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

Bottines Bottines Boots SAN MARINA Cuir Noir Cuir localjoes-27685 T 38 TRES BON ETAT 8d37551
Bottines Bottines Boots SAN MARINA Cuir Noir Cuir localjoes-27685 T 38 TRES BON ETAT 8d37551 -

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.

Franco Sarto Deep Navy Denim Boots sz 8.5 , London Fog Red & Black Buffalo Check Uxbridge Winter Boots 10 NewCape Robin Mona-1 Over the Knee Chunky Heel Thigh High Round Toe Boots , New Women Indulge Mode-05 Faux Suede Platform Lug Sole Block Heel Combat Boot , 1970s BASTIEN Husky Vintage Canadian Tan Leather Winter Wedge Boot Womens 8 , Womens 9.5 M Clarks Movie Wish Ankle Boots Oxblood Calf Hair Leather Booties NEW , Womens Shoes Synthetic Leather Platform High Heels Zip Ankle Boots US Size b028 , New Roma Sadie Robertson Floral Rain Boots Size 7 , Marc Fisher Taupe Leather Julita Pointed Toe Ankle Boots NEWNine West Women's Size 5 Shiryl Round Toe Dark Brown Suede Knee High Boots $189Ash Ricky Leather Platform Ankle Women’s Boots Black Rubber Wedge Size 37 , NEW TORRID BLACK QUILTED ZIP BACK HEEL KNEE HIGH BOOTS WIDE WIDTH & CALF 12W , New women's shoes fashion ankle boot bootie suede like stilettos side zipper redWomen's Marc Fisher Yatina Booties Black Leather Size Zip Side Buckle Size 6 , Dirty Laundry Chinese Laundry Women's Chrystal Boot, 2 Color OptionsPrada Dark Brown Canvas & Leather Ankle Boots Size 35 1/2Bottes Cuir Noir Doublé Cuir T 39 BENatural Soul Women's Bridget High Boots, Size 8 M, Brown 589ECCO Boots 39 8 8.5 Black Leather Harness Ankle Zipper BuckleNIB Black Bardot Glitter Boots by Michael Antonio Sze 5.5 , J. Jill Women Size 6 M Leather Ankle Boots Harness Pleated Block Heel Dark BrownNew Carlos by Carlos Santana DESEO Women's Brown Suede Knee-High Boots 9M NWOBMichael By Michael Shannon Womens Madeline Ankle Bootie Shoes, Taupe, US 8.5 , Womens Snow Boot Nylon Tall Winter Fur Lined Snow Warm Quilted Rain Boot 5-10 , Skechers GOWalk Black Suede Faux Fur Boots Goga Mat Dazzling 9 NewRalph Lauren Tally Rain Shoe - Womens , Cole Haan Roper Grand Black Suede Waterproof Short Mid-Calf Boots Women's Sz 8BRARE Steve Madden Deziary US 7.5M Black Distress Leather Biker Boots B , NEW! Comfortview Sz 8.5 Black Thigh High Boots- 23" Shaft

More Stories

Gently used Vince Camuto Brown Suede Kentima Knee High Riding Boots - size 7.5womens taupe ankle boot bootie ~ Madden girl ~ size 8Tahari Ramona women’s gold beaded suede ankle boots sz 8 Black , New Women Refresh Laker-01 Leatherette Belted Chelsea Motorcycle Bootie , RARE 1982 Calico Critters PUSS N BOOTS Cat Scented Boot Stuffer HolderNWOT J CREW BEAUTIFUL WEDGE ANIMAL PRINT SHOES $129Call It Spring Rosenman Over The Knee Winter Boots 387, Black, 7.5 US / 38 EUSC35 Keppur Flat Riding Boots, BarrelNEW Rockport H79487 Kimly Cage Shootie, Women's Size 8.5M, Black , Sporto Side Winder Waterproof Cold Weather Boots, Brown, 7.5 US Used , JOAN BOYCE DOLLIE TAN STUDDED FAUX FUR LINNING BOOTS SIZE 10 - NEWAIRWALK NIA Womens Shoes COZY ANKLE BOOTS Rain WINTER Snow CASUAL GRY Size 7 NEWZara high heeled strech leather black boots sz41 , Brinley Co Women's Olive-Xwc Riding Boot, Black, Size 8.0 oYqQ , CLARKS Women's Delana Nila Platform Navy Leather 8.5 Medium US , Prada Brandy Leather Cross Sandal Espadrilles Womens Size M , ZARA NEW WOMAN LEATHER LOAFERS WITH DETAIL ECRU 35-42 REF.1521/301New RALPH LAUREN Purple Label RITELLA Black Leather Bow Flats Shoes 38 38.5 40.5 , Stubbs Wootton J. Crew Velvet Mules Rumba S E0968 Green 6 Slippers FlatsNew Tory Burch Black Shoes Twiggie Ballet Flats Size 7 Leather Slip OnsStuart Weitzman Womens Size 9N Espadrilles Shoes Pipe Catalan Slip On , New Balance W860V4 Women's Silver/Pink Sneaker 10.5W , Womens Mules Shoes Rabbit Fur Lined Slippers Loafers Snow Winter wedge heel WarmWomen's Skechers Ultra Flex Weave Away - Pink - Width: med - Cross TrainingNew Women's Skechers 22641 Ez Flex 2 Encounter Slip Ons - Black/White Size 5 L11 , Reebok Womens Zpump Fusion 2.0 Dunes Running Shoes 7.5 US , Women's Escarpin cuir Aldo 40 Boots , Brand New Impo Boots Tatum Black size 7M , Womens Fashion Block Heel Knee High Boots Ladies Ruched Slouch Boots Shoes 2018NEW Womens Brooks Cascadia 10 Trail Running Shoes 7 9.5 Green Bluebird

Bottines Bottines Boots SAN MARINA Cuir Noir Cuir localjoes-27685 T 38 TRES BON ETAT 8d37551 -