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

70s Natural 27452 Crocodile Natural Print Leather Unisa Leather Boots 7.5 8aa0282
70s Natural 27452 Crocodile Natural Print Leather Unisa Leather Boots 7.5 8aa0282 - 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.


Womens casual Patent Leather Mid Heel Pointy Toe Buckle strap Ankle Boots Shoes , Vaneli Women's Black Suede Kitten Heel Zip Ankle Booties US Size 5 M , LANDS` END WOMEN`S BOOTS 10B GRAY BRONZE , HUSH PUPPIES BIKITA Dark Brown Designer Riding Boots MISMAte L 5.5 R 6 $129 , Black & White Houndstooth Check Pattern Rubber KAMIK Tall Rain Boots US 8 , Antonio Eboli Italian Brown Leather Mid Calf High Heel Boots , Woman's Size 8 1/2 M Light Brown Color Leather Western/Cowboy BootsVintage Unisa Knee High Riding Boot Women size 8.5 Brown Leather , $139 NEW HK by Heidi Klum Black Dorothy Ankle Boots Size US 5.5 M , Riverberry Women's Mia Smooth Knee-High Low Heel Riding Boots , Merrell Tetra Pace Womens Size 6 Black Leather Ankle Boots Pull On Shoes e16 , Chinese Laundry New Womens Wiz Black Heel Boots 10 M Shoes NWOB , Me Too Womens Darcey Leather Buckle Riding Boot Shoe, Black Calf, US 7.5Clarks Booties 9M Ankle Boots Brown Harness Strap Pumpsb7d Columbia Womens Size 8.5 Boots Techlite Omni Heat Omni Grip Faux Fur , Clarks 'Bendables' Brown Ankle High Boots - 7.5M European 38 EUCA2 by Aerosoles 'Jelly Role' Ankle Boots Women's Black 3-1/4" Heels Zip Sz 10 M , New chic womens ladies breathable bowknot heels mid calf boots shoes sizes 4.5-9 , Libby Edelman Henson Black Studded Removable Harness Ankle Boot New , Kathy Van Zeeland Wind Grey Studded Fleur de Lis Riding Boots NewPink & Pepper Brown Boots Womens Size 7 1/2 M NewLafroy Womens Katherine Fur Boots Winter Snow Boots Fashion Shoes US SIZE:6 , Ladies Spot On Heeled Open Toe Trouser Boots with Buckle Fastening 10741 , Fashion Women's Cuban Heels Buckle Strap Ankle Boots Casual date Leisure Shoes , Libby Edelman Mona Cognac Suede Moto Buckle Boots NEWSofft Boots Tall Suede Leather Brown Side Zip Slip On Womens Size 8 , 05625 Nine West Ankle Boot Black Genuine Real Leather Pump Heel Women Shoe 9 M , Cole Haan Nike Air G7 D22833 Black Suede Boots 5 BWomen's lady Faux Suede Block Heel Over Knee Thigh High Boots Shoes tall boots ,


More Stories



Tags
Cute Womens Hidden heel Winter Warm Snowboots Ankle Boots Pull on Casual ShoesForever Women's Quince-14 Peep-toe Denim High Heel Ankle BootiesMachi Black & White Tall Over the Knee Sneaker Style Bondage Goth Boots Size 7.5 , Breckelle's Women's Tenesee-17 Knee High Riding BootsJessica Simpson Aggie Ankle Boots 649, Black, 9 USNorthside Women NEW Monroe Low Top Hiking Boots Trail Shoes , Chelsea & Zoe Nadine Women Taupe Pointed Toe Leather Ankle BootArezzo Black Leather Boots Sport Sneaker Heels 7 Made in Brazil Tennis Shoes 36Madden Girl Women's Dusk Ankle Boot Black Paris Size 9.0women's shoes COREY ALLEN 9 () ankle boots black leather AJ588-BBoot G by GUESS Byson Black/Pewter , CESARE PACIOTTI Mid Calf Boots Block Heel Size /US 9 Excellent! , GIUSEPPE ZANOTTI DESIGN Black Suede Flats w Rhinestone SKULL 37.5/US7.5 , BOBS from Skechers 48898 Womens Hampshire-Printed Quilted Snow BootNew $148 Frye Carson Ballet Silver Leather Crackle Multi Flats , Drew Bloom II sz 9.5 WW Black Leather Diabetic Comfort Stretch Mary Jane Shoes , NEW Vionic Romi Midnight Blue Velvet Embroidered Flat In Size 8.5, Retail $128 , OLUKAI SAMPLE 20249 WOMEN'S LALE DISTRESSED LEATHER FLAT OXFORD SHOES US 7 , Ralph Lauren Classic Collection Quilla Red Velvet Slippers Loafers Shoes Size 8 , Muk Luks Women's White Sandy Flat Grey Shoes Size 8J.M. Weston Womens Shoes Loafers Moccasin 180 Brown Boxcalf Size 5D Handmade , Jambu Women's Cherry Blossom Mary Jane Flat Black/Seafoam 8 W US , Marc by Marc Jacobs Sacchetto Mouse Flats - New Size 5 , Valentino Garavani Leopard Pony Hair Ballerina Flats W/ /Crytal Details Sz 35.5 , Women's Sneakers Casual Slip on Athletic Sport Running Trainers Shoes OutdoorAuthentic Tory Burch Romy Ballerina Flat Shoes Size 7.5 Ballet Black Flats , {30892} Women's Reebok Princess Wide Classic Black*NEW* , Ladies Floral Rhinestones Canvas Sneakers High Top Hidden Wedge Shoes Platform , Women's Asics Gel-Resolution 7 Preowned Tennis Shoe Size 8.5 , Nike Wmns Free RN 2018 Black/White Breathable Barefoot Running Shoes 942837-001

70s Natural 27452 Crocodile Natural Print Leather Unisa Leather Boots 7.5 8aa0282 - digitalcraftmedia.com




Boots
4388652
7603267
8313954
8700360
9777070
12541477
12761068
13316522
15059271