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

Propet Sandal Women's Ghillie Walker 16788 Slingback Women's Sandal cafcae7
Propet Sandal Women's Ghillie Walker 16788 Slingback Women's Sandal cafcae7 - 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.


Skechers Shape Ups Jump Start Fitness Walking White Leather 7 M Women , ECCO Leather Sneakers Gore Tex Brown Green Womens Shoes Size US 10.5New Balance 696 Women's Running Shoes Size 9 , Bernie Mev TW34 Black Perforated Leather Runway Slip on Sneaker 39 8 NEWKEEN UNEEK Woven Cord & Bungee Sport/ Water Sandals Black/Teal WOMENS 40/9.5 , Vans Off the Wall Surf Solana Sand Dollar Off White Shoes Womens 9.5 FlatsSALOMON HORNET XT WOMEN'S TRAIL RUNNING SHOES SZ 8 BLACK/BLUE , skechers go air womens size 7.5 , New Balance NTRV1 Trail Running Shoe Sneaker 10DMontrail Hiking Shoes Women Size 9 Excellent ConditionSkechers Women's Reggae Fest Dory Fisherman Sandals Navy Style 49359 , women platform lucky brand sandals 4.5 inches heel shoes size 7M or 37 , New Balance 711 Mesh Womens Cross Training Shoes Black/White WX711PZ Size 9-DAdidas Originals Superstar Shell Toe Leather Sneakers! New! Sz. 8 Msrp $90.00Skechers Women's Empress Solo Mood Grey Slip On Shoes -Sizes 7.5/8/8.5/9./9.5/10 , VANS CLASSIC PERF Perforated shoe pro slip on authentic lo men 7 / women 8.5New Badgley Mischka Womens Barre 111 Nude Fashion Sneaker Size 8.5 , Calvin Klein Womens Slide on Shoes Valette Black W/White 34E9807 Size US 7 New , Topo Athletic Women's Ultrafly Running Shoes Black Ice Size: 8.5 Floor Model NEW , Saucony Women's Breakthru 3 Running Shoe, Blue Mint, 05.5 M US , CHAUSSURE SNEAKERS CUIR GEOX RESPIRA SHOES/SCARPA/ZAPATOS/SCHU TAILLE 39 BE , PUMA Womens Vikky Platform Black White New in Box , SKECHERS 14983/TPE GO MINI FLEX-ECSTATIC Wmn's (M) Taupe Suede Walking ShoesSkechers Shape Ups Metabolize White walking 8.5 M WomenSperry Top-Sider Angelfish Boat Shoes, Charcoal/Silver, 8 US / 39 EUAvia CRYSTAL - Silver - Womens , $69.00 Cloud Steppers by Clarks Sillian Firn, Leopard Print, US 5, MSkechers Stretch Weave EZ Flex White Silver Size 7 Memory Foam NewEasy Spirit Aida Mule Sneakers, Taupe, 8 US / 38.5 EU ,


More Stories



Tags
Fergie New Indigo Green Womens Shoes Size 5 M Boots MSRP $110 , Glaze Women’s boots size 6.5 Zip Up Faux Leather Brow. Color , Jessica Simpson Womens Riese Black Wedge Boots Shoes 6.5 Medium (B,M) BHFO 3192Circus by Sam Edelman Women's Dawson 2 Fashion Boot Malbec Size 6.0H by Halston Grey Leather Karlie Over the Knee OTK Boots NewBottes Hautes ANDRE Daim Gris taupe T 37 TRES BON ETAT , New Bearpaw Boots Women's 9M Booties Slippers Trista Wool Blend Fleece InsoleC Label Natori2 Women Leatherette Shearling Trim Platform Chunky Heel BootieWomen's Inc Black Faux Leather Knee High Fashion Boots Size 5.5 $179 , Qupid Women's Signal-20 Over The Knee Boot, Nude, Size 7.5 CcIe , 13" Black & Multi-Color Metallic Leather TONY LAMA Western Cowgirl Boots Sz 6M , Soludos Women's Watermelons Espadrille Smoking Slippers AB4 Chambray Size 7.5 , Cole Haan W07101 Womens 2.Zerogrand Laser Wing OxfordB- Choose SZ/Color. , Miu Miu- Prada Pink Patent Leather Crystals Flat Sandals Slide Shoe 36- 6 Mules , Sergio Rossi Godiva Ballet Flat in Hot Pink Multiple Sizes , Nine West Shindig Reptile Womens Ballet Flat- Choose SZ/Color.C wonder Orange Shoes size 9 women's 1510 , Zara Womens Shoes Sz 8 Burgundy Beaded Detail Nwt , VGUC AGL Women's Size US 6 Sparkling Blue / Black Reptile Cap Toe FlatsIvanka Trump ITJAMI Womens Jami Ballet Flat- Choose SZ/Color. , Nike 318171-111 White Comfort Walking Shoes Women's Sizes 10 m eu 42Ladies Chic Leather Stylish Wedge Sneakers Sport Wedge Ankle Boots Oxfords Shoes , Asics Gel-Cumulus 18 Athletic Shoes - Women's Size 8, Silver/Pink Glow/Lapis , Keen Waterproof Hiking Camping Trail Shoes Women's SZ 9.5 EUC! , Women Long Stretch Sexy Party Over Knee Boots Thigh High Heel Zip Suede ShoesFrye NEW MISMATCH 8 8.5 B Phillip Harness Womens Leather Riding Boots 3476849 rz , Ariat Heritage Western Boots Style 10010265 Size 10B Brown ColorDansko 247-780202 Womens Sonja Oiled Leather Clog- Choose SZ/Color.Pedro Garcia Women's Alice Metallic Leather Slide Gold/Black Castoro Slides , Sofft Women's Nola Slide Sandal Gold Siderale Metallic Leather Slides

Propet Sandal Women's Ghillie Walker 16788 Slingback Women's Sandal cafcae7 - digitalcraftmedia.com




Athletic Shoes
6113569
6546371
6739407
8146578
9283096
11465755
12637048
12699068
13834383