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

Authentic Valentino Garavani Sandal Silver Authentic Jelly 27759 Flat Sandal Size 39 Retail $450 a6d921b
Authentic Valentino Garavani Sandal Silver Authentic Jelly 27759 Flat Sandal Size 39 Retail $450 a6d921b - 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.


Salvatore Ferragamo Boutique Womens Flats Patent Leather Black Bow Size 6 B , TOD'S Donna Dee Laccetto Women Size 9 Ballet Flats Driving Patent Leather BlackNEW Tory Burch Laila 2 Silver Driver Ballet Flats Women's Size 7.5 , TODS Black Leather Slip On Loafer Driving Moc Size 7.5 M Womens Shoes , Women's Mephisto Slip On Black Leather Loafers Sz. 9 M $290 , Women's Dansko "Tabitha" Black leather ankle boots 41 (11 US) , Beautifeel Women's Estella Dressy Pump Slip-on Shoes sz 40 EUC w/boxFITFLOP SUPERJELLY 403-012 (BRONZE) WOMEN'S SIZES: 5, 6, 7Tory Burch Hugo pointy black/honey wheat flats size 8.5 Bow LogoTory Burch Reva Ballerina Flat Black Size 7 , Mabel Red Suede Jon Josef Ballerina Flats , Black COSTUME NATIONAL Strappy Crossover Leather Slides 39 US ITALYNEW Dolce Vita Maura WHITE Leather Backless Slip On Mule Women´s Shoes Sz 7 , Alice & Olivia Mixed Media Ballet Flats *Gorgeous*Tory Burch Black Velvet Logo Chain Espadrille size 10M , Vince Petra Mule - Women's Size 5.5 M, Black Suede , TAOS PRIZE 3 in Black, Blue, Blush, Gold, Pewter , DKNY Women Shoes Size 7.5 New Leather Loafers White , $250 BELLE Sigerson Morrisons Bina Flat Oxford Black Metallic Leather US 8.5 NEW , Tory Burch Black Montrose Leather Mules Slides Size 5 , Chloe Lauren Scallop Flats Sz 5 Authentic GreyTory Burch CAROLINE Black Patent Leather Ballet Flat Shoes Size 7.5 , New Schutz Size 9 Nine Black Patent Leather Ballet Flats , J Crew Leather Two-Tone Piped Pointed Toe Loafers Shoes Size 11Women's Beautifeel Tara Leather Beige Heels Mary Jane NWOB $290 Sz. 8 - 8.5 MTORY BURCH DELPHINE EMBELLISHED RED SATIN WOMEN SIZE 9.5M LOAFERFRYE TERRI WOMENS SLIP ON LEATHER MULE SHOES NEW SIZE 8 , Tory Burch Logo Flats Patent Leather Black Size 7ARCHE women's wedge heel shoes, mary jane, Brown suede size 37.


More Stories



Tags
Western Style Short Slouch Boots Size 8/9/ Faux Leather/ Lt TanNaturalizer Prema women black all man made mid calf boots size 7MCRUISERWORKS BIKER BOOTS women 6 M BLACK LEATHER WATERPROOF oil acid resistantMossimo Cute Black Platform Wedge Ankle Boots w/ Buckles & Side Zip - Worn Once , New ladies Tan 1.5"wedge hidden heel Round Toe Sexy KNEE Boots Size 8.5 , Justin Women's Cowboy Western Leather Boots Grey Style 1277 Size 9 D , Women's Nocona Burnished Bluebonnet Tan Cowhide Western Boots NL5009 Size 10 B , Womens New Knight Knee High Boots Cuban Heels Leather Shoes Black Fashion BuckleNEW Women COLUMBIA Minx Mid II Omni Heat Black BL1585 Snow Boots Size 7 SALE! , Alexandra Birman Black Leather Platform Ankle Booties Size 7AK Anne Klein Women's GLINDA Velvet Ankle Boot 9 M Booties NWB , Earth Intrepid - Women's Open-toe Ankle Boot Black - 9.5 Mediumvintage campus boots womens 9 M brown campus leather western Style 37014 , Steve Madden Barton Buckle Leather Boot Black Women Sz 7.5 M 4084 * , New BOGS Classic Winter Plaid Mid Rain Boot Green 37/6 , TOTES All Weather Footwear Black Furry "Crystal" Boots Womens Size 8M-B85JCrew Sloan Plaid D'orsay Flats w/ Mini Bow Plaid Red Black 7.5 e4997 Shoes NWOB , LADIES SHOES/FOOTWEAR - MG Big ankle boot brownDrew Women's - Sz 11 - Basil Black Comfort ShoesNew Prada Beige Nude Heels with box 35.5Merrell Women's Encore Q2 Slide Fashion Sneaker, - Choose SZ/ColorNew In Box Sperry Top-Sider BAHAMA Clog Canvas Plaid Navy/red Womens 8.5 MNew Balance Womens Size US 9 Walking Shoes WW645BR Brown Blue Leather HikingNEW $375 Stuart Weitzman Legacy Cap-Toe Ballerina Flat Sz 6M , Skechers Sport Women's Burst Divergent Demi Boot Sneaker - Choose SZ/Color , Reebok Women's Sublite Cushion RB046 Work Boot , Women's Aerosoles Women's Margarita Harness Boot BootsNike Flyknit Lunar 3 Sail Athletic Shoes Women's 8.5Womens Nike Air Presto Premium Triple Black Leather Shoes Size 7 (878071-002)

Authentic Valentino Garavani Sandal Silver Authentic Jelly 27759 Flat Sandal Size 39 Retail $450 a6d921b - digitalcraftmedia.com




Flats
1236138
2212700
2919283
6386179
7284415
11500562
12872892
15003053
17069061