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

HH Double H USA Made Made Womens Leather 8 Boots M Harness Brown Leather Engineer Boots DH5060 mb 6bf1e5c
HH Double H USA Made Made Womens Leather 8 Boots M Harness Brown Leather Engineer Boots DH5060 mb 6bf1e5c - 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.


Ladies Superdry Brown Leather Cowboy Ankle Boots SizeWomens Faux Fur Thermal Warm Winter Snow Rain Waterproof Knee High BootsDR. MARTENS Made in England 'Saxon' Padded Collar 6 Hole Boots. Eur 39. , PASSION BLANCHE Calf Hair Leather Boots Size 39 HAND MADE in ItalyNEW! Mossimo Rita Double-Side Zipper Short Ankle Boots, taupe - Various Sizes!Dan Post USA Made Womens 7.5 M Tall Beige Leather Cowboy Western Boots kb , NEW WOMENS BLACK KHOMBU SLOPE THERMOLITE ALL WEATHER TERRAIN WINTER SNOW BOOTS , Dr. Martens Womens 6 37 Pascal Leather 8-Eye Floral Art Print Boots DZ500 xgSteve Madden Womens Chances Mixed Media Heels Ankle Boots Shoes BHFO 9647 , Frye Womens 8 B Distressed Leather Western Cowboy Ankle Boots 97815 jxkHunter NWD Original Tall Gloss Womens 8 39 Black Rubber Wellies Rain Boots :rp , Hunter NEW MISMATCH Original Tall Gloss Womens 8 40/41 Rubber Rain Boots ouDr. Martens MISMATCH Womens 9 8 Smooth NEW Leather Ankle Combat Boots 11822 jh , Dr. Martens MISMATCH Womens L 6 / R 5 Smooth NEW Leather Ankle Boots 11821 mqLadies Womens Cardigan Knitted Shoes Warm Winter Fashion Mid Calf Boots F-359 , ENZO DI MARTINO Leather Ankle Boots Size 39.5 Fur Made in ItalyWomen's Mid Calf Knee High Round Toe Slouch Comfort Casual Flat Boot All Size , MANAS Leather Ankle Boots Size 37 HANDMADE Perforated Zipped , MARIAN Leather Ankle Mid Heel Boots Size 37 Grainy ZippedMulberry Black Leather Aston Ankle boots Size 3.5 , EGOA' Leather Chelsea Platform Boots Size 36 Rabbit Fur Trim , MANAS LEA FOSCATI Leather Heeled Booties Size 38.5 Made in Italy , PAS DE ROUGE Leather Ankle Boots Size 36.5 Rabbit Fur Platform , CAFÈNOIR Leather Chelsea Ankle Boots Size 37 Zip Decoration Elasticated , FRATELLI ROSSETTI Leather Knee High Boots Size 37 Made in Italy , PAS DE ROUGE Leather Ankle Boots Size 36 Fur Trim Made in Italy , HUNTER Knee High Wellington Boots Size 37 Black Polished Panel , CAFÈNOIR Leather Biker Boots Size 39 Black Buckles Detailing Pul OnTory Burch MISMATCH Womens 5 6 M NEW Leather Knee High Riding Boots 31128372 ff ,


More Stories



Tags
181-1 Thigh High Over Knee Studs Spikes Pointy Toe Stiletto Heel Boot BlackClimate X Women's Tall Faux Fur Lined Boots Sands Size 9MDirty Laundry Chinese Laundry Women's Booster Pak Boot, Khaki/Camo Nylon, 10 M UVery Volatile 5743 Womens Carmi Black Riding Boots Shoes 6 Medium , 36NP7181621 LTDFBTT20 Women's Shoes Size 7 M Yellow Leather Boots H.S. TraskAEROSLOES PLAYROOM WOMEN BROWN BOOTIE SIZE 8.5M NWOBDark Brown 1.5"Hidden Wedge Heel Round Toe Sexy Over Knee Boots Size 8.5 , New ladies Black 1.5"Hidden Wedge Heel Sexy KNEE Boot Size 9Pre Owned Women's Apostrophe Leather Boots. Sz. 6M. Black, SIMONE. , Womens Faux Suede Hidden Wedge Heels Warm Lined Pull On Snow Ankle Boots ShoesSperry Top Sider Ankle Boots Size 11 Brown Suede Quilted Stacked Heel , NEW Womens American Rag Cie Abby Ankle Booties Black Smooth Leather Size 9 M , Wanted Shoes Womens Lounge Closed Toe Knee High Fashion Boots Brown Size 6.5 Y , Style & Co. Womens witty Closed Toe Ankle Fashion Boots, Tan, Size 11.0 ZWVW , Ralph Lauren Damara Brown Womens Shoes Size 6 M Boots MSRP $139$109 NIB Kenneth Cole Reaction Lifeline Ankle Brown Suede Pull On Bootie sz 10M , PRE-OWNED _ ROSSANO BISCONTI Leather Ankle Boots (Women's US 9.5 / )ALFANI JEMSEY WIDE CALF BLACK BOOT WOMENS SIZE 5.5 BRAND NEW!!!SPERRY WOMENS OASIS LOFT LINEN OAT SIZE 9.5 , ROBERT CLERGERIE Beige Fabric Slip-On Flats Loafers Skimmer US 8.5 B pre-owned , NIB Tory Burch Lowell 2 Leather Ballet Flats Black 8 , Womens Shoes AGL Attilio Giusti Leombruni Black 558034 Ballet Flats Sz 37.5 D EU , Seychelles Womens Quake Closed Toe Oxfords White Size 6.5 b7gy$215 NWB Pour La Victoire Bonat Flat Bronze Mary Janes Women's 10 Medium , Reebok Club C 85 HRDWARE [BS9595] Women Casual Shoes White/ChalkRyka Sky Walk Athletic Shoes - Women's Size 6.5 W - Grey/Fuchsia , Propet Women's XV550 Walking Shoe, Grey, 6.5 W US , Women's TBS Macash Parme Flats , Waterproof Womens Mid Calf Boots Warm Fur Lined Rain Snow Casual Pull On Shoes ySkechers for Work Women's Cheriton Aledo Work ShoeBlack/Gray7.5 M US

HH Double H USA Made Made Womens Leather 8 Boots M Harness Brown Leather Engineer Boots DH5060 mb 6bf1e5c - digitalcraftmedia.com




Boots
1595073
5443392
7062737
9093200
9832596
9858881
11311214
13446228
17854774