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

NEW NEW SKECHERS WOMENS RODESSA COMFORTABLE localjoes-27726 SLIP RESISTANT WORK WORK SHOES 8845dbc
NEW NEW SKECHERS WOMENS RODESSA COMFORTABLE localjoes-27726 SLIP RESISTANT WORK WORK SHOES 8845dbc - 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.


Ecco Size US 10 10.5 Blue Leather Loafers New Womens ShoesGabor Ladies Shoes 44.120 (Ribera) White Slip On , Talbots Black Edison Ankle Strap Women Sandals Shoes Ballet Flats Size 9Everlane modern loafers flats Camel Size US 10CLARKS CloudSteppers Sillian Jetay Casual Shoes Navy 7.5 MVince Camuto Cherry Fishskin Hillis Flats Size 10M , NEW SKECHERS WOMENS GO WALK LITE GEM COMFORT CUSHIONED BALLET FLAT SHOES , J.Crew Orange Suede Gold Studded Spikes Ballet Flats Shoes Sz 10Stuart Weitzman Womens Nugal Espadrille Flatform Loafers Shoes BHFO 2998Lucky Brand Women's Emmie Ballet Flat, Breen, 10 Medium US , CLARKS Women's Sillian Jetay Flat, Black Combination, 6.5 M US , Dorking by Fluchos Women's Red Leather Slip On Shoes Size Euro 40 US 9Seychelles Circle Womens Moccasin- Choose SZ/Color.B.O.C - Womens - Elsbury, US 11-BlackCLARKS Women's CloudSteppers Sillian Jetay Flat, Black Combination, 6 M US , $165 ARMANI COLLEZIONI Light Blue Summer Womens Shoes FlatsCLARKS CloudSteppers Sillian Jetay Casual Shoes Navy 6.5 MChiara Ferragni Glitter Flats Size 6 , Born Women's Julianne Panna Cotta Metallic 8.5 B(M) USSoftspots - Womens - Annie Lo Black shoes 8.5 Wide , Jack Rogers Women's Teagan Ecru/Dove Grey 6 M US , NEW HUSH PUPPIES RAVELLO WOMENS COMFORTABLE LEATHER SHOESLucky Brand Women's Emmie, Worn Denim, 7 Medium US , JSlides Women's Ariana Fashion Sneaker, Black/Camo, 8.5 M USBCBG MAX AZRIA Merlot Bold Studded Boyfriend LoafersFlat Nine West Marie Light Natural SuedeGabor Womens Silver only worn 3 times , Jambu Women's Blossom Encore Mary Jane Flat Light Grey 9 B(M) US , Miss Couture Gold Foil Leopard Print Buckle Accent Ballerina Flats Sz 38


More Stories



Tags
Women's Winter Faux Fur Warm Snow Boots Casual Suede Ankle Shoes Slip On Booties , Banana Republic Knee High Boot Women size 6 Brown Leather , KHOMBU womens SZ 6 black/brown THERMO LITE fleece lined rubber/leather bootsMade in U.S.A Waterproof,To Closure, Fuly Lined,Side Zipper,Black Ankle boots 9IKRUSH Womens Brogan Studded Buckle Ankle Boots , Isaac Mizrahi Abby Saddle Brown Gored Leather Riding Boots NEWARRAY Womens logan Leather Closed Toe Mid-Calf Fashion Boots, Taupe, Size 9.5 ow , Anne Klein Womens Geordanna Leather Pointed Toe Ankle Fashion Boots , LADIES BROWN ANNE MICHELLE KNEE HIGH BOOTS F50680 , Fiel Stanton Women's Stanton Rust Suede BootNew Arrival Woman Boots Cool Skull in Yellow Background Martin Boots For Women , Munro Women Shoes Size 7.5 NIB Rachael Black Fabric Booties , ECCO Brown Smooth Leather 16.5"T Mid Calf Boots Sz 39 or US 8-8.5M , Traditional Handmade Leather Flip-Flops Women Shoes Ballerinas Flat 3 Pairs , Jessica Simpson Womens Caysy Leather Closed Toe Ankle, Slater Taupe, Size 9.5 2N , Frye engineer boots size 9 B tanPROPET DELANEY WOMEN'S BOOTS US SIZE 6 M SUEDE CUSHIONED , TORY BURCH Lonnie Flat Espadrille CHAMBRAY BLUE size 11 NIB Espadrilles Logo , crocs 204542 Womens Sarah Leather Clog Mule- Choose SZ/Color.BOBS from Skechers 31493 Womens Plush-Robochic Flat- Choose SZ/Color. , NIB Miu Miu Giada Green Yellow Lurex Print Pointed Bow Ballet Flats Shoe 37 $675Robert Clergerie "Paulin" Creepers 37.5 La Garconne Totokaelo , Womens Casual Black Shoes Pumps Low Heels Slip on Comfort Sneakers Flower A3527 , NIB Tory Burch AMBROSE Gold Logo Reva Cap Toe Ballet Flats 7-8.5 , Miu Miu Black Bow Patent Leather Crystal Heel Flats Sz.36.5 , See by Chloe Womens SB28201 Floral Slide Sandals Shoes Wine Size 37.5 New , Tory Burch Nola High top Sneakers Leather navy women's size 10 b*NEW* GEORGIA BOOT Women's Steel Toe Vibram Shoes 8.5 M G3617 Grey Suede/PinkNike Free 5.0 V4 Running Women's Shoes Size 6 , New Under Women'sUA SpeedForm ApolloTraining Shoes-Green / Yellow-Size-8.5 ,

NEW NEW SKECHERS WOMENS RODESSA COMFORTABLE localjoes-27726 SLIP RESISTANT WORK WORK SHOES 8845dbc - digitalcraftmedia.com




Flats
250765
2169829
4834315
4921994
5995337
6113405
7756058
9150157
15968917