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

Vintage Acme USA localjoes-16853 Made Womens 5.5 USA M Tall 5.5 Leather Cowboy Western Boots Style 0478 e2e6e6d
Vintage Acme USA localjoes-16853 Made Womens 5.5 USA M Tall 5.5 Leather Cowboy Western Boots Style 0478 e2e6e6d - 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.


AVON BROWN FAUX SUEDE KNEE HIGH STRETCH BACK BOOTS 9 10 11 , Jessica Simpson Brown Calf High Boots 7.5 B Low Heel , Nicole Black Turner Riding Womens Boots Size 10M , Lucky Brand Womens Ethann Green Taupe Leather Ankle Boots Shoes size 10 M , Bearpaw Women Phylly Fur Lined Warm Winter Boots Tie Back , M4D3 Olympia Flat Over-the-Knee Boot Black Size 7Dr. Marten's Delaney Women's 5 Floral Combat Boots 1460 8 EyeKenneth Cole New York Alyssa Velvet Boot Wine Red Closed Toe Heel Womens Size 7 , AQUATALIA by Marvin K waterproof boots size 8M black suede wedge heel zipper , BRAND NEW WOMENS DARK BROWN ANDIAMO SANDIE BOOTIES BOOTS SIZE 8M 8 MRialto Posie Dress Ankle Booties 837, Espresso, 8 US , G by GUESS Women's Aziena Winter Black Boots - Size 7 / 8.5SC35 Arianah Side Strapped Dress Ankle Booties 795, Black, 7.5 USKeen dry hiking boots Shoes Women Size 9 USA 1009555 0613 Tan With Orange AccentWhite Mountain Cheeky Mid-Calf Pointed Toe Boots 940, Black, 6.5 USTommy Hilfiger-Ilona Women Round Toe Brown Suede Ankle Boot Size 39 (US 9.5 )SC35 Keppur Flat Riding Boots 070, Black, 5.5 US , Cordani Calzature Wedge Boots Womens Size 8 Brown Leather Side Zip-6324madden girl Koorset Peep Toe Tassel Ankle Boots 167, Black, 5.5 US / 35.5 EU , Boot Mi-calf Leopard And Red WineWoolrich Lane Women Olive Suede Distressed Ankle Chukka Boots US Shoe Size 10SC35 Rainne Wedge Mid-Calf Boots 656, Cognac, 9 US , Cheeks Fit Body Interchangeable Knit Winter Boots 67086, Camel, 10 US Display , Sporto Korrie White Suede/Bisque Thermolite Waterproof Duck Boot Size 8.5 MMG35 Cambrie Ankle Boots 001, Black, 9.5 US , Womens TC Boots Black size 11 , GB35 Annilee Perforated Booties 903, Black, 8 USJUSTIN BROWN LEATHER WESTERN BOOTS SIZE 5B NWTChaCha Platform Zip Up Knee High Boots w/ 5" Heel - Black ,


More Stories



Tags
IMAN Platinum Genuine Leather The Perfect Heel Boot Zip BLACK 8.5MNEW Weatherproof Womens Black Water Repellent Alexa Winter Sneaker Ankle BootsSoda Women's Peep Toe Ruched Linen Cutout Stacked Heel Ankle Boot , Georgia Boots GR185 Women's Cranberry Leather Romeo Pull On Ankle Boots Sz 8 MBOGS BERKLEY WOMENS BOOTS 7, 38, warm waterproof comfortable rain boots , Marc Fisher Leather Riding Boots - Anlosa PICK SIZE & COLOR NWBella Vita Romy II Tall Winter Boots, Black, 8 US Display , Natural Sport Womens lainey Open Toe Ankle Clog Boots, Black, Size 9.0 acL0 , Laredo Burgundy Red Brown Size 6 Medium Leather Boots Womens Western Cowgirl USANIB $175 Clarks Women’s Kently Laila Shootie Boots shoes-taupe-91/2 , New Women's Kenneth Cole Brown Suede Knee High "Go for it" Boots Size 7.5 M , Skechers BOBS Alpargata Colorful Balloon Dogs White Memory Foam Shoes Wms NEW , New Steve Madden Womens Chily Chain Gray Ankle Boots Shoes 5.5 Medium $159 , DOC MARTENS Shoreditch women’s black boots size 6Icon COTTAGES Multi-Colored Leather Fashion Sneakers 8819 Size 9.5 M NEW!Loeffler Randall Lois Gold Womens Shoes Size 9 M Flats MSRP $295Skechers Go Flex LOTUS women's slip-ons SHOES TRAINERS Walk Leisure 14014-bkgy , DOLCE & GABBANA Lemon Sicily Canvas Espadrilles Shoes Yellow Black 06724 , NIB Celine Gold Grommet Stud Black Flat Shoes 39.5 , Opening Ceremony Navy Blue / White Ryder Ankle Strap LoafersAriat Women's Cruiser Fleece Western Cowboy Boot , Newton Running womens 6.5 Distance Training Athletic shoes pink, gray. , Christian Louboutin 7117 Beige Mix Suede Knotted Red Sole Ballerina Flat Sz 40.5Nike Womens Air Max 1 Size 7Keds Women's Kickstart Eyelet Stripe Sneaker - Choose SZ/ColorWomen's ALFANI Calistah Women Ankle Bootie BootsDINGO Black Leather Slouch Cowboy Boots Womens Size 6. M. Style 17310 , Fashion Womens Mid-Calf Down Shoes Waterproof Winter Warm Snow flat Casual BootsSteven By Steve Madden WARDIN Black Suede Ankle Boots Sz.7.5M W/Original Box , DANSKO Women's Professional Nursing Clog Sz 40/US9.5-10 Black Leather Work Shoe ,

Vintage Acme USA localjoes-16853 Made Womens 5.5 USA M Tall 5.5 Leather Cowboy Western Boots Style 0478 e2e6e6d - digitalcraftmedia.com




Boots
1044246
2015286
6235083
7703068
9851608
11536626
14114368
17181153
17378344