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

SIOUX Germany Brown SIOUX Brown leather chunky heel Oxford Shoes Womens Moc Toe Work Womens Size 7 fb74915
SIOUX Germany Brown SIOUX Brown leather chunky heel Oxford Shoes Womens Moc Toe Work Womens Size 7 fb74915 - 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.


Women's Shoe Bernie Mev Fresh Buttercup Criss Cross Wedge Sandal Jean *New*Womens Fly London Tear Summer Leather Low Wedge Heel Open Toe Sandals US 5-12Rockport Women's Nahara H-Band Woven Sandals - Multiple Colors , Clarks Women's Keesha Cora Casual ShoeBallerines Merlet Noir Et Blanc T. 37 Et 39 , NEW DANSKO WOMEN'S BELLE SLIP-ON SNEAKER CORAL FLORAL CANVAS 38 8 MEDIUM $100NWB SAS 'Vivo' Beige / Sand Leather Loafers - Women's 11W European 43.5ARCOPEDICO 1151 LS Black - Women's NewSanuk Womens Chiba Quest Knit Slip Ons Grey Size 7 NewWomens Loafers Flats Buckle Slip On Leather Pumps Korea Fashion New Casual ShoesBadgley Mischka Women's Morgen Mary Jane Flat size 8 new in boxJeffrey Campbell 10 Black Patent Leather Bow Studded Ballet Flats Slippers ShoesWomen's Shoes Bernie Mev Bella Me Casual Slip On Cap Toe Flat Black Velvet *New* , BORN Women's REIJA Black Full Grain Leather Slip-On Ballet Flats US 7 M D61403 , Alegria Paloma Women Black Glitter Patent PAL-249 Leather Mary Jane Shoe Size 36 , JSlides J Slides Ariana Black Fabric Slip On Sneaker style shoes New With Box , COMFORTIVA Gorgeous Leather SACO Sandals in Pretty Pink size 9 (10)W ~NWB $85*FRENCH SOLE CONFETTI 'I DO' WHITE SATIN BRIDAL LOVE HEART FLATS SHOES* , 10 / 41.5 - VINCE Womens White Blair 5 Perforated Slip On Sneakers Shoes 0000MBWomens Hush Puppies 9.5 M Vintage Oxfords Blue Leather Tablecloth Vamp A065Versace 19.69 D20 NAPPA PANNA VERNICE ROSA ballerina shoes Women's White US , COLE HAAN Tali Grand OS Black Patent Leather. Ballet flats Size 9B 048oDemonia Crux-07 Gothic Lolita Punk Cosplay Mary Jane Style 2" Platform Shoes , Beverly Feldman Black Satin Clear Jeweled Toe Thyme Ballet Flats 9M NIB , Skechers BOBS Womens Flexpadrille2-Stripe Chambray Ballet Flat 6.5Skechers Womens Bikers Pedestrian Memory Foam Slip-On Moccasin , New STEVEN STEVE MADDEN Women Comfort Casual Slip On Flat Ballet Shoe Sz 8 BAhnu 7 Womens Blue Tan Slip-On Flats Walking Shoes 37.5 ENG 23.5 JPNRieker Antistress Ankle Booties Boots Pacific Blue Zip Rope Accent 42 US


More Stories



Tags
size 8 Material Girl Mellice Olive Suede Platform Heel Booties Heel Ankle shoesMarc Fisher Stefani Boot Size 9M light natural suede , Joan Rivers Signature Slingback Pumps 8M A97790 , Steve Madden Kadey Women's Tall Slouch Boots, Size 9 USIvanka Trump Stunning BLACK Pointed-Toe Leather ankle zip boot Size 9 M , Hot Fashion Women's Over The Knee Block Heels Boots Faux suede Pull On Plus SizeEstampida London Tan Brown Leather Cowboy Boots Womens Size 25.5 MexicoLifeStride Women's X-Plode Knee High Boots Espresso Brown Size 10 MDiona! Soda Women's Biker Buckles Leatherette Mid Calf Boots in Taupe , Paul Green Womens Shoes Size 10 Black Solid Ankle Boots Leather CasualJ Crew Moto Black Boots Buckle Womens Size 7 Heel Zip Up Motorcycle Leather , Merrell Women's Applaud Slide Slip-On Shoe Bracken 7.5 M USChloe Flats Paddington Moccasin Dark Brown Size 35.5 Leather Gold BucklePaul Green Women's Maria Lfr Slip-On Loafer , SO CUTE! Women's $450 Stubbs and Wootton Linen "EQUESTRIAN" Slippers Loafer Shoe , Tod's women's gommino driving moccasin in brown suede leather made in Italy , NIB Tory Burch REVA MOJAVE Print Snake Leather Ballet Flat Shoe Black Ivory 8 , NEW SAM EDELMAN WOMENS REXLEY FLATWomen's Running Shoes Fashion Breathable Outdoor Sports Sneakers Shoes TrainerNIB Vionic Orthotic Leather Suede Slip-On Sneakers Shoes Midi Natural Snake 9Reebok Instampump Fury Gt Womens Running Trainers Sneakers BD4462 , Saucony Womens Grey Teal Running Shoes Size 8 (16627) , Vans Era (Polka Dots) Blue Yellow Casual Shoes WOMEN'S 9 , Skechers Leather Mary Jane Shoes Womens 9.5 M Off White Beige Ballet Flats BikerWomen's Asics Gel-Kayano 16 Shoes Sneaker Size 10 Running Training Gray Blue S14 , Women's tory burch flats 7 FlatsWomen's CLARKS Women's Wave.Run, Flats , Women's Mid Calf Boots Low Heel Pull On Shoes w/ Faux Fur Collar Trimmed GrayASICS Women's Gel-Resolution 7 Tennis ShoeWmns Nike AF1 Air Force 1 Upstep LX 898421 401 Size 8.5

SIOUX Germany Brown SIOUX Brown leather chunky heel Oxford Shoes Womens Moc Toe Work Womens Size 7 fb74915 - digitalcraftmedia.com




Flats
1254382
1456046
5346619
10268831
10877268
11172779
11941311
13650538
14841615