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

Frye Boot Sz 7 Carson Tall On Pull On Brown Brown Leather Western Riding Boot 3672f2f
Frye Boot Sz 7 Carson Tall On Pull On Brown Brown Leather Western Riding Boot 3672f2f - 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.


Lauren Ralph Lauren Tall Black Leather High Heel Boots Zip Up Back Sz 8.5 B , NWOB Vionic Point Women's Brown Leather Ankle Boots Size 11Jessica Simpson Womens 8B/38 Yana Black Leather Slouch Platform Boots Sz 8 EUR38 , Rag & Bone Walker Boot Black Size 37Miz Mooz Silvia Leather Studded Ankle Boots, Women's Size 9-9.5, Black , Bogs Womens Sz 7 Dixon Floral Waterproof Rubber Rain Snow Boot Purple Insulated , Frye women boots tall riding knee high 9 black leather equestrian Melissa ButtonAQUATALIA Womens Chocolate Brown Suede Zip Up Mid Calf Wedged Boots SIZE 8.5Rockport City Casuals Catriona (M77561) Buckle Bootie - Women's Size 8M, BlackWomen's Harley-Davidson AUBURN Harness Motorcycle Boots sz 7 stk*EUC*Hunter Original Tall Gloss Black Rainboots Womens Size 8 - BlemishVintage Retro Miss Capezio Knee High Brown Leather Riding Boots Woman`s 6 1/2 MMerrell Womens7.5 Gray Goose Haven Waterproof Nubuck Grip Boots NewVince Camuto Womens Parle Leather Closed Toe Knee High Fashion Boots size 7Vintage 80s 90s Dr Docs Martens Chocolate Brown 6 Eyelet Boots US 7Miz Mooz Michaela Wedge Booties - Women's Size 8.5/9, PineColumbia Women's Whitefield Boots size 8.5 Insulated Waterproof Winter Snow , Lucky Brand Seleste Women's Boots BlackBogs Women's Black Rubber Rain Boots 6 , Free People Boots 7.5 Jeffrey CampbellFRYE Over The Knee Brown Leather Boots Size 9 Thigh High ShoesFrye Women's Brown Distressed Pull On Leather Boots Jane Size 6Fly London Yegi Slouchy Platform Red Wine Suede Wedge Bootie Size 38 / 7.5-7 , ALDO Gweria Bootie - Women's Size 9 - Black NEW!36M 6M MIU MIU Mid Calf Boots Booties Heels Gray Patent Leather Wingtips BlockCalvin Klein Florine Boots - Women's Size 8, Black , Wolverine Original 1000 Mile Boot Gold Brown Leather Women's Work Boots Size 9Miz Mooz Sloanne Ankle Boot - Women's Size 7.5-8, BlackAnn Creek Women's 'Rawson' Buckle Strap Boots


More Stories



Tags
Ladies Spot On Casual Chunky Heel Ankle Boots , Sam & Libby Women Ankle Boots High Heel Deanna Booties Size 10VTG WOMENS SMOKY MOUNTAIN TOE RAND COWBOY LEATHER BROWN BOOTS SIZE 7 DCole Haan Boots Black Leather Square Toe Mid Calf Zipper Womens Size 6 B , Women’s Brown Zipped Ankle Boots 9M , MIA Shawna Women's Black Boot's 7.5MTop Moda Cary-1 Knee High Boots Size 5.5Skechers womens size 7.5 high boot heels suede sand somethin' else S8 super cuteJOSEF SEIBEL BOOTS BLACK LEATHER UPPER SIZE US 7.5/8 MADE IN ROMANIA , Clarks Womens Knee High Brown Leather Boots Sz 6.5 Side Zipper Walking RidingTOETOS Women's Donna Black Knee High Winter Riding Boots Size 9.5 M USColumbia Crystal Shorty Slip Waterproof Ankle Boots Shoes Black Womens 5 , Size 7.5 - KEEN Hofn Women's Charcoal Pull On Insulated Waterproof Winter BootsFree People Leather Boots Suede Fairfax Heels Bootie $180 Taupe Sz 37 , CLARKS Women's Channing Ann Slip-On Loafer, Black Leather, 8.5 M US , Enigma Women's Zip Up Ankle Buckle Wedge Fashion Boots Taupe BC600 , Cat by Caterpillar Boisterous Faux Fur Cafe Womens Boots US 9.5 M,WOMEN'S LUCCHESE 2000 FULL QUILL OSTRICH BOOTS 6 TURQUOISE TOPS WORN A FEW TIMES , JONAK PARIS LEATHER COWBOY WESTERN DRESS BOOTS HEELS MADE IN ITALY 40 10 RODEO , Schutz 425200010CG7 Womens Flat Espadrille- Choose SZ/Color.Footnote Women Leather White Taupe Golf 9.5 New 97119 , Brooks Launch 4 Running Shoe, Women's Size 6.5 B, Black/Fuchsia/Blue , Women’s Purple, Gray Asics Gel Forte Athletic Running Shoes Size 8 , Folk Womens Slip On Embroidery Low Chunky Heels Pointy Toes Mules Shoes Slippers , Saucony Kineta Relay - Women's Pink/Black 15244662Star Gold IT Shoes Women's 39 High-Top Silver , Taos Womens Sneakerdoodle Fashion Sneaker Shoe Black Size 41 M EUC , Women's Dansko Women's 506067878 Clog Flats , ECCO Women's Soft 7 Ladies Sneaker - Choose SZ/Color , STICO Womens Chef Kitchen Slip Resistant Safety Rubber Occupational Shoes NEC03 ,

Frye Boot Sz 7 Carson Tall On Pull On Brown Brown Leather Western Riding Boot 3672f2f - digitalcraftmedia.com




Boots
5936592
11327839
11443664
11807472
12265919
15100663
15908504
17321722
17335902