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

Women's Breathable Summer White Breathable Shoes Summer Flat localjoes-27758 Students Mesh Hollow Canvas Sneakers d7d5348
Women's Breathable Summer White Breathable Shoes Summer Flat localjoes-27758 Students Mesh Hollow Canvas Sneakers d7d5348 - 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.


Womens Student Summer Slip On Mesh Shoes Sport Running Casual Breathable TravelNike Rosherun Roshe Run Blue Black Womens Running Shoes 511882-403 US 6.5Cool Women Outdoor Sports Shoes Fashion Breathable Casual Sneakers Running Shoes , Nike Free Tr Fit 5 Womens Running Shoes Black/white Size 9.5 , Ann Creek Women's Tippy Shoe , Women Embroidery Floral Wedge Heel Slip On Casual Canvas Pumps Sneakers Shoes , New Balance 851 Womens Running Shoes Blue Size 6.5 , Fila Athletic Shoes Women's Sz 6.5m Cool Max Gray Green Pink (tu21)PUMA White Black Mesh Spiked Hook And Loop Strappy Sports Shoes Sz 4.5 B4237Womens Canvas High Platform Pull On Sneakers Casual Round Toe Loafers Flats S628 , Adidas ClimaWarm Blast Blue Teal Running Workout Running Shoes Women's size 9 , Voi Jeans Bronson Original Womens Designer Retro Casual Plimsoll Pumps GreyWomens New Balance Sneakers Walking Tennis Shoes 9.5 Vegan Recycled Gray CanvasWomens ECCO Silver Platinum Leather Tennis Sneakers Shoes Trail Walking 39 VntgWomen'sOutdoor Casual Sneakers Running Breathable Trainers Athletic Sport Shoes , New Balance Off Road 908 Women's Size 6 Trail Shoes - Super Nice - Fast ShipFILA Turquoise, Gray & Pink Woman's Athletic Light Weight 8Women's Skechers GOrun Ride 4 Houston 2015 8TWomen Sports Shoes Sneakers Running Walking Breathable Leisure Athletic Outdoor , Womens Newton Distance U Pink/Orange Running Shoes Size 12MUK LUKS Women's 15632 , IMAN Global Chic Rock the Runway Sparkle & Shine Comfort Sneaker Solid 343942Tempur-Pedic TP6051-420: Women's Raelynn Light BlueUS4.5-9 Womens Hollow Breathable Wedge Heels Creepers Summer Running ShoesPearl Izumi Womens US 10.5 Silver Blue EM Road N oWOMENS ATHLETIC SHOES SIZE 7.5 M WHITE LEATHER MATERIAL EASY SPIRIT BRAND UU6 , Under Armour Womens 1273961 DeepPeriwinkle/White/Black Running Shoes Size 8.5 , TS35 Zoie Flat Fashion Sneakers, Gold , ADIDAS RUN SMART WOMENS PINK ATHLETIC RUNNING TRAINING SNEAKERS SHOES SIZE 8


More Stories



Tags
Dr. Scholls Women's Tan Suede Leather Side Zipper Ankle Boots US Sz 6 - VGC , Women's Flat Heel Faux Leather Round Toe Knee High Boot Shoes Size 6 - 11 NEWWomens Tan 1" Low Block Heel Round Toe Sexy Comfortable Knee Boot Size 11 , Brown 3" Wedge Heel Round Toe Knee Boot Side Buckle Size 8.5 , BCBGeneration Black Leather Slouch Cowboy Boot 7 M , LADIES WOMEN PARTY ANKLE BOOT STILETTO HEELS STUDDED PERSPEX DETAILS SHOES 3-8$199 BCBG BCBGMAXAzria Women Ava Knee High Kitten Heel Boot Shoe,Asphalt,US 9.5CAPEZIO taupe LEATHER WESTERN BOOTS WOMENS 8 M , AD735 CAFE' NOIR shoes black suede patent leather women ballet flats , Womens British Black Patent Leather Round Toe Rivet Riding Ankle Boots Shoes New , madden girl Synergyy Knee-High Boots, Black Pari, 7.5 USDURANGO RD873 Women's Leather Short Collar BOOT /US 8M 203 , TODS PATENT LEATHER MOCCASINS LOAFERS MAGENTA ITALY SIZE 36Womens THINK! Brown Leather Loafers Shoes Sz. 38 , WALDLAUFER WOMEN'S HESIMA MOCCASIN LOAFER SLIP-ON SHOE W/BOW, WIDE WIDTH , Tory Burch Reva Black Leather Gold Emblem Ballet Flats Size 8NEW STUART WEITZMAN SZ 8 BEADY-BOW SUEDE BALLET FLATS SHOE PURPLEFerragamo Women's Vara Shoes 6.5 AA Black Jewels Bow Logo Pumps , Ladies Donald J Pliner Vegga Perforated Suede Penny Loafer Shoes Red Size 11 NewIsabelle 247 Navy / Gray Patent Leather Buckle Heel Booties 39.5 / US 9.5NIB TORY BURCH LAILA NAVY SEA LEATHER BOW GOLD REVA BALLET DRIVER FLATS 10.5 , NEW! Women's $250 Stubbs and Wootton Canvas "FLORAL" Espadrilles Loafers Shoes , Nike Women's Roshe One Size 7 511882 021 New Sale Black Wolf Grey , Women Adidas BW1217 ALPHA Bounce Lux Running shoes white SneakersWomens Mesh Fashion Sneakers Athletic Slip On Platform Wedge Heel Loafer Shoes , Saucony Ride 5 Women's White Blue WORN ONCE Tennis Shoe Run Sneakers Train Sz 6Women's Burgundy Short-Cut Boots. Size 8 Boots , Soho Shoes Women's Zipper Stilleto Bootie , Women’s Birkenstock Waterproof Professional Blue Clogs Sz 10/10 Or 41 Euroadidas Outdoor Terrex Agravic Speed W outdoor Womens- Choose SZ/Color.

Women's Breathable Summer White Breathable Shoes Summer Flat localjoes-27758 Students Mesh Hollow Canvas Sneakers d7d5348 - digitalcraftmedia.com




Athletic Shoes
4349088
6233946
8360005
9516951
11747886
15284009
15957243
17276962
17284201