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

Sanuk localjoes-26920 Women's Donna Choose Velvet Slip-On Velvet Loafer - Choose SZ/Color b46e115
Sanuk localjoes-26920 Women's Donna Choose Velvet Slip-On Velvet Loafer - Choose SZ/Color b46e115 - 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.


Vionic with Orthaheel Technology Women's Joan Mary Jane Mule,Black,US 8 M , Nine West Women's Abdemi Fabric Ballet FlatCLARKS Women's Patty Nell Mule, Dark Brown Leather, 10 M US , Sanuk Women's Donna Sonoma Slip-on Loafer - Choose SZ/Color , CLARKS Women's Sillian Frey Boot, Black Synthetic Nubuck, 7 M USVionic Women's Gem Posey Ballet Flat Black 8MMerrell Women's Ashland Slip-On Shoe, Coffee Bean, 10 M USNine West Women's Starship Nubuck D'Orsay Flat , Indigo Rd. Women's Gabbie Ballet Flat - Choose SZ/Color , Skechers Active Breathe Easy-Untroubled Women's Slip OnAnne Klein Women's Jetta Navy Fabric Ballet FlatHot Chocolate Design Chocolaticas Breakfast Women's Mary Jane Flat Multicolou... , LOEFFLER RANDALL Womens Cora Fashion Sneaker Shoe Black Natural Size 5 M US , Franco Sarto Women's Shimmy Ballet FlatCLARKS Women's Emslie Chara Slip-on Loafer, Black Leather, 6.5 M US , NEW CLARKS WOMENS NEENAH LARK - WOMENS SHOES - BLACK LEATHERCLARKS Womens Araya Turner Closed Toe Ankle Fashion Boots , Hush Puppies Women's Tacye Hyatisse Slip-On LoaferPropet Women's Diana Strap Flat, Black, 8.5 M US , Nine West Womens Starship Fabric Ballet Flat- Pick SZ/Color. , Via Spiga Women's V-BAYLIE2 Ballet FlatAnne Klein Sport Women's Buttons Ballet FlatNine West Womens Zdeno Patent Ballet Flat- Pick SZ/Color. , Ted Baker Womens Thfia Text AF Sports Shoe Blushing Bouqet Size 9 M USNine West Womens Zissi Leather Ballet Flat- Pick SZ/Color.Calvin Klein Womens Machia Ballet Flat- Pick SZ/Color. , Reebok Women's CL Lthr Face Fashion Sneaker , Anne Klein Women's Able Fabric Ballet FlatCrocs Women's LiteRide Mule - Choose SZ/Color


More Stories



Tags
ENZO ANGIOLINI Women US 10M Brown Suede Leather Varied Ankle Bootie Side Zip , Mac Collection Slip On Medium Block Heel Mid Calf Boots Size 35 In Box , New Women's Fashion Boots Black Shoes Winter Snow Fur Lined Ladies size 8NEW Burgundy Abound ankle Booties size 10M , Sexy Buckle Strap Pointed Toe Stiletto Knee High Pirate Boots Shoes Adult Women , L.L. Bean Womens Size 8 Bean Boots Ankle Duck Rubber Leather Rubber Slip On EUC , Women’s Dr. Doc Martens Black Leather Thick Soles Size 5 Made in EnglandAriat Pegosa Boots 9B Black$175 JUICY COUTURE MARGOT Burgundy Waxy Suede Pompom Designer Mid Calf Boots 9 , Paul Green Munchen black leather ankle booties low heel 31/2 Austria Made Smallnew seychelles shoes brown suede ankle boot 2"block heel round toe Size 8.5Black tall leather boots with small ruffle design on the back , MINNETONKA Shoes 930293 Black 6NEW DANSKO WOMEN'S CHARLIE PERFORATED SNEAKER NAVY LEATHER 36 6 MEDIUM $120Donald J Pliner Carly Loafer, Women's Size 8 M, Asphalt , New CANDIE'S Women Fabic Black Tan Ballet Flat Slip On Comfort Shoe Sz 7.5 MWomens Real Leather Rabbit Fur Lined Slippers Flat Metal Shoes Slip on Plus Size , J Crew ballet flats size 6 suede olive green brand newPedro Garcia Ariella Jewel Velvet Ballet Flat Black Women Size 37.5 6513 , AUTH LUXURY PRADA LOGO LOAFER SHOES 1DD040 BLACK NEW US 6.5Steve Madden women's Bertie pink velvet blush platform sneakers size 8BFila Sorrento Womens shoes Grey / Coral Size 10Naughty Monkey Womens andromeda Fabric Low Top Slip On Fashion Sneakers , Nike Lunarstelos Running Women's Shoes Size 9 , Propet Women's W2034 Stability Walker Sneaker,Black,9 X (US Women's 9 EE) , Puma Leadcat Leather Slides 36569401 Black White Slide Sandals Medium WomenAdidas Womens Size 9 () Duramo 6 Running Shoes S85146 , Adidas Cf Lite Racer So W Co Navy Running Course A Pied Size 7 , Women's Rain Boots Waterproof High Heel Women's Dot Wedge Multi color Short ShoeMIA Women's Triple Buckle Black Boot US 10 NOB NWD

Sanuk localjoes-26920 Women's Donna Choose Velvet Slip-On Velvet Loafer - Choose SZ/Color b46e115 - digitalcraftmedia.com




Flats
1764206
2959045
5237020
6002215
7451553
16223326
16925090
18346678
18784331