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

Tongpu Black Womens Black Size Rainboots With Buckle US 8.5 Size 8.5 a8bbc2b
Tongpu Black Womens Black Size Rainboots With Buckle US 8.5 Size 8.5 a8bbc2b - 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.


Blowfish Bug Ankle Bootie - Women's Size 7 - Gray , Stuart Weitzman Booties 8N Dark brown Patent Leather Embossed Alligator 3” HeelANTHROPOLOGIE ANTELOPE Black Leather Boots size 39 / 8.5 or 9Firefly Paige II Brown Winter Boots Womens Size 8 Style F206471Steve Madden BREWSTER Sz 7M Ankle Boot Strap/Buckles Cognac Leather 1.5” Heel� , NEW Appaloosa Two Tone Classic Cowgirl Boots by Old West LF1520 SZ 6 , Columbia Minx Slip II Omni Heat Boots - Women's Size 8 - Black , Steve Madden Tyga Boots - Women's Size 9, Black , Lucky Brand Tamarindd Booties -W omen's Size 8 M - Brindle , Torrid Cognac Brown Knee High Boots 10W Fits 11W Wide Width Calf $75 Strap , Hunter for Target Adult Unisex Dipped Canvas High Top Sneakers Blue 6.5 M/8.5 W , Rampage Sidnie Fabric Western Ankle Boots, Women's Size 7.5 M, BrownDr Martens Womens Shoreditch Canvas Boots Sz 6 Seven Eye HoleVolatile Merrick Ankle Boot - Women's Size 6 - BeigeLeather Harley Davidson Dual Zip Heel Boots Blood Red Sz 6Madewell by J Crew Brown Leather High Heel Ankle Boots 6 Career Casual ExcellentVintage LL Bean Duck Boots Women's Size 9 Brown Leather Classic Made In USA , Women's Crush Durango Western peek Boot (RD5510) 8M , COLE HAAN ~BRAZIL~ BLACK LEATHER MARIELA AIR CHUKKA BOOTIES~ 7-1/2 B , Rampage Hansel Knee High Boots-Women's sz 8.5 M Brown , Brown Leather Boots Size 9 Kenneth Cole New York , Kendall + Kylie Raquel Chunk Heel Bootie-Women's Size 7.5M Black SyDolce Vita Lanie Boots, Women's Size 7.5 M, Grey , Dolce Vita Caillin Suede Ankle Boot - Women's Size 8.5, Saddle BrownSam Edelman Putty Suede Ankle Boots, Women's Size 11 M, Olive , LifeStride Parigi Booti Ankle Boot - Black - Size 8.5 New in BoxMUKS SUEDE RABBIT FUR RUBBER SOLE PULL ON ESKIMO BOOTS MOCCASIN WOMEN SIZE 7Free People Green Khaki Suede Swift Mine Wedge Sandals ☮ Size 37 , ANTHROPOLOGIE ☆ SPLENDID ☆ HEELS ☆ BOOTIES ☆ SHOOTIES ☆ 6 1/2


More Stories



Tags
Bucco Capensis Rolani Black Knee High Boots Women's Shoes Size 7 M NEW , Thalia Sodi Chelaa Women's Boots Black , KAMOURASKA CANADA BOOTS SZ 6 B BLACK LEATHER REAL FUR SHEARLING BOOTS BOOTIES , ZIGI SOHO Womens brock Closed Toe Over Knee Fashion Boots blush pink Size 7.5Mango-51 Mid Calf Synthetic Zipper Low Heel Women's Casual Boots Black 7.5- , Sporto Faux Fur Winter Boots Black Size 8.5 MBorn Handcrafted Footwear Black Leather Harness Ankle Boots Womens Size 9.5 M , STEVE MADDEN PIERCE Women Booties (10M, BLACK) , Fashion Womens High Chunky Block Heels Buckle Platform Ankle Boots Shoes Plus Sz , Fashion women pumps soft square toe Short boots and heels pleuche soft Zipper , SC35 Madixe Wide-Calf Riding Boots 049, Cognac, 6 US , G.H. BASS FARAH TALL RIDING STYLE ZIP UP BOOTS 8.5 M ~ LIGHTLY WORN & BEAUTIFULWomens LIFE STRIDE~BLACK ANKLE BOOTS~sz 10~NEW~YOYO Faux Leather Booties Zip UpCAPEZIO Black Leather Pointed Toe Short Cowboy Western Boots Sz 10 M USA - L230 , CIRCA JOAN & DAVID CHASITY BLACK CALF SKIN LEATHER BOOTS, 3.5" HEEL SZ 11 MAldo Brown Leather Cowboy Boots Pointed Toe Made in Spain Sz 7.5 M / , Bottes KICKERS Tout Cuir Taupe T 40 BON ETATVintage Isaac Mizrahi/Italy-Brown Leather Snakeskin design Womens Tall BootsVintage FRYE leather pull on BOOTS 2580 size 10.5 D made in USA , Birkenstocks Boston Suede Clog Taupe Size 39 Ladies 8 New With BoxCole Haan D43342 Trillby Driver Champagne Gold Metallic Leather Loafer Size 5.5 , Naturalizer Women's Clarissa Slip-on Shoe,Coffee Bean,12 M US , Tory Burch Black Velvet Logo Chain Espadrille size 10M , NIB Tory Burch Reva Sequin Leather Ballet Flats Copper 9.5 MWomens Genuine Leather Loafers Horsebit Slip On Backless Mules Flats Shoes New , Platform Penny Loafers Jeffrey Campbell 9.5 Purvis , DOLCE & GABBANA Leather Sneakers Size 41 Cut-Out Reflective Trim , Women's Lucky Brand Short Boots Boots , Skechers Suede Foldover Boot Adorbs NIB NEW Size 6.5M NEW NIB Chestnut , Cole Haan Women' s Boots Black Leather Tall Fabric Flat Size 8.5 B ,

Tongpu Black Womens Black Size Rainboots With Buckle US 8.5 Size 8.5 a8bbc2b - digitalcraftmedia.com




Boots
794757
3667873
3908376
4716624
7420738
10793708
13078173
16901132
17520268