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

Josef Seibel Size Bridget Brown Patent Croc Womens Slip localjoes-26938 On Wedge Shoe Womens Size 6-6.5/37 70fbe88
Josef Seibel Size Bridget Brown Patent Croc Womens Slip localjoes-26938 On Wedge Shoe Womens Size 6-6.5/37 70fbe88 - 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.


JCON Leather Shoes Red Abstract Geometric Woman Art Made in Italy Size 5.5MDansko Mary Janes, Women's Size 42 (US 11.5-12), BlackSAS San Antonio Shoemakers Siesta Moccasin, 9N, Black, Leather$133 Women 8 SAS Bounce Mocha Tan Leather Moccasin Comfort Shock-Absorbing ShoesAlegria Paloma PG Lite Mary Jane Snake Embossed Patent Leather Womens 39,9 Black , RIEKER Anti stress - Beige Suede Shoes - Size 41 (10 US)Walking Cradles Brand New 9/5 WW (in The Photo With Massimo Dutti Trench Coat)DANSKO WOMENS MULES CLOGS BROWN LEATHER SONJA NURSING size 38 /7.5-8Troentorps Clogs Brown size 39 / 9 usDansko Professional Clogs 39 Snakeskin Pattern Patent Leather Nice Condition , womens ladies velvet pointy toe buckle strap block kitten heel party dress shoesWomen Pointed Toe Stilettos High Heel Slingbacks Classic Work Shoes Pumps SZDansko Marcelle Black Mary Jane Shoes Size 7.5 38 Leather Clogs Buckle Comfort , Womens Black Munro American Proper Size Proper Fit Shoes Size 8 N Made in USA , NEW Black Cherokee Patricia Shoes - Medical - Nurse - RN - Limited SizesAntelope Grey Patent Leather Clog, Us 8.5SAS Freetime Tripad Comfort Nubuck Black Wedge Walking Oxfords Women's US 7.5M , Khombu Size 8 Brown Leather Clogs Mules New Womens Shoes , Chic Mary Jane Kitten Heels Printed Floral Womens Ankle Strap Shoes Pumps Summer , Dansko Silver Snake Print Non Slip Clog Woman’sWomens Warm Cow Leather Round Toe Slip On Fur Trim Low Heels Flat Ankle Shoes Sz , Alegria Keli Pro Ric Rack Clogs Size 6.5-7 Women’s Black Loafer Nurses Clogs , ALDO Womens Black Perforated Platform Slip On Sneakers Sz 6 M - 232057 , 77204 Black Work Skechers shoes Women's Memory Foam Slip Resistant Safe ComfortDr Martens Doc Womens 8 Mules Pro Clogs Flowers Pink Floral ShoesDANSKO Nursing Clogs Red Sz 7 (37 EU) Women SuedeWomen Suede British Slip On Pointed Toe Rivet Chic Special Heel Party Shoes , Sperry Women's Koifish Mesh Boat Shoes Grey 10 , Dansko Women's Brown Leather Slip On Professinal Clogs Size 38 /8M US ,


More Stories



Tags
CLEARANCE NATURALIZER BLACK LEATHER KNEE HI Boot 5.5M WShaft ( msrp$200+)Totes Womens Winter Boots Black Waterproof Faux Fur Lined Size 6 Paula StyleNine West Mushroom Nolita Women's Over The Knee Boot NW/OB , Dirty Laundry by Chinese Laundry Women's Chrystal Boot, Taupe Suede, 6 M USLovely People Womens Blue Suede Ruffle Pointed Toe Booties Size 7.5New Without Box 9.5 M Fergalicious By Fergie Lundry Tall Black Boots Woven Back , Stunning DKNYC two tone Leather Fashion Ankle boots. NWOB Retail 268$ROCK & CANDY Womens SprayPaint-H Closed Toe Ankle Fashion, Taupe, Size 10.0 AtJrUrban Outfitters Womens 9 Multi-Color Glitter Jelly Ankle Rain Boots Waterproof , Womens New Block Heels Faux Suede Stretchy Over Knee Thigh High Boots Shoes Hot@Fur Lined Brown Tie Up Boots Size 38 , Aerosoles School Plays Knee High Boots 592, Brown, 7.5 US , ULU Women's Brown Suede Leather Shearling Waterproof Event Winter Boots Sz 7 , BADGLEY MISCHKA Women's MARGARITA BLKSAT Black Ankle Boots Booties Size 6.5Steve Madden Clapton Womens Brown Distressed Calf High Boots Size 7.5 MWomens Clarks Evesham Melody Pink Flats 9.5 M , SOCOFY Floral Hollow Out Colorful Chunky Heel Shoe Leather Backless Sandals , LOEFFLER RANDALL Women's Logan (Metallic Foil/Tassels) Sneaker - 9.5 (US) Pink , TOD'S Blue Suede Slip On Sneakers w/Raffia Trim, Sz IT39/US9Tod's Women's Brown Italian Leather Horsebit Loafers Slip On Shoes Size 37 US 7 , New Tod's Suede Driving Moccasins Size 39.5 US 9Frye Women's Ivy Slip-On Sneakers - 71194-BLK , KENDALL and KYLIE Women's Joss Embellished Espadrilles Size 9 Natural Leather , Roper Women's Daisy Driving Style Loafer, Blue, 11 Medium US , Sweet Womens Winter Warm Real RABBIT Furry Fur Lining Loafer Slip on Casual shoe , Womens Nike Zoom Strike Running Shoes Size 8 8.5 Black White Grey AJ0188 001Women's Naughty Monkey Faux Suede Fabric Knee Boots Brown Size 7 Zipper BucklesFergalicious Womens Wicket Closed Toe Ankle Fashion Boots, Doe, Size 7.5 0MrWARIAT BLACK TIE VINTAGE LOOK LEATHER ANKLE BOOTS GREAT SOLES SZ 7/37.5 URBANAUTHENTIC NIKE Air Max Thea White Pink Blue Cherry Blossom 599408 102 Women size

Josef Seibel Size Bridget Brown Patent Croc Womens Slip localjoes-26938 On Wedge Shoe Womens Size 6-6.5/37 70fbe88 - digitalcraftmedia.com




Comfort Shoes
915250
1333549
1740244
7184068
12063007
13743769
14325266
15404386
18258009