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

NEW with tag-never wornTall wornTall Knee Length with WOMENS BOOTS–BRAND NEW DELTA-9M FAUX LEATHER 92a6762
NEW with tag-never wornTall wornTall Knee Length with WOMENS BOOTS–BRAND NEW DELTA-9M FAUX LEATHER 92a6762 -

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.

Use-Custom-Brand Womens harvard Closed Toe Ankle Fashion BootsNIB INC INTERNATIONAL CONCEPTS SOFFY FAUX FUR WHITE BOOTS SIZE 8M , Via Spiga Womens Boots Leather Knee High Brown Medium Heel Sz 8.5new Black 4.5"Stiletto High Heel Pointy Toe Sexy Stretch/quilt Knee Boots Size 8Womens Size 6 1/2 B Justin L4204 Red Western Cowboy Boots , Burgundy 1.5" Low Hidden Wedge Comfortable Round Toe Side Bow Knee Boot Size 7Corkys Zipper Women's Boot Brown Size 9.0 , size 6 Vince Camuto Hinch Black Rubber Mid Calf Rain Boots Womens shoesnew lady RED 1.5"low hidden wedge round toe top BUCKLE knee sexy boot Size 5.5new De Blossom Collection Gray/flower Snow Knee Boot warm lining inside Size 5Women Paprika Shoes Swamo-H Ankle Boots Brown Size 7Womens Size 8 1/2 M Rampage Black Fashion Western Cowboy Boots , Brand New! Women's Graffiti Rain Boots! Size 8Helly Hansen Bergen 6" STCP WP Women's Black/Blue Leather Boot's 9MLadies Tommy Hilfiger Size 8 1/2 Suede Boots , Kenneth Cole Reaction Womens Reach The Stars Peep Toe Ankle Fashion Boots , New ladies Gray flat Round Toe Top/ankle Buckles Sexy Over Knee Boot Size 8.5 , Fergalicious Women's lexis Western Boot, Cognac, Size 6.5 eVht , KICKERS Bottines Enfants Cuir Marine T 34 TBEUrban Outfitters Cooperative leather ankle booties ariel women size 8 specklenew ladies Tan 4.5"block High Heel Round Toe Side frill Sexy Knee Boots Size 8.5STONE PRIMETIME-21M Women Faux Leather Low Cut Fringe Ankle Boot Size 8 , Ellie Shoes Women's 609-fare Engineer Boot,Womens Brown Rust 4" Block Heel Round Toe Sexy Ankle Boots Size 10 , Dakota Women's 6" Quad Basic Brown Work Boots 7.5MBamboo Black 1" Low Thick Heel Snow Knee Boot Size 8Kenneth Cole Reaction Rocky Hill Women's Brown Leather Knee High Boots Size 5.5 , Propét Womens Dayna Leather Closed Toe Mid-Calf Cold Weather Boots , Durango Women's DRD0153 Western Boot Black/Brown Size 8.5

More Stories

Kenneth Cole Reaction Leather Ankle Boot , Weatherproof Alex Mid-Calf Faux Fur Lined Winter Boots, Black, 10 US Used , Sketchers Quilted Black Suede Faux Fur Slip on Clogs SN46330 Size US 10 , Womens Warm Winter Nurse White Ankle Boots Wedge Heels Booties Shoes Casual NewBella Rue sz 6.5 brown knee high classic sexy heels bootsLife Stride Pretty Women Grey Zipper Booties Heels Shoe Size 11 3" Heel , Women's Platfrom Cuffed Suede Knee High Boots Block Heels Fashion Casual Shoes , Indigo Rd. Women's Jemma Boot, Brown, 6.5 M US , Plus Size Women Sexy Pointy Toe Diamante Block Heels Ankle Knight Boots 5 Color , Vintage CODE WEST White Leather Western Boots 8 1/2 M Fringe Beaded USA MadeSchutz Lupe Dark Sangria Burgundy Fabric Block Heel Ankle Booties Boots , New Seychelles Quake Ruffle Suede Slip-On Sneaker Womens 8 Burgundy Shoes , MARINA RINALDI Women's Red Lacca Tassle Leather Shoes $335 NEW , NEW WOMEN'S ARIZONA AZ "KENDA" BLACK BOOTS SZ 10 , Loeffler Randall Black Leather Cut Out Wedge Heel Pointed Toe Ankle Boots SZ 7 , INC International Concepts Hadli Women Boot (8.5M, Black)MARCO TOZZI Boots, Ankle Boots, Black, Zip, Padded 25075 NEWPlanet Shoes Bean Womens Leather Comfort Cushioned Flat ShoesLouise Et Cie Barry Ankle Strap Suede Flat Shiraz Red Women Sz 6.5 M 1319 , $495 NEW Salvatore Ferragamo US 9 My Cherie Beige Leather Ballet Flats Shoes BX , ECCO Women's Aimee Perforated Slip on Fashion Sneaker, White/Muted Clay, 39 M US , Womens Embroidery Floral Hidden High Heels Sneakers Casual Creepers Shoes 2018DZ494 MOMA US 7 shoes green suede leather women moccasins , SEE BY CHLOE MATT BLACK LEATHER & SUEDE HIGH TOP CUFF SNEAKERS SIZE 39 , PUMA MODERN SOLEIL-W Womens Modern Soleil Sportstyle Sneaker- Choose SZ/Color.SAS Free Time Mocha Leather Casual Comfort Oxford Footwear Women's Size 9M EUCI35 Sammee2 Slip-on Flat Sneakers 201, Black, 8 W USASICS Womens - DivaBlue/FlashCoral/AquaSplash Running Shoes Size 12.5 (327560) , Under Armour Women's Mid Bra w/Cups - Choose SZ/ColorA116 Nike Women's Air Max 1 Ultra Essentials Sneakers Size 10 New Retail $110 ,

NEW with tag-never wornTall wornTall Knee Length with WOMENS BOOTS–BRAND NEW DELTA-9M FAUX LEATHER 92a6762 -