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

Skechers Black 9 Synergy Trend Setter Sneakers, Women's - Size 9 - EW, Black 86b806b
Skechers Black 9 Synergy Trend Setter Sneakers, Women's - Size 9 - EW, Black 86b806b -

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.

SKECHERS Performance You Zen Slip Ons- Women's size 9 BlackWomens Fashion Breathable Wedge Heels Sneakers Summer Sports Casual Shoes 5-8Adidas CC Sonic Womens Running Fitness Gym Workout Trainers Black , Skechers Go Step Lite Determined Slip On - Women's Size 9 - BlackWomen's SKECHERS Black FLEX SOLE 2.0-SIMPLISTIC Athletic Shoes 12761 New , Womens Bowknot Platform Fashion Sneakers Flats Oxfords Slip On Loafers Casual , FUT GLOVE Zip Black Neoprene Women's Athletic Shoes. , womens round toe high top worker shoes fashion splice platform shoes autumn new , Womens Breathable Mixed Color Casual Sport Shoes Tound Toe Comfort SneakersWomens SKECHERS GOWALK GOGA MAT Black+Gray Casual Athletic Shoes 14145 NewADIDAS TOP TEN HI GREY PURPLE CONDITIONAL WOMENS WMNS SIZE 7.5 901159Adidas Stan Smith Adicolor Uni Classic Casual Retro Trainers Mint , New Balance Womens - Black Running Shoes Size 8.5 (364343)Adidas AlphaBOUNCE RC Running Shoe - Women's Size 7.5, Gray/WhiteAdidas Womens Aw4323 White/White/Black Fashion Shoes Size 6 (424272)Free Shipping Fashion Womens Girls Canvas Shoes Sneakers High-top Casual Shoes , Women's Skechers Run-Elevatee Running Shoe Size 7 - 11776 , Nike air Alford series shoes size 7NIB PUMA VIKKY RIBBON platform WOMEN'S SNEAKERS Suede, choose colorWomen's Skechers Go Walk Shoe GoWalk Lightweight - Multi Knit (Pick Size) , ASICS GT-1000 5 Running Shoes, Women;'s Size 7, Grey/Teal/Pink , NWT WOMEN'S VANS CLASSIC SLIP ON MID (LEATHER) SNEAKERS/SHOES.SIZE 7.NEW 2018!New Balance 840 Women's Running Shoes White/Silver/Blue Sz 10.5B(US)Made in USAFitFlop Uberknit Women's High Top Slip On Sneaker Shoes Pink Size 11Nike Womens Studio Wrap Slip On Gym Trainers , DISNEY MICKEY MOUSE Trainers Sneakers Shoes PrimarkWomen's Sequin Glitter Sneakers Round Toe Tennis Comfort Walking Athletic ShoesWorn once!! ASH Bowie Calf Suede & Canvas Hi Tops - MINT CONDITION! , Women Casual Flats Outdoor Sports Running Hiking Shoes Slip On Comfortable Mesh ,

More Stories

Liz & Co Claiborne Brown Heels Booties Womens Boots SZ 6M 6 M (B) Suede Shoes , $79 NEW Karen Scott Shoes, Sasha Ankle Booties Tan Suede 9.0 M , ROCK & CANDY Womens Tavin Closed Toe Ankle Fashion BootsFashion Womens Roma High Heel Side Zip Ankle Boots Shoes Plus Sz Riding New , Skechers Bikers - Zippiest Chocolate Choc Womens Ankle Boot Size 8MVICTORIA'S SECRET Colin Stuart Sexy Stiletto Black Gold Ankle Booties Boots 6.5 , NEW LANE BRYANT BLUE OVER THE KNEE WITH LOW BLOCK HEEL BOOTS SIZE 8W , ARIAT Womens Rhinestone Cowgirl Cowboy Boots Sassy Brown 10006850 Size 7B , LFL by Lust for Life Womens lex Fabric Almond Toe Over Blush Velvet Size 8.0 6 , All Saints Spitalfields Leather Cage Heels Green Black 40 41 9 9.5 10 MISMATCHCole Haan Putnam Women's Black Suede Knee Boot Size 9B RH10027#EUC Tory Burch Reva Ballet Flats Wine Suede Gold Logo Shoes Size US 8M Women A5SPERRY WOMENS SONGFISH CORK TAN SIZE 8Valentino Black Leather Rockstud Spike Mary Jane Ballet Flats SZ 39.5 NIB $995Stuart Weitzman New Chicflat Beige Womens Shoes Size 5.5 M Flats MSRP $365 , BRAND NEW REPETTO BLUE PATENT LEATHER BRIGITTE BALLET SHOE , Size 42New Balance W860V4 Women's Silver/Pink Sneaker 10.5W , Fashion Women High Top Rivet Sneakers Oxfords High Increase Casual Canvas ShoesManolo Blahnik Beige Ballet Flats Sz 38.5 Alligator-Croc Mint cond. $2625 + tax , Dansko Shoes Womens Professional Stapled Clog 37 Cheetah 806910202 , Spring Step Women's Orella Peach NubuckNIKE AIR HUARACHE RUN WOMEN'S RUNNING SHOES - WOMEN'S SZ 7 , ASICS Women's Gel-Contend 4 Running Shoe, Indigo Blue/Cosmo Pink/Black, 11.5 ... , PUMA fierce km winetasting red plum Free shipping , Brooks Chariot 1201711B599 Synthetic Retro Heritage Shoes Women's Size 8M GUC , Nis Women ankle boots wedges shoes casual height increased high top sneakersDansko Professional Clogs Marble Snake Print Graphite Brown Size 39 8.5 8 , Lacoste Women's Carnaby EVO 118 7 SPW Sneaker - Choose SZ/ColorWomen Nike Air Max 90 Essential Premium Lunar Leather Suede Trainers All Sizesadidas Originals Wmns Stan Smith Women New Shoes Womens White Sneakers B28012 ,

Skechers Black 9 Synergy Trend Setter Sneakers, Women's - Size 9 - EW, Black 86b806b -

Athletic Shoes