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

Earth Black 27799 Boots Black New 12m Earth snapdragon 54e7437
Earth Black 27799 Boots Black New 12m Earth snapdragon 54e7437 - 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.


Steve Madden Womens Wizerr Ankle Bootie High Heels Slouchy Gray Suede Sz 7Michael Kohrs Womens' Tall Boot Sz 7.5 Brown Zipper Gold Accents , TYPHOON by WANTED - Women's  boot  US Size  8.5 - nearly new , Women's ZODIAC Black Leather Cowboy Boots Size 5 MJessica Simpson Pasadena Ankle Booties Stiletto Platform Black Suede Leather 9Max De Carlo Suede Leather Boots Black Women's Size 7.5 B , Dr Marten Leyton Women Ankle Boot Women Black Leather Sz 6VTG WOMENS MISS CAPEZIO COWBOY INLAY LEATHER BROWN BOOTS SIZE 8.5 MVTG WOMENS SEYCHELLES COWBOY INLAY LEATHER BLACK BOOTS SIZE 7 , DR. MARTENS BLACK & YELLOW LEATHER AIR WAIR BOOTS, WOMEN'S SZ 7VTG WOMENS SEYCHELLES COWBOY LEATHER BROWN BOOTS SIZE 10 B , Cotswold Burghley Womens Daisy Pull On Waterproof Rubber Wellington Boots New , Khombu Spice Winter Boots, Black, 8 USSam Edelman Sz 9.5M Maddox Black Leather Side Zip Buckle Detail Ankle Boots , WOMENS ARIAT ATS BUCKAROO COWBOY LEATHER/TEXTILE BROWN/CAMOUFLAGE BOOTS SIZE 8 BDirty Laundry Womens Too cute Peep Toe Ankle Fashion Sand Suede Size 10.0 5VUC , BCBG Ruffled Knee High Black Leather Boots Sz 10 , Madden Girl Brown Short Fashion Boots Women's Size 9.5 , Womens 6.5 M Riding Boots Tall Tan Brown Fashion Shoes Vintage Indie Folk BohoNew Women's BOOTS Knee High Tan Brown Winter Fur Lined Snow shoe Ladies size 7.5 , Sugar Women's SGR-Quickster Mid Calf Boot, Black Polyurethane/Sweater, 6 Medium , Women's high heel faux leather cowgirl boots butterfly pattern size 6 1/2. GoodNEW Zara Trafaluc Black Faux Suede Ankle Heel Boots Size US 6.5 / NWOB A73 , Anthropologie SPLENDID 8.5 Boots Black Suede Studs Ankle BootiesNIB Cougar Canada Chamonix Women's Waterproof Ankle Snow Boots Sz 6 RED $160 , Dolcis Delilah Women's Red Soft Et Zip Up Ankle Combat Military Boots New , **Valerie Stevens Henre Booties, Women's Size 9 M, Brown , L.L. BEAN Woman’s Black Leather Boots. Size 8 M , joan boyce sequin mid shaft snow boots with bows new with box


More Stories



Tags
"AMERICAN RAG" WOMENS NEW TAN ANKLE BOOTS SIZE 9.5 SHOESNew Style&co. Size 5.5 US Solid Women's Shoes Black Man Made - NIB"Solo" brown Short Ankle Fashion Boots men's Sz 10 , legend-24 New Mid Calf Synthetic Zipper Low Heel Women's Casual Boots Black 10- , BCBG Zip Up Ankle Boot Leather Heels Gray Women's Size 9B Close Toe , Sporto Vivian Blue Waterproof Snow Winter Mid-calf Boots 9 NEW , Trendy Design's Women's High Heels Pumps Burgandy Wine 2.5" Heel Size 7 8 9 10Mi Bottes ALCE Cuir Noir T 37 Excellent EtatSteven By Steve Madden Black Leather OTK Over The Knee Boots Flat Intyre 7.5 , Liliana Womens Low Mid Block Heel Bead Studs Zip Up Ankle Boots Casual LadiesCaterpillar Persuade Tater (Brown) Leather & Textile Wedge Heel Boots. Appx 7NEW WOMANS SO AUTHENTIC AMERICAN HERITAGE PAPERCLIP BLACK BOOTS SZ. 9M NIB , Palladium Women's Pampa Hi Canvas BootBlack5.5 M USMERRELL BLACK SIDE ZIP WATERPROOF INSULATED BOOTS WOMEN SIZE 8 MAriat Fatbaby Camo Black Leather Western Cowboy Boots Women's 6.5 , DOC MARTENS MADE IN ENGLAND/VINTAGE UK4/US6 WOMENS BLACK ZIP BOOTS , RED WING 2326 5.5 D WIDE BLACK LEATHER STEEL TOE WORK SAFETY ANKLE BOOTS HIKINGINC International Concepts Womens Ameliee Closed Toe Leather Riding Boots 7.5 , Tory Burch Reva Women’s Size 6.5 Navy Blue Patent Leather Medallion Ballet FlatsRocket Dog MEMORIESTS Womens Memories Ballet Flat- Choose SZ/Color. , Pour La Victoire Women's Renoir Ballet Flat,Black/White,8 M USPrada Suede Bow Ballet Flats (37,5) , AUTH YSL Saint Laurent Women Leather Loafer Shoes 38.5adidas Originals Campus Women's Tactile Rose/White/Crystal White B41939Nike Free 5.0 Tr Fit 4 Prt Training Women's ShoesPUMA Women's Ignite XT Filtered WNS Running ShoeWomen's DJANGO JULIETTE BALLAD BLACK FlatsVintage Soviet handmade fur winter Boots leather Black heeled RETRO Russian 70'sNew Women Betani Amber-11 Leatherette Knee High Basket Weave Riding Boot , New Hospital Women's Leather Wedge Nusring Shoes Oxfords Breathable Nurse Shoes ,

Earth Black 27799 Boots Black New 12m Earth snapdragon 54e7437 - digitalcraftmedia.com




Boots
2859106
4768036
5304366
5461975
7298791
7650340
9637109
14492319
15871787