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

BNIB Dolce Gabbana Gold Leather BNIB Studded Dolce Brogues Brogues EU36 5796a1b
BNIB Dolce Gabbana Gold Leather BNIB Studded Dolce Brogues Brogues EU36 5796a1b - 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.


Celine Skate Shoes 37 Blue Pony Hair , CAR SHOE women shoes Green leather penny bar loafer KDD46M PEO F0342 , 53729 auth BRUNELLO CUCINELLI grey suede & white leather Sneakers Flats Shoes 38 , NEW BURBERRY Ladies PRORSUM Grey Snakeskin Leather Sandals Flats SHOES , Christian Louboutin Bella White Patent Leather Platform Sandal Shoes 38 $995 NewMiu Miu Bufalo jewel encrusted ballet flats Shoes 37NEW Valentino Garavani Rockstud Velvet Ballerina Flat Pink Nude Size 41 , VALENTINO Women's Hidden Strap Sneakers White NW1S0781 JAR A01 EU Size , ROCHAS real astrakhan fur shoes sz 39 $$$$$$$Bottega Veneta W’s Intrecciato “Peggy” Ballerina Flat - Pink - 38.5 $670 Retail! , NIB Aquazzura Sunshine Pom-Pom Latte Suede Espadrille Flats Sz 6 US; 36 EU $595 , PRADA Shoes 613328 Black 37 , Tod's 614 Gold Tone Metallic Leather Ballerina Flats 37 / US 7 , New sz 9 / 39 Christian Dior Blue Flower Beaded Blue Espadrilles Slip on ShoesValentino Garavani Rockstud Ballerinas – Yellow Sz: 37.5 RRP: $879 FREE POSTAGE$735 NEW MANOLO BLAHNIK ABAT QUILTED FLATS LEATHER BLUE BALLERINA Fla SHOES 40.5NEW Christian Louboutin MOUSSE CLOU Black Patent Suede Flats Studs Flat Shoes 41NEW $600 DOLCE & GABBANA Shoes Ballerina Purple Floral Brocade Strap EU39 /US8.5 , Miu Miu Crystal Embellished Cap Toe Platform Taupe Suede Espadrille Flat Size 41GIUSEPPE ZANOTTI DESIGN WOMEN MOCCASINS DALILA SWAROVSKI LOAFERS #E66087001VALENTINO Shoes 463048 Blue 40HOGAN women shoes H332 black brushed leather grey metallic leather derbyNew TOD'S Flats Melanie Mocassins Driving Flat Shoes White Patent Leather 39.5CHLOÉ STRIPED ESPADRILLE FLATS Red Blue size US 9 / 39 NEW , AQUAZZURA BELGRAVIA NUDE SUEDE POINT-TOE FLATS SIZE 36/36.5/37.5/38/38.5/39 , NEW MANOLO BLAHNIK TEFAMOD Black White Bow Flats Ballet SHOES 39.5 40.5 9 10$670 NIB Prada Leather Ballet Flats CAMMEO Leather 37EU/7US GORGEOUS MUST HAVE! , sz 8 / 38 Valentino Garavani Rockstud Heel Strappy Glitter Ballerina Flat ShoesAUTH YSL Saint Laurent Women Black Leather Flat Shoes 39


More Stories



Tags
Gaetano B Black Leather Mid Calf Zip Fashion Boots Made in Italy Size 39.5 EU , Isaac Mizrahi Suede Oval Peep Toe Booties Side Zipper Taupe 6.5M NEW A271831 , Fossil Women Tall High Heel Boots Size 7 M Brown Leather Inside Zip , BUFFALO London Bottine 333764 Taille:eu40 TAUPE01 (brun)Franco SARTO DIMONA MUSHROOM SUEDE BOOTIE SZ 10MVintage MIA brown LEATHER kitten heels POINTY toe RUCHED ankle BOOTS 8.5 M NEW , Nine West Brown Leather Knee High Side Zip Boots Square Toe High Heel 10 M , Very Volatile Daytons BLACK Mules Western Booties Womens 6 M NEW$189 Naturalizer Lamont Kingfisher Suede Mid Calf Boot sz 10.5MRoxy Womens Rowan Tan Size 10.0Drew Shoe Women's Bloom II Mary Jane Taupe Nubuck 8 WW US , Kamik Womens Jessie Rubber Closed Toe Mid-Calf Rainboots Purple Size 8.0J Crew Womens Shoes Size 8 Brown Solid Suede Knee High Boots Casual , Vans Mens Suede Brown Buckle Boots Size 8.5 , BADGLEY MISCHKA Women's MARGARITA BLSSAT PEEP TOE Ankle Boots Booties Size 10 , Justin Pink Cowboy Boots L2667 Brown Cowgirl Western Boot Sz 7.5 B , Splendid Women's Roxana Ankle Boot, Taupe, Size 7.5 , LADIES SHOES/FOOTWEAR -Ziera Gala black sandal size 41/10NIB Authentic Chloe 'Lauren' Purple suede Scalloped ballet flats Shoes Sz 37 EUNIB CELINE pointy patent leather flat size 37J.CREW COLLINS WOVEN-LEATHER LOAFERS SIZE 7,5M VINTAGE CHAMPAGNE G4661Naot Hibiscus Women Shoes Slip On Clogs Leather Wedge Slippers New Slides Flats , Wonders 3342 Fly loafers sale Charol Negro , Asics FuzeX Rush Adapt Running Shoe - Women's Size 8, Black/WhiteMephisto Air Relax Mobils Jerrie Women's Shoe Slip On Wedge Black Size 6.5 , Crockett & Jones 7.5B for Antartex Riding Boots Vintage Women's Equestrian BlackNIKE Womens Nike Downshifter 7 Wide 881585-001 COOL GREY Size 9.5 , Propet Washable Walker - Grey - Womens , Brooks Ravenna 7 Running Shoes, Women's - Size 6 B, Purple/AquaWomen's Saucony Guide 9 Shoes Sneakers Size 9 Running Black Gray Orange U11

BNIB Dolce Gabbana Gold Leather BNIB Studded Dolce Brogues Brogues EU36 5796a1b - digitalcraftmedia.com




Flats
231970
6182086
6545576
9281769
9691969
11952428
12110716
17034777
18806004