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

Karl Lagerfeld Mirla Ankle Boots Brown Leather Karl Women’s 9 ❤️ Leather M - Luv ❤️ 6104ea0
Karl Lagerfeld Mirla Ankle Boots Brown Leather Karl Women’s 9 ❤️ Leather M - Luv ❤️ 6104ea0 -

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.

MATISSE Womens 8 Medium Brown Leather Tapestry Western Cowboy Boots RidingVTG WOMENS OLD WEST COWBOY LEATHER BROWN BOOTS SIZE 8.5 , Sperry Top-Sider Women's Size 6 Gosling Navy Waterproof Rubber Boots NEW , Carlos by Carlos Santana Women's Rodeo Clogs Leather Western Brown Size 6.5 , Enzo Angiolini EASAYLEM Black Leather Side Zip Tall Riding Boots Size 7.5M , Elizabeth & James Heel Booties size 10 , Womens A2 by Aerosoles ankle boots - size 6M - Ground Role , VTG WOMENS TONY LAMA COWBOY LEATHER IVORY BOOTS SIZE 5.5 BSnowland Sherpa Lined Faux Fur Patchwork Boots Womens Size 7 Snow VintageDr. Marten's Men's Brown Leather Loafer Slip On Shoes 2B18 - US 6 ()VTG WOMENS UNBRANDED COWBOY LEATHER SUEDE BROWN BOOTS SIZE 10 NDEXTER WOMEN'S BROWN LEATHER-RUBBER / WATERPROOF DUCK / BOOT / SHOE SIZE 7Gianni Bini Women's Brown Leather Textured Buckle Riding Boots Sz 8.5Nice~ ENZO ANGIOLINI Zayra Black Leather Riding Boot Women's 7 M - Inside Zip , 02-164 Women's David Tate Bolero Riding boots size 5.502-162 Women's David Tate Bolero Riding Boots size 5.5 , Naya Wyoming Ankle Boot - Women's Size 7.5 M, Black , New Womens Jaclyn Smith Erica Riding Boot Style 30616 Black 403A-C dr , Keen Warm Dry waterproof insulated Leather Slip-on Mocs Shoes Womens Size 9.5 , $79 New Chinese Laundry Wiz Size 8.5 M Gray Heels Women's Bootie BootsUltra Mid Calf Brown Leather Cowgirl Boots SZ 7 MKeen Boots Ankle US Brown Suede Knit Cuff Pull On Walking Rubber Sole Womens 9.5 , NEW! Covington Women's Jennifer Boots ChocolateTommy Hilfiger Leather Womens 7 Boots Mid Calf Moto Chunky Cleated Brown , STEVE MADDEN BLACK SUEDE LEATHER MID CALF WOMENS BOOT 7 1/2 FLAT HEEL , Xhilaration Black Wedge Heel Faux Suede Tie Buckle Zip Ankle Boots Size 10Skechers Mad Dash Tan Womens Boots Size 6 NEWNEW! Roxy Women's Tomahawk Fall/Winter Boots Black 177G zLavorazione Artigiana Brown Leather Women's Boots Sz 37.5 US 7 Donna Carolina

More Stories

LADIES SPOT ON BLACK SPOTTY WELLINGTONS , LAUREN RALPH LAUREN RAIN BOOTS SIZE 9Cougar Womens Black Waterproof Chelsea Boots Shoes 11 Medium (B,M) BHFO 3981 , Style & Co. Jamila Dress Ankle Booties, Raisin, 6.5 US Used , Rust Suede Leather Knee High FreeFall Boots Pull On Suede Sz 6 , Ladies Black / Brown CoCo Pull On Ankle Boot UK Sizes 3 - 8 L8640 , Lucky Brand Womens Gaines Brown Suede Booties Shoes 6.5 Medium (B,M) BHFO 6373 , Brand New Women Tall Black Rain Boots-Waterproof Sizes 5-11 , CIRCLE S BRAZIL black leather Cowboy Western tin strapped/buckle boot women 7.5Aerosoles Speartint Women's Dark Brown Ankle Boots 523 , Acme Brown Leather Cap Toe Braided Fringe Cowboy Western Boots Sz 9 M Style 542 , MIZ MOOZ JESSY VICTORIAN BUTTON KNEE HIGH BOOTS COGNAC - SIZE 8.5MADDEN GIRL BARBIEE Women Booties (8.5 M, BLACK PARI)INC International Concepts Hadli Women Synthetic Tan Over the Knee Boot 6.5 , Black Ladies Platform Faux/Leather boot w Adjustable Buckle StrapsVon Dutch Fiona Women's Moto Leather Ankle Booties Boots , New Womens Black Leather Chelsea Ankle Fashion Dealer BootsBCBG Craftee Beige Womens Shoes Size 8.5 M Boots MSRP $118 , Women's Eddie Bauer Waterproof Ankle Boots Blue With Black Stripe 6 Pre-Owned , Born Concepts B.O.C. Volos Side Zip Brown Fabric Boot Womens Sz 9J/Slides Carol Women's Grey Slip On Sneaker Sz 10 7645 , AUTHENTIC TOD'S SUEDE BALLET SHOES FLAT PUMPS BLUE GRADE B USED - ATSPEEDO WOMEN'S PORT LIGHTWEIGHT BREATHABLE WATER BOAT SHOES, GREY/WHITE, SZ 7 MRetro Womens Metal Horsebit Loafers Slip On Leather Mules Shoes Chic Embroidery , Nike Womens Air Max Jewel Running Trainers 896194 Sneakers Shoes 010New Adidas Original Womens Superstar BW3S Slip On BY9138 PINK US W 5 - 8 TAKSEKEDS NEW CONTEMPORARY KDWH57303I3 PREMIUM LEATHER GOLD , NEW BALANCE WOMEN WL574NBN CLASSICS GREY Nubuck Lifestyle Retro Sneakers 6-10SAS Free Time Mocha Leather Casual Comfort Oxford Footwear Women's Size 9M EUCAsics Gel-Nimbus 12 Shoes Women's Size 6 ,

Karl Lagerfeld Mirla Ankle Boots Brown Leather Karl Women’s 9 ❤️ Leather M - Luv ❤️ 6104ea0 -