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

CONVERSE CONVERSE Shoes 353466 localjoes-27454 Shoes BluexMulticolor 5 03de8bf
CONVERSE CONVERSE Shoes 353466 localjoes-27454 Shoes BluexMulticolor 5 03de8bf - 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.


Spring Step Women's Lilou Wedge SneakerNike Womens Air Huarache Run Wolf Grey/Light Retro Size 6 Wmns 634835 008 NewWOMEN'S SHOES SNEAKERS ADIDAS ORIGINALS SUPERSTAR 80S W [BY9075] , New Nike Women Free RN Motion Flyknit Athletic Shoes White/Black 834585-100 (10) , NIKE PRESTO GS WOMEN NEW W/O BOX!!!! , NWOB Barbour Highlands Low Athletic Sneakers Women's Size 9NEW! Nike Air Huarache Run Ultra Mesh Women's Triple White / Black size 9 , Womens Nike DUNK SKY HI ESSENTIAL Shoes -Black -644877 011 -Sz 9.5 -NewNEW Nike Air Zoom Ultra React HC Womens Tennis Shoes 6.5 White/Platinum MSRP$160Nike Women's Shoe Free RN Running Shoes 831509-101 Women Size 6 Only AvailableWomen's Under Armour 1285796077 Charged Push Training Shoes Rhino GreyNike Air Vapormax GS Reflective Midnight Fog Kids Women Running Shoes 917963-007 , Wmns Nike Air Presto Classic Women Running Shoes Sneakers Slip-On Pick 1 , CONVERSE CHUCK TAYLOR ALL STAR SHORELINE SLIP WOMEN'S SLIP-ON COMFY SNEAKERS , Adidas NEO Cloudfoam Advantage [DA9524] Women Casual Shoes White/Vapor GreyWmns Nike Air Max 1 Pinnacle Black Sail Leather Sneakers 839608-005 SIZE 8.5 , Adidas Women's Terrex Agravic Speed BB1960 in Black Sz 6-9 New , Women's Nike Air Max 95 Premium EM Running Shoes -Size 11 -554714 035 , Mizuno Wave Lightning Z3 Women's Volleyball Shoe NEW Several Colors & Sizes , Puma Muse Echo Women's Size 9 Fashion Sneakers Shoes WhiteW NIKE AIR HUARACHE RUN ULTRA PRM SZ: WMNS 10 (859511 001)NIKE FREE TR 6 PRINT WOMEN'S TRAINING SHOE,BLK/WH/GR SIZE 5, 6, & 9, 833424 001(683818-302) WOMEN'S NIKE HUARACHE RUN PRM CARGO KHAKIYRU LALA Heart Pink Glitter Platform Sneaker Shoe's Rave, Punk-rock Glam Rock , Women's Nike Air Max 2015 Black White Clearwater Running Shoes 698903-004 sz 7NIKE AIR MAX 90 LEATHER GS WOMEN SIZE 8.5(7Y) NEW Without BOX!!! , Women's Adidas PUREBOOST X ALL TERRAIN Sneaker-BY2693 , Nike Air Max Axis Women's Running Shoes AA2168-006 , NIKE ROSHE RUN PRINT FLASH LIME/WHITE WOMEN"S RUNNING SHOES 100%AUTHENTIC ,


More Stories



Tags
VTG/NWOB~ 9 WEST ~8.5M~ "H-JILL" BLACK LEA. Granny Western Boots ANKLE BOOTIES , ANNE KLEIN New York Leather High Heel Knee High Boots Dark Brown Womens 7-½ M , SC35 Rainne Wedge Mid-Calf Boots 174, Cognac, 10 USUnisa Womens myllo Closed Toe Ankle Fashion Boots, Black, Size 7.5 46vY , Sperry Top Sider Fog Rope Rain Boot Women size 8 BlackINC International Concepts Womens Taytee Leather Closed Toe, snake tan, Size 8.0 , Olivia Miller Rivington Riding Boots - Women's Size 7.5 - BrownDucks Unlimited Nighthawk 400g Thinsulate Camo Hunting Boots Womens 9 a1 , Jessica Simpson Women's Satu Fashion Ankle Bootie LeatherDromedaris Cherry Red Leather Pippa Mary Jane Shoes Size 41 w/Box , Donald J Pliner 9.5M Black Leather Fabric Stretch Knee High Wedge Heel BootsMaterial Girl Womens Cambrie Closed Toe Ankle Fashion Boots Black Size 8.0 F7P , Shoe Republic Renee Velvet Sequins Thigh High Over The Knee Stiletto Boots , TS35 Romiina Woven Side Pointed Toe Knee High Dress Boots, Black , Cole Haan Country Brown Leather Woven Loafers Oxfords Size 7 B Women's NWOBLADIES DB EASY B RIPTAPE STRAP FLAT LEATHER CASUAL EVERYDAY SMART SHOES HEALEY , Stuart Weitzman Spa Women's Slip On Flats Flip Flop Sandals Brown Leather Size 9Stuart Weitzman Lounge Black Womens Shoes Size 10 M Flats MSRP $425Serena Ivory Vince Camuto Imagine Slipon FlatMarc by Marc Jacobs Satin Charcoal & Black bow Ballet Flats worn once 40 or 8.5NIB BLACKSTONE WOMEN'S PL74 WHITE LEATHER SNEAKERS SIZE US 9, $ , Tahari Flower Mule Loafer Flats, Fawn, 6 US , new $595 Giuseppe ZANOTTI Jeweled ROSETTE flat thong sandals shoes - amazing , Jimmy Choo Beige Cork Whirl Gold Leather Cap Toe Ballet Fats Size 35 New $425 , New Zara Multicolor Banana Patch Sequined Fabric Plimsolls Sneakers Shoes 9/40 , Tory Burch Mismatching Clines Ballet Leather Flat Ivory Women Sz 10L 10.5R 4617Nike Volley Zoom Hyperspike Volleyball Shoes Womens 10.5 Black Blue 585763-041Nike Free 4.0 V5 Running Women's Shoes Size 6.5 , Fabulicious Women's Lip 108R Clear PVC/ClearMinnetonka Women's Deerskin Gore Front Crepe Sole Mocha Deerskin Slip-on Shoes

CONVERSE CONVERSE Shoes 353466 localjoes-27454 Shoes BluexMulticolor 5 03de8bf - digitalcraftmedia.com




Athletic Shoes
2000194
4929006
5842127
6905502
12032609
14155620
15655938
17442882
17718330