman Cowboy Western Boot Size 6 B Style L9920NEW BCBGeneration Varik Women's Boot Size 6.5 NEW , Teva Green Short Heeled Boots, 8.5SAM EDELMAN Sale New Kenley Ankle Boots High Heel Buckle Booties Black Leather 6NIB Lands End Womens Tall Insulated Duck Snow Boots , Steve Madden Saddle Western Cowboy Boots Suede Leather Beige Womens size 8.5***NEW***U Roads Women`s boots Color Red Size 7 U.S. Euro 38.Clarks Bendables Angie Madi Black Boots - Zip Ankle - Womens 11Steve Maden Ankle Booties with Bling , Tommy Hilfiger Lyra Women's Boots Natural Multi , Woman's winter boots Size6 Northside , VTG LL Bean Classic Duck Ankle Boots Womens 7 Leather Rubber Blue Brown USAJOAN & DAVID COUTURE Burgundy Brown Tall Leather Boots w/ Buckle & Chain ~ 6 NSkechers Relaxed Fit: Bikers - Lineage Black Blk Womens Mid Top Shoe Size 6.5M , White Mountain Layton Faux Leather Wide Calf Boots, Women's Size 8M, Black , Dolce by Mojo Moxy Nikki Slouch Boots - Women's Size 8M Brown 8 NWOTSam Edelman New Black Kenley Leather Buckle Ankle Boots Booties Heels sz 8 , BAKER'S BLACK ANKLE BOOTIES SIZE 8.5 MEDIUM 3 IN. AND UP , Lucky Brand Keezan Beige Womens Shoes Size 9.5 M Boots MSRP $129MOSSIMO Brown Leather Motorcycle / Harness Boots Women's Size 8.5 , White Mountain James Knee High Boot - Women's Size 7M, BlackEUC Vasque Breeze 2.0 GTX Gargoyle/African Violet Hiking Boots 8W Gore-texDOLL HOUSE 5678 FASHION BOOTS LEATHER SIZE 6 ,


More Stories



Tags
High Top Women’s Buckle Hidden Wedge Heels Ankle Boots Sneakers Shoes , Sbicca Womens Kathrin Black Ankle Casual Boots Shoes 6.5 Medium (B,M) BHFO 7378 , Colin Stuart camel Tan leather heeled Pointed cowboy boots 6.5Rivets Women Chunky Block Sequins heel Shoes Suede Ankle Boots Elistic Round toeWomens Shoes Shiny Synthetic Leather Low Cuban Heel Knee High Boots US Size b068Nice 16" Oil Cured Brown Leather BORN Side Zip Harness Boots US 7.5L & 6.5R , Sundance Gold Specked Leather Ruched Ankle Length Heeled Ankle Boots 36 6 6.5 , Franco Sarto Malvina Booties-Women's size 8 M Black , Qupid Womens mariko Fabric Pointed Toe Ankle Fashion Boots, Dark Blush, Size 8.5Women's Ladies Black Perforated Ankle Combat Boots Size 5, 6, 7, 8, 9, 10 NEWMerrell Thermo Shiver 8” Waterproof Women’s Winter Boots Size 9 New Hiking TrailFranco Sarto Fenwick Peep-Toe Ankle Boots, Black, 6.5 USReba Size 7.5 M ZANIA Brown Leather Ankle Boots New Womens Shoes , Franco Sarto Mimosa Side Zip Black Leather Ankle Boots Women's Size 7 M*Aerosoles New Inception Gray Womens Shoes Size 6.5 M Boots MSRP $89 , Funtasma Star-16G by Pleaser Womens Flat- Choose SZ/Color.Lewit Gemma Ballerina Black Leather Flats Size (US 9) , PRADA SOFT BLACK LEATHER ZIPPER SIDE ANKLE BOOTS Sz 37.5M MADE IN ITALYDr. Scholl's Womens charlie Almond Toe Ankle Fashion, Stucco Suede, Size 8.0 yEl , New! $190 Kork-Ease Sherrill Bootie SZ 9.5 Gray leatherJcrew Kiki suede studded ballet flats - ONLINE ONLY- Size 8! , Cole Haan Pinch Weekender Teal Suede Loafer Shoes Womens 8 NEW IN BOXTOD'S WOMEN'S LEATHER SLIP ON SNEAKERS NEW SPORTIVO YO BLACK CBD , New Tory Burch Logo Chain Espadrille Shoes Ballet Flat Size 9.5 Bordeaux VelvetKlogs Naples Mens - Womens Clogs White Smooth - 9.5 Wide , Sexy Women's Oxfords Flats Slip on Breathable Leather Casual Sneakers Shoes W238Outdoor fly knitting Sneakers Breathable Casual Sports Athletic Running Shoes 66 , Skechers Women's Zinger Retro Rockers Sneaker , Women's Pajar Alina Womens Black Boots BootsWomens Ankle Boots Warm Soft Faux Fur Pull On Furry hidden heel Casual Shoe

NWOB Guess NWOB Size Women's Mallay Black On Leather Zip Pull On Buckle Boots Size 8.5-M $189 29b97e4 - digitalcraftmedia.com




Boots
986774
1050046
2558964
4795096
7637266
10033926
12246009
17345655
18415323