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

Womens 37 Boots Attilio Giusti Leombruni Brown Ponyskin Hide Western 27773 Hide Boots Italian 15" 848cd25
Womens 37 Boots Attilio Giusti Leombruni Brown Ponyskin Hide Western 27773 Hide Boots Italian 15

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.


New! Cole Haan Elverton Knee High Boot Black Leather Size 7 B W03573 T39 , Women's Corral Brown Turquoise Short Top Western Cowboy Boots 6 1/2 M w/ TasselWomens Vintage Panhandle Slim Maroon Leather Shorty Cowboy Boots 7.5 B NEW NIB , Women's Shoes Via Spiga EARTHA Leather Ankle Red Outside Zip Boots Size 7 M NEW , Frye Womens Billy Braided Harness Boots in Gray Suede Leather Size 7.5 , DONALD J PLINER Western Couture Collection Women's Cowboy Boots Size 6.5 M$450 Genuine & Iconic Tod's Suede Booties, black 37.5 M. All leather insideNWT Carlos By Carlos Santana Garrett Suede Over Knee Heeled Boot Black 7.5NWT SOLUDOS Saddle Suede Braided Bootie - Size 5M - Festival Boho $149 Retail , LACROSSE Women's "Laurelwood 5" Dry-Gore Brown Leather Boots size 5.5 , Sam Edelman Marmont $160 Black Leather Ankle Booties Brass Buckles Sz 7.5 , Tony Lama 8118 Black Label Grey Lizard/Leather Cowboy Boots Sz 9d USA MadeLifeStride Racey Comfort Riding Boots, Midbrown, 9.5 US / 41 EUThalia Sodi Brisaf Black Suede OTK Boot Size 9M E272 , Vince Camuto Laird Ruby Red Platform Tall Boots 9 FREE SHIPPING , ZARA TULLE ANKLE BOOTS WITH FAUX PEARLS US 7.5 / Euro 38 , Donald J Pliner Vive Baby Calf Brown Leather Boot Taupe New 6.5M , Lucchese Women’s Western Boots with Decorative Stitching USA Size 6BJack Rogers Deborah Bootie - Women's Size 5M BlackNEW WOMEN'S ROAN FOLD OVER BLACK DISTRESSED LEATHER ANKLE BOOTS WESTERN US 9 , OluKai Humu Brown Leather Women’s Ankle Boots Size 6.5Born Felicia Distressed Knee High Leather Black Boots Size 7 M $239 WIDE CALF , Thalia odi Women's Taavi Pointed-Toe Booties Black Size 6.5 MBearPaw Elle Tall 1963W/Hickory 2 Boots Women's US 11 Eur 42 (P,1)New Aquatherm by Santana Canada Turnpike Waterproof Shearling Boots Women's Sz 8 , Sofft Felicia Knee High Dress Boots 940, Ash Grey, 6 US , WOMENS DOLCE & GABBANA BLACK PULL-ON/ BOOTS SIZE 36 1/2 , Carlos by Carlos Santana Women's Rumer Over-The-Knee Boots Wine Size 7 M , Luichiny Fast Going Pointy Toe Knotted Side Fringe Mineral Wash Denim Booties ,


More Stories



Tags
DINGO 15421 Womens 9.5EW Dark Brown Distressed Slouch Cowboy Boots A24Reneeze Fashionable Combat, Riding Boots/Shoes with Quilt Stripe (Women) , AR35 Fionn Combat Boots 304, Black, 9.5 US , S Women's Thigh Boots Over Knee High Fashion Sneakers Sport Slim Winter Boots , CHESTNUT PRIMETIME-21M Women Faux Leather Low Cut Fringe Ankle Boot Size 6.5 , Bamboo Sadie 21V Black Women's Casual Chunky Heel Zipper BootiesPunk Women Pointy Toe Rivet Ankle Boots Block Heels Chelsea Knight Leisure ShoesMadden Girl Women's Sleet Cognac Fringe Wedge Boots - Size 6.5/9/9.5BETSEY JOHNSON Stiletto BOOTIES size 6.5 M Black Leather Buckle Heel ShoesZipper And Buckle Trim Riding Knee High Boots , LUCKY BRAND Brown leather scalloped WESTERN BOOTS COWBOY booties 8 CLAIRE $129 , Chaussure talon compensé femme derby mocassin sneaker loafer CUIR 35 NEUFNEW CRUSH DURANGO WOMENS WESTERN COLLAR UNDERLAY BOOT (DRD0205) BROWN 8 MED $160NEW VIONIC HONOR VIRGINIA BOAT SHOE BLACK LIGHT BLUE WOMENS SHOE FREE SHIP , rag & bone Taupe Slippers Size 35 Mules Flats , Clarks Ladies Casual Ballerina Flats Neenah GardenWomens FITFLOP Black Leather Cap Toe Oxfords Shoes Sz. 37 , Born Lilly Wrap Toe Ballet Flats 658, Tan, 9 W US , PRADA - CHAUSSURES 3.5 CM TOUT CUIR VERNI NOIR 36.5 ITL 37FR - EXCELLENT ETATDonald J Pliner Womens maite Fabric Closed Toe LoafersFila NORTHAMPTON Grey Light Blue Trail Sneakers Womens ShoesJ.CREW ACADEMY LOAFERS IN LEOPARD CALF HAIR SIZE 8,5M G8985 , BADGLEY MISCHKA WENDY Embellished Ballet Flats Shoes in Ivory Sz:5.5 R$185 NIBAdidas PW Tennis HU Women's Icey Pink/Icey Pink/Chalk White Surf City AQ0988New Balance Women’s Shoes Fresh Foam Cruz V2 Sport Running WCRUZNP2 Wild Indigo , $160 Asics Gel Nimbus 20 Running Shoe in Black/Frosted Rose Women's Size 8.5 , adidas Womens adissage Slide- Pick SZ/Color. , New Women's Skechers 12074 Flex Appeal Pretty City Training Shoes Size 6 (E12)MINNETONKA Womens Brown Leather Tall Moccasins Pull On Fringe Size 7Clarks Collection Soft Cushion Black Leather T-strap 2” Heel 11 M ,

Womens 37 Boots Attilio Giusti Leombruni Brown Ponyskin Hide Western 27773 Hide Boots Italian 15" 848cd25 - digitalcraftmedia.com




Boots
5745402
6275092
6376669
6968849
9659950
11138367
11524571
14242052
16225377