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

Durango Ladies Lifestyle Dark Ladies Brown Harness Boot Boot Harness DRD0121 2d49018
Durango Ladies Lifestyle Dark Ladies Brown Harness Boot Boot Harness DRD0121 2d49018 - 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.


Farylrobin Womens OTK Vegan Suede Grove Boots Black Size 6.5 New , Kamik Jennifer Waterproof Rain Boots Waterproof Size 9 Ink Blue NEW , 2 Style Elegant Women's Leather Fashion Chunky heels Side Zipper Ankle Boots NewNew Charles David Birgit Platform Booties women's boots sz 9.5 (msr $160 )Lauren by Ralph Lauren Women's Plaid Rain Boots ROSALYN II - Size 9B - BRAND NEW , $149.99 MTNG Womens 56143 Mid Calf Cowgirl Boot Shoes, Taupe, / US 6.5Luiza Perea Womens Santos Leather Booties Boots Tan Brown Size 36 New , El Dantes Spain 39 8M black pink leather tall boots Womens Ladies heelsTeva Segundo Ankle Women Boots Black US 6.5 /UK4.5/EU37.5Women Over The Knee Boots Rivet Zipper Up Wedge Heel Shoes Casual Shoes Black , TEVA WOMEN NOPAL MID BLACK WATERPROOF BOOT US 7 / / NIBL'Artiste Elgin By Spring Step Natural Leather Boots 35 EU / 5 US WomenLadies Blk Strappy Sandal full shoe Strap High Heel New Block Heel , Cole Haan Women Size 7 Boots Booties Chelsea Black Suede Leather Elastic Stretch , NEW DURANGO LADY REBEL OSTRICH EMBOSSED WESTERN BOOT (DRD0417) 8 MEDIUM $130Vagabond Grace Black Block Chunky Heel Chelsea Ankle Boots Zip EU38, 39Women's Chunky Block Heel Shoes Pointy Toe Zip Ankle boots Hollow Out Casual NewAlfani Womens Jadah Closed Toe Knee High Fashion Boots, Black1044421, Size 7.5 B , Pleaser DEVIOUS DAGGER DOMINA-1023 MUERTO SCREAM INDULGE-1026 Ankle Boot$160 size 10 Sam Edelman Taye Black Suede Heels Booties Womens Ankle Shoes NEW , Women's Salomon Hime Mid Leather CS WP Brown Women's US SZ 10GREAT COND NOT MUCH USED CLEAN VINTAGE TECNICA SHEEP SKIN BOOTS 38 MADE IN ITALY , Anne Klein Womens akchelesey Leather Almond Toe Ankle Fashion, Black, Size 6.0 l , Cushe Women's Allpine Peak WP Boot, BlackLoints LNt's of Holland Mary Jane black leather Size US 8 women , PureSole Grey Suede Buckle Hidden Wedge Serina Ankle Boot 9 NEW , El Naturalista Women N581 Elfos Mid Calf Zipper Boot Shoe, Brown, 36 EU/6 B(M)NEW DURANGO WOMEN'S MUSHROOM WESTERN BOOT (RD3223) 7 MEDIUM $140G By Guess Women's Theorry Tall Boots Knee High Black Size 5 M


More Stories



Tags
AJ VALENCI black croc-embossed glazed leather ankle boots, size 6-1/2M , Nine West Women's Western Mid Calf Boot Tan Leather 8.5M , WRANGLER Blue Leather Roper Cowboy Boots Womens Size 8.5M Style 4918 USAWomen's Antonio Melani Dark Brown Suede Fur Knee High Zip Fashion Boots Sz.7 , Crown Vintage 9.5 M Larin Ankle Boots Black Suede RubbedEasy Spirit Women's Brower Boot, Medium Brown, Size 6.0 , Steve Madden Size 9 Black Leather Ankle Boots Heels New Womens ShoesKORK-EASE Mesa Burgundy Suede Ankle Boot Size 7.5DANSKO Size 8 ()leather Belted Side-Zip Med-Heel Ankle Boots Worn Once , Brand New TIFFI $289 Black Pebbled Leather Tall Riding Boot, Women's Size 5Justin Womens Black Lizard Cowboy Boots 7 1/2 B , Dr. Marten for Sanrio Carnaby Mary Jane shoes size 8 RareNEW J. CREW NORA LEATHER LATTICE BALLET FLATS TAWNY SAND 7.5 ITALY Retail $158 , Vince Bray Loafer Shell Beige Sz 8 38 VelvetGripfast Black Leather Leopard Oxfords Women's Size 6 Excellent ConditionVia Spiga Velvet Pointy Flats Black Leather Women's 6.5 M US - MSRP $195Christian Louboutin Rolling Spikes Beige Suede Loafers / Flats Euro 40 , Trio Ballerines Linea Azzurrea - T40 , Dirty Laundry by Chinese Laundry Women's Josephine, Black Sequins, Size 7.5 rzb1Balenciaga Skate Shoe Sneaker Black Leather NIB $595 35 , Tod's 225 Gray Suede / Leather Double T Buckle Ballerina Flats 36 / US 6ASICS Womens Gel-Fit Sana 3 Cross-Trainer-Shoes- Pick SZ/Color. , Merrell 1SIX8 Mid Fashion Sneakers Shoes Women's - Sedona Sage J01954 , Skechers Performance Womens Go Walk 4 Premier Walking Shoe- Select SZ/Color.Asics Gel Kayano 21 Limited Edition White/Pop/Knockout Pink Womens Size 10 T4H7Q , Asics™ ~ GEL-RESOLUTION Run Shoes ~ E550Y ~ Women Sz 7.5 ~ GOODUNISA WOMENS BROWN SHOE BOOTS 6.5 , Fashion Size 8 Black Knee High Boot Block Heel Made in Italy Stretch Material , Nike Roshe One Flyknit Casual Women's Shoes , ASICS Womens Gel-Kayano 24 Running Shoe, ,

Durango Ladies Lifestyle Dark Ladies Brown Harness Boot Boot Harness DRD0121 2d49018 - digitalcraftmedia.com




Boots
3830115
4434103
6333613
7757050
11158475
11351654
11416500
13994061
15067092