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

adidas Originals Women's Tubular Tubular Viral2 W US Sneaker Black/Black 8/White 8 B(M) US 1929775
adidas Originals Women's Tubular Tubular Viral2 W US Sneaker Black/Black 8/White 8 B(M) US 1929775 - 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.


RYKA GRAFIK Cross Training Shoe-W Womens Grafik Cross-Training Shoeadidas Women's Crazyflight X Volleyball Shoeadidas Originals BY9847 Womens Campus W Sneaker- Choose SZ/Color. , SKECHERS USA Inc 11963 Womens Look Book Sneaker B- Choose SZ/Color. , adidas Originals Women's Crazytrain Pro W Cross Trainer - Choose SZ/ColorSkechers Women's Comfort Europa - Gored Slip-on Sneaker, Skech-air Midsole and , Columbia Trailhawk-W Womens Trailhawk Trail Shoe- Choose SZ/Color. , Reebok DMX Lite-W Womens Lite Outdoor Shoe- Choose SZ/Color. , Rebecca Minkoff Sylvie Womens Fashion Sneaker- Choose SZ/Color.PUMA 18941802 Womens Fierce Quilted Cross-Trainer Shoe- Choose SZ/Color. , PUMA 365054-03 Womens FENTY x Bow Sneakers 7.5- Choose SZ/Color. , Under Armour 1285494 Womens Charged Lightning- Choose SZ/Color.adidas Q44708 Womens W Tech Response Ftwwht/FT Golf Shoe- Choose SZ/Color.adidas Women's Adizero Tempo 9 W - Choose SZ/Color , PUMA 19030503 Womens Riaze Prowl Wn Sneaker- Choose SZ/Color.Calvin Klein Jeans Womens Dolores Canvas Fashion Sneaker- Pick SZ/Color.New Balance WC696WT3 Womens WC696V3 Tennis Shoe- Choose SZ/Color. , Reebok Womens Cloudride Dmx Walking Shoe- Pick SZ/Color. , DC Womens Heathrow IA SE- Pick SZ/Color.PUMA 36369901-DOTD Unisex Dare Sneaker- Choose SZ/Color. , Skechers Performance Womens Go Step- Boating Shoe- Pick SZ/Color.Spring Step Women's Kartii Slip-On ShoeSpring Step Women's Corvo Slip-On Shoe , Converse Women's Lift Canvas Low Top Sneaker - Choose SZ/Color , Reebok BD2008 Womens Club C 85 EH Fashion Sneaker- Choose SZ/Color. , Skechers Sport Women's Galaxies Fashion Sneaker - Choose SZ/Color , New Balance WT610V4 Trail Shoe-W Womens Shoe- Choose SZ/Color. , DC ADJS300181-711 Womens Trase Slip-ON XE Skateboarding Shoe- Choose SZ/Color. , Nine West Lildevil Suede Womens Fashion Sneaker- Choose SZ/Color. ,


More Stories



Tags
Casadei Brown Leather Square Toe Mid Calf Boot Size 8.5 , Fossil Carley Brown Embossed Suede Ankle Cowboy Fashion Boots Sz 7 MLeisure Womens Slouch Faux Suede Pull On Ankle Boots Block Heels Shoes Plus Size , Call It Spring Womens ROSEMAN-44 Closed Toe Over Knee, Black Nubuck, Size 8.5 Vw , Wanted Flatland Taupe vegan Suede Over Knee / Cuff Scrunch Slouchy Flat Boot , Dr. Martens Women’s Brown Pebble Leather Work Shoes Us8.5/uk6. F7NINE WEST SLEET soft black and tan snake python embossed leather tall boots 7.5ARTURO CHIANG~Brown~Leather~16.5" High Dress Boot~4.5" Heel~Side Zip~Size 10M. , VTG LL Bean PAC Snow Boots Womens 6 Brown Leather Rubber Felt Liners USA , Women Pointed Toe Mid Heel Patchwork Ankle Boots Cross Strap Buckle Booties , Brian Atwood Dita Crystal Boots Orig. $695Vicenza Anthropologie Booties Ankle Boots Color Stack Brown- / US 10Women Leather Elastane Buckled Strap Round Toe Low Heel Riding Knee High BootsNew Cami Knee High Boots, Size 6 M, Tan Suede Leather Uppers, Floral PatAriat Heritage $159 Stockman Western Leather Cowboy Boots Womens Size 9 BGentle Souls Womens Iso Mule Slip On Slide ShoesSpenco Alicia Women's Leather Supportive Slides Wine - 6NEW Cole Haan Gramercy Oxford Cap toe tawny port nubuck D42624 Size 5 $199 , NWB Sesto Meucci Women's Adonia Beige Nappa Mesh Pumps Shoes sz 8 M $207Flat Pointy Toe Korean New Vintage Mixed Color Strip Lady Shoes Slip On CasualS-2126110 New Saint Laurent Silver/Black Espadrilles Shoes Size US 4/marked 34 , Alexander McQueen New sz 39 - 9 Authentic Designer Womens Flats Shoes black $995 , Womens Lightweight Mesh Walking Pump Comfy Padded Shoes Flat Trainers , JCrew $158 Sloan D'Orsay tie dye flats 7 f1301 floral multi-color blule pink NewFitflop FRINGEY SNEAKERLOAFER Dark Cherry Patent Leather Loafer Sz 7.5 8.5 NIB , NEW MANOLO BLAHNIK Pearly Green Patent Ankle Strap Sandals BB Heels SHOES 37 , Nike Air Max Thea Pr Running Women's Shoes Size , WMNS NIKE AIR MAX 1 ID BROWN-BLUE SZ 7 [AR1366-991] , Fashion Womens Goth Platform Wedge Belt Buckle Pull On Punk Creepers Ankle BootsPuma Fenty Trainer Women - Size 8.5 - Black

adidas Originals Women's Tubular Tubular Viral2 W US Sneaker Black/Black 8/White 8 B(M) US 1929775 - digitalcraftmedia.com




Athletic Shoes
416261
5341768
8232239
9891397
10328242
14103307
18416923
18786309
18951270