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

Vince Camuto Ankle 37 Booties 11827 Size 37 2d4febe
Vince Camuto Ankle 37 Booties 11827 Size 37 2d4febe -

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.

New BLONDO Venise Black Waterproof Riding Boots sz 6 M , MIRANDA LAMBERT Jaxxon Peep Toe Womens 8 M Cognac Open Toe Boots Heels NWOBBearpaw Size 8 Koko Black Suede Buckle Bootie Boots $100 NEWJohnston Murphy Black Distressed Suede Buckle Zip Ankle Boot Booties Women 7 , Steve Madden Women's Brown Leather Koma Over The Knee Boots Shoe Size 6.5 M , NEW Steve Madden Gaze Light Blue Booties Sz 7.5Ivanka Trump Pelinda Over The Knee Boots 035, Taupe, 8 US , Kamik Women's Newyork2 Insulated Winter Boot, Charcoal, 6 M USNew Women's Brazos Amarillo Cowgirl/ Western Brown Leather boot size 9.5 M , Skechers Bikers - Zippiest Chocolate Choc Womens Ankle Boot Size 7.5M , Women's Patron Perugia Boots Stina Shoes Gray Leather Knee High Boots Sz 5 M NEWRalph Lauren Mesa Black Womens Shoes Size 7.5 M Boots MSRP $179NEW Clarks 7M Black Leather and Suede Ankle Boots w/bronze buckleWomen's Dr. Martens AirWair Maelly WC Boots in Pink Bubble Gum Black Size 7 NIBRockport Total Motion Tall Gore Wedge Black Suede Boots Women's Shoes Size 5.5 , Corso Como camel tan brown leather knee high zip boots. 8.5 , 10 Crosby Derek Lam Panya Women Black Leather Mid-Calf Boots Size 5.5 M RTL $550NIB Lands End Womens Black Leather Zip Low Boots 8Rieker Ankle Boots Black Leather Zip Fold Over Comfort Booties Size 37 EURWomen's Born F14203 Antonia Black Ankle Boots size 11 , Blondo Lacy Black Leather Waterproof Ankle Side Zip Booties Womens Size 7.5 USSkechers Bikers - Zippiest Chocolate Choc Womens Ankle Boot Size 9.5MLucky Brand Brown Suede Bootie Size 8 , Women's Manas Emma Shoes Brown Leather Knee High Boots Size RTL $288Women's Anne Klein AKKacey Inch W/Zipper Boots Color CognacNaturalizer N5 Comfort Women's Black Jovana Wide Shaft Boots Size 7 M NEW! , Tsubo Black Suede Elastic Knee High Fashion Boots Size 5.5 , urban outfitters booties - Size 6 - Brown/Chocolate , Skechers Flexibles SPARKLER Navy Blue Ankle Boots Women's 9 - NEW - 48666

More Stories

cory-1 Fashion Ankle Casual 3.5 Inch Heel High Women's Winter Boots Cognac 7.5Women’s Size 7 Wide Hush Puppies Boots Taupe Suede Cyra Catelyn Shoes Tan W 7W , Women's Faux Suede with Snake Faux Leather Tassel Ankle BootieA35 Adisonn Side Zip Ankle Boots, Black, 5.5 USSkechers On-The-Go 400 Blaze Womens Sizes 7, 9.5, 11 Medium Suede Boots $80 NewDoc Martens Patent Leather Air Wair Lamper 1460 WHITE Boots 8-Eyelet Sz 6 EUC , Aerosoles Mythology Double Zipper Ankle Boots, Dark Green Suede, 6 USMudd Women's Western Brown Suede Ankle Boots 9.5 New With Out Box , Jambu Womens Bailey Mj Mary Jane Flat- Pick SZ/Color. , INC International Concepts Womens Mara Black Ankle Boots Shoes 7 Med DisplayBates Black Leather Boots Sz 6M E02700 , SAS Freetime Women's Bone Leather Walking/Work Shoe Diabetic Approved 6.5 WideFranco Sarto Womens Valera Closed Toe Loafers, Black, Size 7.0Lanvin Shoe Dark Grayish Black Snakeskin Ballerina Flat Size 40 , Stuart Weitzman Women's Lolly Flat,Ale Washed Nappa,8.5 M USTory Burch Women's Huarache Navy Leather Slip-On Sneakers Size 9.5 , Tory Burch Logan Embellished Beaded Flat Slides Sandals Womens Shoes Size 10 New , NEW CLARKS WOMENS PURE TONE - WOMENS SHOES - NUDE LEATHER , crocs Walu Shimmer Leather Loafer W Womens Boat Shoe 9- Choose SZ/Color.ASICS Womens Size 8.5 Shoes Gel-Nimbus 16 Athletic Running Cross Training T485NConverse women size 6 denim blueNIB Anthropologie Moorland Plaid Oxfords Flats Shoes Size 39Women's Genuine Leather Chic Vintage Metal Decor Slip On Mules Shoes Slingbacks , NWOB Vince Jadon Light Brown Suede Sneakers Womens Size 7.5M $225 , Propet Stability Walker - A5500 - Women's Diabetic Shoes - All Colors - All Size , New Balance - W590V5 Running Shoe-W Womens Shoe 5 B- Choose SZ/Color.VANS Chauffette SF (Multi Stripe) Dress Blues Surf Boat Slip WOMEN'S SIZE 9New~Dansko Nubuck Leather Block Heel Clogs~ Delle ~Black ~39 ~ 9Dansko Womens Jenna Flat /-- Pick SZ/Color.adidas Originals Women's NMD Windbreaker - Choose SZ/Color

Vince Camuto Ankle 37 Booties 11827 Size 37 2d4febe -