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

Agl In localjoes-27763 Attilio Giusti Leombruni Leombruni BLACK PATENT LEATHER BOOTS Sz 37M Made In Italy 1f4cea6
Agl In localjoes-27763 Attilio Giusti Leombruni Leombruni BLACK PATENT LEATHER BOOTS Sz 37M Made In Italy 1f4cea6 - 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.


Pleaser DELIGHT 1018 Platforms Black PU/Black Matte Ankle Boots , STEVE MADDEN MATRIX BLACK COLOR BOOTIE SIZE 10 , Steve Madden Gaze 8 Mushroom Crush Velvet Beige Brown Taupe Ankle Boots Booties , Tesori Valencia Black Leather Knee High Riding Boots Women’s Size 7 M * , JOE'S Saki Brown Suede Harness Ankle Boots Women's Size 9 M*Fergalicious Canyon Women's Boot / Bootie Black Size 6.5 - NEW IN BOXBearpaw Women's Snow Days Button Wrap, Ivory/Ivory, One Size , GUESS "GEORA" WOMEN'S IVORY TAN SUEDE ANKLE BOOTS SIZE 9.5 ~NEWNIB Sophia & Lee COLIE Black w/ GOLD metallic trim buckles boots 7 ShoeDazzleEcco Hobart Brown Leather Knee High Riding Buckle Boots Womens Size 35 M*Charles Jourdan Black Patent & Suede Ankle Boot Size 8MSkechers Mens 12 Dasrk Brown Leather Lug Sole Combat Style Boots S3Custom Black Leather Python Knee High heel Boots Size 7.5 (RARE!)Studded Suede Almond Toe Chunky Heeled Ankle BootiesBCBG Generation Black Leather Mesh Ankle Heel , Ralph Lauren Rainboots - Lauren by Ralph Lauren Womens Tricia 9M Red NEWCole Haan Lundy boots booties size 8 black suede , Stuart Weitzman - Sashay Black Soft Patent women's shoes size 8 M , Melissa Vivienne Westwood Low Rubber Ankle Boots, Size 38/39, US 9, Royal BlueFrye brown leather western harness clogs boots mules shoes 7.5 BLouise et Cie Olivia Black Leather Open Toe Ankle Boots Women's Size 7 MOld West Ladies Distressed Cowgirl Boots Distressed Leather Size 9 RH3079Brand New BOS. & CO. $189 Brianna Perforated Chelsea Black Suede Boots, Size 7Two Pair Merrell Women’s hiking boots Size 9.5vintage 1970's justin boots womens Cream with brown Wing tips size 6.5? , Selected Femme Side Buckle Boot - New!Hush Puppies Cyra Catelyn Women Boots HW05490-252Nine West "Botamyo" 9.5M Shiny Black Leather pointy toe Tall Boots MSRP $170New West Blvd Shoes Tampa Quilted Boots high knee women's size 8.5 ,


More Stories



Tags
Women's Boots Hunt Club Multi Color Western 8 1/2 M New in BoxLamo Purple Suede Button Detail Faux Fur Mid Calf Boots NewHighlander Repton Men Ladies Outdoor Walking Festival Wellington Wellie Boots , New Women's Fur Lined Mid Calf Boots Brown Shoes Winter Snow Ladies size 8Vince Black Leather Booties Size 10MNine West GETONITO Peep Toe Booties-Brand New-Size 7.5 fits 8M , Skechers Flexibles SPARKLER Navy Blue Ankle Boots Women's 9 - NEW - 48666Emu Australia Lorne Ankle Boots Women 6 , NWT WENDY WILLIAMS SUEDE LEATHER ZIP UP ANKLE BOOTS BOOTIES SIZE 7M BUTTERSCOTCHFranco Sarto Women's Owens Ankle Boot, Bordo, 7 M USB35 Dani Faux Buckle Zip Up Block Heel Boots 384, Oxford Brown, 5 US / 35 EUABILENE Brown Leather Western Cowboy Boots Size 9Stuart Weitzman Sun Yellow Jelly Splashy Studded Rain Boots Large 9, 9.5, 10 NIB , Cambridge Select Women's Buckle Strap Block Chunky Heel Ankle Booties9 BM USTanSam Edelman 'Rudie' Studded Fringe Bootie in Putty Suede Size 10 , FIBRA firenze Shoes 894137 Brown 36Women's Shoes Jessica Simpson CARINE 2 Ankle Boot Faux Fur Heels Suede BLACKloeffler randall Shoes Snake Sz 7.5 , French Sole Womens horizon Closed Toe Mules, Blue, Size 8.5 , SoftWalk Women's Napa Mj Mary Jane FlatNEW SKECHERS WOMENS BURAS LEATHER COMFORTABLE SLIP RESISTANT WORK SHOES , Paul Andrew Womens Corsage Navy Silk Bow Ballet Flats Shoes 35.5 BHFO 2123 , Vtg New Bruno Magli Women's Size US 5.5 Ultra Light Grey Casual Loafers MSCHARLOTTE OLYMPIA CALZATURA KITTY FLAT, BLACK - SIZE 35.5ISABEL MARANT ETOILE Shoes 985781 BrownxMulticolor 37Keds Women Ortholite "Glimmer" Boat Shoes Slip On Brown Shimmer Sz 10 Very NiceCole Haan Womens W03145 Closed Toe Loafers Sunray/Caviar Size 6.0 , Andrew Charles D121 NAPPA TAUPE ballerina shoes Women's Taupe USWomen's Tote Duck Boots Boots , Splicing Tassels Long Faux Fur Snow Ankle Boots Womens Winter Warm Flats Shoes

Agl In localjoes-27763 Attilio Giusti Leombruni Leombruni BLACK PATENT LEATHER BOOTS Sz 37M Made In Italy 1f4cea6 - digitalcraftmedia.com




Boots
1947840
3924874
6018724
8785773
9987745
11568374
11631514
17907778
18795655