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

LOLLIPOP Santa NEW! Fe Buckle Detail Booties Black Black Boots Size 7 NEW! Booties 2d3d96e
LOLLIPOP Santa NEW! Fe Buckle Detail Booties Black Black Boots Size 7 NEW! Booties 2d3d96e -

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.

Carlos by Carlos Santana "Mystery" Tall Boots US 9.5 (Women's Dress)Womens Ladies Stiletto High Heel Pointed Toe Silver Black Ankle Boots Shoes Size , Hardids-01 Women Ankle High Strap Closure Lug Sole Combat Military Boots White , White Mountain Chantel Brown Suede Ruched Ankle Boots NewWomens Ladies Over The Knee Thigh High Stretch Denim High Heel Boots Shoes Size , EDDIE BAUER Blonde Suede Fur-Trimmed Ankle Boots - Size 8M EUC! , Womens Red Wing Black Leather Ankle Work Boots, Steel Toe, Size 7B , New in Box Khombu Women's Brown or Black Suede Lisa All Weather Winter Boots NIBCircus By Sam Edelman Womens Paxton Black Tall Boots 8M Zip Up Low HeelCasual Platform Outdoor Unisex Warm Fur Snow Boots Flat Heels Plush Ankle ShoesZARA High Heel Ankle Boots/Shoes w/Gathered Detail US//37; 7.5/38; 8/39NEW WOMENS LADIES OVER THE KNEE CHUNKY HIGH BLOCK HEEL PEEPTOE BOOTS SHOES SIZE , Kathy Van Zeeland Penn Brown Studded High Heel Shootie Pump NewWomen's Cato Tan Western Block Heel Booties Size-12 New , GUESS black lambskin leather glimmering knit leather sole spike heel boots 6.5 , Bearpaw Black Suede Sheepskin Shantelle Buckle Detail Ankle Boot 8 Sale , Qupid Women's Maine 02 Rain ShoeIKRUSH Womens Lala Point Heeled Ankle Boots , WOMENS MID HEEL WINTER TWIN BUCKLE ZIP CALF KNEE RIDING LADIES SHOES BOOTS SIZELadies Womens Winter Boots Warm Comfy Snow Casual Fashion Mid Calf Shoe Size 3-8REBELS brown leather fleece lined cuffed back zip granny combat boots 6Chinese Laundry Brown Crinkled Suede Boots New , Women Hidden Wedge Heels Winter Ankle Boots Platform Cross Strappy Casual ShoesINVEST! Women's Modern Peep Toe Cutout Side Straps Mid Block Heel Ankle Bootie , Fashion Women's Zipper High Heels Pumns Loafer canvas Short Boots Shoes PD10Clear Transparent Open Peep Toe Stiletto Heel Ankle Booties - Rose GoldFranco Sarto Womens Size 10M Dark Gray Booties Boots Heels Shoes x40 , Women Fashion Mid Calf Adjustable Buckle Design Boots Comfortable Cool ShoesTwiggy London Cognac Brown Leather & Western Fabric Riding Boots New ,

More Stories

BORN on CONCEPT BOC Distressed Leather Double Buckle Zip Side Ankle Boots Size 8Lucky Brand Tommie Boot Size 7 , HOT CAKES~JEWELS~WOMEN'S~BACK ZIP~FLIP UP~BUCKLE~BLACK FAUX SUEDE SLOUCH BOOTS , NEW! Mossimo Autumn Printed Velvet Green Camo Combat Boots - Various Sizes!Steve Madden Heidi Knee High Boot Women size 9Sole Society Bria Dark Brown Leather Zipper Detail Riding Boot NEWDR MARTENS Mi Bottes Cuir Marron Foncé T / US 6 / 37 EUR TBE , Nocona LDBSU22 Womens Boise State Blue/Tan Vintage Cowhide Branded College Boots , Klub Nico Women's Zally Brandy Ankle Boots 10M , NIB CHAPS $60 Brown Rain Muck Rubber Boot Women's Sz 9B FAST SHIP! , Giani Bernini Womens NWB Lorca Black Ankle Boots Shoes 10 MED NEW , North Face Women's Thermoball Roll Down Bootie II Boots 6 7 8 9 10 Oso fleeceWomen's booties BROWN LEATHER BOOT INDIGO SIZE 6.5 USThe North Face Women’s boots size 8 , true vintage womans brown leather riding cowboy western country boots sz 8.5US Punk Womens Real Leather Side Zip High Top Creeper Shoes Platform Ankle Boots , Manolo Blahnik 7566 Black Beige Velvet Mesh Flats Sz 39 EUR $695 , PRADA Flat Ballerinas White-Black Trim. EU39/US9/UK6 100% authentic MINTMally 5207b Gray Silver Soft Leather Comfortable Ballet Flats 38 / US 8Skechers Women's Size 5.5 Flex Sole Gray Electrifying Orange-ish Pink , **Converse Chuck Taylor All Star Mint green Hi Top Shoes mens 5 womens 7 , The NORTH FACE Fire Road Trail Running Shoe Blue Grey Womens Size 6 , NIB Christian Louboutin Toerless Muse Black Suede Strappy Cage Ballet Flat 39.5GEOX CHARLENE A SHI.GOA+SYN.PAT BLACK ballets sale d62y7a , Women's Womans Street Feet Shoes Boots , J. Crew Ankle Boots Dark Olive Green Leather Size 9.5 , XOXO Kasper Booties, Women's Size 7 M, TanIVEY & MOON SUEDE WEDGE HEEL BOOTS - DRIVING SOLE - SIZE 4.5 MDansko Multi Color Moire Woven Fabric Stapled Clog Size 36 US 6 NEW , Keds Women's Triple Kick Shimmer Fashion Sneaker ,

LOLLIPOP Santa NEW! Fe Buckle Detail Booties Black Black Boots Size 7 NEW! Booties 2d3d96e -