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

Womens Cole Haan NikeAir Knee High Cole Black 27028 Knee 100% Leather Boots Size 9 a315533
Womens Cole Haan NikeAir Knee High Cole Black 27028 Knee 100% Leather Boots Size 9 a315533 - 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.


Bearpaw Womens Adele Boot Hickory/chocolate/charcoal soft suede all over comfort , Sanita Brown Leather Ankle Boots Wedge Heel Rubber Sole Studs Sz 39 / 8-8.5SOCOFY Womens dark gray brown flower Ankle comfort boots shoes 7M 37 , Womens Dr. Martens Shoreditch Cherry Red Canvas Ankle Booties Boots Sz US 7 38 , COLE HAAN Women’s Size 5B Riding Mid Calf Boots Croc Print Brown Leather x100 , Lamo Emerald Green Suede Button Whipstitched Faux Fur Ankle Boots NEW , NEW Code West 05-80535 Women Fringe Brown Suede Leather Western Boots 6.5M $115Jellypop Women's Blake Zipper Ankle Booties Size 7M, Sand Distress 610 , NINE WEST Granny Grunge Ankle Boots Size 8.5 M Women'sCougar Waterproof Rubber Pineapple Design Black Woman's Shoe Size 6 Medium NewIsaac Mizrahi Live Vanessa Leather Ankle Booties w/Goring Womens 9.5 M Navy ~High Stilettos Heels Knee High Boots Tassel Autumn Womens Shoes Plus Size NewReba Brazen Women 9.5 Bootie Shoe Black Metallic Ankle Boots Western Cowboy Heel , Sperry Top-Sider Waterproof Rubber Rain Boots - Size 8 , Women Fashion Non-Slip Cartoon Print Girls Waterproof Ankle Rainboots Shoes CuteNew Womens Knee-High Buckle Riding Boot Faux Leather Shoes Black,Cognac DORIC-SMerrell Tundra Women's Black Leather Waterproof Insulated Ankle Boots - US 6 , BEARPAW® Maggie Suede Sheepskin Boot knit fabric NeverWet® BLACK 6M NEW 571-230 , WOMENS ARIAT FATBABY 14930 BRN WORN LEATHER COWBOY WESTERN BOOTS SZ 7 B 7BSporto® Maria 3 Water-Resistant Tall Boot Buckle Zipper BLACK 9W NEW 580-127 , ENZO ANGIOLINI WOMEN'S "JENYA" BEIGE SUEDE KNEE-HIGH BOOTS, SIZE 6MKeds Women's Snowday Bootie Snow Boot , Dolce Vita Honey Brown Leather Tatum With Fur Trim Ankle Boots SZ 9 $242 BootiesNORTHSIDE 915827W WOMEN'S SLOAN LIGHTWEIGHT TALL WINTER BOOTS, FAUX FUR US 7 , JOHN FLUEVOG ANGEL SOLE BROWN LOAFERS WOMEN'S SIZE US-W-8 UK-6 MADE IN ENGLNDJ.Crew Black Double Zip Suede Leather Wedge Ankle Booties Boots - Size 6 , Pointy Toe Block Chunky Clear Perspex Lucite Heel Ankle Boot Bootie ShoesWomens Warm Pull On Shoes Trendy Suede Faux Fur Furry Winter Snow Mid-Calf BootsBorn Tall Boots Size 6 Brown Leather Wedge BOC Zip Buckle Round Toes


More Stories



Tags
IKRUSH Womens Anna Studded Ankle BootsVINTAGE CHARLIE HORSE LEATHER WESTERN WOMEN HEEL SHOES SLIDE IN BOOT SIZE 71/2 B , Arturo Chiang Black Knee-High Boots size 6.5Women's Totes Snow Weather Boots - Cynthia - Black - New in Box!burgundy 4"High Block Heel Round Toe side elastic Sexy Ankle Boots Size 8.5New Steve Madden Edit Velvet Gray Ankle Boot Fashion Size 7.5 , Naturalizer size 8 Black Leather/Suede side zip Ankle Boots , Kathy Van Zeeland Val Gray Studded & Jeweled Mid Calf Boot 5.5 NewVery Volatile Women's Indie Ankle Bootie, Rust, Size 7.5 i3Uh , Report Explorer Black Suede Faux Fur Knee High Wedge Boots Womens Size 7.5 MVasque Women's Breeze III Mid GTX Gargoyle/Stone Blue Hiking Boots 9.5MMARTINEZ VALERO WOMEN'S BLACK SUEDE LEATHER KNEE HIGH BOOTS SZ 9.5 POINTED TOESB.O.C Womens Mays Round Toe Knee High Fashion Boots, Black, Size 8.5NIB Dolce Vita Hasel Suede Strap Pull-on Open Toe Bootie Heels Black Size 8.5 , JONAK Bottes Cavalières Cuir Marron foncé T 39 TBE , Ruff Hewn Thayer Boots 9 Women’s Brown Buckled Boots Side Zip NWTLifeStride Xandy Wide Calf Tall Boots - Women's size 8M - Blackcrocs 204887 Womens Swiftwater Cross-Strap Static Flat- Choose SZ/Color. , Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion Black Size 9.0 ES , Ralph Lauren Brown Leather Women's High Heel Pull On Ankle Boots Sz US 8 EUC , Arizona Jean Company Lady Women Black Ankle Boots Size 8M , $345 Agl Attilio Giusti Leombruni Suede Driving Loafers Moccasins Flats Shoes 39Tory Burch Heidi Ballet Flat Logo Minnie Reva Leather Ballerina Shoe Metallic 8 , DOLCE & GABBANA Polka Dot WHITE ESPADRILLES Shoes 38 Ankle Tie LEATHER Ribbon !ASICS Volley Elite FF - Black - Womens , Nike Juvenate Casual Women's Shoes Size 11Women's NEW STEVE MADDEN WOMENS ENVI Flats , Women's hibou femme kickers 470251 Flats14th & Union Women's tall heel Knee High Boot Black US 7 NOBLucky Brand Women's Loreniah Ankle Boot Steel Grey Leather Zipper

Womens Cole Haan NikeAir Knee High Cole Black 27028 Knee 100% Leather Boots Size 9 a315533 - digitalcraftmedia.com




Boots
2267751
2413346
2517969
6420246
6500617
7217406
9541037
12285946
16258613