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

VALENTINO 27710 Spike GARAVANI Lamb $995 Black Lamb Leather Rockstud Spike Ballerinas 58e12ee
VALENTINO 27710 Spike GARAVANI Lamb $995 Black Lamb Leather Rockstud Spike Ballerinas 58e12ee - 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.


New Giuseppe Zanotti Ballerina Studded Bow Flats Black Size 9.5NEW! Women's $450 Stubbs and Wootton Blue Linen "FLORAL" Slippers Loafers Shoes , NIB Tod's Tods 37 7 Penny Front Gommini Moccasin Loafer Flats Navy Blue DriverMiu Miu Silver Leather Jeweled Pointed Toe Mary Jane Flats Womens Size MPrada Sport Ladies Grey Sparkle Sneaker 3E6327 New In BoxValentino Garavani Black Leather Love Latch Ballerina Flats SZ 36 , NIB BURBERRY AVONWICK NOVA CHECK BLACK LEATHER BELTED BALLET FLATS 36 ITALY , PRADA 11234G Leather Pumps/Shoes pink 38,5 US 8.5 NEW/BOXJimmy Choo Women's Tyler Mesh Ballet Flats US , NIB Marni Cap-Toe Oxfords size 36 , Roger Vivier Chips Strass Ballerinas in Silk Flats Crystal Buckle Size 38/ US 8 , NIB Christian Louboutin Pink Spanish Cheetah Suede Espadrilles Flat 41 NewBurberry Avonwick Black Leather Check Flat Shoes - Womens US 10 () , Miu Miu Velvet Jewel-Heel Smoking Slipper Red Womens Size 7 / 37 $775 , BLACK Heart Love Stubbs & Wootton Women's Slippers Size 7.5Christian Louboutin Spike Smoking Sipper Black Leather Flats 37.5ALEXANDER MCQUEEN Suede Skull Sequin Flats ITALY Sz 38 NEWValentino NIB $995 Beige Love Latch Poudre Nude Ankle Straps Heels 39 Pumps , ROGER VIVIER - 6.5 - 36.5 - BLUE BLACK - SUEDE FLATS - BALLET SHOES BELLE DE NUINWT $600 DOLCE & GABBANA Black Velvet Crystal Loafers Flats Shoes / US 5 , Aquazzura strappy ballerinas in red Suede leather Size US 6 -New Valentino Garavani Rockstud Patent Leather Ballerina Flats Size 37Chloe Lauren Scalloped Suede Ballerina Flat, 38, Pink , Valentino Rockstud Balleriana Flat Women's Leather Brown Size 8.5 , $1275 NIB Valentino Rockstud Rolling T-Strap Cage Ballerina Flat 6.5US / 36.5EUAuthentic Valentino Rockstud Ballet Flats Shoes - RRP new $920NIB Christian Louboutin Pigalle Follies Black Leopard Brown Patent Ombre Flat 37 , CHLOE Gold Leather Ballet Flats 39 9 , NEW MANOLO BLAHNIK $495 black leather ballet flats shoes Italian size 38 ,


More Stories



Tags
Cato Women’s Over The Knee Boots Size 8 , SALE WAS NOW Ladies spot on faux suede long boots f4366 , NINE WEST Calf-High Black Leather Boot w/Side Silver Button Snaps - 7 ½ MClarks Artisan Collection Women 6 M Brown Leather Ankle Boots Shoe 74057COLE HAAN Women Stiletto Heel Ankle Booties Size 9 B Black LeatherJ Crew Womens Ankle Boots Size 9 Black Suede Macalister Wedge , 2019 New Sweet Women's Rabbit Hair Pointy Toe Sexy Stiletto Ankle Kniht Boots$415 La Canadienne Women’s 8.5 M Suede Ankle Engineer Riding Buckle Boots BrownSteve Madden Olgga Black Leather Gold Chain Accent OTK Motorcycle Boots. Size 10 , Jambu womens tall boot size M11 , jean michel cazabat black Made In Italy suede sexy boots 36 u.s. 6 , Marc Fisher Abela Studded Ankle Boots 862, Dark Blue, 7.5 US , Clarks Suede Ankle Boots - Whistle Ranch 8 med blackDANSKO Women's Clogs Size 36 US 5.5-6 Mules Black Brown Braid Leather Open BackArcopedico Francesca Brown Suede Oxfords, size Eu 36 = US 5.5 to 6 , PAUL GREEN Women's Black Leather Round Toe Slip On Casual Loafers Sz 8.5 B3885 , Nine West 25025201 Womens Smoak Denim Ballet Flat- Choose SZ/Color.PRE OWNED PRADA HIGH HEEL SHOES EXCELLENT CONDITION SIZE 39 , new MARC JACOBS dark olive patent round tow BOW flats shoes 39 9 - SUPER CUTE , Tory Burch 'Mini Miller' Leather Flat - Size 6.5MLadies Rieker Casual Antistress Shoes, L7153 , Salomon Womens XA Enduro W Trail Runner- Pick SZ/Color. , MISMATCHED Women's NIKE LUNAR GRAY SHOES LEFT SZ 7.5 RIGHT SZ 8Onitsuka Tiger Asics HN567 Pink American Ninja Warrior Obstacle Shoes Women's 12 , MATISSE SICOYA LEATHER BUCKLE KNEE HIGH BOOTS PICK COLOR WIDTH $190 *NEW SIZES* , Lovey Women Faux Suede Wedge Platform Winter Warm Fur Top Mid Calf Boots ShoesEarth Origins Desoto Black Leather Ankle Boots Womens Size 7 M Booties Zip Up , Dr Comfort Women's 12XW Shoes Cathy Brown Push In Knob Button ClosureSHOES SAS San Antonio Shoes Comfortable Black Slip-on Loafers Sz 8 cAdidas Superstar Iridescent GS White Metallic Gold Juniors Girls Boys CP9837 ,

VALENTINO 27710 Spike GARAVANI Lamb $995 Black Lamb Leather Rockstud Spike Ballerinas 58e12ee - digitalcraftmedia.com




Flats
2239405
2505311
4904925
8138913
9859515
14022473
15203557
15543530
16163398