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

Lanvin Paris Womens 38.5 Suede Suede Womens Leather Sneakers High Tops Tops 4b26a7e
Lanvin Paris Womens 38.5 Suede Suede Womens Leather Sneakers High Tops Tops 4b26a7e -

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.

Rhinestone Womens Flat Heel Platform Vintage Slip On Loafer Shoes Sneakers Sz , Ladies hidden heel Mid wedge flats heel high top casual sneakers sport shoes hotClarks Ladies Inset Trail Walking Shoe Grey/Yellow , Womens Casual Floral Shoes Wedge Platform Black Printed Loafers Slip on Comfort , Reebok Classic FuryLite New Woven Womens Fitness Gym Trainers WhiteHollow Breathable Slip On Loafers Hidden Wedge Heels Womens Sneakers Shoes E7-5 , Tory Burch TORY Miller Shearling SNEAKER Size 10 ShoeNew Women’s Nike Free RN Distance Running Shoes Wolf Gray/pink 827116-006 Sz 6.5 , Nike Womens Flex Supreme TR 5 Cross Training Athletic Shoes 852467 009 All SizesNew Women's Saucony Kinvara 7 Running Shoes Teal Blue / Navy / Citron 9.5 M USReebok Hexalite Ventilator SO Womens Casual Classic Retro Running Shoes TrainersWomen's Round Toe Leather Ankle Boots Athletic Warm Buckle Strap Shoes Sneakers , K-Swiss Women's Hoke CMF Sneaker , Fashion Spring Womens Sneakers Hidden Wedge Platform Loafers Size Creepers NewNike Free TR 7 Women's Running Cross Training Shoes, Size 11.5, 904651 101 , Adidas Originals ZX Flux ADV Unisex Retro Running Shoes Trainers WhiteWMNS NIKE ROSHE TWO FLYKNIT 844929 001 SIZE 5.5~9.5Fashion High Top Sneakers Womens Hidden Heel Wedges Mesh Hollow Out Shoes Unique , Ryka Women's Devotion Plus Cin Walking Shoe - Choose SZ/ColorSkechers 15847 Performance Womens Serene- Sneaker- Choose SZ/Color.Vintage 1990’s Avia 525 Womens Running Shoes, Size 9, White , Grasshoppers Women's Corin Wedge Fashion Sneaker - Choose SZ/ColorPuma X Fenty By Rihanna Womens Suede Cleated Creeper Sneakers $160 (366268-04)Qupid Women's Pippa Fashion Sneaker - Choose SZ/ColorNew Balance Women's Razah V1 Running ShoeSkechers Women's Goldie - Daily Glamour Sneaker, - Choose SZ/Coloradidas ZX 750 + 700 Unisex Trainers~RRP .99~to 8.5 Only , native Women's Venice Print Fashion Sneaker - Choose SZ/Color , Qupid Women's Nacara-02 Fashion Sneaker - Choose SZ/Color ,

More Stories

NEW! Metaphor Womens Alexa Black Boot Gold Trim 431M da , Jessica Simpson Ronica Women's Ankle Bootie SZ 8.5 , A.N.A. Soft Brown Mid Calf Zippered Pump Boot Size 11 New , CHAUSSURES BOTTINES HIGH HEELS BOOTS FEMME CHAUSSURES STRASS GLITTER 37Bendables By Clarks Black Leather Slip On Women's Comfort Ankle Boot 8 M EUCGianni Bini Womens 7.5M Tall Brown Leather Block Heel Boots Brazil VGC!!!Ryka Grey Suede Water Resistant Tangent Faux Fur Boot NEW , Army Black Spike Protective Hot Weather Panama Sole Boots. 3.5 Women's NEW MINT , Reba Size 7.5 M ZANIA Black Leather Ankle Boots New Womens Shoes NWOB , La Canadienne Ankle Boots- Waterproof Suede Wedge Booties Canada Women 6M Black , Madden Girl Womens Jagg Knee High Boot Shoes , Women Buckle strip Pointy Toe Stilettos High Heels Knee High Boots Knight shoesStuart Weitzman Women's Myguy Leather Smoking Slippers Size 8 1/2M , Donald Pliner BAZSP Studded Black Crushed Velvet Flat Mules 6.5Aquazzura Byzantine Flats - Size 36 , TORY BURCH $250 Pennie Penny Loafer red saffiano leather shoes size 5.5 , Marc Joseph New York Womens chambers st Closed Toe Loafers Grey Size 8.5 , New Balance Womens - Blue Running Shoes Size 10 (363789) , **Fitflop Superbendy Bow Detail Ballerina Slip‑Ons - Women's Size 9, Black , SIZE 42 / US 11-11.5 ARCHE WOMAN SHOES SLINGBACK MADE IN FRANCE BLACK NUBUCK , Stuart Weitzman 9 SS Black Brown Suede Bow Pointy Flats , Brooks Liberty 6 Mens Cross Trainers (426) RRP$170 for $134.90 Save $35.00Saucony Womens Ideal running Shoe- Select SZ/Color.New Balance Women's 365 Walking Sneakers Navy With White Size 7.5Sperry Top Sider Seacost Women’s Navy Blue Canvas Slip On Sneakers US 7.5 M B707Women's Karl Lagerfeld Loafer Brand New Flats , Steve Madden womens grey taupe slouch boots leather heels size 9.5 , Reebok Women's Club C 85 Syn Fashion Sneaker , New Women's adidas UltraBOOST X Running Shoes Core Black/Trace CG2978 BLKNina Women's Ramira Heeled Sandal Ivory Luster Satin/Satin Ribbon Heeled Sandals ,

Lanvin Paris Womens 38.5 Suede Suede Womens Leather Sneakers High Tops Tops 4b26a7e -

Athletic Shoes