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

Crown Vintage 26532 Womens Tabby Leather Fashion, Pointed Toe Ankle U1 Fashion, Grey, Size 10.0 U1 2b1a94c
Crown Vintage 26532 Womens Tabby Leather Fashion, Pointed Toe Ankle U1 Fashion, Grey, Size 10.0 U1 2b1a94c - 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.


Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Blue, Size 7.0 WAONaturalizer Womens zarie Fabric Pointed Toe Ankle Fashion, Taupe, Size 12.0SALE Clarks 'Luminere Spin' Ladies Taupe Suede Ankle BootsCrown Vintage Womens Khlowi Almond Toe Ankle Fashion Boots, Grey, Size 7.5 fO3j , Bar III Womens Dove Closed Toe Ankle Fashion Boots, Black, Size 10.0 zebp , Crown Vintage Womens carly Leather Closed Toe Ankle, sparrow taupe, Size 9.5 rJCRELATIVITY WOMEN'S AVALANCHE FAUX-FLEECE-LINED COMFORT BOOTS BLACK US SZ 6.5 MEDCrown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 8.0 ZNG , Alfani Womens Biliee Leather Round Toe Knee High Fashion Boots, COGNAC, Size 7.5Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Black, Size 10.0 HANNIE SHOES WMN'S BLISS ANKLE BOOTS BLACK/BLACK CROC SYNTHETIC US SZ 6.5 MEDIUMCarlos by Carlos Santana Womens Candace Closed Toe Mid-Calf, Grey, Size 6.0 HzYV , Matisse Womens scout Suede Almond Toe Over Knee Fashion, Midnight, Size 8.0 lDpiLifeStride Womens Xandy WC Fabric Round Toe Knee High Fashion, Grey, Size 11.0Carlos by Carlos Santana Womens Galina Leather Almond Toe, Mustang, Size 10.0 , Jessica Simpson Womens Caysy Leather Closed Toe Ankle Slater Taupe Size 10.0 tYellow Box Womens sunny Fabric Closed Toe Ankle Fashion Boots, Taupe, Size 8.0 2 , Anne Klein AK Sport Women's Jeannie Leather Ankle Boot, Dark Cognac, Size 6.0 kC , Alfani Womens Adisonn Leather Closed Toe Ankle Fashion, DARK ROAST, Size 6.5 HBaPADDERS CHICAGO BLACK OR TAUPE KNEE HIGH BOOTSEnzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Blue, Size 7.0 HnTAmerican Rag Womens Lorah Closed Toe Knee High Fashion, Chocolate, Size 9.5 VZGB , FLOCE Shoes 574268 Black 24cm , Alfani Womens Adisonn Leather Closed Toe Ankle Fashion, DARK ROAST, Size 11.0 Ir , Bar III Womens Gatlin Suede Closed Toe Ankle Fashion, Black Versailles, Size 9.5Crown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 7.0 VYjDiba Womens kayden Closed Toe Ankle Fashion Boots, Black, Size 5.5 , Report Women's Melvin Western Boot Black Size 8.0Crown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion, Black, Size 7.5 0


More Stories



Tags
Harleigh Womens Low Heel Zip Up Two Tone Stripy Ankle Boots Ladies Shoes SizeSteve Madden Black Suede High Heel Platform Ankle Booties, Womens 9.5 , Cliffs by White Mountain Women's Fordham Slouch Boot, Black - Size 8.5 M , Women's Dan Post 4287 Size 7.5C Western Boots Cowboy Brown Leather Stitched N1DARIOS BOOTS Men's Black Fashion Cowboy Boots Size 25.5 / 9 USVince Laura Layered Leather Ankle Boot 8.5 , Matisse El Paso Slouch Boot -Size 6women leather knee high knight boots side zipper buckle metal decor bockle heels , Khombu Womens Jenna Closed Toe Mid-Calf Cold Weather Boots Navy/Tan Size 7.0 qNine West Fiffi Ankle Boot - Women's Size 9M, BlackLaredo Women Tall Cowboy Boot Snake Print Tan Leather Western Size 7 Made in USAWomen's LAREDO ROPER Black Leather 10" Tall Mid Calf Cowboy Boots Sz 5 MAndrew Charles 7502 SOFTY BIANCO Loafers Women's White USPaul Mayer Attitudes Best Quilted Beige w/ Patent Black Ballet Toe Flats Size 7Sweet Ballerina Lera Bow Ballet Flats, Grey, 11 US / 41 EURockport Women's Melora Gore Captoe Dress Pump - Choose SZ/ColorValentino Garavani Women's Gray Velour Leather Ballet Flats Shoes Sz 8.5 9 , New Dries Van Noten Leather Shoes $700 Save 70% Off Now $210 SS'18Stuart Weitzman Women's Slip On Bandage Flats PL10845 AB4 Black UK:6M US:8.5MAravon Women's Dolly-AR Mary Jane FlatDark Brown8 D US , ASICS Womens - Blue Running Shoes Size 8.5 (365699)Fulinken Sz 5-10 Comfort Leather Ballet Flats Casual Dress Slip On Womens ShoesJ.Crew Womens Sloan Glitter D'orsay Flats With Mini Bow 7 Shoes e4476 , Women's Adidas Alphabounce 1 - Grey/Grey One - Width: med - RunningSkechers Performance Women's Go Run 600-15060 Running Shoe , Womens Embroidery Floral Wedge Shoes Sneaker Platform 3Colors High Heel Sbox , Women's Saucony Womens OmniRunning-Shoes- Pick SZ/Color. Athletic ShoesWomen's YSL Flats Flats , NEW MERONA EVIE GREY FAUX SUEDE RIDING TALL KNEE HIGH BOOTS WOMEN SIZE 11 , Flirt by Alegria Metallic Pewter Dazzler Comfort Shoes Wedge Heel FLI-532 Sz 9

Crown Vintage 26532 Womens Tabby Leather Fashion, Pointed Toe Ankle U1 Fashion, Grey, Size 10.0 U1 2b1a94c - digitalcraftmedia.com




Boots
1029666
2062501
4709734
6566447
13590131
14975548
15611550
17576296
17650704