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

Unknown label winter boots Eur 38 US-Aus US-Aus Eur 7 7 USED 27820e3
Unknown label winter boots Eur 38 US-Aus US-Aus Eur 7 7 USED 27820e3 - 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.


CORN! Soda Women's Biker Buckles Lug Sole Ankle Boots in Taupe Leatherette , Just Fab Wear 2 Ways Faux Suede Knee Boots Womens Size 7 Gray , XOXO Chance Black Faux Patent Leather Stretch Fabric High Heel Ankle Boots 6.5 , Bearpaw Natoma Navy Blue Micro Suede & Knit Packable Travel Slouchy Boot 10 SALE , Lucky Brand Hilary Women's Brown Leather Pull On Mid Calf Boots US Size 7 M , Kim-01 Thigh High Over Knee Stretch Open Toe Vintage Dark Blue Denim Boot , Refresh Concord-01 Women Faux Suede Almond Toe Tasseled Chunky Heel BootieSkechers Reggae Fest-Steady Wmns Sz 6.5 Black Boots 49301 WarmTech Memory FoamIKRUSH Womens Reliana Studded Chrome Heels , All US Sz Womens Flower Tassel BOHO Pull On Winter Shoes Hidden Wedge Ankle BootSummer Womens Hollow Out Knitting Flats Knee High Boots Sandals Shoes Size 45678Stylish Women Front Zip Patent Leather Chunky Heels Riding Ankle Boots New ShoesWeatherproof Purple Quilted Zip Front Grace Ankle Boot NewCaparros Womens Elite Black Embellished Booties Shoes 8.5 Medium (B,M) BHFO 0004 , BRONX Leather Sherpa Lined Double Zippers Transform Boots size US 8 , Sporto Evi Black Blue Grey Plaid Rainboots Rain Boots 9 Sale , Women Round Toe Bowknot Pull On Girl Lolita Hidden Wedge Heels Shoes Ankle Bootslegdnd-26 Fashion Over Knee Casual Party Bluckle Zipper Women Boots Black 7-AJAX! Women's Fashion Slouchy Buckles Strap High Heel Knee High Boots , NINE WEST crackle brown pebble leather black glossy cuff fashion boots 6New Women Breckelles Dorado-11 Leatherette Zip Tassel Ankle Riding Bootie , Kamik Women's Snow Boots Sz Us 6/Eur 37 Black/Brown Waterproof Bungee Mid-CalfDana Buchman Black Suede Pleated Gold Side Zip Booties Size 9M , Purple Leopard Cheetah Platform Punk Wedges Hoof Studded Womans Ankle Boots 7 10ALDO GRAY SUEDE WEDGE BOOTS (S2)SZ 38 US 7.5 8 , Ash Gray Suede Round Toe Ankle Short Boots Size IT 39 9Madden Girl by Steve Madden Womens Fancie Red Ankle Boots 10 Medium (B,M) 5563 , LovMark Women's Whisper-4 Faux Suede Chunky High Heel Ankle Dress BootsNew Women Liliana Gomez-1 PU Calf High Slouchy Strappy Flat Riding Boot Size


More Stories



Tags
Bamboo Womens Parksville Mid-calf Western-style Boots , Zero Xposure Insulated Black Suede Mid-Calf Winter / Snow Boots Women's Size 9Womens Thigh High Platform Stretch High Heels Evening High Heels BootsMuk Luks Booties Womens Chris Floral Design Cuff Block Heel Brown Size 9 WPL6134AIRWALK Winter Thermolite Boot Size 7 Purple Black Beige Plaid Fur Lined , Via Spiga Women Boots Booties Fletcher Velvet Block Heel Gray Size 8 NWT $130 , Easy Street Jayda Wide Calf Slouch Boots, Black , Nine West ladies Size 7B black leather upper vinyl boots tall heel NEW w/tags!Nina Karalyn Stiletto Over The Knee Boots 939, Black, 5 US*New* Step Up Comfort - Ankle Boot 10W , Simply Vera Vera Wang Genuine Leather Black Riding Boots Sz 6.5M Glove Fit , Women Mary Jane Buckle Strap Punk Gothic Hollow Out Lolita Rivet Ankle Boot Shoe , FRANCO SARTO black suede leather sophisticated campus back zip boots 10 $189Hinge 'Dakotah' Knee High Riding Boot Brown Leather Womens Size 7.5New Black Spring Boots Women Platform Lacing Thick Heels Leather Party ShoesFlamingo 891 Red Vegan Suede 8" High Heel Platform Shoe With Ankle Cuff 5-12BCBG BCBGeneration Women BG-Joesana Platform Suede Boot Shoe, Black, US 9 , Sam Edelman Women's Felicia Ballet Flat, Molten Gold Leather, 8 Wide US , As New - Dolce & Gabbana Majolica Flat Women Size 40Christian Louboutin Coramia Heart-Embellished Point-Toe Flats/glitter, 36.5/US 6NWOB TABITHA SIMMONS $575 “Cleo” navy satin knot double bow slides 38.5/8.5 , Bottega Veneta Size 35 Intrecciato Red Suede Woven Loafers , YOHJI YAMAMOTO NOIR Shoes 580844 Black 2 , Skechers Womens 15600 Go Walk Joy Low Top Slip On Walking ShoesSaucony Grid Oasis Running Women's Shoes-Size 9.5 - Purple Gray , Reebok Women's Print Athlux Shatr Running Shoes Sneakers Black/Purple , Nike 806277-001 Nike Free 5.0 TR Fit 5 Running Training Sneakers Women's US 8.5 , Bamboo Montana-16 Gray Buckle Strappy Riding Boots Size 6/38 NWOBSteve Madden 9.5 Stone Brown Leather Kyle Zip Block Heel Ankle Boots , Dansko Men's Professional Cabrio Clog - Choose SZ/Color ,

Unknown label winter boots Eur 38 US-Aus US-Aus Eur 7 7 USED 27820e3 - digitalcraftmedia.com




Boots
1669066
2853976
4006598
7123180
8225277
8262297
15487571
16553725
17041001