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

White Mountain Size Womens Tivia Mountain Cold Fabric Closed Toe Mid-Calf Cold Cognac Size 9.5 Ks e3bceff
White Mountain Size Womens Tivia Mountain Cold Fabric Closed Toe Mid-Calf Cold Cognac Size 9.5 Ks e3bceff - 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.


Style & Co. Womens ASTARIE Closed Toe Knee High Riding Boots, Black, Size 6.0 , White Mountain Womens BEHARI Fabric Closed Toe Ankle Fashion Chestnut Size 8.0 , Carlos by Carlos Santana Womens Garrett Leather Closed Toe Over Doe Size 5.0Vince Camuto Womens vaniesha Closed Toe Ankle Fashion Boots Black Size 7.0 fxQ , Indigo Rd. Womens Harts Leather Cap Toe Oxfords, Dark Grey, Size 8.5 , Marc Fisher Womens JANA Fabric Almond Toe Ankle Black/MULTI FABRIC Size 10.0 zMarc Fisher Womens Adia Closed Toe Ankle Fashion Boots Red multill Size 8.5 OjMarc Fisher Womens yamir2 Pointed Toe Ankle Fashion Boots Silver Size 9.0 , New Catherine Catherine Malandrino Verona Over-the-Knee Boot women's sz 8.5SARTO BY FRANCO SARTO– Black Francie Stacked Heel BootieTommy Hilfiger Womens Rustee 2" Closed Toe Ankle Cold Olive Pu Size 10.0Slouchy Glitter Grid Pointy Toe Cone Heel Knee High Boots , Crown Vintage Womens Nova Leather Open Toe Ankle Fashion Boots Black Size 5.5 , Qupid Priority-32 Vegan Leather Strappy Knee High Stacked Heel Boot sz 5.5 new , White Mountain Womens Tivia Fabric Closed Toe Mid-Calf Cold Black Size 6.5 k8DAlfani Womens palessa Suede Almond Toe Ankle Fashion Boots Ink Size 5.0Boots Women Winter Knee High BootsWomen Beet Neoprene Buckle Boot Size 7.0 color Coffe NWOB Retail $99.00 , Alfani Womens Gilian Closed Toe Over Knee Fashion Boots Black Size 7.0GUESS Womens Tamsin Leather Pointed Toe Ankle Fashion Tan/mushroom Size 10.0 , White Mountain Womens Serina Peep Toe Ankle Fashion Boots Black Size 7.5 , Bandolino Womens CUYLER Leather Closed Toe Knee High Fashion Black Size 5.5 , Kenneth Cole Genuine Suede Embroidered Fashion Knee Length Boots Sz 7 MMarc Fisher Womens Dewey Closed Toe Knee High Fashion Boots Brown Size 8.0 , Pleaser Delight-2018 silver clear peep toe stiletto platform boots 8 CLOSEOUT , Jessica Simpson Womens Pacifika Pointed Toe Mid-Calf Black LXPTSC Size 8.0 4r6Crown Vintage Womens Kallee Fabric Closed Toe Ankle Fashion Black Size 7.0 19BNew Steve Madden Kombatt Boot sz 7.5 , Alfani Womens Novaa Fabric Closed Toe Over Knee Fashion Anthracite Size 6.5 ,


More Stories



Tags
L4L by Lust For Life Women's Racy Vegan Leather Over the Knee Flat Boots ShoesNine West- Harper Boots, Women's Size 9 M, Brown DAMAGEDCOVINGTON MARINE Women's Brown Leather Ankle Boots Side Zip Size 8.5 MB MAKOWSKY Black Soft Leather Rope Harness Mid-Calf Wedge Boots 8.5M , Marc Fisher Women's Abetter2 Ankle Bootie Dark Red Faux Suede Size 10 MWomen's Revel Faux Wood Bottom Mary Jane Clog - Honey 5.5 , Frye Fiona Brown Stitched Leather Fall Riding Boots Size 6 B FRYEMORGAN Bottines Pointues Cuir et Fourrure Noir T 40 TBEMerrell Black Women’s Smooth Boots, Size 6, NWBWomens Steve Madden Orlene Shoe Black Synthetic Over the Knee Boots Sz 7.5 M NEWGAME WINNER Waterproof Insulated Scent Mask Duraheat Hunting Hiker Boots NEW , Cushe Women's Allpine Cone Boot,Black,37 EU/6 M US , Mally 6098 Black Leather / Studded Buckle Strappy Ballet Flats 41 / US 11NEW $140 THOROGOOD LEATHER BLACK BOOT US 7 HOT UNIQUE MADE IN USA @Cole Haan Women's Pinch Weekender Penny Loafer, Soft Gold/Metallic, 6 B USWomen's JACK ROGERS REGINA 228680 bright pink leather ballet flats sz. 6 M , Womens CB CECILIA BRINGHELI 226554 black suede smokey loafers sz. 37 , $350 Authentic New Grenson Clara Vibram Tassel Loafer in Tan US 6 , Stuart Weitzman Divine Platinum Noir Women's Pointed Toe Flat Sz 10M 2787 , Donald Pliner Women's Niki Black and Silver Patent and Fabric Mary Jane FlatElaine Turner Python ballet flats w/Gold buckle - Gorgeous -NIB! Ladies size 6MCharlotte Olympia Kitty Cat Leopard Embroidered Shoes Size: 39DOLCE & GABBANA Lurex Jacquard Mary Jane Ballerinas Shoes BELLUCCI Gold 06753adidas BA9815 Womens Shoes | Crazytrain Bounce Cross-Trainer- Choose SZ/Color. , Nike WMNS Lunartempo womens running run sneakers NEW clearwater flash lime , Adidas ENERGY BOOST 2 Women's SZ 9.5 42 Magenta Red BlackHalogen Women's Lidia Ankle Bootie Black US 7.5 NOB2019 Women Leather Mid Heels Ankle Boot Pointed Toe Cross Strap Knight Shoes SZ , $283 SKECHERS Women BLACK SURE TRACK MEMORY FOAM SNEAKERS WORK SHOES SIZE 11 , Women's Vtg 1980s Beige Blue ADIDAS LADY BOSTON Trainer Running Sneakers Sz 8.5

White Mountain Size Womens Tivia Mountain Cold Fabric Closed Toe Mid-Calf Cold Cognac Size 9.5 Ks e3bceff - digitalcraftmedia.com




Boots
4088721
5796064
8477850
9928820
12121410
12486952
16778496
17517754
18322125