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

TOD'S LEATHER TOD'S LOAFERS SHOES BLUE WORN LEATHER ONCE NAVY BLUE BRIGHT BLUE AND WHITE SIZE 5 1/2 2262b52
TOD'S LEATHER TOD'S LOAFERS SHOES BLUE WORN LEATHER ONCE NAVY BLUE BRIGHT BLUE AND WHITE SIZE 5 1/2 2262b52 - 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.


DANSKO WOMENS CLOGS PROFESSIONAL NAVY BURNISHED NUBUCK SIZEWomen's Dansko Clogs Slip On 38 Red Patent Leather , Tory Burch Billy 2 Women's Navy Loafer Sz 11M 4754Womens - PRADA - Big Buckle White Patent Leather Slippers Flats 40JOHN FLUEVOG Kaya OXFORDS Womens size 6 M Black Texas Leather Shoes New in BoxTory Burch 'Reva' Ballerina Flat Size 9.5 M retail $228 gold logo$195 Tory Burch Ivory Cement Rhea Size 9.5 Espadrille Flats NIB *sold out* , Dr. Comfort Women's Susie White Diabetic Mary Jane ShoesDansko Women's Chrissy Kid Suede Chocolate Mary Jane Flats , NEW Vince Blair 5 Perforated Slip-On Sneaker Woodsmoke Leather Sz US 8.5 , Blue VANS Van Doren MADE IN USA women's pointy toe skate 70s 80s vtg , Tod's Loafers Shoes size 40 Black Patent Made in Italy 9.5Josef Seibel Germany comfort leather slip on shoes - Steffi 57ARA WOMEN'S MICHA DRESSY HEEL SLIP-ON SHOE STYLE , Womens Roman Knee High Boots Sandals Flats Tassels Open Toe Rivet Gladitor Shoes , Trotters Navy Blue Women's Size 10 Medium, Classic Slip-on Shoe NEWNEW TARYN ROSE SIZE 11 FREECA SAND-SN Soft Nappa Leather Wedge Heels $395 , Bruglia 4155 Women Shoes black - patent leatherTory Burch Powder Coated Melinda Leather Flats Shoes Black Size 8 M , NIB AUTHENTIC TORY BURCH BLACK ROMY BALLET SHOES LEATHER WITH GOLD LOGO 7.5NEW VINCE 'Nina' d'Orsay Flat in Black Leather 35.5 5.5 $295 , NEW AXIGN MEDICAL FOOTWEAR WOMENS ALEX DIABETIC & ARTHRITIS RELIEF SHOES , Sas Women's Dream - Wide Casual Shoemanolo blahnik 37 Flats Pink, BlackLK Bennett Gold Car Shoes Size 38 , Camper Shoes Womens Monday Oxford Black Leather Shoes Light Shoes NEWTory Burch Color Block Flat Espadrille Bright Azalea/Exotic Red size 8 , WOLKY Womens Ballet Slip On Shoes Black Python size 8USNew J Crew Size 9.5 #F8479 Black Satin Jewel Ankle Strap Flat Shoes Silk Visc


More Stories



Tags
Ladies Coco Pull On Cowboy Ankle Boots with Buckles & Aztec Print Detail L8626Dolce Vita Women's Black Suede Peep Toe Block Heel Ankle Booties Size US 8.5Ann Taylor Loft Womens Beige Suede Ankle Boots Size 8 M , Cities Boots Size 6 Knee High Beige , MAISON MARGIELA X H&M REMOVED HEEL BLACK KNEE-HIGH LEATHER BOOTS US6/EUR37/UK4 , NEW Madden Girl "Dudetee" Cognac Ankle Booties Boots Women's 9.5M Brown CamelAcme Grey Roper Cowboy Boots women's 8M western Style , TONY LAMA Brown Leather Western Boots Men's Size 6 / Women's 7.5Steve Madden Womens Parisa Leather Almond Toe Ankle Fashion, Black, Size 6.0 1De , tory burch Womens 6.5 Snake Print Reva Flat ShoesJimmy Choo Womens Ballet Flats Size 39.5 9.5 Black Leather Star Detail , NWOB Sam Edelman Hannah Steel Grey/Dark Sienna Chelsea Rustic Moto Boot Sz10Tory Burch Brown Pony Calf Hair Leather Loafers Zebra Shoes 6.5M , NEW J. CREW EMMA LEATHER BALLET FLATS BLACK SIZE 6 Retail $138 ITALYLoeffler Randall LOEFFLER RANDALL Womens Hannele Raffia Open Slip-On Loafer , Charlotte Olympia Black Eye On You ballet flats, mocassins 41New Dolce & Gabbana Espadrilles Shoes IT 40, US 9,5 , Cole Haan Women's Pin Genevieve Weave - Choose SZ/Color , TOD'S GOMMINI GRAY TIE-FRONT LIZARD EMBOSSED LEATHER MOCCASINS SIZE 35.5 EU $458 , CHEEKS FIT BODY WEDGE ANKLE BOOT 8.5 MEDIUM GRAY POLadies Fly London Yisk Office Casual Mid Heel Peep Toe Holiday Sandals All Sizes , 2 Baia Vista Black Suede Flats New Sz38 RRP$395Brooks Glycerin 15 Running Shoes - Women's Size 9 B - Pink/Purple/Silver , Puma 35828003 PUMA Womens Match Lite Basic Sports Sneaker 3- Choose SZ/Color.Vans Palisades Vulc Wool Natural White Women's Size: 10Womens Stiletto High heels Open toe Platform Pumps Party New Sandals blue US7 , ALDO Black Patent Leather Pull On Pointed Toe Heeled Booties Women’s Size 10Sabrinas 89012 Moon Vision Taupe Gray Slip On Suede Leather Loafers Shoe 10 NewClarks in Motion Women's Comfort Shoe Brown 10B Flexible Slip on Leather Walking , Womens Nursing Leather Warm Fur Lined Work Boots Nurse Hospital Shoes High Top ,

TOD'S LEATHER TOD'S LOAFERS SHOES BLUE WORN LEATHER ONCE NAVY BLUE BRIGHT BLUE AND WHITE SIZE 5 1/2 2262b52 - digitalcraftmedia.com




Flats
3808608
4873420
7130995
14167673
16011082
16322621
17067604
18507439
18989494