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

Ariat Unbridled Women's Unbridled Leigh Wedge Sandal Light Cognac Leigh 19792 Leather Heeled Sandals eaebcde
Ariat Unbridled Women's Unbridled Leigh Wedge Sandal Light Cognac Leigh 19792 Leather Heeled Sandals eaebcde - 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.


LaCrosse Women's Grange 14" Wellington Boot Plum Rubber Waterproof BootsBella Vita Women's Baxter Mule Champagne Leather Comfort Shoes , Altra Footwear Women's Solstice Running Shoe Blue Fitness Shoes , adidas Adilette Womens Core Black/Footwear White/Core Black Festival Pack AQ1124 , Nike Air Max Sequent 3 Women's Pure Platinum/Black/White 08993008 , Nike Air Force 1 High Phantom/Phantom/Light Iron Ore/Gum Med Brown 60544001 , Nike Zoom Winflo 5 Women's Aviator Grey/White/Geode Teal/Barely Grey A7414007 , Under Armour Speedform Apollo 2 Women's Harmony Red/Dynamo Blue/Black 66241962Trotters Women's Liz Amethyst Veg Calf LeatherPUMA Basket Platform Women's Gold/Black/Black 36222202 , Trotters Women's Lucy Woven Slingback Black Leather Slingbacks , adidas Originals ZX Flux Women's Black/White AF5688ASICS GT-1000 7 Women's Azure/Blue Print 2A030400New Balance Women's Minimus 10 Trail Black/Light Blue Running SneakersTrotters Women's Liz Black Quilted Embossed Leather , Women's Puma Avid EvoKNIT Casual Forest Night/Laurel Wreath/Winsome 36675801 001 , New Balance Vazee Rush Women's Teal RUSHPSB , adidas Originals FLB Runner - Women's Clear Brown/Clear Brown/White B37144 , Nike Dualtone Racer Women's Black/White/Dark Grey 17682003Nike Air Max Sequent 2 Women's Black/White/Dark Grey/Wolf Grey 52465002 , adidas Originals PW Tennis HU Women's White/Blue DB2559 , adidas Originals Superstar White/Red Night/Silver Metallic Farm Pack B41510 , Nike Air Huarache Women's Black/Black/Vast Grey 83818017 , PUMA Fierce Women's Silver/Gray Violet 18986501 , Aravon Women's Wembly Envelope Slip On Shoe Black Textile Slip-on Shoesadidas adiZero Boston 6 Women's Noble Indigo/White/Raw Steel BB6418ASICS GEL-Kayano 24 Women's Blue Purple/Regatta Blue/White 7994840Puma Basket Heart Velvet Hyper Embroidery Womens 366116-02 Peach Shoes Size 7.5Women's Puma Muse Echo Casual Shoes Puma White/Puma White 36677002 002


More Stories



Tags
CLOUDWALKERS BOOTS BLACK STUDDED HAMPTON SIZE 12W , Western Style Short Slouch Boots Size 8/9/ Faux Leather/ Lt TanNEW 14th & Union Women’s Grey Rubber Rain Boots US Size 8 M Shoes , GIRLS WOMENS KNEE HIGH HEELS LADIES LONG SEXY STILETTO THIGH LEATHER BOOTS SIZE , AL35 Jaycee Strap Studded Knee High Boots 706, Black, 7.5 US , NEW Vince Camuto Maves Green Suede Western Ankle Bootie, Women Size 7.5, $159 , Step On Air Karma Boot in Black Multi, Mushroom , Paul Green Munchen Brown Shearling Ankle Bootie Women's Size US 5 , CONVERSE Shoes 738101 Brown 21.5cmFuntasma Militant-128 Cop-911 Police-201 Spicy-138 Women's Military BootsEastland Womens Gabriella Clog- Pick SZ/Color.NEW Naturalizer Danton Tall Over-the-Knee Boots, Black Suede Women's SIZE 6.5Yukon Womens US 8.5M Euphoria Low Brown Hiking Boots Shoes , Born Felicia Distressed Knee High Leather Black Boots Size 7 M $239 WIDE CALF , Original SAS Bounce Black 0001-020 W Wide Women , Rieker Women's 70581 Black/Gold/Pazifik/Marine 40 M EU100% AUTH NEW WOMEN LOUBOUTIN SIMPLENODO FLAT BALLET/BALLERINA FLATS US 6 , Versace 19.69 Abbigliamento Sportivo Women's Ballerinas SHINY GOLDAUTH Jimmy Choo Women Ballet Flat Shoes 9Munro Women's Taupe Metallic Leather Kimi Loafers 3468 Sz 7 M , Women's New Balance 577 Shoes Sneakers Size 8.5B Walking White Gray Strapped Q2US ARMY CAMOUFLAGE BASKETS SNEAKERS TENNIS CHAUSSURES TOILE 38 FEMME KAKI , Louise & Cie White Pebbled Leather Freyda Mules Womens Size US 6MShoes Skechers Go Walk 4 Edge Grey Women 14930-GYLB , Reebok Royal EC Ride Jacquard Women's Running Shoes Fitness Gym Trainers Black , Sperry Top-Sider Seacoast Sneaker - Women's Size 5.5M, Cavier Black NEW , New in box CONVERSE Shoreline Women 10 Sneakers Green Glow Canvas Slip On ShoesUndercover Tall Boots British Black Steel Toes Motorcycle Army Womans US 7 , Geox Respira Pile Women's black patent leather quilted Mary Jane flats sz. 40 , Adidas Superstar Iridescent GS White Metallic Gold Juniors Girls Boys CP9837

Ariat Unbridled Women's Unbridled Leigh Wedge Sandal Light Cognac Leigh 19792 Leather Heeled Sandals eaebcde - digitalcraftmedia.com




Athletic Shoes
343252
3331696
7461798
9330211
10111274
10364176
11964256
12567970
15779308