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

Sam Edelman Phoenix 5sfg-10551 Suede Leather Side Zip Zip 10545 Ankle Boho Black Booties Sz 7 fe0c622
Sam Edelman Phoenix 5sfg-10551 Suede Leather Side Zip Zip 10545 Ankle Boho Black Booties Sz 7 fe0c622 -

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.

Bare Traps Sheela Boot - Women's Size 6 M, Tan MSRP $80.00Womens Pull On New Ove Knee High Boots Wedge Hidden Platform High Heels ShoesFashion Womens Winter Warm Over The Knee Thigh Boots Casual Snow Fur Lined Shoes , GEOX Italy, Brown Leather Ankle Boots, Side Zipper Flat Heel 39 - 8.5 , Womens Mid Calf Moccasin Fringe Boots Heather Gray Faux Suede NEW , NEW WHITE MOUNTAIN CLIFFS FREEHAND TALL BLACK BOOTS WOMENS 6.5 TALL OVER KNEE , NIB Over The Knee Boots Sz 8.5 , Mid Heel Boots Metal Zip Biker Booties Ladies Womens Ankle Boots Block S286SAM EDELMAN CIRCUS KENSLEY Gray Suede Leather High Heel Boots Womens Size 6 M , New Womens Mary Janes Ladies Buckle Knee High Boots Pull On Riding Boots Shoes , Ranger Cabot Boots, Women's Size 9, Black/Brown , ROCKPORT Womens Size 9.5 Black Leather Riding Boots Side Zip APW24331BLAZIN ROXX WOMEN'S MOSSY OAK PINK CAMO FLIP FLOPS SIZE 9M NWTBCBGeneration SANDRA Brown Suede Leather Ankle Boot Stiletto Heels Size 7.5BWomen's Faux Fur PU Leather Round Toe Chunky Heel Ankle Boots Winter Warm Shoes , LIFE STRIDE 'Ravish' Black Athena Faux leather women boots Sz 8.5 W , Womens Chunky Mid-high Heels Side Zipper Pointed Toe Fashion Ankle Boots A876Tundra Boots Avery Boots-Women's size 8 BlackCLEARANCE$ * SPORTO Waterproof WINE Suede Zip Up Knee Hi Tall Boot 12M , NEW WOMENS COZIE STEPS SHORT BOOTS TAN CHEETAH CHESTNUT AUSTRAILIAN SHEEPSKIN 10 , Justin Brown Leather Roper Cowboy Boots Womens Size 6.5 A Style L3802 USAWomen Rhinestones Decor Round Toe Platform High Heel Stilettos Lady Ankle BootsJust Fab Black Strappy Ankle Boots Booties Chunky Heels Size 7.5 7 1/2Naughty Monkey Black Suede Tall Heeled Sz 7.5 Knee High Fashion Boots L@@K!!!!Steve Madden Black Leather Low Military Style Boot Shoe 7.5 WideWomen's Leather Boots BANDOLINO Bdhaggle Black SIZE 8M heel:1.5''Justin Black Leather Roper Cowboy Boots Womens Size 5.5 B Style L3703 USA , Aerosoles Make Two Boots - Women's Size 7.5(XC) Black (REPAIR) , Ladies Round Toe Stilettos pull on Knee High Boots Rhinestone Suede Shoes size ,

More Stories

Lacrosse Black Zipper Rain Boots 7 Medium Over ShoeBNWT Ladies Sz 6 Rivers Brand Super Soft Metallic Bronze Short Ankle BootsWomens Rampage CANTRELL Round Toe Mid-Calf Fringe Boots Dark Brown Size 9.5 MNew Nine West Soozie Women Booties Sz 7.5 , Madden Girl Womens destory Closed Toe Ankle Fashion, Taupe Fabric, Size 8.0 v49sCara Womens Low Heel Flat Zip Up Ankle Boots Shoes Casual Ladies Shoes Size , Gianni Bini Womens sz 9 M Black Leather Campus Boots Square Toe Riding conchoBlowfish Malibu Thigh High, Stay, Black Texas PU 020/50375 US 6.5 , Clarks Originals womens leather boots winter boots fleece lined bootsMarc Fisher Womens Dewey Closed Toe Knee High Fashion BootsBed Stu TURN Cobbler Series Women's tan brown Leather Mid Calf Boots US 6Women's Shyannel Inch Leather Round toe Slouch Boots Black Size 7 MNWOT Black Size 36 Cordani Ankle Boots NWOT Black Size 36 Cordani Ankle BootsSoft Walk women's black leather shoe size 8 narrow for all day comfort pristineLeather Ankle Boots 9M Biker Studs Harness Distressed Crown Vintage , STEVE MADDEN MARBURY FLORAL LEATHER ANKLE BOOT SZ 8Kelsi Dagger Brooklyn Assembly Flat Mules, Black Leather, 6.5 US , Vince Black Suede Warren Slip On Fashion Sneakers Womens Size US 5.5M , Salvatore Ferragamo Black Leather Slip On Loafers Flats Womens Size 7 2A , Tory Burch Womens Dark Red Leather BallerinaWomen's Hollow Sneakers Soft Shoes Mesh Breathable Flat Shoes Running Shoes , New Women's Skechers Flex Appeal Athletic Running Shoe 12508WH Navy/Hot Pink 48MNEW Earth Angelica Womens 8 M Mary Jane Shoes Black Leather Closed Back Flats , New VANS Womens Authentic Glitter Gold Micro Dots W7.5/ 8 / 8.5 VN-0SCQ7JX TAKSE , Women's Kaepa Women's TouchUp Cheer Shoe Athletic ShoesWomen's IKRUSH Womens Newlyn Desert Boots Boots , Steve Madden Leather Western Bootie Ankle Black Studded Braid Band Women Size 9PUMA Women's Vikky Platform VR Sneaker - Choose SZ/ColorPRADA Womens VTG 90s Red Slip On Mules leather sneakers shoes 37.5 / 7.5 loafers , NIKE WOMENS ROSHE ONE FLYKNIT CASUAL SNEAKERS PHOTO BLUE WHITE RED 704927 404 ,

Sam Edelman Phoenix 5sfg-10551 Suede Leather Side Zip Zip 10545 Ankle Boho Black Booties Sz 7 fe0c622 -