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

HUNTER Target for Target Adult HUNTER Unisex Black Ankle Boots 21965 Size Mens 9.5 Womens 11.5 3ccf49f
HUNTER Target for Target Adult HUNTER Unisex Black Ankle Boots 21965 Size Mens 9.5 Womens 11.5 3ccf49f - 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.


Jessica Simpson Brown Leather Heeled Ankle Boots Size 5 B 35 Style JS-Cranaby , Women's KEEN winter boots leather zip size U.S. 9 brown lined stylish , Women's Rockport Size 8.5M Ankle Boots Booties Brown Leather Stretch Round L10 , Express Women' Ankle Boots Open Toe Light Gray Size 9 , Women's Kohls Tonia Denim Blue Jeans Boots Shoes Size 8 1/2 , Coclico Brown Suede Booties, Size 38 , Soda NEW Fashion Round Toe Chunky Thigh Knee High Heel Boots Shoes Size 5.5 - 11 , New Cape Robbin Brady-2 Mixed Media Lucite Block Heel Pink Ankle Boot Nasty GalWomen's Nine West Your So Cute Size 7m Below Knee Boots black Suede BuckleJubilee Women's Suede Studded Rhinestone Fur Lining Winter Boot Size 7.5 DG80Ladies winter boots. size 9. Skechers brand.Franco Sarto Carlana Brown Leather Womens Boots Size 6 M , VTG LL BEAN Maine Hunting Shoes Boots Blue Duck Brown Leather Low Women's Sz 8 M , NEW* SPORTO WHITE WATER RESISTANT Suede Zip Knee Hi Boot 9.5 W , Indigo Rd SZ 7.5 Irlsaia Pom Pom Glitter Ankle Bootie Boho Womens NewNew Womens Winter Boots Fur Warm Insulated Waterproof Ski Snow Duck Shoes, Sizes , Vintage Cowboy Boots Brown Lizard Leather Distressed Womens Size 6 VintageJohn Deere purple leather cowboy boots - women's size 8.5Minnetonka Brown Suede Leather Moccasins Ankle Boots Fringe Tassel Women's sz 7 , 02-201 LAUREN RALPH MIKENNA BO-RAI MODERN SIZE 8BFergalicious Women's Wicket Bootie - Size 6 M, BlackIndigo Rd SZ 8 Irlsaia Pom Pom Glitter Ankle Bootie Boho Womens New , Khombu Ladies Lisa All Weather Black Winter Boots Women's size 7 Brand New Nwob , Dolce Vita Womens Booties Boots 8.5 Brown Leather Ankle Side Zip , Aldo Brown Cognac Tall Riding Leather Pull on Riding Boots US 9 ZipperMarc Fisher LTD Prana Cap Toe Bootie SIZE 8 Women'sWomen's LL Bean Maine Hunting Duck Boots Brown Waterproof Size 7 , Joe Boxer Size 10 M Ashanti Chestnut Platform Wedge Zipper Fold-Over Ankle BootsWomen's Skechers Outdoor Size 8 Winter Boots Brown Suede Faux Fur Lined H9


More Stories



Tags
DOLLHOUSE WOMEN'S INGLE BOOTIE BLACK US SIZE 7 Eur 37.5 , IKRUSH Women's Alexis Studded Buckle Faux Suede Ankle Boots Size in GREY SizeAerosoles Incognito Faux Fur Cuff Winter Ankle Boots 538, Gray, 6 M US DisplayMarc Fisher Womens Itache Fabric Almond Toe Ankle Black Fabric Size 9.5VTG. PRESTIGE Shoes Kilim Multicolor Aztec Ethnic Tribal Turkish US 6/6.5 EU37 , stuart weitzman boots/ Bootie Black Patient Leather Size 10G by GUESS Women's Pike Black Size 10.0 , Auth. MISSONI Zig-Zag Multicolor Tall Rain Boots sz 6Women's COLE HAAN G0065 Brown Leather Mid-Calf Boots US 8.5 , AK Anne Klein Women's GLINDA Velvet Ankle Boot 9 M Booties NWB , BX656 SCARPE ITALIANE by CORAF shoes brown suede women ankle boots , 02-3504 Vivobarefoot Nepal Leather Women's Shoes Black SZ 41/10 , Authentic Mimosa Made In Italy Black Suede Boots With Studs, Size 38.5, 8.5 USBorn Carin Brown Womens Shoes Size 10 M Boots MSRP $140 , Munro New Wellesley Brown Womens Shoes Size 10 M Flats MSRP $200 , Alexander McQueen Black Skull on White Leather Flats Sz 37/ 6USNEW ALEXANDER WANG BLACK DILLON PERCH SUEDE PATENT SNEAKERS SHOES 10Klogs Austin Womens - Clogs Taupe Suede Tapestry - 9 Wide , Flat Ivanka Trump Fyler Black Fabric , NEW Skechers S Sport Women's Performance Athletic Shoes - White - Size:6.5Fashion Womens Round Toe Flats Mesh Breachable Athletic Shoes Sneakers wedges Sz , Lucky Women's Emmie Ballet Flat, Storm A4, 6.5 M US , Bernie Mev 'Calypso' Woven Platform Wedge Sandal - Bronze - 40 / 10US (V7) , Vince Warner Black Nubuck Leather Platform Slip On Zip Sneaker, sz 10M, 40EU NIBNIB Nike Shox Gravity ‘Metallic Gold’ women’s sneakers – free USA shipping , NIKE WOMENS ROSHERUN SNEAKERS NEW IN BOX 511882 101 SIZES 10 & 11.5Adidas Original SL72 Womens Casual Retro Trainers Pink , ALDO Beige Suede Block Heel Side Zip Ankle Boots Women's Size 7.5 , US 4.5-13 Womens Punk Motorcycle Combat Ankle Boots Buckle Strap Side Zip Shoes , Sam Edelman Womens Hazel Pointed Toe Stiletto Heel Pump Pink Mauve Suede Leather ,

HUNTER Target for Target Adult HUNTER Unisex Black Ankle Boots 21965 Size Mens 9.5 Womens 11.5 3ccf49f - digitalcraftmedia.com




Boots
199075
4088995
5621224
7067329
7214001
13322301
14818439
18343496
18464845