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

Womens Knee Black Dolce Vita Clarity Black Boots Knee High Boots Size 6.5 b69a788
Womens Knee Black Dolce Vita Clarity Black Boots Knee High Boots Size 6.5 b69a788 - 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.


Blowfish Womens sava Closed Toe Ankle Fashion Boots, Grey, Size 6.5 DY5p , Womens Stiletto Martin Boots High Heel Ankle Platform Side Zip Pointed Toe Shoes , Women's Size US 8/UK6 Dr. Martens Comfort Leather Brown Shoes with BucklesWomen Furry Warm Sweet Pull On Snow Boots Flat Fur Boots Flat Wedge Heels Shoes , Bohemia Womens Hollow Out Crochet Pull On Shoes Summer Low Heels Ankle Boots SZ , Elegant Women Platform Rivet Faux Suede Ankle Boots 12cm High Heels shoes 4-11Womens Belt buckle Casual Ankle Boots Vintage Fashion Round toe Evening Shoes , new lady Denim Blue Rip 4.5"block High Heel Over Knee Sexy Boots Size 10 , Maggie-38 Women Knee High Kitty Heels Wide Shaft BootsBanana Republic Pamela Shoetie Fashionable Leather Bootie EUC  7.5 Free Ship! , Anne Klein AKGREER I Flex Size 7.5 Black Leather Zip Ankle Boots Shoes For Women , Chic Women Pointed Toe Suede Ankle Boots Solid Shoes Autumn Winter Party SizeWomens British Style Patent Leather Pointy Toe Ankle Boots Stilettos Shoes A682 , Women Knee High Boots Slouch Riding Patent Leather High Heels Pull On Chic ShoesNew Women High Heel Faux Leather Slouch Kitten Mid Calf Dress Boots Black Ladies3Colors Womens Shoes Over knee high Boots Sexy Clubwear High Stilettos Platform , Fashion Womens Girls Flat Heel Knee High Leisure Pull On Candy Boots Plus Size , Sesto Meucci Ankle Boots Women Size 5.5 Brown ItalySexy Women's Pointy Toe Fur Trim Zipper Stiletto Ankle Boots Date Wedding ShoesWomen Ladies High Chunky Heel Ankle Boots Zipper European Winter Shoes Sz 4-10.5David Tate Texas Boots Black size 6.5 Wide calf Leather upper balance man madeWomen Buckle Ankle Boots Chunky Heels Zip Autumn Casual Fashion Shoes Warm Shoes , Womens Jessica Simson Beagan Brown Knee High Boots Wedge Heele Sizes 6.5 M , Boho Womens Tassel Fringed Ankle Boots Cuban Heel Pull On Pretty Shoes US4-11Women's Fur Top Buckle PU Leather Mid-Calf Flats Winter Warm Ankle Boots ShoesWinter women slouch faux suede side zipper hidden wedge heels mid calf boots newSteve Madden Freeway Boots High Tall Leather Brown Women's Size 9.5, Barely WornZara Woman Size 36 (US 6) Black Faux Suede Brass Accent Short Tassels Heels Boot , Women's Buckle Rain Boots Round Toe Waterproof Casual Shoes Ankle boots Chic


More Stories



Tags
Eyelet Girls Army Casual Miliary Pointed Toe Shoes Oxford Boots US 2-11.5LADIES SPOT ON BLACK KNEE HIGH BOOTS WITH ZIP FASTENER STYLE: F50160 , Mia Blue Brown Zip Ankle Cowboy Western Ankle Boots Womens Size 6 M Style JanetNine West Ankle Boots Black Leather Side Zip Fashion Booties Size 8.5 M , Women's Trekker Winter Boot With 3M Thinsulate Sz 9 Tan/Black Cold Front NEWG24 Women's AMERICAN EAGLE Suede Leather Faux Fur Lined Boots Tan/Brown Size 7m , Vintage 70's~KINNEY~Great American Shoe Store~GASS~Black SUEDE~Ankle Boots~7 M , NEW WOMENS SKECHERS AUSTRALIA CHOCOLATE KEEPSAKES BRRR BOOTS SIZE 6M 6 M , 02-3947 Vince Camuto Britsy booties,SIZE 9MAIRWALK Winter Thermolite Boot Size 7 Purple Black Beige Plaid Fur Lined , Sheepskin Leather & Wool Lined Quality Classic Tall Boots Black Wm Sz 7 , Sam Edelman Women's Artie Ankle Bootie Size 6.5 Black , Marc Fisher Women's Humor Over-The-Knee Boots Size 8 Black Retail $130 , Justin Boots, Ladies Stampede, L2554, Size 7.5, Black With Square Toe , Linea Zeta Brown Leather Boots Buckle Zip Italy 39 Womens 8.5 , Talbots Made in Italy Fabric leather sole Pull boots SIZE 7.5 M , Not Rated Taina Perforated Peep Toe Ankle Boots in Light Taupe NRPP0118 , ZARA Woman BNWT Burgundy Over The Knee Kitten Heel Elastic Boots 38/39 6016/201 , Ballerines Fantaisies Noir Vert Toile Cuir Burberry Pointure 36Naturalizer Women's Wanya Low-Profile Leather Boots GG8 Saddle Tan Size 6.5WVince Camuto Bedina Black Leather Buckle Equestrian Riding Boots 6Cole Haan Women's Penny Loafers Black Leather Shoe Size 7.5B , ARCHE Womens Burgundy Leather Heel Loafers Sz 9 , NIB Women's Aerosoles Classic 4 Give Royal Light Blue Leather Sandal Flat 8 1/2BWomens Pointy Toe Pearls Slip on Classic Pumps Loafers Casual Shoes Elegant New , Asics GT-1000 5 T6A8N-9620 Grey Pink Glow Ocean Mesh Running Shoes Medium Women , Skechers Women's Mila Fashion Sneaker, - Choose SZ/ColorRocket Dog Women's Canyon Slip-On Sneaker Blue Linney Cotton Sneakers , Women's Sbicca Women's Kashmir Heeled Sandal FlatsWomen's Aerosoles Women's Vitality Boot Boots ,

Womens Knee Black Dolce Vita Clarity Black Boots Knee High Boots Size 6.5 b69a788 - digitalcraftmedia.com




Boots
6904110
7985543
9663492
10847058
12742592
14213671
14947699
18136264
18357762