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

LL 27601 5sfg-27600 Bean Women Shoe Size 9 Buckle Lounger Bean Boot Maine Hunting Shoe Duck Boots (b51 563a1eb
LL 27601 5sfg-27600 Bean Women Shoe Size 9 Buckle Lounger Bean Boot Maine Hunting Shoe Duck Boots (b51 563a1eb - 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.


Skechers Women's Cheeky-High Rider Boot Black Leather Wedge Size 8 48547 , ZIGI Rock & Candy Women's Spraypaint-H Combat Booties Taupe Cuffed Sweater 10 MNEW Jessica Simpson Rinne Women’s Brown Leather Knee Boot Shoes US Size 6 M , Frye Womens Brown Suede Parker Fringe Short Boots SZ 6.5 , STUART WEITZMAN Women's Knee High Dark Brown Leather Boots Size 7.5 , Maserati Iguana Black Leather Boots Mid Calf Sz 8 M Italy Cashmir Calf UsedFranco Sarto Fenwick Peep-Toe Ankle Boots, Black, 6.5 US , NIB $149.95 Sbicca Sookies Tan Multi BACK ZIP Textured Ankle Boots Womens 10 MMe Too Women's Astor Dark Brown Leather Flat Riding Boot , River Island Women's Embellished Puzzle Boots w/ Faux Fur Tongue AB4 Black US:8 , Franco Sarto CORBIN Women Black Suede and Leather Knee High Boot US Shoe Size9.5American Rag Women's Shoes, Coyote Cowboy Boots Distressed Oak Brown Sz 7.5 M , ZIGI Rock & Candy Women's Spraypaint-F Combat Booties LT Tan Cuffed Size 9 M , INC Tyliee Brown Womens Shoes Size 5.5 M Boots MSRP $199.99Rockport Sharna Twin Gore Black LTHR Bootie Size 7.5W D1331/Dee Keller New With Tags Sienna Fold Over Heeled Bootie Navy , Easy Spirit Women's Cleary02 Snow, Winter Boots Quilted Black Size 5 M , aa Milano Women's black leather pointy toe buckle boots size 36 (6) Bootie Italy , Naturalizer Women's Nailah Black Leather Mid-Heel Bootie Shoe Size 4.5 N US , Pre-Loved Code West Black Leather Cowboy Boot SZ 7 EUC , TONY LAMA Cowboy Suede Boots Silver TIPS Size 9 Men 7 Women’s Black Suede , MARC JACOBS BLUE TRIM BLACK RUBBER RAIN BOOTS 37 , Circa Joan & David Women's Chace Ankle Bootie Taupe Leather Size 10M , Madden Girl Women's Jagg Fashion Boots Steve Madden Dark Taupe 8 NIBNew EARTH Size 10 WAYWARD Bark Brown Ruffle Vamp Ankle Boots , White Mountain Women's Giddy Slouchy Boots Black Smooth Size 10 M , RALPH LAUREN MESI Black Leather Booties Short Boots Shoes 6B $139Donald Pliner Walnut LONI2 Ankle Boots Leather Pointy Toe Zip Booties Sz 6.5 MAlfani Women's Jurissa Riding Boots Black Size 7 M ,


More Stories



Tags
Nature Breeze Darcy Burgundy Boots Chu Women's 8.5SALE Now Ladies Spot on black ankle boot with zip front detail F50402 , Rampage Ellesandra Round Toe Synthetic Knee High Boot 9.5M , Cory-1 Fashion Ankle Casual 3.5 Inch Heel High Women's Winter Boots Taupe 6- , Korea NEW Beige Brown Faux Fur Suede Winter Snow Combat Boots Korea AU8 Fits 39 , Ankle boots woman studded red black toe high heel elastic elegantKamik Jennifer Rainboots Womens Size 9 Rubber Boots Brown , FOREVER SUPER SUEDE LEOPARD ANIMAL PRINT/BROWN LYCRA BOOTS - SIZE 7.5Naturalizer Jersey Wide Shaft Riding Boots Black leather 6.5 M new/display $190 , Zara Ankle Booties Size US 6 36 Black Velvet Bow Black Blogger Favorite NWTAbound boots Black Knee High wedge Boot, Size 9 newMadden Girl Womens destory Closed Toe Ankle Fashion, Black Fabric, Size 9.0 85lrWomen's NINE & COMPANY shoes Nelson Tan/Light Brown Mid Calf Boots Sz 5.5 M , Lauren Ralph Lauren Tia Wedge Dress Boots 5.5B $149.00 BLACKNew Women Lady Floral Buckle Ankle Boots Zip BOHO Stilettos Elegent Shoes Black , fashion Womens round toe furry warm ankle boots snow boots block high heel shoesPaul Mayer Attitudes Bay Brighton Black Womens Shoes Size 8 M Flats MSRP $240 , NIB $495+ BURBERRY LEYGREEN Rosey Beige Buckle Ballet Flat Shoe 39.5 -9.5 ITALYPRADA SPORT Shoes 279201 Black 36Rockport Cobb Hill Judson Perf Pump - Women's - All Colors - All SizesLANDS END Womens Gray Size 5 Orange Hook And Loop Sandals TrekkersCole Haan Womens Mariannesam Closed Toe Espadrille Flats Grey Size 6.0 , Women Real Leather Platform Wedge High Heel Sneaker Sport Ankle Boots Creeper Si , Asics T367N Gel Lyte 33 2 Running Training Shoes Sneakers Black Pink Womens 10 , PUMA 19015903 Womens Burst Tech WNs Cross-Trainer Shoe- Choose SZ/Color.CONVERSE CHUCK TAYLOR ALL STAR HI 144795C CLASSIC ADMIRAL TRAINERS , Women's Bogs Berkley Black Womens Boots Boots , Women's Zigisoho Winter Boots Size 6 BootsMinnetonka Women's Cally Pile Lined Suede Mocassin Slippers CinnamonAsics Gel Kinsei 6 women's size 5.5 NEW!! ,

LL 27601 5sfg-27600 Bean Women Shoe Size 9 Buckle Lounger Bean Boot Maine Hunting Shoe Duck Boots (b51 563a1eb - digitalcraftmedia.com




Boots
1717595
3485802
9529124
9658657
10179222
10731192
14172869
14861007
18243350