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

New Womens Rabbit Fur Fur Furry Winter Warm Embrodiery Fashion Slippers Mules Shoes Embrodiery Mules dca4553
New Womens Rabbit Fur Fur Furry Winter Warm Embrodiery Fashion Slippers Mules Shoes Embrodiery Mules dca4553 -

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.

Beautiful Womens BORN Handcrafted COMFORT 8 M Ballet FLAT SHOES great condition , Clarks Keesha Donna Backless Loafers 845, Black Suede, 7 US / 37.5 EU , LKNW J. Crew Brown Leather Flat Ballerina Slip-on Loafers 9.5 B ITALYAnne Klein Women's Able Ballet Flat , Sanuk Women's Pair O Sail Boat Shoe Washed Black 7 M US , Jenny by ara Women's Pixie 63304Vogue 2018 Runway Womens White Mary Jane Buckle Block High Heels Round Toe Shoes , ladies shoes size 10 Clarks Artisan Brown LeatherVince Camuto Women's Torlissi Loafer Flat - Choose SZ/ColorNWT Anthropologie Guilhermina Velvet Smoking Slippers, Black-6, Navy -8, 9The Leather Street Shoe Best-Selling Everlane Loafer. Size 10 , EUC J. Crew Cece Suede Ballet Flats Sky Blue Cobalt BLUEBIRD 8.5 $125 , Womens New Mules Shoes Bee Embroidery Slippers Real Leather Loafers Horsebit New , B&CB FREE PEOPLE At Ease Gold Loafer Slide Mule Sold Out! Sz 9 39Stuart Weitzman Women’s Silver Mesh Diamond Studded Cap Toe Wedge Flats 11.5 N , NEW Kenneth Cole New York Gold Loafers Flats Shoes Size 6COMFORTIVA SALLIS WOMEN'S FLATS LEATHER SLIP ON , Sanuk Women's Donna Crochet Loafer Flat White/Oatmeal 07 M US , Demonia by Pleaser Women's Daisy-09 Mary-Jane Flat Black PolyurethaneDr Martens Womens Size 7 () Brown 2-Strap Mary Janes 8065 MIEFulinken 8 Color Sz 5-10 Bridal Wedding Dress Prom Flats Heels Pumps Shoes W388 , Tory Burch Womens Black Slides Size 9.5 (409907) , MUNRO SHOES BLACK/METALLIC LEATHER LOAFERS W ELASTICS SIZE 8SS /38 MADE IN USA !JCrew $168 Kiki Ballet Flats in Houndstooth Jacquard Sz 6 Red & Blue F8505 AVLWomen's Sperry Songfish Painterly Stripe Graphite Boat Shoes -SIZE 7 Medium--NEW , j. crew collection Viv calf hair flats size 7.5ALEGRIA Palima PAL-505 Houndstooth Mary Janes Shoes Patent Leather 9, 40 - NEW , Birkenstock JENKS Narrow BLUE Navy Sneaker Loafer tennis shoe US 11Bernie Mev Women's Demure Flat Black 39 EU/8-8.5 M US ,

More Stories

Style & Co. NEW size 5.5 M Danni Black slip on Slouch flat mid Calf BootsELLEMENNO BEIGE KLONDIKE WOMEN'S BOOTS SIZE 8Black Leather Boots With Silver Detail, from ABS, Women's Size 6Carlos by Carlos Santana Henley Women's Ankle Bootie SZ 9.5M , Muk Luks Women's Missy Mid calf Sharpe Boots Black Brights Size: 7 Brand NEW , Nine Weat Gold Metallic Leather Country Western Style Mid Calf Tall Boots 6 , NIB Columbia Women's Rainey Tall Rain Boot - Rocket, Bling Sz , Earth Kristy Black Leather Open-Toe Open-Back Bootie 7.5 Wide , Zara Laminated Leather Ballerinas With Heel 7.5, 38, 6257/ 101 100% Goat LeatherBlowfish Malibu Rabbit Boots Womens Ankle Button Detail Winter Shoes FlatsCole Haan/NikeAir G Series Tall Tan Boots Size 9.5Carlos By Carlos Santana Brie Bootie Cognac Ankle 7.5m , Lauren Ralph Lauren Sabeen Black Womens Shoes Size 11 M Boots MSRP $169Dolce Vita Chesni Woven Slip On Loafers 019, Grey Jute, 9 US , Black PAUL GREEN Suede Leather Low Wedge Ballet Flats Sz. 8 AustriaSAS Siesta Made in USA OXFORDS Ladies size 12 W Mocha Leather Shoes New in BoxNIB ALEXANDER MCQUEEN MCQ sz 37 6.5 7 razor blade women's leather flats shoes , New Balance - Shoes-Shoes - Woman - Pink - 4840521G184927Django & Juliette Ethan - Red Leather LoaferBlack Casual Girls Wedge Shoes Slip on Athletic Hidden Heels Platform VogueNewBalance 1080 Periwinkle Grey Running Athletic NB Women Shoes WR1080LS Size 10Proenza Schouler Womens Espadrille Flat Grey Grafiti Size 36 M US PS25044Nike Juvenate Casual Women's Shoes Size 8.5 , New Balance Women's Fresh Foam Cruz V1 Retro Hoodie Running Shoe2Star Gold IT Shoes Women's Smooth Leather 41 Low-Top PinkASICS Womens GEL-Excel33 Running Shoe- Pick SZ/Color.Nike lunartempo 2 Women's running shoes 818098 100 Multiple sizesWOMEN BLUE NIKE SHOX RUNNING ATHLETIC SHOE SIZE 9.5Women's KICKERS Oxfork Noir Brillant Flats , Women's Ladies Waldlaufer Casual Shoes '496013' Flats ,

New Womens Rabbit Fur Fur Furry Winter Warm Embrodiery Fashion Slippers Mules Shoes Embrodiery Mules dca4553 -