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

STEVEN localjoes-27764 by Steve Madden Toe Womens leina Pointed Ankle Toe Ankle Red suede Size 7.5 WRs6 ebed2c4
STEVEN localjoes-27764 by Steve Madden Toe Womens leina Pointed Ankle Toe Ankle Red suede Size 7.5 WRs6 ebed2c4 - 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.


Crown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 8.0 ZNG , Alfani Womens Biliee Leather Round Toe Knee High Fashion Boots, COGNAC, Size 7.5 , Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Black, Size 10.0 HANNIE SHOES WMN'S BLISS ANKLE BOOTS BLACK/BLACK CROC SYNTHETIC US SZ 6.5 MEDIUMCarlos by Carlos Santana Womens Candace Closed Toe Mid-Calf, Grey, Size 6.0 HzYVMatisse Womens scout Suede Almond Toe Over Knee Fashion, Midnight, Size 8.0 lDpiLifeStride Womens Xandy WC Fabric Round Toe Knee High Fashion, Grey, Size 11.0Carlos by Carlos Santana Womens Galina Leather Almond Toe, Mustang, Size 10.0 , Jessica Simpson Womens Caysy Leather Closed Toe Ankle Slater Taupe Size 10.0 tYellow Box Womens sunny Fabric Closed Toe Ankle Fashion Boots, Taupe, Size 8.0 2Anne Klein AK Sport Women's Jeannie Leather Ankle Boot, Dark Cognac, Size 6.0 kC , Alfani Womens Adisonn Leather Closed Toe Ankle Fashion, DARK ROAST, Size 6.5 HBaPADDERS CHICAGO BLACK OR TAUPE KNEE HIGH BOOTSEnzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Blue, Size 7.0 HnT , American Rag Womens Lorah Closed Toe Knee High Fashion, Chocolate, Size 9.5 VZGBFLOCE Shoes 574268 Black 24cm , Alfani Womens Adisonn Leather Closed Toe Ankle Fashion, DARK ROAST, Size 11.0 Ir , Bar III Womens Gatlin Suede Closed Toe Ankle Fashion, Black Versailles, Size 9.5Crown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 7.0 VYjDiba Womens kayden Closed Toe Ankle Fashion Boots, Black, Size 5.5Report Women's Melvin Western Boot Black Size 8.0 , Crown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion, Black, Size 7.5 0Easy B 'Dance' Ladies Taupe Leather Ankle BootsNine West Womens Quilby Leather Almond Toe Ankle Fashion Boots, Black, Size 6.0 , IMAN Womens Black Leather High Heeled Knee High Boots 9.5W NIB , Easy Spirit Womens ilka Closed Toe Ankle Chelsea Boots, Dark Brown, Size 10.0 , Donald J Pliner Womens TAILA-KS Suede Pointed Toe Ankle Fashion BootsAlfani Womens Calistah Leather Closed Toe Ankle Fashion, Camo Green, Size 6.0 h7Sudini Italian Leather Soft Black Mid Calf Zippered Boot Size 6 New ,


More Stories



Tags
Nine West Abee Tan Casual Women's Boot , Bamboo Black 1" Low Thick Heel Snow Sexy Knee Boot Size 7 , Stretchy Over The Knee Casual Thigh High Fashion Ladies Elegant Boots US 4-13Mia Laser Cut Ankle Boot Women size 6.5 M BrownSam Edelman S- Pierce Dark Brown Leather Metal Buttoned Knee Boots 6.5 (D02)New Women Suede Cross Stripe Buckles Stiletto Heel Pointed Toe Ankle Boots ShoesVintage Eddie Bauer Sheepskin Shearling Winter Boots Made in England 9 US , Tesori Womens Black Leather Knee Boots 6.5 M , Women's Naughty Monkey Sz6 Brown Suede Tall Boots. NIB. WB25 , Clarks Brown Suede Leather Ankle Heeled Booties Zip Side Size 11 100% Leather , Durango Crush Western Cowgirl Pin Up Ante Up Boys Boots Brown Rd011 Women's 10 M , Steve Madden Jaydun Pointed Toe Ankle Boots 025, Black, 7.5 US , J Crew Square Toe Elastic Side Stretch Slip On Boots Sz 6 Made in Italy , Style & Co. Womens Witty Leather Closed Toe Mid-Calf Cold Black Size 6.0 KLqX , Cole Haan Women's Gray Huntley Waterproof Bootie Size 10.5B EUC! , Carlos by Carlos Santana Felicity Fashion Boots, Black, 10 US , ASH Women's •Beluga• Stiletto Heel Booties , Kenneth Cole New York Women's Annie Oxford , James Smith - off duty black on blackGIUSEPPE ZANOTTI SHOES FLAT BLACK SUEDE CRYSTAL & CHAIN sz 36 / 5.5 , Womens LONG CHAMP black leather oxfords shoes sz. 37 NEW!HERMES Brown Leather Flats sz 41 , New Pierre Balmain Womens Black Mary Janes Size 6Salvatore Ferragamo Varina Flats Pink Cream Color Block Zigzag Ballet Size 8 NEWDC ADJS300171-BKW Womens Trase Slip-ON X AT Skateboarding Shoe , 2Star Gold IT Shoes Women's 35 Low-Top BronzeMesh Mid Heel Creeper Leisure Tennis Womens Round Toe Platform Shoes US Size , Adidas Women's Blue Lite Racer Cloud foam Slip On Sneaker Shoes SZ 8.5 - NIP , Women's Ladies Spot On Boots F50352 BootsShoes Puma Basket Bow Sb Wn´s White Women 367353-03 ,

STEVEN localjoes-27764 by Steve Madden Toe Womens leina Pointed Ankle Toe Ankle Red suede Size 7.5 WRs6 ebed2c4 - digitalcraftmedia.com




Boots
76686
995494
7163114
9304476
10506088
16067894
17846309
18008924
18368649