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

Rampage Riding Imelda Knee-High Riding 6410 Boots, Black Knee-High/cognac, 5 US 90de33b
Rampage Riding Imelda Knee-High Riding 6410 Boots, Black Knee-High/cognac, 5 US 90de33b -

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.

Easy Street Banks Cross Strap Ankle Booties, Tan, 9 US , VTG WOMENS UNBRANDED COWBOY LEATHER DARK ORANGE BOOTS SIZE 7.5 MNATURALIZER Women Ankle Boots Size 6M Brown Leather Zip Up , ZiGi Soho Kourtlan Black Womens Shoes Size 10 M Boots MSRP $69Via Spiga Crocodile Embossed Leather Italian Boots Size 7M Made In Italy , Bjorndal Jollie Boots Leather Tan Suede Women Sheepskin Lined US 10MARIZONA JEAN CO - LEOPARD - "DACEY" - SIZE 7 1/2M***RET@ $49 (S-79)WOMENS VITTORIO RICCI COWBOY LEATHER BLACK BOOTS SIZE 6.5 M , NEW Kirkland Signature Women's 6 MED Shearling Zipper Boot GRAY GREY Boots NIB , NWOB~ ComfortView ~8.5WW~ Bootie Caramel Leather Back Zippered Mid Calf BOOTS , WOMENS NICOLE RIDING LEATHER BLACK BOOTS SIZE 9.5 M , "NINE WEST" WOMENS NEW LT BROWN SUEDE WEDGE ANKLE BOOTS SIZE 6M SHOESWOMENS JUSTIN COWBOY LEATHER LIGHT BROWN BOOTS SIZE 8 BCollin Stuart Black Leather Ankle Boots Size 6.5VTG WOMENS TEXAS COWBOY LEATHER LIGHT BROWN BOOTS SIZE 8 N , KS35 Milann Ankle Booties, Grey, 7.5 USCrown Vintage Willy Ankle Boot Faux Buckle Sz 8M , VTG WOMENS DINGO SNIP TOE COWBOY LEATHER BROWN BOOTS SIZE 6.5 MVTG WOMENS UNBRANDED TOE RAND COWBOY LEATHER BROWN BOOTS SIZE 6.5 MTom’s Women’s Size 7 Suede & Gray Wool Fabric Side Zip Ankle Boots F1-1061VTG WOMENS DURANGO SQUARE TOE COWBOY LEATHER BROWN BOOTS SIZE 8.5 M DEFECTSC35 Ameliya Mid-Calf Dress Boots, Brown, 10 USVTG WOMENS SEYCHELLES COWBOY LEATHER LIGHT BROWN BOOTS SIZE 7 , COOL WAY Women's Size 38 (7.5-8M US) Beige Leather W/Strap Ankle Boots , DRESS BARN GRADY Women Ankle Boots US 8.5 M Beige Leather� STEVE MADDEN PURPLE BUTTERFLY BOOTS Size 8 , Steve Madden Women's CASSEY Brown Leather Knee High Boots Size 6Jessica Simpson Boots Tall Suede Size 8 Zip Side -1776ECCO Womens 10.5 M Eu 42 Black Leather Buckle Ankle Heels Slip On ,

More Stories

ZITA MARIA Women's High Heel Boots - Size: / US 5 , Mudd Women's Brown Leather/Cream Crochet Slouch Pull On Ankle Booties Sz 6.5MBandolino “lnput” Women's Boots size 7 M Black Patent & Suede Leather KneeHi ❤️Marc Fisher LTD Prana Cap Toe Bootie SIZE 8 Women's , Summer autumn platform wedge heel boots Women Shoes with increased platform soleCougar waterproof Leather Mettalic Rose Woman's Tennis Shoe Size 6 Medium NewNEW Teva Women's Delavina Mule Shoe Black 9 US Waterproof Leather $110 Retail , GB Gianni Bini Show-On Stretc MicroSuede Over the Knee Greyline Boots Size 9M , Ariat Brown Yellow Leather Western Cowboy Boots Women Size 6.5 B Style 15721 , $400 Rebecca Minkoff Bernice Peep Toe Bootie Pumps Snake Leather 8.5MMarc Fisher Coin 2 Womens Dark Brown Stacked Heel Boots size 8Louise et Cie/Size 7.5/Tall Black Riding Equestrian Boots/Women's Knee High , Attilio Giusti Leombruni AGL Ballerina Flat Womens SZ US 10 Cap Toe RedRieker Women's White Combo Leather Slingback Shoes 46778-81 US 7 Z390 , Worn Once BCBG MAX AZRIA GRAY LASER CUT LEATHER FLOWER BALLET FLATS 8-1/2 8.5100% AUTHENTIC NEW WOMEN LOUBOUTIN ARES FLORAL CANVAS ESPADRILLES US 9 , Church's Shoes 677036 White 36 1/2Fendi NIB Black Suede Laser Cut Pointed Beveled Heel "Marguerite" Flats SZ 40 , Vintage BELGIAN SHOE Brown Patent Alligator (Stamped Leather) Slippers 6.5BCreative Recreation Womens Savona High Top Sneaker Black Leather Size 7 M US , Saucony Women's Excursion Tr9 Road Running Shoe, Grey/Blue, 7 M USREEBOK RUNNER MT WOMEN'S BLACK/PINK RUNNING SHOES, #BD2880 , Women's Loungedress Shoes 276287 Beige 37 Boots , Women's womens high heels boots Boots , Midnight Velvet Marled Wedge NEW NIB Size 8.5M , Zola Women's Fringe Moccasin Buckle Strap Ankle Boots Dark Taupe Faux Suede , FABI Leather Ankle Chelsea High Heel Boots Size 38 Made in Italy , NIKE Women's Air Max Jewell PRM TXT Black 917672-002 , Capps Rita Black Leather Uniform Shoes NEW Womens Sz 9.5 W 90100 Military PoliceWomens Nike Free RN CMTR 2017 SZ 7.5 Pure Platinum Running Shoes 880842-012 ,

Rampage Riding Imelda Knee-High Riding 6410 Boots, Black Knee-High/cognac, 5 US 90de33b -