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

Womens Mid Calf Boots Fold Fold localjoes-27793 Over Zipper Accent Knitted Over Boots black 4733393
Womens Mid Calf Boots Fold Fold localjoes-27793 Over Zipper Accent Knitted Over Boots black 4733393 -

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.

Urban Outfitters Black 3 Button Snap Ankle Booties, size 8 , Classy women's Gold Buckle Knee High Boots Pumps Stiletto Platform High Heel B51LC Lauren Conrad Farren Black Buckle Wrap Ankle Boots Booties - Size 9.5 , Women New Suede Side Zip Chukka Platform Wedge Hidden Heel Ankle Boots Shoes @# , Chic Womens Front Zipper Patent Leather Cuban Heels Riding Ankle Boots Shoe BootWomen's APT 9 PHEDRA Grey/Taupe Dress Mid Calf Pull On Boots NewMagellan Outdoors Tan/Brown/Black Suede & Leather Duck Boots Women's Sz 9 GUCWomens Round Toe Denim Over The Knee Boots Low Block Heels Club Zip Stylish NewCynthia Rowley Dlux black smooth new sz 10M retail $130 , Fashion Women's Stilettos High Heels Ankle Boots Pointy Toe Faux Suede Shoes szWomen's Block High Heel Platform Ankle Boots Round Toe Zipper Shoes Plus SizeNaughty Monkey Womens Zuzanna Open Toe Stacked heel Booties Shoes BHFO 0614New Covington Women's Delany Ankle Bootie Shoes Style 47636 Black/Gray 300E lr , Women's Mid Calf Boots Low Heel Pull On Shoes w/ Faux Fur Collar Trimmed Gray , Chic Lady High Heels Stiletto Pointy Toe Ankle Boots Zipper Party Business ShoesMATISSE Distressed Brown Leather Zip Knee High Boots Size 8MWomens Platform Ankle Boots Chunky High Heels Shoes Round Toe Pumps Pull On newKorea Fashion Womens Platform Hidden Heels Warm Quilted Strap Shoes Ankle Bootswomen skechers Australia freezing temps charcoal boots size 8 suede leather , CHic WOMENS LADIES CHUNKY PLATFORM OVER THE KNEE THIGH HIGH HEEL STRETCH BOOTSWomens Chic Faux Suede Pull On Elasticated Stiletto Heel Ankle boots Shoes Sea19 , Chic Women's Over Knee Thigh Boots High Heel Stilettos Platform Shoes Plus Size , Hotter Comfort Concept Women's "Uptown" Brown Leather Ankle Winter Boot Sz 6.5M , Women Front Zip Furry Faux Leather Combat Rivet Formal Block Heel Mid Calf BootsComfort Fashion Womens Leisure Low Heels Shoes Pleated Round Toe Knee High BootsNEW Roper Rockstar Square Toe Ankle Boots Brown Womens size 5.5Yellow Box Letty Taupe Suede Leather 28713 1 3/4" Womens Booties W/ Back ZipperWomens Knee High Boots Side Rounded Studs Buckle Casual Comfort Shoes Gray , comfort fashion Sexy Womens Soft Leather Pull On Over The Knee High Boots

More Stories

Tom’s Women’s Size 7 Suede & Gray Wool Fabric Side Zip Ankle Boots F1-1061 , Ladies Womens Winter Boots Warm Comfy Snow Casual Fashion Mid Calf Shoe Size 3-8 , Ann Taylor Brown Leather Zip Knee High Heel Boots Size 9 M Made in Italy , Ariat Women's Size 11 M Beige Leather Kiltie Ankle Boots , NEW VINCE CAMUTO MAVES BLACK SUEDE LEATHER MID WESTERN BOOTIES SIZE 6.5 Women'snew lady Red 1.5"Low Hidden Wedge Heel Top Sexy Mid-Calf Boot Size 5.5ADRIENNE VITTADINI Footwear Women's Loretta Ankle Boot , Life Stride X- Zip Women's Black Zip Up Round Toe Mid-Calf Boots US Size 9.5 MVogue Womens Elegant Pointy Toe Bowknot Block High Heels Ankle Boots Plus Size , Marc Fisher Black Leather & Suede Damsel Buckle Detail Riding Boots NEW , BEARPAW Women's Desdemona Winter Boot, Hickory, 6 M USSam Edelman Black Over The Knee BootsSperry Top Sider Juniper Bree Women's Tan Ankle Boot 10MJack Rogers Women's Chandler Suede Leather Boot Midnight Blue Size 7.5 M US $178 , **NIB** VIA SPIGA CAYLIN BLACK BUCKLE BOOTIE WOMEN US 7.5M , Franco Sarto Womens Lapis Wide Calf Leather Almond Toe Knee, Brown, Size 5.5Eastland Women's Liliana Slip-On Loafer Black 7.5 M USNIB CLARKS WOMEN'S BLACK NUBUCK COWLEY FAYE FASHION SNEAKER SZ 9.5 & 10 26115594Valentino Garavani Rockstud Quilted Pool Slide Sandals Mult Sz MSRP: $725.00 , Brooks Adrenaline GTS Seventeen 1202311B044 Women's Sz 12 Medium B , NEW BALANCE Women’s “Vazee Pace V2” Pink Ribbon Running Shoes Size 7Womens Butterfly Twist Cheval Black Quilted Heeled Ballerina Pumps Shoes Shu Siz , Nike Air Max Sequent 2 Cool Grey/White-Hot Punch 852465-003 Women's SZ 8.5 , Nike WMNS Air Huarache Run women lifestyle sneakers NEW anthracite 634835-019 , Asics Gel Nimbus Womens 10 W Running Walking Sneakers Shoes #Z , XOXO Amberly Booties Black 8M Org Retail 59.00 , Women Faux Suede Stretched Platform Stilettos Over The Knee Thigh High Boots NewElegant Pointed Toe Mixed Color Suede Zippers Block High Heels Women Boots Ths01 , Merrell Women's Indie Lave Mary Jane Paloma Full Grain Leather Mary JanesReebok Women's Print Run Dist Sneaker - Choose SZ/Color ,

Womens Mid Calf Boots Fold Fold localjoes-27793 Over Zipper Accent Knitted Over Boots black 4733393 -