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

New M US Balance 609 v2 Women's (B)  Running Shoes Size US 9 M (B)  White ac30d88
New M US Balance 609 v2 Women's (B)  Running Shoes Size US 9 M (B)  White ac30d88 - 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.


S.C.I.I. Women's Outdoor Beach Pool Creek Aqua Water Shoes 1121 (Adults) , DC Rebound Multi-Color High SE Hi Top Skate Women Size 6 Multi-Color Cheetah , ASICS GEL-Venture 5 Running Shoes Sneakers Gray/Blue/Orange T5N8N Women's Sz 10Women's Salomon Tech Amphibian shoes size 6.5 , Nike Womens Flex Experience RN 2 Running Blue 599548-400 Shoes Sz 7.5 , Womens Fashion Breathable Sneakers Outdoor Walking Sport Shoes Running Shoes NewSkechers Sport Women's DLites Life Saver Fashion Sneaker, Black/Pink Size 9.5VINTAGE 90s 1995 Womens LA Gear MONTEGO Sneakers Shoes Leather/Textile Beige-8 M , **Fila Maranello 2 Athletic Shoes - Women's Size 6.5, Grey/Light BlueWomen's Size 6 Aasics gel Enduro 7 T1G5N Running Shoes Gray with Red Stripes , Womens Sports Pull On Loafer Casual Athletic Running High Top Sneaker ShoesWomens Sneakers Wedge Heel Canvas High Top Sandal Open Toe Platform Buckle ShoesWomen's Skechers GLIDER Walking Shoes White/Sliver 7KNew Balance Womens 606 Hiking Trail Walking Shoes Brown Suede 8.5 BNike Zoom Dunk High Premium Sz 8 Black Logan Berry Metallic Gold Dots 318714-001 , Women Casual New Rivet Preppy Platform Canvas Shoes Ripped Korean Denim Sneakers , Men Sports Casual Breathable Running Training Sneakers Athletic Shoes Outdoor N0Womens Wedge Heel Platform Flatform Slip On Sneakers Shoes Loafer Pumps Flats 55 , Womens Sports Shoes Outdoor Sneakers Running Walking Athletic Breathable szAdidas CLOUDFOAM QT RACER Light Pink Running Shoes Size 9.5 Worn , Womens Athletic Sports Shoes Outdoor Sneakers Casual Breathable Walking CasualSkechers Womens GO STEP - Distinct 14343 BBK Walking Shoes [151P] , Fashion Womens Sequins Bling Sport Sneakers Creepers Platform Casual White Shoes**SKECHERS Flex Appeal 2.0 Chukka Sneaker - Size 6, Black , Dr. Scholl's BLACK SHOES WOMENS SIZE 9 M , IKRUSH Womens Bali Mesh Two Toned Panel TrainersAsics Gel-Harumi Running Fitness CrossFit Jogging Shoes Women Size 10**Merrell Around Town City Moc Canvas Shoe - Women's Size 5.5, BlueFashion Womens Platform Wedge Heel Ankle Boots Shoes Sneakers Canvas Casual Shoe


More Stories



Tags
Kensie Girl Boots Shoes Taupe Khaki Light Brown Faux Suede Mid-calf Size 8.5 , Journee Collection Womens Rimi Closed Toe Ankle Fashion Boots Pink Size 8.5 IV$129 size 5 Jessica Simpson Caufield Black Suede Leather Heel Ankle Booties Shoe , DAKOTA Women's Mid-Cut Aluminium Toe Composite Plate Work Boots Black Size 7EE , Clarks Black Leather Zip Ankle Boots Women's Size 12 N , Stretchy Over The Knee Casual Thigh High Fashion Ladies Elegant Boots US 4-13Black 6" High Stiletto Heel 2" Platform Round Toe Sexy Ankle Boot Size 5.5L.L. Bean Boots Suede Fleece Red Side Zip US 7.5 M Suede Fleece Red 05455 WomenFergalicious Women's Rookie Slouch Boot, Black, Size 7.5 89DjJustin Reba RML352 Women's Full Quill Ostrich Boots Chelsea Black Snip Toe 9.5 BMERRELL Haven Womens 7 Insulated Winter Boot Purple Convertible Shaft J48390 A2c , NEW Bearpaw BLACK NEVERWET Suede with Tweed Accent Ankle Boot 10 M , J. Crew Black Leather Size 7.5 Women's Knee High Boots Sutton Tall 31126New Bogs Bend Low Women's Boots Sz 7Vince Camuto Alexila OTK Over The Knee Boots Blue Suede Women’s 7.5 M 37.5 , Red Leather Size US 7 Barrats Half Boots Made in Brazil Buckle Detail , Ballet Leather Black Flats Shoes Rounded Toe Womens Nobuck Bow Accessory Brazil , Pale Gray MEPHISTO MOBILS Nubuck Leather Mary Jane Flats Shoes Sz. 7 FRANCE , NIB Bottega Veneta Intrecciato Nappa Flats Royal Blue $680 , NIB Salvatore Ferragamo ENA Logo Ballet Flat Shoe Bon Bon PINK Leather 35.5 -5.5Celine Skate Shoes 37 Blue Pony HairNEW NOS DS Vtg 50s White Canvas HI TOP Canvas Basketball Shoes Women 7 MADE USAEarth Ocelot - Women's Comfort Mary Jane Black - 8 MediumASICS T7G6N.9097 Womens Gel-Venture 6 Running-Shoes, Black/Carbon/Green, 9 M US , SKECHERS 12418 Skechers Womens Empire Sharp Thinking Slip-On- Choose SZ/Color. , NEW NIKE WOMENS AIR MAX 2014 SIZES 6, 6.5 ORANGE BLACK 621078-200 AIRMAX , Womens Mens Leather Korean Flat Trainer Sneakers Hottest Speed Shoes Color 3 US7 , PUMA Womens Basket Platform Patent Fashion Sneaker- Pick SZ/Color.Women's Naturalizer Women's Cypress Flat Athletic Shoes3N2 Women's Dom-N-8 TPU Fastpitch Cleat Black Patent Leather/Suede Cleats ,

New M US Balance 609 v2 Women's (B)  Running Shoes Size US 9 M (B)  White ac30d88 - digitalcraftmedia.com




Athletic Shoes
673124
3010738
5029016
8977188
9862169
10063407
10995151
14938090
17013068