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

Bees By Beacon Toe Womens Whisper Suede 27759 Size Closed Toe Ankle Cold Black Size 6.5 4cf40ee
Bees By Beacon Toe Womens Whisper Suede 27759 Size Closed Toe Ankle Cold Black Size 6.5 4cf40ee -

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.

Vasque Women's Monolith Neutral Gray/Silver Pine Mid WP Hiking Boots 9M , Call It Spring Womens Talcahuano-99 Velvet Closed Toe Black Velvet Size 7.0 9t , American Rag Aeboni Women's Boots Brown Size 10MPRE-Owned Nine West Myrtle Round Toe Suede Knee High Boot 6MUnisa Womens Piera Suede Closed Toe Ankle Fashion Boots, Black, Size 7.0 E89q , STEVE MADDEN PIERCE Women Booties (10M, BLACK)Havana Joe Womens Chukka Boots Hiking Size 41 Euro 11 US Brown LeatherNew Womens Leather Suede Zara Ankle Boot Size 9 , BCBG Maxazria Bernice Leather Day Boots Mink Brown Womens Size 7.5 , Banana Republic BOOTS 6 Ankle Boots 6 HIGH HEEL BOOTS 6 SUEDE BOOTS 6 BANANA 6 , Walking Cradles Womens Zeno Closed Toe Ankle Fashion, Black nappa, Size 8.5Womens Vintage 1980's Cowboy Western Boots Country Size 7 Dexter NICE! , UNISA bottines modèle NENET talons 8 cm tout cuir noir 39 TRES BON ETATMIA SHOES INC Shawna Women Booties (11M, Taupe) , NIB - SODA SHOES Women's 'JAZZER-S' Black BOOTIES - US 7 , CARLOS SANTANA Harper Women Booties (9M, Chateau Grey) , Jessica Simpson Womens Cerrina Leather Almond Toe Ankle, Storm Taupe, Size 7.5 SRampage Ashlee Fur Brown Suede Ankle Boot 6 M , Fergalicious Womens Lara Closed Toe Knee High Fashion Boots, Black, Size 6.0 XcB , LifeStride X-Bit 2 Women's Black/Brown Wide Calf Boot 5M , JBU Womens Etna Rubber Closed Toe Mid-Calf Cold Weather Boots , Calvin Klein EQUESTRIAN Boots Rumer Black Riding Boots Leather Size 7.5 MDANNER ARCADIA BLACK MADE IN USA WOMEN 9 M 200GBCBG Maxazria Ava Knee High Kitten Heel Boot Grey Sz 7 , New Goby Paris Print Chukka Boot size 9 US 39 , Adrienne Vittadini Womens TAKI Cap Toe Ankle Fashion Boots, Black, Size 10.0 PZs , The North Face Shellista II Women's Tnf Black/Plum Kitten Grey Boot 8M , KAREN SCOTT (VIOLETT DARK BROWN BOOT) WOMENS SIZE 7 NEW!!! , Vasque Breeze 2.0 Women's Castlerock/Tender Shoots Hiking Boots 7M ,

More Stories

Women's New Balance 899 Boots Shoes Sneakers Size 8B Brown Teal Hiking Trail E5Bamboo Play-14S Womens Buckle Straps Zip Ankle Boots New , Women's WESTERN CHIEF Rubber "Cowgirl" Boots - Size 8 - preowned , WOMENS TONY LAMA COWBOY LEATHER BLACK BOOTS SIZE 6 AClarks Women's Wedge Heel Ankle Boots Crystal Quartz Black Suede Size 9.5 MTommy Hilfiger WOMENS Black Zip Up Knee High Riding Boots 7.5 M (b26)NIB - SHOEDAZZLE Women's 'TANYA' Taupe BOOTIES - US 8.5Kork-Ease 41417 Kissel Taupe Leather Ruched Zip Heel Ankle Bootie Women's US 11M , Arturo Chiang Knee High Boot Women size 8.5 Brown Leather , Womens Size 8.5M St. John's Bay Brown Leather Ankle Boots , ♥ ROBERTO DURVILLE ♥ Bottines Taille 36 Cuir Noir Étalon ! , DailyShoes Women's Quilted Round Toe Knee High Combat Rider Boot Mid Calf wit...NEW $105 COMFORTVIEW BLACK TILLIE ANKLE BOOTY 2" HEEL WITH FOLD OVER CUFFNew Womens Fashion Warm Fur Trim Glitter Sequins Calf Boots Snow Boots Plus b99US Shoe Size Women Trendy Fashion Boot Comfort Casual Dress Black, Tan, White , $160 size 9.5 Kelsi Dagger Brooklyn Huron Boots Black Leather Heels Ankle shoesCircle S Brand Women's Ankle Boots Booties Brown Leather Brazil Rare Sz 7.5 MDolce Vita Hunt (Black Suede) Women's Bootie - Size 6.5Frye Chrissy Side Ghillie Suede Sandals, Women's - Size 8.5 M, BlackMUK LUKS Women's Sandy Slip-On White Flats , Miu Miu Black Satin, leather lined Ballet Flats w/rhinestone detail,sz. 34.5 , NIB $750+ PRADA Logo Bow Matelasse Ballet Flat Shoes 39.5 -9.5 US Black Leather , Haider Ackermann Lambskin Grey Leggings, Leather, Size 38ALDO Tennis Casual Shoes US 7.5 Tan & Cream Faux Buckles High TopsTory Burch Dress Flats With Swarovski Crystals Heel, Size 6MKardinale Black Velvet Slip On W/ Silver Piping Size 37 , Versace 19.69 C01 VITELLO GIALLO Classic Shoes Women's Yellow US , Skechers Performance Womens Go Walk Revolution Ultra-Jolt Sneaker , NEW Women's Nike Duel Racer Shoes Black White Dark Grey 927243-004 $120 , Dansko Women's Julia Slip On Walnut Nubuck Clogs

Bees By Beacon Toe Womens Whisper Suede 27759 Size Closed Toe Ankle Cold Black Size 6.5 4cf40ee -