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

Zanon & Zago casual 90s tkphotog-3079 Size US 10.5 Beige 3080 genuine leather heels casual 32084ec
Zanon & Zago casual 90s tkphotog-3079 Size US 10.5 Beige 3080 genuine leather heels casual 32084ec -

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.

Trendy-97 New Wedges Party 5" High Heel 1.5" Platform Women‘s Boots Shoes BlackPREDICTIONS BRAND FABRIC KNEE HIGH SIZE 8.5M INSIDE ZIPPER 3" HEEL BOOTS GUCCLEARANCE:GIRLS LOW HEELS SLIP ON SHINNY PUMPS PLIMSOLLS FLAT FASHION PUMPS SHOSoda Women's Giga-H Brown Mid-Calf Boots Tall Faux Fur Boho Taupe Distressed 10Rampage Women's 15" Ibiza Riding Boot Black *Mismate* Left 8M / Right 8.5MNINE CO 7.5 Black Bootie Boot Leather Matte Silver Buckle Accent Medium HighIndigo Rd. Womens Aylee Closed Toe Ankle Cold Weather Boots , Unbranded Black Suede Dress Boots Size 12MWear Ever Women's Sinda Tall High Double Buckle Boot Redwood Size 6.5MWomen's Size S Small Lined faux fur winter boots TF , Black Wine Stiletto Heels Faux Leather Zipper Women Heels Ankle Booties Size 7.5 , Crown Vintage Women's Brown Suede Slanted Fawler Heel Ankle Boots SizeOP Women 11 Camel Brown Vegan Suede Shearling Tie Up Below Knee BootWomen's 8.5 M Easy Spirit Brown Suede Ankle BootieWomen's New Ankle High Stiletto Heel Cut Work Peep Toe Booties Shoe Sz 6-10 , Darby Women Ankle High Round Toe Short Low Block Heel Boot Bootie Mustard , Vtg Promise Green Faux Leather Fleece Lined Combat Boots Foldover Ankle Shoes 9 , BANDOLINO WOMENS BROWN MID-CALF LEATHER BOOTS SIZE 7.5 MSugar Womens sgr quickster Almond Toe Mid-Calf Fashion Boots , Alfani Carcha Round Toe Synthetic Knee High Boot Size 9M , Steve Madden Raaazor Black & Brown Strap Leather Booties Sz 8.5BLAZIN ROXY HOUSE SHOES BOOTS GRAY WARM , Boutique 9 Shale Women's Black Suede Block Heel Ankle Booties US Size 8.5 MPINK AND PEPPER Womens ZIPIT Black Wide Calf Boots US 7M (888448-332675) , NASTY GAL BLACK KITTEN OUT OF TEN HEELS ANKLE BOOTS size 5 blackWomens 6B Tony Lama Boots Brown Basket Weave w/ Tooling FM3001 Boot ShoesMADDEN GIRL IGGLOO Steve Madden Shiny Boots Black 6 M , Ladies Cow Boy Boots 8 1/2 M Used Suede & Leather Dressy or Line Dancing unknown , NICE! COGNE BROWN LEATHER RIDING BOOTS, "LOUISA" By 9 WEST, SIZE 6 M, COMFY!

More Stories

womens brown 'The North Face' waterproof cinch tight boots size 7.5 , Cabela's Rimrock Hikers Gore-Tex Brown Leather Trail Hiking Boots Women's US 7BALDO Brown Ankle Boots Women's Size 6 , Black/Pink 5.5" High Wedge Heel 2" Platform Sexy Ankle Boot Size 5.5Liliana Open Toe Boots Booties Size 8 , Comfortview wide calf knee high boots style 35-3486-4 Black size 8WW , Totes Womens caroline 2 Fabric Closed Toe Knee High Cold Black Size 7.0 xg83 , Delight 1018 HG Gold Hologram Scale Pattern Platform Ankle Boot Size 5 - 12 , Klogs Boca Black Sparkle Shimmering Clogs sz 14W , Handmade Ladies Brown Square Toe Western Boots w/Inlays - 2622 - Size 6Durango Women's Distressed Brown Slouch Western Boots RD542 Sz 7.5 cowgirl (b28)Anniel Ankle Suede boots Women 8US/38EUR , Vionic Womens Point Leather Slip On Heeled Ankle Boot Shoes, Dark Brown , Bruno Magli Italian Ankle Mid Boots Black Suede Leather Wmn Sz 7.5 B , New women trinculo brown ankle booties. sz7.5. RT$145.Clarks Ayla Band Burgundy Synthetic Nubuck Womens Slip-On Size 8M , Skechers Go Step Sea Shore in Natural, Navy , Tory Burch Women Shoes Size 11M New Logo Leather/fabric Loafers , E. Porselli for J.Crew black leather ballet flats Size 36/6 US BN , V9 NIB VINCE BLAIR 5 PERFORATED WOMEN SNEAKER SHOES SIZE 9 in BLACK $195Andrew Charles 7647 SOFTY AZZURRO Loafers Women's Light Blue US , Nike Womens Air High Top Sneaker Size 8Alegria Womens Flair, Pewter Florette, Mary Jane, Wedge Pump, Size 10, FLA-553Podiwear Podi Womens Walking Fashion Sneakers changable Shoes SZ10 New! ~1959~ , Skechers Women's Synergy Inner Peace Black/Multi Walking Shoe US❤size 5.5❤NIBK-Swiss Women's Gstaad Neu Sleek Fashion Sneaker - Choose SZ/Color , Women's womens espadrilles like marsell guidi FlatsSugar Tondrum Boots, Women's Size 8.5 M, BrownReport Women's Louise Slouch Boot US L-10 R-9.5 Mismatched Size Brown NOB , Womens Tound Toe High Heel Casual Shoes Suede Chunky Knight Over Knee Boots SZ ,

Zanon & Zago casual 90s tkphotog-3079 Size US 10.5 Beige 3080 genuine leather heels casual 32084ec -