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

Ladies Sz 11 embroidered 11932 Western boots Passions Romy black gold embroidered flowers cowboy Western b3ce6e3
Ladies Sz 11 embroidered 11932 Western boots Passions Romy black gold embroidered flowers cowboy Western b3ce6e3 - 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.


CARLOS by Carlos Santana Womens Cognac Brie Ankle Boots Shoe Size 8 MMINNETONKA Brown Suede Moccasin Pull On Mid Calf Fringe Boots Women's Size 7Naughty Monkey Black Genuine Suede Leather Over the Knee Tall Slouchy Boots 9.5Baretraps ‘Respect’ Black Synthetic Leather Side Zip Slouch Boots Women's 11 M , ALDO Black Leather Side Zip Knee High Riding Boots Women's Size 7.5Genuine Brown Leather / Suede Boots, Size 8.5 Triple Strap & Buckle Ralph Lauren , Dansko Womens Bonita Taupe Brown Suede Ankle Boot Back Zip Sz 36 Us 6 6.5 , Womens boots Snakeskin Knee High Worthington 7.5 M Fashion Style , STEVE MADDEN JUDGEMNT DISTRESSED LEATHER TALL RIDING BOOTS 7.5 EUCMezlan Womens Boots Vibram Sole Size 9M Made in Spain , ABEO BIO System Womens Riley Boot Size 7 Bootie Ankle Black Zip Heel LeatherJustin Chukka Boot Brown Leather Women's Size 10 , Isaac Mizrahi life Marissa navy blue booties dark navy in color size 8.5M , Ecco Suede Boots Women Size 37 (US 6-6.5)Cole Haan Brown Knee-high Boots Size 6 , Chaps Woman's Soft Vegan Boot's Black Knee High Zippered Low Heel 9B New , KAARI BLUE ‘Kristin’ Blue Synthetic Side Zip Ankle Boots Women's Size 8.5 M , Bass ontario Green Low Shoes Winter Snow Shoes Waterproof womens Size 7 MWomens Faux Leather High Heels Size 9 Shoedazzle , BCBGirls Boots Black Stiletto. Corseted back size 5.5 suede , ALDO ‘Mihaela’ Black Leather Side Zip Riding Boots Women's Size 7NWT Zara AW17 Size 5 Gorgeous Black Flat Ankle Boots With V-vampBrown Suede Areasoles Boots 9.5 Zip Closure Flat , Women's Size 8.5 M LifeStride Georgette Ankle Bootie, Dark Chocolate Brown , New Women's Ankle Boots With Chunky Heel Size 9 CamelFranco Sarto Imply Leather Knee High Wedge Boots Size 11 MCLARKS COLLECTION BLACK LEATHER ANKLET BOOTS SIZE 9 M-GREAT CONDITION , Comfortiva ‘Corliss’ Dark Brown Leather Side Zip Ankle Boots Women’s Size 8 W , Not Rated ‘Vaca’ Gray Synthetic Side Zip Buckle Ankle Boots Women's Size 6 ,


More Stories



Tags
Heroes by Cesare Paciotti ankle boots women Eur 38 US-Aus 7 USED , Steve Madden Boots Black Leather Mid-Calf Shoes Heels Jeannie Women's 8Lands End Low Rise Cut Faux Fur & Suede Teal Hiking Womens Boots 9.5B 420475Bull Boxer Women's Caliber Cognac Boots Size 9.5 , WOMENS LADIES CHELSEA LOW HEEL PULL ON RIDING ANKLE LEATHER WINTER BOOTS SHOE , New Lauren Ralph Lauren MARBA Womens Leather Ankle Chelsea Boots Size 9 MSRP$150 , WOMEN'S - BARNEYS NEW YORK (Made in Italy) ANKLE BOOTS - SZ. 35.5 (5)Tan Suede Leather Calf Boots with Fur Accents/Trim "Denver" by Wanderlust 12M , Easy Spirit Very Bossy Womens Brown Leather Mid-Calf Boot Shoe NWOB - Size 8M , WOMENS 8.5 M CLARKS BROWN LEATHER FASHION CHUNK HEELS ZIPPER BOOTSAriat Women's Brown Boots Size 8 Blue White Embroidered Leather Western , Women's Manas Valentina Shoes Black Leather Ankle Combat Boots Size 7 M NEW $228 , Belleville 220 TRP ST Hot Weather Steel Toe Boot Size 5.5 R Black NEWLADIES EASY B DB SYDNEY FLAT LEATHER MID CALF SMART CASUAL WINTER WARM BOOTS , Alegria Leather and Neoprene Slip-On Mary Janes - Gem Black 39 ( 9 )NIB XOXO Black Quilted Ankle Boots Shoes Sz 6J.Crew EMBROIDERED SATIN MARY JANE YELLOW FLAT SIZE 8 - New , Sperry Top-Sider Women's AngelfishLinen/Oat7.5 M USVince Snake Print Velcro Mary Jane Sandals 8.5Sanita Women's Original Textured Oil Mule Shoe - Choose SZ/ColorCELINE BLUE SOLID PONY HAIR WOVEN RAFFIA PLATFORM ESPADRILLE FLAT SHOE SIZE 36 , Klogs Austin Womens - Clogs Taupe Suede Tapestry - 6 Medium , Reebok Womens Renaissance Ice Black/White/Ice Fashion Shoes Size 7.5 (368012)Leisure Womens Slip On Loafers Creepers Med Wedge Heels Sneaker Platform ShoesK-SWISS - SNEAKERS - TONGUE TWISTER - SZ 8 - NWOB - B-SHO-12 , Salomon Speedcross 4 GTX Athletic Shoes - Women's Size 8.5, Black/AquaFergalicious Women's Wrangle Western Bootie, Doe, (Size 5 M)VANELi Womens BARTROL STONE TRAPPER Peep Toe Casual Stone Trapper Size 6.0 4Bq , Eastland Women's Debora Loafer Navy Leather Loafers , Skechers Performance 14168W Womens Go Walk 4-Premier Sneaker W US

Ladies Sz 11 embroidered 11932 Western boots Passions Romy black gold embroidered flowers cowboy Western b3ce6e3 - digitalcraftmedia.com




Boots
397646
4921102
9230514
10836212
12276408
12369009
15253813
17281482
18060624