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

Steve Madden Womens Lanna-S 5862 Black Ankle Madden Boots Shoes Boots 6.5 Medium (B,M) BHFO 5862 686a0e5
Steve Madden Womens Lanna-S 5862 Black Ankle Madden Boots Shoes Boots 6.5 Medium (B,M) BHFO 5862 686a0e5 - 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.


Bottes fluxa Tibet Wash marron NEUVES Val 245E Pointures 35,37,38.Newport News Black patent leather 1" platform size 9.5worn once 4 1/2" stilletoRockport Seven to 7 Black Leather Ankle Boots Women's Size 10 M * , Northside Women Winter Boots Carrington Waterproof Duck Boot Dark BrownFranco Sarto Chrome Brown Knee High Leather Knit Boots Womens Size 6.5 M * , Martino Frosty Brown Leather Faux Fur Zip Fashion Ankle Boots Womens Size 6 M*ZIGI Girl Corree Black Suede Ankle Booties Women's Size 7.5 M ** , Zigi Girl 'Taralyn' Brown Leather Western Ankle Boots Womens Size 7 M* , Jack Roger Kyle Ankle Boots Oak Size 9.5 , Used Caterpillar Women's Misa Leather Full Length Pull-On Boot CAT , Bucco Capensis Olesia Cognac Studded Buckle Boots Women's Size 7 M* , Vince Camuto Women's Brunah Camo Gray Fudge Black Leather Riding Knee Boots $239Women's REACTION Kenneth Cole Brown Zip Ankle Heel Boots Size 8M , VIA SPIGA Mid-Calf Slouch Brown Suede Heel Boots sz. 8 Italy , Report Hildie Brown Leather Knee High Boots Women's Size 7.5 M*BOUTIQUE 9 CERYS WEDGE BOOTIE SZ 6MSTEVE MADDEN MATRYX BLACK BOOTIE SIZE 10 , Splendid NEW Women's Size 10 Brown Suede Rafaela Chunky-Heel Booties NWOB $148 , New Reef Santa Marta Embroidered Tribal Knee High Riding Boots Womens Size 7 M *Naturalizer Tipper Black Leather Fashion Belted Ankle Boots Women's Size 9 M*Jessica Simpson Arriel Black Leather Platform Ankle Booties Women's Size 7.5 M* , Dav Black Knee High Rubber Rain Boots Womens Size 7 M** , Matterhorn Boots by "Here & Now" Brown Heavy Leather Ankle Straps Size 10Ecco Sculptured 65 Mm Ankle Boot Heel Gray Leather Size 41 10/10.5Steve Madden Gaze 9.5 Mushroom Velvet Beige Brown Taupe Ankle Boots Booties NEWBadgley Mischka Prize Black Leather Heeled Ankle Boots Women's Shoes Size 9.5 MNew Reef Santa Marta Embroidered Tribal Tall Riding Boots Women's Size 6 M * , New Dolce Vita Combat Boots Women's Brown Side Zip Ankle Boots Size 8.5 M *Abound Sasha Brown Suede Faux Fur Short Boots Women's Shoes Size 8 M NEW ,


More Stories



Tags
NWOB St Johns Bay Cuffed Blacl Leather Ankle Boot Size 7 1/2 , BCBGirls Black Stretch Fabric Fashion Knee-High Boots w/Patent Leather Trim, 6.5Style & Co. Leopard Booties Size 10 HeelsVintage Beijing Cloth Shoes Embroidered Boots red with cotton 35 , Woolrich 'Lane' Water Resistant Boot, Teak Suede, 8.5 , Qupid Women’s Sz 6 Ankle Booties Open Toe Black Faux Suede Barnes-35A New NIB , NEW BLUSH PINK SHORT SUEDE ANKLE BOOTIES SIZE 5.5, 6, 6.5, 7, 7.5, 8, 8.5, 9,10Vera Wang Valencia Chain Moto Biker Leather Boots Size 7MChinese Laundry Women's Riley Split Suede Riding Boot Black Leather Size 5.0 , Jessica Simpson Delaine Womens Boot- Choose SZ/Color. , Indigo Rd. Womens Harts Leather Cap Toe Oxfords, Dark Grey, Size 8.5Marc Fisher Womens HUMOR2 Fabric Almond Toe Over Knee Fashion, Black, Size 8.5 , Steve Madden Jaydun Black Womens Shoes Size 6.5 M Boots MSRP $149New! Jeffrey Campbell Cienega Over The Knee OTK Purple Velvet Boots US 6 , ECCO Womens leather shoes size 41Nina Womens Quay3 Pointed Toe Loafers , Impo Noland Knee-High Kitten Heel Boots, Vino, 5.5 USSee By Chloe ankle boots booties calf leather Gray 37/7 US 1.5" heels GUC!Northface Womens Greenland Brown Winter Boot Primaloft 400g Insulate 7.5 , Cozy Navy Pat Paul Mayer Flatasics Japan Onitsuka Tiger women MEXICO 66 DELUXE D8E6L orange F/S , Keds Women's Champion Tribal Metallic Sneaker #WF52475 Black/Silver , Nike Free 5.0 Women's Silver/White Sneaker 7M , bottega veneta intrecciato Ballet toe flatsTory Burch Women's Ballet Flat: Size 7Columbia Women's Redmond Mid Waterproof Trail ShoeNike Air Force 1 Flyknit Womens Casual Shoes SZ 8.5 Bright Melon Pink 818018 802 , *NEW* without box $130 Adidas Mint Green Iniki Runner Sneakers size 9/10Nike Revolution Shoes Size 9.5 - Excellent Condition - White Grey RedDr. Scholl's Women's Expedite Work Sneaker Black Leather/Mesh ,

Steve Madden Womens Lanna-S 5862 Black Ankle Madden Boots Shoes Boots 6.5 Medium (B,M) BHFO 5862 686a0e5 - digitalcraftmedia.com




Boots
1325268
5122100
7066841
7981450
8133434
12751192
15154835
15701438
16499929