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

Northside Sun Women's - Peak Northside Winter Boots - Women's Size 9, Gray a89ddc1
Northside Sun Women's - Peak Northside Winter Boots - Women's Size 9, Gray a89ddc1 - 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.


$995 GIUSEPPE ZANOTTI SUEDE BUCKLE MID-KNEE PLATFORM HIGH HEEL BOOTS SZ 40 US 9Sam Edelman Women's Hannah Motorcycle Booties, Black Sz 6.5Nine West Black Cowboy Western Boots Suede Leather Snip Toe Women's Size 8.5VIA SPIGA Suede Booties Wedge 7 M Black Leather Boots Designer , Isaac Mizrahi Live womens Leather Riding Boots - Regular Calf 10W BORDEAUXSkechers Women's On The Go Joy Amber 15503 Boot BlackCOLE HAAN Boots 8 Black Leather City Booties VINTAGE Block Heel 90sToe Warmers Boots Black Womens 10 M Zip Fabric Waterproof Made in Canada WarmRalph Lauren POLO Women's Boots 7.5Vtg BOOTALINO Black Harness Accent Leather Boots made in Uruguay sz 6 worn 1-2xJustin Cowgirl Boots - Emerald Green and Black Leather - Women's Size 6Women's Frye Leather Ankle Boots Western Heel Vintage Sz 5Justin Womens 8 B Gypsy Round Toe Boots L 9903 Western WearSteve Madden Black Leather Women's Grroupie Ankle Boot Size 9MKamik Momentum Winter Boots-Women's sz 9 KhakiVince Camuto Klance Wedge Booties - Women's Size 9 M, Black , JUSTIN WOMEN'S BROWN LEATHER COWBOY BOOTS SIZE 8 1/2 B , WOMEN'S KEDS High Rise SNOW Winter BOOTS Size 9 , Cole Haan Women's Black Riding Boots - Size 8.5 , Ariat Ankle Boots Shoes Hiking Brown Leather Mesh Terrain 7 37.5 Women’sLuichiny "Rose Anna" black hi-heel platform booties - Size 11, 6.25" heelWOMEN'S GILARY IN BLACK BORN BOOTS WITH HEELS B47103 SALE! , Fiorentini + Baker Bootie Italian leather ankle boot Zip Heel 7 Black Italy $$$Naturalizer Jango Leather Tall Riding Boots Strap Zip SADDLE TAN Sz 7.5 and 8 , Roxy Women's Sz 6 Timber Boots Tall Brown Leather Side Zipper X457727PKNaturalizer Women's Tynner Brown Leather Ankle Bootie Fabric Lining Size 6.5 M , Branchini Shoes Moccasin Boots Size 8Madden Girl Prissley Over the Knee Boot - Women's Size 8 BlackWomen's Hi-Tec Snow Peak 200 WP - Black/Purple - Width: med - Boots ,


More Stories



Tags
Born Elia Clogs Mules Womens US 10 Eur 42 Brown Leather Buckle Wedge Heel EUCLadies casual fashion Celebrity High Heels Boots Korea booties Slip On sz 4 , NAVYBOOT Brown Leather Riding Boots Swiss Made Size 37 / 7 , Womens Alda Ivory 5" High Heel Round Toe Sexy Over The Knee Boot Size 5.5Women's Enzo Angiolini Eero Black Leather Knee High Boots Shoes Size 6.5 M NEWPlus Size Womens Sweet Fur Trim Warm Snow Ankle Boots Shoes Booties Winter NewOpportunity Shoes - Corso Como Women's Perfecto Ankle Boot, Plum Vintage Goat, 5 , All Saints Spitalfields Leather Cage Heels Green Black 40 41 9 9.5 10 MISMATCH , MINNETONKA Shoes 713594 Purple 6 , Ivanka Trump Women's Euma Ballet Flat - Choose SZ/ColorFRYE Womens Sienna Cross Ballet Flat- Pick SZ/Color. , SAS Women's Take Time Oxford's ShoesTOD'S WOMEN'S SUEDE BALLET FLATS BALLERINAS NEW DEE LACCETTO BEIGE 105$450 Stubbs and Wootton Velvet "C.C.H." Slipper Loafer Shoe , ECCO Footwear Womens Damara II Slip-On Loafer, Concrete, 42 EU/11-11.5 M USEcco Womens Oxford /10-- Pick SZ/Color.SKECHERS 11809 WOMENS SHAPE-UPS ROCKER STRENGTH SPORT TONING SNEAKERS SIZE 8IKRUSH Womens Aliana Pompom Faux Suede Trainers , NEW KEEN WOMENS KACI FULL GRAIN SLIP-ON , Sexy Real Leather Open Toe Womens Fashion Rhinestone Flats Roman Party Sandals , New JCrew $118 Lottie Tassel Flats in Suede Size 6 Ripe Papaya Shoes G7818Stuart Weitzman Women's Brown Slipin Flats 4465 Size 7.5M!!!! BALLERINES REPETTO ROSE FUSHIA Taille 39 40 TBEAUTHENTIC  M.F. Girbaud Leather shoes Made in Italy, European size 38Chaco Women's Outcross Evo 2 Hiking Shoe - Choose SZ/Color , Altra Lone Peak 2.0 Running Shoes Women Size 12 Great Condition , Women's Womens Boots Size 6 Boots , Dolce Vita Paschaa Black Suede Wedge Ankle Booties Sz 7MWork Wonders by Dansko Camellia Women's White Slip-On White Shoes Sz 40 9.5-10 , New Balance Women's 1260v6 Shoes Blue with Blue

Northside Sun Women's - Peak Northside Winter Boots - Women's Size 9, Gray a89ddc1 - digitalcraftmedia.com




Boots
1191261
2000763
2632246
4203190
5067841
11201840
12681235
13643405
17530557