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

Sole Society Leather Tall Shaft Boots Inside Society Zipper Shaft 27792 Bria Gray 10B 42fcec7
Sole Society Leather Tall Shaft Boots Inside Society Zipper Shaft 27792 Bria Gray 10B 42fcec7 - 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 Jenah Equestrian Cognac Brown Faux Leather Knee High Boots -New US Size 9 , New Donald J Pliner Women's Black Leather Ankle Booties Boots Size 6.5 , NIB WOMENS COLUMBIA POWDER SUMMIT Shorty Snow Winter Waterproof BOOTS Sz 8VINTAGE FANTASY COLLECTION BLACK LEATHER GOLD STUDDED DRESS BOOTS MOD NEW 6 MNew Custom Tiger And Flower Womens Martin Boots Comfortable Boots For GirlWOMANS TALBOT SZ 7.5 M BLACK LEATHER UPPER PULL ON HIGH MADE IN ITALYAriat New West Collection Black Deer Tan Super Soft Western Cowboy Boots 6.5 NWT , ASOS Rhiannon black leather ankle boot, womes's size 10, new with box , Bandolino Women's Cambria Platform Booties Gray Multi Suede Size 7.5 M , New $135 JEFFREY CAMPBELL Roshana Black Side Snap Bootie sz 7 M , BEARPAW RAINA Sheepskin Knitted Wool Winter Boots Womens 6 NEW IN BOXBRAND NEW SOFFT VERLO HUARACHE BLACK LEATHER WOVEN DETAILING ANKLE BOOTIE , BORN WOMENS BLACK LEATHER KNEE HIGH BOOTS SZ.8/39 M/W. STYLE D49809 , Urban Outfitters Misty Western Ankle Boot Size 10 MSRP: $89 Women NewNATURALIZER LUNIC Ladies Brown Booties w/Side Zipper Sz 7.5 M NIB , Tommy Hilfiger Ebonie Water Resistant Fleece Lined Winter Booties, Black Multi,Women's Aerosoles Riding Boots - Ever After - Black - New in Box! , NEW Bearpaw KATY GRAY NEVERWET Suede & Quilted Shaft Short Boot 7M , Kensie Tadyn Studded Ankle Boots, Black Micro, 8 US , Miz Mooz Leather Two Toned Block Wedges - Kipling Stone 42(10.5-11) , Fabulous Diane Von Furstenberg Brown Suede Boots Size 6 M , Eight Second Angel Distressed Brown Leather Studded Cowboy Boots Size 6.5 C514Bella Vita Rayna Ankle Booties, Black Leather, 8 N US , Kendall & Kylie Women's Size 8.5M Black Raquel3 Block Heel Ankle Booties $189.99 , Steve Madden New Brisk Blue Womens Shoes Size 7 M Boots MSRP $99 , VINCE CAMUTO Distressed Brown Leather Knee High Zip Riding Boots Size 5.5 BBlondo Black Zip Up Booties Women's Size 9 W Aquaproof Ankle Boots Suede , Loeffler Randall Black Leather Strappy Chunky Platform Belted High Heel Boots 7BINC New Fabbaa Brown Womens Shoes Size 11 M Boots MSRP $189.99 ,


More Stories



Tags
Womens Faux Fur Suede Gray Fashion Boot Size 8, 4 1/2" High Heel , New-Sz 8.5 Gray tall journey collection boots , Hush Puppies Ladies' Knee High Black Leather boots Size 8 USB35 Diandra Over The Knee Classic Boots, Malbec, 8 USBaretraps ‘Rylen’ Brown Synthetic Leather Side Zip Ankle Boots Women's Size 8.5M , Aldo Women's Brown Leather Zip Up Round Toe Ankle Boots Size US 6.5new ladies Tan 3"High Wedge Heel Round Toe Ankle sexy Boot Front Strap Size 8.5 , Urban Outfitters Eve Hiker Boot Size 8 New Suede MSRP: $89Nightmare Before Christmas Skull Cool Girl's Canvas Martin Boots for Women Black , WOMENS CHOOKA BOOT Top Solid Forest Green Tall Pull on Knee High Rain Boot 6 M , issac mizrahi size 11 wide leather riding boots NWOBVINCE CAMUTO WOMEN’S LILLIANA 4 LOAFERS, BERRY PINK SOFT COW PATENTCircus by Sam Edelman Heidi Ankle Boots - Women's Size 8M, CashmereTory Burch Minnie Travel Ballet Flats - Women's Size 9M, Light Oak (Damage) , Tory Burch Shoes Minnie Leather ballet flats 8M Eddie 2 logo Gold Slip onALEXANDER WANG Womens Gray Patent Leather Slingback Sandals Sz 7 , Vionic Women's Spark Minna Ballet FlatVia Spiga Women's Tate Loafer MultiColor Size 6.5Tommy Girl Mule Sneakers Shoes Size 7 1/2 Hilfiger Canvas Spring Pastel StripesDansko Martina Oiled Women's Clog 9402-021400 US Size 8.5-9 MSkechers Women's Double up-Faux Fur Fashion Sneaker, Gray, Size 5.5Pleaser Women's Dolly 50 Red Patent , NEW Womens ASICS GEL-Lyte III Retro Running Sneaker Pewter Blue Sz 6.5 , 9.5, 10Skechers Women's Flex Appeal 2.0 - Newsmaker Casual Shoe , WOMEN'S Skechers® GOwalk 4 14922 Size 9 Black Multi Color Slip On , Levi's Low Top Women's White Sneakers size 8 New , Women's ASH Black Booties sz. 35 BootsWomen's sperry boots size 6 Boots , Sperry Top-Sider Khaki Grey & Camo Buckle Boots Shoes Womens 8 MRemonte Women's Liv 19 Jeans/Denim Leather Sneakers

Sole Society Leather Tall Shaft Boots Inside Society Zipper Shaft 27792 Bria Gray 10B 42fcec7 - digitalcraftmedia.com




Boots
2614615
3145082
3211990
4594819
11941400
12726004
14597907
17511300
18640187