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

Sanuk SOULSHINE 24961 CHILL NEW 7 Womens Mid-High Suede Boots Size 7 Black NEW 714dbbe
Sanuk SOULSHINE 24961 CHILL NEW 7 Womens Mid-High Suede Boots Size 7 Black NEW 714dbbe - 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.


Lucky Brand Garboh Suede Leather Chukka Booties Brown Size 10M , Vintage Md USA Waterproof Tall BLACK RUBBER Fleece Lined WINTER RAIN Boots Sz 4 , Brown Suede Fringe Boots Studded Midcalf Flat Cuffed Size 6 BBotticelli Black Leather Zip Boots Size: 39.= 9.5 Heel:2.5" Excellent Condition , Rosegold - Black heel booties - Size 36.5 (5.5 US) , Casual Ankle boots Womens Comfy Block Low heels Round toe Platform Buckle Shoes$225 GABOR Brown Suede Fur-Cuff Modern Granny Boots YOOX German Brand 4Bass Lite Meredith Wedge Boots Size 9M Black Leather Ladies Shoes , Frye Womens Shoe Size 6.5B Tall Tan Leather Pull On Boots Ankle Strap B118Fashion Women Rain Boots Flat Waterproof Red Zipper Knee High Mid Calf Boots New , Rebels Lattice and Pink Suede Leather Ankle Booties Size 6Anne Klein Womens Sz 10M Leather Boots iflex Booties Pointed Toe - Side ZipCRUSH DURANGO RD3217 SLOUCH BROWN HARNESS MOTORCYCLE COWBOY WESTERN BOOTS SZ 6 M , JUSTIN STYLE #L0506 BLACK LEATHER WOMEN'S BOOTS SIZE 6B MADE IN THE U.S.A. , Ladies' Ash Tall Leather Black Zipper Boots Size US Size 6 LeatherB Makowsky Nellie Black Suede Oxford Wedge Ankle Boot Bootie NewSporto Ellie Navy Blue Suede Quilted Waterproof Snow Midcalf Boots SALEAldo Haviax Red Suede Ankle Boots Pull On Size 9 , Lucky Brand Ashbee Women's Boots Black Size 8.5 MWomen's Round Toe pull on low heel knee high boots knight snow boots shoesForever 21 Women's Vegan Wine Chunky Heel Mid Calf Back Zip Boots Size US 6M , Chinese Laundry Two Step Mid Calf Leather Boots 9.5 Brown Women Wooden SoleRANCHO Size 8 On Your Feet Women’s Brown LEATHER SOLES Western Cowboy Boots , NORTHSIDE WOMEN'S SPINDRIFTER INSULATED SNOW WINTER BOOTS US 7 -40F/-40C[BRANDNEW] Amanda Smith FATE Black Leather MidCalf Boots Size 9M Made in Brazil , Women Over The Knee Thigh High Velvet Stretch Boot Navy Blue Block Heel 7 , GUESS!! SANA BOOTIE WOMEN'S SIZE 8.5 CAMOUFLAGE STYLE ON TOP ZIPPER ON THE SIDE , VIA SPIGA ITALIAN LEATHER BOOTS WOMEN'S SIZE 10M BROWN WEDGE KNEE LENGTH PULL ON , MATISSE BECKY BROWN DISTRESSED LEATHER ZIP BUCKLE RIDING BOOTS size WOMEN'S 8 M


More Stories



Tags
GEOX Donna Trish black suede and leather booties women's, mint, EUC 8.5 , size 6 Style & Co. Fridaa Black Wide Calf Knee High Riding Boots Womens ShoesNew Totes Diana White Women's Winter Boots Thermolite Insole Waterproof Size 6MVintage Beijing Cloth Shoes Embroidered Boots 12-02 red with cotton 35 , COLUMBIA MINX MID II Omni Heat Winter Boots sz 8 , Koolaburra Womens victora short Closed Toe Mid-Calf, chocolate brown, Size 11.0BOC Born Concept Womens SZ 9 Brown Cowboy Western Ankle Boots Yarn WoolEasy Street Women's Bridle Ankle Bootie, Black, 7 M USMadden Girl Womens Destroy Almond Toe Ankle Fashion Boots Olive Size 11.0 0C2GNWOB AUSSIE DOGS WOMEN BOOTS ANKLE SHEEPSKIN BROWN SUEDE SZ 7M STORE DISPLAYG by Guess Womens Bell Cap Toe Ankle Combat Boots Medium Natural Size 8.0Bed Stu Becca Tan Rustic Women's Boots 7.5M , Klogs Landing Womens Clog Shoes Slate 10 MWomens size 7.5 Rocket Dog boots , DR. MARTENS~NWOB~LEATHER *DOUBLE-STRAP MARY JANE* BUCKLE SHOES~10 US (42 EU) , MUDS Ladies' Stay Cool Waterproof Boots , PRADA Gray Metallic Loafers (SIZE 37.5)New Salvatore Ferragamo Carla 70 Women's Beige Shoes Size 9.5 Pump Patent , Brand New Burberry Hodgeson Espadrille Flat - Women US size 5.5Munro Women's Gray Jerrie Flat 1926 Size 9NCarlos by Carlos Santana Womens Alegra Low Top Slip On Fashion Sneakers , NWT $395 RED Valentino Leather Espadrilles Flats 39 US 9 Yellow , NIB TORY BUR H LOWELL 2 BALLET FLAT SIZE 7 NATURAL LEOPARD HAIRCALFVans Classic Platform Black White Check Womens Slip-On TrainersWomen's Taupe Booties 11 BootsFashion Womens Zipper Buckles Pumps High Heels Studs Ankle Boots Chunky Shoes SZ , Gomax New Full House Brown Dolce Jeffrey Soho Knee High Wedge Boots sz 10Dirty Laundry Womens Dorsey Burnished Ankle Boot Rich Brown Size 9.5Womens Fake Fur Top Round Toe Pull On Round Toe Casual Ankle Boots Warm Shoes , DR. MARTENS JUNIORS/MENS/WOMENS AIRWAIR CASUAL SHOES SIZE 5M/7WUS in EUC ,

Sanuk SOULSHINE 24961 CHILL NEW 7 Womens Mid-High Suede Boots Size 7 Black NEW 714dbbe - digitalcraftmedia.com




Boots
638293
3548706
6627363
13382248
14445194
14818896
15517455
15957103
16480096