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

Amalfi by Rangoni Amalfi Women's 6.5 Bingo Rangoni Slip-on Loafer, Light Blue, 6.5 M US 854569d
Amalfi by Rangoni Amalfi Women's 6.5 Bingo Rangoni Slip-on Loafer, Light Blue, 6.5 M US 854569d - 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.


J Slides JSlides Women's Ariana Fashion Sneaker - Choose SZ/Color , FRYE Women's Sienna Cross Ballet Flat Black 8 M USCLARKS Women's Deva Jayleen Pump Tan Leather 8.5 Medium USNEW VIC MATIĒ WOMENS BALLET FLATSCLARKS Women's Tilmont Zoe Penny Loafer , OTBT Women's Streams Mule Black 6.5 M USMerrell Womens Ashland Tie Shoe, Black, 10 M USJewel Badgley Mischka Women's Cabella Ballet Flat Silver 7 M US , G.H. Bass & Co. Women's Patricia Driving Style LoaferMerrell Women's Jungle Moc Slip OnNine West 60163572 Womens Speakup Fabric Pointed Toe Flat- Choose SZ/Color.CLARKS Women's Dameo Swing Driving Style Loafer red Leather 6.5 Medium US , Merrell Women's Jungle Moc Slip-On ShoeNine West 25023553 Womens Seeya Suede Pointed Toe Flat- Choose SZ/Color. , Nine West 25023242 Womens Shay Suede Pointed Toe Flat- Choose SZ/Color.Crocs Women's Busy Day Stretch Ballet Flat - Choose SZ/ColorSTEVEN by Steve Madden Women's Adrianna FlatSperry Top-Sider Women's Bluefish 2 Eye Boat ShoeLinen/Oat9.5 MNaturalizer Women's Stella Ballet Flat, Black, 8.5 M USNEW COLE HAAN WOMENS LEAH SKIMMER FLAT - BLACK LEATHERSplendid LL1139 Womens Derby Loafer Flat- Choose SZ/Color. , BCBGeneration Fabeena 2 Women Open Toe Canvas Gladiator Sandal , Sperry Top-Sider Women's AngelfishLinen/Oat7 W US , Sperry Top-Sider Women's Dunefish Boat Shoe Gold 9.5 M USSTEVEN by Steve Madden Women's Cuddles Fashion Sneaker , Cole Haan W09060 Womens Tali Bow Loafer- Choose SZ/Color.NEW COLE HAAN WOMENS LEAH SKIMMER FLAT - WHITE LEATHERFitFlop Women's Superskate Uberknit Slip-On Textile Loafers Shoes , NEW ALEGRIA BY PG LITE WOMENS KAYLA PRO CLOG ,


More Stories



Tags
IKRUSH Women's Claudia Faux Suede Fur High Boots Size in Grey Size 8New Women's Fashion Boots Black Knee High Shoes Winter Snow Ladies size 8.5NEW Women's Shoes Ankle Boots Slouch Comfort Flat Casual Strap Buckle Round Toe , Dr. Scholl's Women's TATUM Tan Cream Synethetic Snow/Winter Boots Size US 6M , NEW BAMBOO WOMENS SIZE 6 6.5 BLACK/TAUPE/GRAY BOOTS/ANKLE BOOTIES PICK FAVORITEBella Vita Black Knee-Hi Boots 9.5 NIB , DR MARTENS brown leather 2 Buckle Twin Strap Mary Jane Shoes Sz 6 USWOMEN'S SIZE 8 1/2, CUBAN HEEL, MID-CALF, BLACK LEATHER BOOTS BY DIBA!Abilene 9144 Size 6 M Womens Western Cowgirl Leather Boots Tooled Inserts REDFRYE Leather Clogs Size 8 M 635201 USA , Roper Womens Cowboy Boots Short Faux Leather Fashion Pointed ToeAimee Black Me Too Leather Ballerina FlatsNEW Womens DUNHAM 911 BK Black Slip On Leather Elastic Ankle Boots ShoesDREAM PAIRS Women's Amus Black Over The Knee Chunky Heel Winter Boots Size 11...new ladies sexy Fuchsia Round Toe Winter Mid-Calf Boot Fur Top/Inside Size 6.5 , New Urban Outfitters Ecote Suede Slouch Tall Boots Size 6 MSRP: $130 , Loeffler Randall Callie Black Womens Shoes Size 7.5 M Flats MSRP $395 , Calvin Klein E5837 Womens Elin Loafer Flat- Choose SZ/Color. , Arcopedico Queen Brown Leather Flats Mary Jane, size = US 5.5 to 6 , Demonia Sprite-04 Black Studded Platform Shoes - Gothic,Goth,Punk,Black,Buckle , Beautiful Womens BORN Handcrafted COMFORT 8 M Ballet FLAT SHOES great conditionNIB $495 Tory Burch Pecha Mule Size 5.5 M , E. Porselli for J.Crew cap toe leather ballet flats White/Black Size 36US NWOBNike Free RN 2017 Running Shoes, Women's Size 8.5, Dark Blue , Merrell Baja Ventilator II Women's Taupe Beige Leather Trail Hiking Boots Size 7 , SAUCONY EXCURSION TR 6 WOMEN'S RUNNING TRAIL SHOES SIZE 6.5 BLACK PINK 15107-4 , Women's NEW MANGO WOMENS LEATHER MOCCASIN Flats , BCBG MAX AZRIA PERRY HIGH HEEL POMPOM BLACK SUEDE ANKLE FASHION RUBBER SOLE BOOT , Sanita Seia Open Clog Women slippers sandals comfy, colorful cracked pattern NEWReebok Steady Stride II Womens J16774 Black Grey Leather Walking Shoes Size 6.5

Amalfi by Rangoni Amalfi Women's 6.5 Bingo Rangoni Slip-on Loafer, Light Blue, 6.5 M US 854569d - digitalcraftmedia.com




Flats
3822530
4576310
4775380
4892942
8228868
10421344
10548932
10719551
13532253