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

Crocs Women's Olivia II Lined Ballet Flat 27799 - - Choose Flat SZ/Color 9d4f465
Crocs Women's Olivia II Lined Ballet Flat 27799 - - Choose Flat SZ/Color 9d4f465 - 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.


CLARKS Women's Neenah Garden Ballet Flat Black Nubuck 8 W US , Hot Chocolate Design Chocolaticas Habana Women's Mary Jane Flat Multicoloured UCLARKS Women's Everlay Iris Flat Black Leather 8 B(M) USKalso Earth Shoes Women's Mahogany Earth Chico 10 BM US , NEW COLE HAAN WOMENS JAGGER GRAND WEAVE OXFORD - SEQUOIA LEATHER , Lucky Brand Women's Archh Pointed Toe Flat , Bernie Mev Womens TW71 Ballet Flat , Aldo Women's Cherryhill Pointed Toe FlatJ.Crew Collection Janey Snakeskin Modern Red Size 8M , Anne Klein Women's Keana Patent Pointed Toe FlatNEW COLE HAAN WOMENS WOMEN'S 2.ZERØGRAND LASER WINGTIP OXFORD - BRANDY BROWN... , ECCO Women's Women's Shape Tie up Ballerina Ballet Flat, Black, 38 EU/7-7.5 M USSkechers BOBS Women's Bobs Phresher-Home Stretch Fashion SneakerClarks 26124887: Women's Sage Leather Medora Nina Flat , Nine West Women's Anastagia Leather Pointed Toe Flat , CLARKS Women's Ashland Effie Slip-On Loafer Black 8 M USNEW OPENING CEREMONY WOMENS RYDER ANKLE STRAP LOAFERSudini Womens Britt Wedge Sandal, Sand, 8 M US SaleHot Chocolate Design Chocolaticas Popcorn Women's Mary Jane Flat Multicoloure...Jessica Simpson Women's Pearlanna, Black, 6 Medium USSkechers Women's Reggae Fest-Trail Dame-Scalloped Collar, Engineered Skech-Knit , Anne Klein Womens Glenys Fabric Heeled Sandal, Black Fabric, 8 M US Sale , Soludos Women's Embroidered Smoking Slipper Flat - Choose SZ/ColorClarks Women's CloudSteppers Sillian Intro Flat, Dark Brown Synthetic Nu...NEW COLE HAAN WOMENS TRILLBY DRIVER - BLACK , NEW SPERRY TOP-SIDER WOMENS STRIPER II BOAT WASHED LOAFERS , Nine West Women's Adelphine Leather Pointed Toe FlatNEW ROCKPORT WOMENS COBB HILL LIZZIE SLIP-ONCLARKS Women's Azella Major Slip On ,


More Stories



Tags
Ladies Coco Ankle Boots Label L86262 Color Fashion Faux Leather Combat Military Chunky Heels Women Mid-Calf BootsTEXTO Bottes P.36 cuir noir (2)Michael Antonio Lastly Ankle Boot - Women's Size 10, Taupe , NINE WEST Marrisao Size 6.5 M Ivory Leather High-Heel PeepToe Slouch Ankle Boots , Easy Street Sparrow Peep-Toe Ankle Booties, Black, 6 US , Brown 5" High Wedge 1.5" Platform All Manmade Material Sexy Ankle Boot Size 5.5Women's Black Calf Knee High Leather Flats Pull On Fur Lined Winter Boots Size 5EASY SPIRIT SNUGLY3V WOMEN'S BLACK COLD WEATHER ZIP BOOTS size 7.Ivory Cream Vintage Bridal Victorian Period Era Boots Shoes size 6 7 8 9 10 11**Easy Spirit Ankling Ankle Boots-Women's size 11 M BlackChuckies Womens Black Leather Zip Up Ankle Boots Size 36.5 6.5COLE HAAN equestrian riding knee leather womens boots sz 8 B , $140 Chinese Laundry Womens Calvin Peep Toe Bootie Shoes, Brandy, US 8 , EXTE Women's Leather Boots SIZE US 6.5 Excellent , Camper Peu Circuit Womens Flat /- Choose SZ/Color. , AUTH YSL Saint Laurent Flat Shoes 39.5NIB CHRISTIAN LOUBOUTIN Nude Beige Pigaresille Fishnet Point Ballet Flat $695 36Tod's Black Leather Loafer Moccasin 38 WORN ONCE , Marc by Marc Jacobs Womens M9000579 Joni Black Marc Jacobs Sandal , CHLOÉ Lauren scalloped suede ballet flats retail $515 39 9*FALL MUST HAVE!* Salvatore Ferragamo Black Wingtip Women's Oxfords sz 6Pretty Ballerinas Shoes 035959 RedxMulticolor 36Comfortable Women's Breathable Casual Platform Heels Sneakers Running Shoes 2018 , Converse All Star 555860F CTAS MADISON OX VAPOR PINK SIZE 7On Cloud Womens Cloudster Red Running Shoes Size 7 (390762)Reebok Womens classic renaissance Leather Low Top, White/Turquoise, Size 9.0 ZUX , Women's Sergio Rossi ankle boots BootsWomens British Stylish Round Toe Block Heels Motorcycle Riding Ankle Boots Shoe , Camper Womens Hoops K200403 Fashion SneakerEU/- Pick SZ/Color.

Crocs Women's Olivia II Lined Ballet Flat 27799 - - Choose Flat SZ/Color 9d4f465 - digitalcraftmedia.com




Flats
2322949
5828414
7653239
9034831
10503320
10594920
14727405
15203342
16304362