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

St Johns Box Bay Gray In Loyola Ankle Gray Boot Bootie Size 7W NEW In Box Never Worn ac3fddc
St Johns Box Bay Gray In Loyola Ankle Gray Boot Bootie Size 7W NEW In Box Never Worn ac3fddc -

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.

NEW! Mukluks Navy "Melana" Crocheted Faux Shearling Lined Boot 7MFiore Collection Women's Ankle Boot Size 7 Stiletto Military Suede ZipsWomen's Enzo Angiolini EAEERO Shoes Brown Black Leather Riding Boots Sz 5 M NEW!B. MAKOWSKY ANKLE BOOT 8.5M COLLIN BROWN STACKED 4.5"HEEL BACKZIP RUBBER SOLE , Tom's Desert Wedge Booties - Taupe Suede -Size 6 Retail $90Gently used size 8 STEVE MADDEN Rasmus Taupe Suede OTK Boot , New Womens Dark Brown Kamik Baltimore Snow Boots, Size 7ECCO Women Side Zip Block Heel Mid-Calf Boots Size 8.5 Black LeatherKRISTIN CAVALLARI CHINESE LAUNDRY Boots Leila Open Toe White Leather Heels 8.5 , NEW Victoria's Secret Catalog Chinese Laundry Fallout Riding Boot - 6.5 - Black , CIRCA Black Leather "Sulivan" Ankle Booties , Pointed Toe, Womens Size 10M-B70 , MICHAEL ANTONIO BERLIN WOMEN'S KNEE HIGH BOOTSCalvin Klein Grecia Womens Tan Suede Stiletto Ankle Boot Shoes US Size 11 M A239Stuart Weitzman Bull's Eye Brown Riding Boots SZ 7Women's Vintage Matt Bernson Brown Suede 5Eye RoundToe Ankle Fashion Boots Sz.9Corso Como 'Seaton' Slouchy Suede Zip Up Ankle Boots, Taupe SIZE 6.5 M , Max Rocket Dog NEW Size 10 Smokey Black Distressed oiled leather Military BootsAmalfi By Rangoni Bel'en Black Patent & Matte Leather Peep Toe Boots Booties 10MLucky Brand Roquee Moc Toe Leather Tan Women's Boot Size 10Bogs Boots High Corsage Classic Size 6 Blue Black Floral Flowers (b67) , LAUREN Ralph Lauren Women Knee High Equestrian Boots Size 5.5 B Brown Leather , Womens CROFT & BARROW Calf Tall Riding Boots Knee High BLACK sz S 6Söfft ‘Gable’ Brown Leather Side Zip Cap Toe Slouch Ankle Boots Women’s Size 9.5 , Keen Olive Green Winter Boot Womens Sizd 5.5MWomens Nine West Size 8 Ankle BootNine West New brown Leather Women's Tall Shaft Boots -9.5NAUGHTY MONEY WOMENS BLACK SUEDE KNEE WEDGE PULL ON BOOTS SIZE 6.5 , Banana Republic Brown Leather Ankle Boots Size 9.5 FREE SHIPPINGCOLDWATER CREEK - Women's Bronze Leather Western Cowboy Boots - Size 9.5 M

More Stories

RARES BOTTILLONS BOCAGE NOIRS T 38 TBE A ACH IMM FP RED MOND RELAY A VOIR , Vasque Womens Breeze 2.0 GTX Breathable Athletic Hiking Outdoor Mid Boots 10.5Sbicca Womens Brigit Gray Harness Western Booties Shoes 7 Medium (B,M) BHFO 7245 , EUC TOM'S DESERT US 7.5 BLACK SUEDE CHUKA BOOTS ANKLE FLATS SHOES WOMENS A6 , Womens Ladies Tassel Fringe Chelsea Festival Flat Block Heel Ankle Boots Shoes , NWOB Steve Madden Women's Gaze Brown Velvet Bootie Casual 8.5 US , Justin Pearl White Leather Roper Cowboy Boots Women's 6.5 ATommy Hilfiger zippered black 3 3/4" heeled Knee high boots size 9M TW08514White Mountain Womens BEHARI Fabric Closed Toe Ankle, Chestnut Suede, Size 5.0Unlisted Consoles 32057 Womens Size 7.5M Black Suede Leather Moc Ankle Boots-546Liz Claiborne Paige Womens Knee High Fashion Boots Black Size 5 MUNIQUE RED LACOSTE Sport TORRINO LEATHER/Canvas HIGH TOP BOOTS SHOE women 5.5 36BORN LEATHER WING TIP WESTERN ANKLE BOOTS GUN METAL GRAY SLIP ON 6.5 M 37Cole Hann Brown Leather Patent Leather Trim Ankle Boot Sz. 7B MINTYNIB HELLY HANSEN VEGA CARMEL NUBUCK LEATHER & SUEDE HIKING BOOTS ~ SZ 9M ~$130 , 2 Lips Too Women's Too Nova Fashion Boot Taupe 8.5 B(M) US , 6.5 US Aldo Denim Boots High Heel Mid Calf Womens Size Narrow Sexy EUC , BURBERRY Beige Leather Ballerina Flats Size 37Marc Jacobs Silver Leather Stud Slip on Flats Size 38 EU NWOBFrench Sole FS/NY Women's Zero Pump, Black/White, 8 Medium US , New ARCOPEDICO Scala Model Orange Flowers Mary Jane 7151 Size 40 / US Size 9 NWBP-467900 Off White Women's Leather Sneaker US 9 Marked 39 , ALAIA PARIS Black Fabric Flats, Size 37.5 7.5 ShoesJimmy Choo WELLS YELLOW Patent Leather Cut Out Gold Logo Flats US 8 , SJP By Sarah Jessica Parker Hita Mules Heel Silver Scintillate SparkleWomen’s Air Max 93 White/Sport Turo Black Blanc/Noir/Turo Sport 307167-100 , Converse Leather Hi Deep Bordeaux Sneakers Size 5 Womens , EUC Nike Zoom Rival Womens Running Track Shoes US 6 605503-014Women's SAS Women's TakeTime Oxford's Shoes Flats , Puma Defy Wn´s Shoes Black Women 190949-01 ,

St Johns Box Bay Gray In Loyola Ankle Gray Boot Bootie Size 7W NEW In Box Never Worn ac3fddc -