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

Lucky Shoes, Brand Fabia Sand Beige Suede, Women’s Shoes, Beige Size Suede, 9.5M 8a588ef
Lucky Shoes, Brand Fabia Sand Beige Suede, Women’s Shoes, Beige Size Suede, 9.5M 8a588ef -

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.

7 for all mankind Caddie Mushroom Waxy Suede 1 , Mia Brown Leather Boots To The Knee, Women’s Boots, Size 7M , chilis amazing leather cowboy boots size 8 FREE SHIPPING , Sam Edelman Burgundy Suede Leather upper Booties Size 8.5 High Heel Ankle BootDolce Vita Gywn Booties Suede Womens Size 9 NewDr. Martens Purple Boots Size 5 (US)BCBGeneration BCBG Women Tan Sand Leather Tall Boots Knee High Stacke Heel 9.5J. Renee gray gold Haldana Ankle Booties NIB Size 7.5 boots shoes MSRP $109.95Naughty Monkey You Got Schooled Ladies Tall Boots Taupe Suede Size 6 RH6993Women's Enzo Angiolini Sayin Black Leather Knee High Boots Size 5 MKENNETH COLE REACTION BROWN SUEDE PEEP TOE BOOTIE Size 6.5 MSRP $90Women's Enzo Angiolini Sayin Black Knee High Boots Size 5 MBoots Juicy Couture Women's Wine Leather Wedge Ankle Sz 6.5 Made Italy* , BRAND NEW WOMENS GREY MUKLUK BOOTS, REAL LEATHER SUEDE - SIZE 9.5 , Climate X Women's YC4 Snow Boots Gray/Black Plaid 7&9M USSweet Beauty Women's Mid Calf Booties Color Tan Size 8Thigh Stretch High over The Knee Denim Open Toe Boot- Light blue Denim , Dingo Women's Condor Slouch Boot Brown Size 7.5M RH7519*Born Womens Sage Vintage Boots Shoes Black 7.5M / 38.5 ZipperWeatherproof Alexa Women's Boots 1132649 Size 10COLE HAAN GRAND Chestnut Brown Leather Chesney Bootie Ankle Boots Women'sSZ:51/2CAPITOL CANADA INDIAN ESKIMO SPOTTED ALASKA FUR ANKLE BOOT SHOE UNISEX~6 W/4 M , VINCE CAMUTO Framina Brown Leather Stacked Heel Tall Boot Sz 8.5PAUL GREEN US 5.5 Black Leather Tall Bronze Buckle Soft Calf BootsNine West Women's Translator Black Leather Ankle Boot , Cole Haan Chesney Taupe Leather Fashion Ankle Boots Women's Size 6 M*NIB Mally DUSTY Studded Vaccheta Leather Ankle Motorcycle Boots Sz 36 6 M Black , $149 Steven By Steve Madden Roger White Suede Ankle Boots Women's Size 9 MKhrio Women's Ankle Black Leather Boots Size 6.5 US

More Stories

Rip Curl JALAN Mid High Top Size 6 8 9 10 US Womens Khaki Green Canvas Shoes , Tahari Womens corbin Suede Closed Toe Over Knee Fashion Boots, Black, Size 7.0 R , Rebecca Minkoff Gray Black Suede Leather Pointed Toe Mid Calf Boots Size 10M , Northface PrimaLoft Women's Brown Snow Boots Waterproof Hydroseal US 9 , BNWT ZARA BLACK LEATHER OVER THE KNEE FRINGE BOOTS SIZE US 5 , Skechers Womens Career Double Buckle Flat- Pick SZ/Color. , Hot Wind Black Leather Zip Mid-Calf Boots Women Size 5 , El Naturalista Colibri 470 Brown Leather Round Heel Women US 7.5 Minimal Wear , Cole Haan Womens Kent Loafer Shoes Flats Zebra Black Leather $178Fendi Flats Patent Leather Mini-Buckle Kitten Heel Black Size 36 $495TOD's Black Leather Moccasins Loafer Women's Shoe Size US 9, , Camper Helena bajo Womens Bajo Dress Pump /- Choose SZ/Color. , GIANVITO ROSSI LOAFERS MOCCASIN WOMENS SHOES, SIZE 3916 Stuart Weitzman Galvan Metal Mirror Buckle Pointed Toe Flats Women Sz 10.5 M , Burberry authentic smoked check flats nwb size 37.5Lucky Brand Women's Lk-Madoz Ballet Flat - Choose SZ/Color , Born Womens Ritchie Leather Low Top Slip On Fashion Sneakers, Tan, Size 7.0 qeBy , Floral canvas Wedge Sport Gym Shoes Casual Fitness travel Running Trainers SizeNIB NAOT "ELATION" TOFFEE/WINE~MARY JANE STYLE SHOES~WOMAN'S SIZE 42~MSRP $184RETAIL $165 Via Spiga Light Cream Diana 2 Strappy Sandals Size 7.5M USSkechers Women's Go Walk Joy Terrific Sneaker,Walking Cradles Women's Giza Slingback Black Nubuck Buckle Fastening , Nike Flex Trainer 5 Women's Training Shoes (Grey/Sky/Lime)New Altra Womens Golden Spike-M Black/Diva Pink Running Shoes Size 6 , Saks Fifth Avenue Sand Slip-On SneakerPlatform Shoes Womens Sports Sneakers Shape Fitness Ups Casual Walking Shoes R22Womens Sport White Skidproof Nursing White Shoes Hospital Footware Work Shoes , Bona Fide Mizuno Wave Rider 19 Womens Fit Crossrunning Shoes (B) (42)Skechers 14865 Performance Womens Go Golf Elite Ace Jacquard- Choose SZ/Color.Nike Womens Air Max Zero Running Trainers 857661 Sneakers Shoes 100

Lucky Shoes, Brand Fabia Sand Beige Suede, Women’s Shoes, Beige Size Suede, 9.5M 8a588ef -