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

Cole Haan Womens Baileysam Size Square localjoes-27745 Toe Pink Loafers, Pink Snake/Taupe, Size 6.0 b241ce5
Cole Haan Womens Baileysam Size Square localjoes-27745 Toe Pink Loafers, Pink Snake/Taupe, Size 6.0 b241ce5 - 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.


Cole Haan Womens Jagger Weave Oxford Closed Toe Oxfords Black/Sequia Size 6.0$228 ELIE TAHARI GWEN Black Gold Multi Snake Leather Designer Flats 7.5NEW SAS Shoes Leather Loafer - Size 8.5 Extra Narrow - Brown , ZARA GENUINE FLAT LEATHER SHOES WITH BOW BNWT 7.5 US BURGUNDY BLOGG FAVE , Cole Haan Womens Rachaelsam Closed Toe Loafers, Sunshine stripes, Size 6.0Villains Doctor Facilier Voodoo Ray LADIES Classic High Top Canvas Shoes DisneyCole Haan Womens CH2059S Closed Toe Ballet Flats, Peony/Ironstone, Size 6.0Womens Fly London Yeli Cupido Sandal Open Toe Suede Holiday Cut Out Shoe US 5-11 , ARRAY Womens Freedom Leather Square Toe Loafers Beige Size 9.0#savingglory Aura by LODI Camel Tan Leather Loafers Made in Spain 40.5 AU 9.5 , Cole Haan Womens Cortland Ballet Closed Toe Ballet Flats, Blazer Blue, Size 6.0Cole Haan Womens Camilasam Closed Toe Boat Shoes, Apple Green, Size 6.0JCrew $158 Sloan D'Orsay Flats in Polka-Dot Denim 6.5 F1186 Navy Blue Shoes AVL , French Sole Womens Passport Closed Toe Espadrille Flats, Black, Size 5.5Cole Haan Womens Bernycesam Closed Toe Ballet Flats, Mint/Pewter, Size 6.0Adam Tucker Womens waves Closed Toe Mules, blknap, Size 8.5Y-3 BI-COLORED ELASTICATED FLEXIBLE BALLET FLATS Sz UK4/US5.5Cole Haan Womens Reneesam Closed Toe Ballet Flats, Purple, Size 6.0Cole Haan Womens D43780 Closed Toe Loafers, Ivory/Aqua Haze, Size 6.0 , wwww CHAUSSURES SNEAKERS PRADA EN CUIR NOIR T 38,5 EN PARFAIT ETAT , VINCE CAMUTO BARITA LEATHER BLACK RHINESTONE SHOES SIZE 8 M - NEWCole Haan Womens CH1825S-1 Closed Toe Ballet Flats, Stormcloud, Size 6.0 , Rebecca Minkoff Womens Romy Almond Toe Loafers, charcoal felt, Size 8.0 SygGRIEKER LADIES CASUAL SLIP ON SHOE L3272-45Jack Rogers Women's Astor Brown/Black Tortoise Leather Flats 6M , NEW KEEP Colonway GUERRA Light Canvas Gray w/Blue Gingham Sz 7Cole Haan Womens Tracysam Closed Toe Ballet Flats, Berry, Size 6.0 , PELLICO Shoes 581743 Black 37 , OCILIA BRONZE LMSP70 Women's Shoes Size 7 M Eur 4.5 Leather Slip On Mephisto


More Stories



Tags
Emu Australia Winter Boots Lt Brown Suede Sheepskin Darlington W10104 Women’s 59 West Western Black Suede Boots Size 7medANNA MICHELLE Natural Ankle Boots Size 8.5 Heels 3.5" - Narrow - see listing , Church's Michelle Black Leather Riding Low Heel Boots Size 35.5Fashion Womens Waterproof Mid Calf Buckle Pull On Work Shoes Rain Boots 6 ColorsNew Military Ankle Boots Women Leather Block Heels Platform Rivets Zipper ShoesBCBG Maxazria Women's 7.5M Brown/Elastic Detail Block Heel Ankle BootsJessica Simpson Womens Pacifika Pointed Toe Mid-Calf, Black LXPTSC, Size 7.5 dF8 , ZigiGirl “Canon” Women's Size 10 M Black Suede Ankle Urban BootsMarc Fisher Monica Black Leather & Stretch Over the Knee Boots NEWFuntasma SPICY-138X Plus Sizes & Wide Width/Shaft , ANDRE Bottines Boots Cuir Imprimé Serpent Hauts Talons T 40 BEG by Guess Womens Hailee WC Round Toe Knee High Fashion Boots, Brown, Size 7.0 TRare Vintage ICONIC HUGO BOSS Black BOYFRIEND Loafers Shoes Patent Tuxedo 9.5SANITA SANDALES SABOTS SAFARI FUR TIGER POINTURE EU/FR 38 EN CUIR ET BOIS , Crowne Comforteur Women's Black Leather Bayswater Flats Size 6.5M C038 , Crocs Women's Swiftwater Cross-Strap Slip On - Choose SZ/Color , Trotters Women's Liz Ballet Flat Navy 11.0 N USKlogs Naples Mens - Womens Clogs Black Smooth - 7.5 WideNIKE Womens 806558-604 RIVAL S Track Running Shoes (sz 9.5) NWOTChooka Women's Waterproof Comfort Ballet Flat, Red, 9 M USAGL Attilio Giusti Leombruni Womens Red Leather Ballet Flats Size 36.5 M* , Pedro Garcia Black Sude Wedge Sandals , Skechers Women's Look Book Gray Mint Sneaker 8.5 B MNew Balance Women's W560v7 Cushioning Running Shoe - Choose SZ/Color , Womens NIKE LUNARGLIDE 7 Textile Running Trainers 747356 504Women's SKECHERS 11624R BKW BRAVOS Photo Finish Shoes Sneakers Black White NewPropét Propet Women's TravelActiv Zip Walking Shoe, Honey/Coral, Size 9.5 euWvWomen Rivet Horse Riding Boots Over The Knee High Boots Wedge Heels Mid Heel NewA.N.A Womens Boots 023-7008 US 9.5 M Brown Leather Zip-Up Casual Knee High Heel

Cole Haan Womens Baileysam Size Square localjoes-27745 Toe Pink Loafers, Pink Snake/Taupe, Size 6.0 b241ce5 - digitalcraftmedia.com




Flats
2518457
6349094
7510531
8208572
12052159
12075373
12161023
16581411
17175156