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

Women's Flats Platform Shoes High Top Women's Casual Ankle Sneakers Shoes Trainers Ankle Boots Flats 35a1b54
Women's Flats Platform Shoes High Top Women's Casual Ankle Sneakers Shoes Trainers Ankle Boots Flats 35a1b54 - 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.


Naturalizer Lilly Leather Suede Strap Tailored Ankle Bootie Wine 10M NEW 497-157FRYE Engineer Boots Women’s 6 B Red Slip On Square Toe Leather USA MotorcycleFranco Sarto Womens Ivanea Black Over-The-Knee Boots 10 Medium (B,M) BHFO 5213 , MARKET 22 Palmer black rounch Mid-calf boots shoes 37.5/ 7 , Bare Traps Tommy Taupe Wide Calf Buckle Detail Riding Boot NEW , Vogue Womens Lady Winter High Block Heel zipper Buckle Ankle Boot Shoes BootiesBearpaw Maggie Navy Blue Suede Sheepskin Winter NeverWet Ankle Boot 8 SaleMarc Fisher Justice Faux Suede Side Zip Tie Back Ankle Boots Womens 5.5 M Taupe+Womens pull on Mid Calf boots Platform Hidden Wedge Heel casual Snow Boots Shoes , Charlotte Ronson Dimphy Women's Black Scallop Edge Bootie , Skintone 3"High Wedge Heel Round Toe Ankle Boots Front Strap Size 10 , Ethnic Womens Round Toe High Top Hollow Out Holes Breathable Ankle Boots Sandals , Cusica Dusica Womens Shoes Size 38 8 Black Solid Mid Calf Winter Boots CasualBrand new Gorgeous Pleaser Purple Patent Stiletto Knee high boots size 10 , Kenneth Cole Reaction Womens Brown Tall Zip Up Gina Riding Boots Size 7 NIB , OLD NAVY FAUX SUEDE BLACK PERFORATED PEEP TOE 3 IN HEEL LOW BOOTS BOOTIES 9Columbia Women’s Brown Leather Fleece Lined Winter Boots Size Sz 9 M , $99 size 11 Baretraps Addye Taupe Suede Ankle Booties Womens Winter ShoesLUCKY Brand Joelle Western Bootie Size 8 Women's Slip On Boot Brown Pointed Shoenew Brown Womens 1.5 Low Hidden Wedge Heel Side Bow Knee Sexy Boot Size 9 , Plenty by Tracy Reese Hurley Suede Mid Calf Boots Date Brown 40M 10 NIB $240Dingo 17694 Brown Scroll on Black Shaft Western Boots Womens 7 1/2 M Very Good , Minnetonka Womens Venice Brown Moccasin Boots Shoes 6 Medium (B,M) BHFO 8530Black High Knee Leather Boots Size 37 EU Vero Cuolo , Oscar Sport Cristina Black Hair Boots Size 39 Made in ItalyConnie-10 Pointy Toe Thigh High Over the Knee Chunky stacked Heel BootsVince Camuto gray leather platform ankle boots side zipper sz 6 BDailyShoes Western Womens Slouch Mid Calf Ankle Strap Buckle Cowboy BootsANIMAL PLATFORM CASUAL CREEPER SHOE FUNKY TABBY CAT COMFORT FLAT WALKING GREEN


More Stories



Tags
Marc Fisher Wynie Ankle Strap Booties, Black, 8 US UsedAR35 Abby1 Perforated Ankle Boots, Taupe Perforated , Vince Camuto Jody Bootie boots Prairie Dust Earthline 8.5 suedeFrye Women's Campus Zip Boot Brown Leather Booties 6M , LADIES SPOT ON GREY TEXTILE PULL ON CHELSEA ANKLE BOOTS STYLE - F50571ED Ellen DeGeneres Traison Open Toe Ankle Beige Leather Booties Sz 8.5 New $110 , $110 NEW Charles by Charles David Brown Otter Suede 'Honey' Ankle Size 6.57856261 LSPBTS50 Women's Shoes Size 7 M Black Leather Boots Johnston & Murphy , Vasque Womens Breeze III GTX Athletic Hiking Trail Outdoor Mid Boots 7.5 WideED Ellen Degeneres Denim Blue & Leather Slip on Pointed Toe Flats 10 40 NEWBottes fluxa Tibet Wash marron NEUVES Val 245E Pointures 35,37,38. , SAS Simplify Women's Bone leather moc toe Loafer Size 6.5 Narrow Made in USA , ballerines MARC JACOBS cuir camel 36 , MERRELL WOMENS ENCORE Q2 BREEZE BLACK SIZE 7.5New Womens Leather Embroidery Floral Retro Platform Slip on Loafers Pumps ShoesMarc Fisher Black Leather Elise Slip On Fashion Sneakers Womens Size US 6MManolo Blahnik NWT Purple Suede Flats SZ 37.5 , Authentic Tory Burch(R) Gemini Link 65mm Loafer Size 9 New in Box , NEW 2017 auth $265 TORY BURCH sz7 Gigi Patent Leather Ballet Pumps SHOES Yellow , Women Men High/Low Top Canvas Fashion Sneakers Breathable Sports Board Shoes New , Steven Steve Madden Evan Women Synthetic Sneakers White Multi Size 8.0 FlvU , Adidas Womens Blue Running Shoes Size 6.5 (18395)Skechers Women's Bikers Hyphen Slip On ShoesBlack6Women's Guess nude booties size 5 BootsWomen's bottines talon aiguilles p41 Boots , NEW WOMENS BARBO BLACK FAUX FUR WEDGE BOOTIES BOOTS SIZE 7M 7 MALDO Black Leather Side Zip High Heeled Ankle Booties Women's Size 7.5 , Under Armour SpeedForm Gemini 3, Women's Running Shoes Size 8 , PUMA 18950502 Womens Enzo Metallic Wns Cross-Trainer Shoe- Choose SZ/Color.Naturalizer Women's Morrison Sneaker White Leather

Women's Flats Platform Shoes High Top Women's Casual Ankle Sneakers Shoes Trainers Ankle Boots Flats 35a1b54 - digitalcraftmedia.com




Boots
528331
3873814
7115084
7610906
10877746
12142918
12194342
13592595
13799515