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

Style Brown, High & Co. Womens Knee Astarie WC Closed Toe Knee High Fashion, Brown, Size 10.0 f02bebf
Style Brown, High & Co. Womens Knee Astarie WC Closed Toe Knee High Fashion, Brown, Size 10.0 f02bebf - 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.


MINNETONKA Shoes 143299 Brown 6 , Rampage Womens Ram-Saddie Closed Toe Ankle Fashion, Camel/Navy Fabric, Size 6.0Roxy Women's Martinez Winter Boot Taupe Size 8.0 , KARSTON Bottes Genoux Pointus Cuir Marron Foncé T 40 BELucky Brand Womens Kassidy Leather Peep Toe Ankle Chelsea, Brindle, Size 9.0 WAh , Fergie Women's Danica Knee High Boot Black Size 8.0 , AMERICAN RAG Reaghan women Booties (9M, Wheat) , SAN MARINA - BOTTES A TALON SANS ZIP TOUT CUIR MARRON FAUVE 38 - EXCELLENT ETAT , White Mountain 'DAYTONA' Women's Bootie, Black, Size 9.5 J0M8 , Bottines DORKING cuir noir taille 41MINNETONKA Shoes 774412 Black 5Bottines SCHOLL Daim Marron T 36 TRES BON ETATAsolo Womens Fission GV Waterproof Athletic Hiking Outdoor Mid Boots Size 7.5Impo Womens orain Closed Toe Mid-Calf Fashion Boots, Black, Size 6.0 KaTf , Beacon Womens Mindy Almond Toe Ankle Fashion Boots, burgundy, Size 7.5BCBGeneration Womens lokki Suede Pointed Toe Ankle Cowboy, Wheat, Size 11.0Style & Co. Womens Vedaa Closed Toe Knee High Riding, Black/Barrel, Size 7.0 DyPZIGI SOHO Womens Madalyn Closed Toe Mid-Calf Cold Weather, Brown Sd, Size 7.0 Xr , White Mountain 'DAYTONA' Women's Bootie, Black, Size 10.0 lx3t , Calvin Klein Womens GWENDALYNN K Pointed Toe Ankle Fashion Boots Blue Size 9.0Lucky Brand Womens Kaeliya Suede Closed Toe Knee High Fashion, Black, Size 6.0 LBoutique 9 Dacia Tall Boot Dark Silver Women's 6 M US - MSRP $275WEEKEND BARBER SULI ZIP BOOTS BLACK SUEDE SIZE UK4, US7, NEW! , Style & Co. Womens ASTARIE Closed Toe Knee High Riding Boots, Black, Size 8.5 , Over the Knee Slip on LeggingsBrinley Co Women's Valdis Ankle Boot, Black, Size 6.5 beh9Kelly & Katie Womens tessano Closed Toe Ankle Fashion Boots, Grey, Size 6.5 gKs6Bottines Boots SAN MARINA Cuir Peau Souple Marron T 37 TBE , GUESS Womens Brylee Leather Closed Toe Ankle Fashion Boots, Grey, Size 7.5 PMzf ,


More Stories



Tags
American Rag Womens Baylie Faux Suede Ankle Booties Wedge Boots Shoes BHFO 2601 , Grey Ankle Booties Wool Look Ankle Boot Fall Bootie Womens 9.5 VGUC/GUC , Vtg Jasmin Black Suede (leather uppers) High Boots, With Gold-Tone Toe, Size 8Madden Girl Womens Fiizzle Peep Toe Ankle Fashion BootsBEE FLY Bottines Boots Pointues Tout Cuir Bordeaux et Noir Rayures T 37 TBECHARLES DAVID BLACK SUEDE BOOTS- 6 1/2 B , $185 FitFlop Womens Loaff Shorty Zip Ankle Boot Shoes, Chocolate Brown, US 10 , Designer Sam Edelman Lucca Black Leather/Suede Ankle Boots Distressed Size 6 M , Jessica Simpson Womens darbey Leather Almond Toe Ankle Fashion Boots , Vintage Rare Womens Vinyl Red Clogs Disco 1970s SZ 6.5Arche Womens Mary Jane Flats Shoes Black Suede Nubuck Leather Upper Sz 9 / 40 , Rag & Bone Maya Ballet Flats Shoes Black Leather Slip On Size 37.5 / 7 , Nike Womens Free Gym Split Toe Run Running Shoes 487788-001 Sz 8.5 Black AM6 , Versace 19.69 Abbigliamento Sportivo Women's Ballerinas GREY WHITEPRADA Velvet Embellished Platform Sneakers Pink Womens Shoes sz 40.5 / 10.5 NEW , Lanvin Paris Python Ballerina Sise 10.5 (40.4) OrangeJ CREW SANDERS GIBSON WOMEN'S LOAFER OXFORD SHOES 9 #B1245 ON LABLE 8Sigerson Morrison Edna Silver-tone Studded Loafer, Almond toe, Size 9.5 $375 NWBMizuno Women's Size 9.5 Athletic Shoes, Purple/Pink Running,Yoga, Walking, TrailEastland Women's Sunset MLB Pirates Boat Shoe - Choose SZ/Color , NEW Taryn Rose Blythe Womens 9 M Black Suede Leather Slides Mules Flats $150 , Diane Von Furstenberg Bea Black Crochet Fabric Flat Sneaker , Orthaheel Scholl Orthotic Womens Quake - BlackNew Balance WTUNKNC Women's Wide 7.5US 5.5EUR Coral Trail Running Shoes , NWB-Skechers Skech-Air Extreme Awaken Women's Athletic Shoes-Navy/Light Blue 7.5NEW! Nike 831217-004 Womens Flex Trainer 6 Dark & Light Gray 417O aaSPRING COURT Women's M2 Glove D. Brown Fox D. Gum Goatsplit Sneakers US 6 / 37 , Women's Coral/Orange Vans Size 7 Athletic Shoes , ANTONIO MELANI LADIES BK ANKLE BOOTS LEATHER UPPER OPEN TOE 3" HEEL SZ 7M MINTFaded Glory Women's Shimmer Boot Size 8 New With Tags Fast Free 1-3 Day Shipping

Style Brown, High & Co. Womens Knee Astarie WC Closed Toe Knee High Fashion, Brown, Size 10.0 f02bebf - digitalcraftmedia.com




Boots
3478563
3761908
5450944
5746816
6455730
12279907
12480475
17146658
17381280