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

SPORTO Green & 22850 Raspberry 7 Red Size THERMOLITE Rubber Duck Shoes Boots Slip Ons Size 7 25481dd
SPORTO Green & 22850 Raspberry 7 Red Size THERMOLITE Rubber Duck Shoes Boots Slip Ons Size 7 25481dd - 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.


Womens Ladies Ankle Boots Flat Low Heel Chelsea Buckle Zip Booties Shoes SizeJessica Simpson Womens Deonne Brown Booties Shoes 5.5 Medium (B,M) BHFO 2180Sbicca Womens Kathrin Black Ankle Casual Boots Shoes 7 Medium (B,M) BHFO 7391Dollhouse Rabbit Fur Ivory Beige High Heel Boots Womans 8.5 Beverly , Heart Soul Lucena Womens Size 6.5 Black Faux Leather Casual Boots - New In BoxMADDEN GIRL ANKLE WEDGE BOOTS WOMEN SIZE 8.5 US BROWN LEATHER , New Om Olivia Miller Olivia Miller Charcoal Combat Ankle Boots size 7.5 , Jessica Simpson Womens Deonne Gray Booties Shoes 5.5 Medium (B,M) BHFO 2140NEW WOMENS LADIES LOW HEEL FRINGE TASSEL BOW WORK SCHOOL SHOES LOAFERS SIZE 3-8 , Womens Ladies Over Knee Boots Chunky Block Heels Casual , Paul Green Munchen Zip Ankle mid calf Boots Size US 7 Womens Gray Leather , Arizona Juniors Ankle Boots Candy Slip On Fabric Suede Solid size 6 7 7.5 NEWHippie-05M Women D'orsay Slip On Open Toe Extreme Cut Out Ankle Flat Bootie TauBass Cozy Winter Boots Women size 7 Black , WOMENS LADIES KNEE WINTER RIDING BUCKLES BOOTS SHOES SIZE 3-8 , Women's size 7 rain boots Black In EEUC , Womens Twin Toggle Classic Short Fur Waterproof Winter Rain Snow Boots 3-9 , materia prima by goffredo fantini leather knitted pom pom boots 37.5 Made ItalyClarks 6.5 leather black short boots snow walkingON YOUR FEET CHESTNUT LEATHER “JAKE” SLOUCH BOOTS, SZ 6 M, NEW, 40% OFFON YOUR FEET CHESTNUT LEATHER “JAKE” SLOUCH BOOTS, SZ 10M, NEW, 40% OFF , LADIES PARTY ANKLE BOOT STILETTO HEEL POINTED TOE BUCKLES STRAPS SHOE 3-8Rika-02 Ankle High Low Block Heel Pointy Pointed Toe Booties Boots Black , Sheepskin insoles genuine black, white, brown real soft wool women menWOMENS LADIES ZIP BLOCK CHUNKY HEEL PLATFORM OVER THE KNEE STRETCH BOOTS SHOESWomens Ladies Low Block Heal Chelsea Ankle Boots Pearl Black Booties Shoes SizeMOSSIMO MARIBEL OVER THE KNEE FAUX SUEDE FRINGED FASHION BOOTS PARTIAL ZIP Sz 6Ladies Black Faux Suede Gold Stud Ankle Winter Boots 3 4 5 6 7 8 FB1518-25 NewWomens Ladies Studded Ankle Boots Block Mid High Heels Winter Party Shoes Size


More Stories



Tags
Oliverio Trotamundo J Shaped Sz 7 Western Boots Genuine Leather , Minnetonka Brown Leather Triple Fringe Boots Moccasins Womens Size 8 Style 1632Steve Madden Troopa Brown Leather Combat Granny Boots Women's Shoes 8MWomens Ankle Boots 9.5 Black Leather Side Zip Round Toe Madison & MaxWear. Ever. Ramiro Heeled Booties - Size 8.5 M, Dark BrownMossimo Leather Knee High Boots Size 8.5 Tan-Brown Knee High Back ZipperAigle Malouine 24798-4 Red White Womens Rubber Rain Wellington Mid-Calf BootsFrye Womens Boots Size 7 Light Brown Leather Ankle , Fashion Women Boots Awesome Rain Boots Water Resistant High Heel High Quality , Bed Stu Cobbler Series Distressed Block Heel Double Buckle Loafer Women 8Khombu jenna Women winter boot (Navy/Tan, 6M)Capezio Womans 5.5B Red Black Leather Cowboy Boots , $129 Steve Madden Women Proccess Stack Heel Ankle Bootie Shoe, Cognac, US 9.5 , ARIZONA JEAN CO Absolute Women's Boots High Heels Zip Chocolate Size 7.5 M NEW!! , KEEN WOMENS PRESIDIO BLACK MAGNET SIZE 10 , Cole Haan Women's Palermo White/Black Loafers 4354 Size 6.5BSalamander Dublins/Gizeh 39 L 8 Metallic Leather Antrazit Soft FootbedBOBS from Skechers 34270 Womens Bobs World-Daisy and Dot Flat- Choose SZ/Color. , JSlides Women's Ariana Fashion Sneaker, Black/Camo, 8.5 M US , Aquazzura Christy Leather Point Toe Flats in Black Size 36.5 $675 , Nine West Women's Nanda Synthetic Ballet Flat Silver 7.5 M US , NEW COLE HAAN WOMENS WOMEN'S PINCH GRAND PENNY LOAFER - GOLD METALLICSpenco Siesta - Women's Slide - Canvas Grey - 8Aetrex Ada EF456w41 Iron Braided Mary Jane , women's shoes MOMA 7 () elegant black leather BT151-37Women SZ 6 REEBOK PUMP x KEITH HARING Sample CRACK IS WACK Halloween ORANGE RAREAdidas Superstar 80S Metal Toe Black Womens BB2033 US Size 6 Free Shipping , New Women's Skechers 22686 Chill Out Elation Sneakers - Size 6.5 (L15) , Women's Rockport Xcs Women Sneakers Athletic ShoesFaryl Robin Womens Green Suede Pull On Mid Calf Boots Size 7.5

SPORTO Green & 22850 Raspberry 7 Red Size THERMOLITE Rubber Duck Shoes Boots Slip Ons Size 7 25481dd - digitalcraftmedia.com




Boots
456451
3703129
4338908
6853375
7955502
11241293
16412085
17058024
17145738