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

BOOTS localjoes-19467 RAMPAGE WRECKER BROWN FAUX LEATHER WOMEN'S SHOES COMFORT COMFORT M SZ 7.5 M NEW* 7f271e5
BOOTS localjoes-19467 RAMPAGE WRECKER BROWN FAUX LEATHER WOMEN'S SHOES COMFORT COMFORT M SZ 7.5 M NEW* 7f271e5 - 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 BEIGE HOT RATED ANKLE BOOTS SIZE 6 , Vintage Land's End Green Waterproof Insulated Snow Rain Boots Size 7 BlackANTONIO MELANI Brown Leather Ankle Boots Side Zipper Womens Shoe 8Nwt womens faded glory black boots sz 8Puddletons Classic Double Strap Women's Rain Boots with Comfort Insole SIZE 10 , Coup d etat brown suede leather boots size 9 , BLACK SUEDE ANKLE BOOTS WITH ZIPPERNew ISAAC MIZRAHI LIVE! Women's Imkrystal Tall Leather Stretch Shaft Boots 5.5 M , rialto grey high boots coralynn 7m , White Mountain Women's Longhorn Riding Boot - Brown - Sz 6 M , WOMEN'S OLD NAVY FAUX FUR BLACK FAUX SUEDE BOOTS SIZE 6 - ECAcorn Sheepskin Lined Short Aussie Boot Womens Size 9 Tan Beige Fold Down FlatWomen Mad Love Kadah Books Sz 10 New With Tags Cognac , SKECHERS Parallel brown leather boot/ ankle bootie - memory foam - size 6.5 , Faded Glory Women's Size 9 Brown Motorcycle / Biker Zip Boots , Women's Browns Landing Clogs W/2.5 Inch Heels,Color Black Size 8 M (TBX , Minneyonka Brown Suede Boots 5m 3819503Womens Knee High Black Ankle Buckle Side zip Riding Boots 10M , South Pole Womens Light Brown Suede Boots Women's Sz. 6 - Comfortable and Warm!Sporto Abbey gray mid calf wedge faux fur lined suede boots - size 6MBearpaw Elle Faux Leather and Wool Gemstone Womens Boots size 5 , Womens Jaclyn Smith Charleston Brown Heel Boots Shoes Size 8MHeart Soul High-Heel CALF HIGH Boots Black, Size 8.5, Newsz 6.5 black ankle zip compass boots with Sweater accents and bucklesNew BCBGeneration Size 9 1/2 Mesh Ankle Black Studded Boots,4" HeelJust Fab Booties Black Size 9 Womens Wedges , Women's Montana Walkers W/1 Inch Heels,Color Black Size 9 M (TBXWomens STEVE MADDEN NIPPER Leather Ankle Moto BOOTS BROWN Booties 6 Boho Shoes , ZOEY Black Ankle Boots size 8 New! ,


More Stories



Tags
DOLLHOUSE WOMEN'S "DANGER" ANKLE BOOTS IVORY SYNTHETIC US SIZE 7.5 MEDIUM (B, M)Vogue Women's Detachable Bow Tie Casual Slouchy Mid Calf Boots Leisure Hot ShoesShoedazzle Kylie 4" Black Faux Leather Ankle Boot w Silver Buckle at Back 6.5MBare Traps Sasha Dark Brown Suede Tassel Ankle Boots 6 NEW , ALFREDO GIANTIN BLACK LEATHER KNEE HIGH BOOTS WOMEN'S SIZE 38 USSODA womens Faux Suede Wedge Brown knee high boots size 8 , Sesto Meucci Italy Black Leather Zip Knee High Fashion Boots Womens Size 9 MLacoste Teagan Gloss Black Patent Leather Mid Calf Comfort Boots Size 8.5 , Dr. Martens Maelly Chelsea Womens Boot in Brown Size 5 NWT , Rampage Women's Lauryn Peep Toe Boot Bootie Natural/Nude 8 B(M) US~NEW WITH BOX!HI-TECH Harmony Womens Grey/Celery Waterproof Suede Hiking Boots size 8.5Chase After Chinese Laundry Booties 9ZARA $139 LEATHER HIGH HEEL ANKLE BOOTS WITH POMPOMS BLUE 35, US5, UK2 2105/201 , Charles by Charles David Womens Emma Black Mules Shoes 7 Medium (B,M) BHFO 0589Iron Age Boots -NEVER BEEN WORNFitflop Womens Tassel Bow Sneakerloafer Shoes , vt8020 Marni woman's black classic low shoes , Ferragamo Black "ETOILE" Ballet Flats with Opanka Soles sz 7.5$890+ Miu Miu- Prada Silver Leather Crystals Flat Sandals Slide Shoe Mules , Lanvin Ballet Flats Pink Patent Leather Size 38 , ECCO Women's Shape 75 Round Mary Jane Dress Pump , Tory Burch Verbena Leather Smoke Roccia Black Ballet Flats Womens Size 8.5 M* , adidas WMNS Response Boost 2 Graphic II women running shoes NEW AQ5054{71} Reebok Women's Classic Freestyle Hi Black *New*SALE!!! SUPRA WMNS SKYTOP SW18015 Pink White Size 5.5 Fast Shipping O , Sam Edelman Womens Size 10 M Branson Leather High Top Black , Converse Chuck Taylor All-Star Coral Oxford Black/White/Black (WS)(555902F) , Skechers Women's Performance Go Run 600 Navy 15069/NVYHot New Custom Calvin And Hobbes Sneakers Classic High Top Women's Canvas Shoes , Women's Bellini Women's Bainbridge Tassel Loafer Flats ,

BOOTS localjoes-19467 RAMPAGE WRECKER BROWN FAUX LEATHER WOMEN'S SHOES COMFORT COMFORT M SZ 7.5 M NEW* 7f271e5 - digitalcraftmedia.com




Boots
1340394
2061997
3195637
4853579
6838036
13322743
14685312
17217415
19031206