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

Women's Women's Naturalizer Women's Gloria Women's Pump Gloria Flats 59f2eee
Women's Women's Naturalizer Women's Gloria Women's Pump Gloria Flats 59f2eee - 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.


Women's TBS Juline Blanc FlatsWomen's LANVIN Shoes 530528 Silver Flats , Women's Pertini Shoes 854897 Silver 37 FlatsWomen's CARVEN Shoes 946714 GreenxMulticolor Flats , Women's KICKERS Legendiknew Noir FlatsWomen's MademoiselleTARA Shoes 964591 White 24cm FlatsWomen's Wiggle Nude FS/NY Flat FlatsWomen's Marvey Shoe Flats , Women's IPPON VINTAGE Derby Woody Marron Flats , Women's Jigsaw Platino FS/NY Ballet Flats Flats , Women's SOLOVIERE Shoes 859571 Blue 36 FlatsWomen's mollini Gemely Jewelled Flats (Silver) Flats , Women's Ivanka Trump Women's Bainaly Pump FlatsWomen's Naught OffWhite FS/NY Flat Flats , Women's CHEMBUR Shoes 449900 Blue 36 FlatsWomen's Prada Shoes Flats , Women's Ladies Gabor Shoes Style 53100-W FlatsWomen's SOLUDOS Shoes 976307 White 37 Flats , Women's Wiggle Black FS/NY Flat Flats , Women's Flat Born Rozalee Ottone Metallic Flats , Women's SeaVees Women's Sunset Strip Sneaker FlatsWomen's n.d.c Shoes 615214 Yellow 37 Flats , Women's Pertini Shoes 209183 BlackxMulticolor 37 Flats , Women's Ditto Black Suede Croco FS/NY Flats , Women's KICKERS Legendiknew Camel Flats , Women's TBS Ariana Noir FlatsWomen's Rilassare Dark Blue Trooper Sneaker Flats , Women's NIB D&G logo printed flat Flats , Women's Loeffler Randall Women's Quin (Haircalf) Flats


More Stories



Tags
Aerosoles Worldwide women sz 7 1/2m black riding boot flat heel stretchy fauxWOMENS DETAILS ENGINEER LEATHER BROWN BOOTS SIZE 8 BNINE WEST Desideria Women's BLACK Suede Round Toe High Heel Booties 10M US2 Lips Too TOO LALA Boots - Women's Size 11M - Blacknew lady Black 6"High Wedge 2.5"Platform Sexy Ankle Boots Size 6 , Women's Boots Rain Water Waterproff size 7 Stadium Stompers Collegiate CowboyDV By Dolce Vita Black Knee High Fashion Boots Womens Size 6 MLucky Brand Latonya Brown Womens Shoes Size 9 M Boots MSRP $139 , Munro Women Shoes Size 7.5 NIB Rachael Black Fabric BootiesSam Edelman Women's Thora Suede Tall Block Heel Boots Size 8.5 Black Retail $200 , BCBG MAXAZRIA Black Leather Knee High Platform Boots Size 10Over the Knee Tall Women's Red Wine Gray Black Suede Winter Boots-Size 6-10Style & Co. Womens Hadleyy Closed Toe Knee High Fashion Boots, tuffle, Size 10.0NIB Hunter Original Matte Tall Rain Boots Wellies - Pale Blue - US 6DV by Dolce Vita Clarity Women's Knee High Black Riding Boots Size 9.5 M *Mas Artisan Women's Valentina Ankle Bootie, Grey, 6 M US , Via Spigia Classic Black Leather Zip Ankle Boots , Size 7 made in ItalyMARC BY MARC JACOBS WOMEN'S 6161061 BALLET FLATS BLACK KID SKIN /US SZ 7 MGivenchy Jaguar Print Leather Slip-ons sneakers sz 35 NWOBWomen's Shoes Stuart Weitzman CAPRICORN Pointed Toe Shoes Leather Pan/BlackNEW COLE HAAN WOMENS JAGGER SOFT WEAVE LOAFER - HARVEST BROWN , Geox Womens WAMALTHIA8 Wamalthia8 Walking Shoe 38- Choose SZ/Color.JCrew $238 Mary Jane Pumps Ratti Graphic Diamond Print 7.5 Green Brown G8171 AVLPureBoost X Element Knit Running ShoeADIDAS / GREY/ GREY/ BLUE,Size 6.5 M , SUPERGA 2750 COTU CLASSIC Women Sneakers (6.5M, BLUE) , Plush-Gal Power Ballet Flat Women's Skechers BOBS 31492/ LTDN Light Denim NewWomens Skechers Go Step Gym Walking Running Yoga Memory Foam Sneakers US 6-11Womens Punk Buckle Mid Calf Riding Boots Low Heel Round Toe Military Boots US SzECCO Light Womens size 39 Solid Cream Mary Janes Walking Comfort Casual ShoesMens Work Safety Occupational Steel Toe Breathable Anti Puncture Shoes Hkm15

Women's Women's Naturalizer Women's Gloria Women's Pump Gloria Flats 59f2eee - digitalcraftmedia.com




Flats
1424151
2351600
5279443
7584380
7778814
9373033
9703486
14169436
17104939