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

Rachel Comey ballet 27722 Espardille Shoes Of Nude A Orange Suede One Of A Kind US size 9.5 883c497
Rachel Comey ballet 27722 Espardille Shoes Of Nude A Orange Suede One Of A Kind US size 9.5 883c497 -

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.

Drew Women's London II Comfort Shoes Navy Stretch , Tory Burch Symphony Blue Ballet Flats 10 , Luxury Real Leather Women's Embroidery Hearts Loafers Oxfords Flats Shoes US 9Salvatore Ferragamo Women's "Paige" Leather Ballet Flats Shoes 6 7.5 8.5 9.5 M , Eileen Fisher Xanady Black Sport Sneaker SneakerNWOB $475 NICHOLAS KIRKWOOD Beya Pointy Toe Loafers Shoes | 40/10 | Copper , Salvatore Ferragamo Varina Black Patent Leather Flats 8.5WORN ONCE! Pretty Ballerinas Size 38 Rose (with Box)AUTHENTIC Prada Women Vernice Glitter BLACK Patent Leather Flat Loafer size 9.5NEW ST JOHN RED BLACK WHITE LEATHER PATENT LEATHER HEELS PUMPS SHOES 8M ITALY , Hermes Red Leather Ballet Flats Clean Made-Spain Great Condition Size Narrow 40women fashion punk rivet roman gladiators summer sandals shoes flat heel bandage , TORY BURCH JOLIE BALLET FLAT W LOGO BLACK PATENT LEATHER WOMEN'S SIZE 6.5 $225NIB Vince Davy Oxfords Womens Size 7 Black Suede Chunky Platform Slip-On LoaferBrand new with box Moschino high sneakers/boots , Authentic MIU MIU Gold leather ballet Flats W/ Rhinestone/broach size 39 US 9Tory Burch Navy Block Heel Leather Shoes Size 8M “New” , Footprints By Birkenstock Women's Memphis Cognac Leather Oxford WIDE 406211Tory Burch~ Delphine Suede Ballet Flats ~ "ROYAL NAVY" ~ Sz 7.5 ~ NIBNew sz 7 Tory Burch Allie Black Leather Logo Ballerina Flat Shoes , TORY BURCH Reva Snake Embossed Leather Ballet Flat Women Size 10 NewFootprints By Birkenstock Women's Memphis Mocha Suede Oxford WIDE 406251 , ROTHYS Shrunk Pearl Metallics Size 6 Now 5 RetiredSalvatore Ferragamo Vara Varina Ballet Flats Womens Purple Patent Leather Sz 7 BVionic Women's Ashby Driving Moc In Tan LeopardNAOT Women's MATAI Black Leather & Suede MARY JANE Shoe-39/8Beautifeel Aline Suede Flat - NIB - Free ShippingBIRKENSTOCK LISMORE NUDE WOMEN'S MARY JANES BALLERINA SHOES LEATHER FLATS WOMANNIB $265+ Tory Burch ELOISE Ballet Flat Shoes Sz 8.5 Black Leather / Patent ,

More Stories

Cole Haan Hayes Bootie Women Size 8 Java Brown Suede Zip Stacked Shoes X13-1154New Faux Leather men Women Combat High Top Motorcycle snow Ankle Boots Fashion , NIKE Womens ACG Hiking Trail Ankle Boots Suede Fur Sz 9 Brown Hippie OutdoorBooRoo Womens Eva Tall Suede Merino Wool Winter Boot Shoes, Chocolate, US 9Women's Shoes Synthetic Leather Slim High Heels Zip Over Knee Boots US Size b056 , SPORTO SIDE WINDER SNOW BOOT 7 WIDE BROWN NWDAerosoles Womens Knee Boot Brown Size 8$160 SAM EDELMAN 'Darwin' Women's Taupe Leather Combat Short Boots Size 7 M*Oboz Womens Moonlight Bdry Insulated Waterproof Winter Snow Boots Size 9.5 , Pour La Victoire Womens Lareau Leather Closed Toe Loafers, Petal, Size 7.0 hqaLNEW Women's WOOLRICH Kiva Leather Mules ~ Size 7.5 , EUC American Eagle Slouchy Black Boot with almond toe size 8.5OTBT Women's Rocker Wedge Bootie, Stone, Size 7.0 , Schutz x Free People Womens Jules Espadrille Platform Shoes Natural Size 8.5 NewTory Burch size 10 US Caruso Quilted Sneaker-Neoprene/SAFFIANO Navy Gold White , STEVEN by Steve Madden Women's Barb Fashion Sneaker Olive Size 8.0 , NIB PRADA Logo Scrunch Driving Loafer Flat Shoe Gold Leather 37.5 / 7.5 , Barleycorn - Shoes-Moccasins - Woman - White - 5142720C184130Womens Size 6.5 O'Neill Blue Canvas Fashion Sneakers , Tory Burch Red Suede Allie Scrunch Ballet Flats SZ 10 logo Toe $250 NIB Women's , Artemis x Anthropologie Womens Silk Velvet Loafers Shoes Multi Color Size 39 NewNEW Skechers Womens Sure Track Bernal Slip Resistant Work Shoes Black Size 8 US , Cole Haan Womens Marthasam Closed Toe Boat Shoes, Pink, Size 6.0Nike Women's AF1 Flyknit Grey Black White Size 7.5 , Nike Classic Cortez Women's Black/White/Black 07471010 , Foot Petals Women's Brooke Fashion Jogger with Cushionology Sneaker, Black, 8.5ASICS GT-2000 4 Running Shoes, Women's - Size 9.5 AA, Silver/Aqua/Lime , Women's Comfortiva - Womens - Alice Flats , New In Box Madden Girl Icicle Women's Puffer Ankle Boots Size 9 Retail $69.99 , Women's Nike Epic React Flyknit Running Shoe Pure Platinum Mica Blue size 6

Rachel Comey ballet 27722 Espardille Shoes Of Nude A Orange Suede One Of A Kind US size 9.5 883c497 -