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

Ruby Shoo June Bow Women's Tweed Herringbone Low Heel Slip Slip Shoo On Shoes With Bow New 5f67481
Ruby Shoo June Bow Women's Tweed Herringbone Low Heel Slip Slip Shoo On Shoes With Bow New 5f67481 - 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.


crocs 201398 Crocs Womens Duet Max Clog Mule- Choose SZ/Color. , Badgley Mischka Women's Bloom Ballet Flat, Platino, 5.5 M US , ara Women's Alice Flat, Grey, 6 M US , BOBS from Skechers Womens Bliss 2.0-Big Surprise Flat- Pick SZ/Color. , BOBS from Skechers 31438 Womens Lowlights-Razzy Dazzy Ballet FlatEileen Fisher Women's Loop2-Td Pointed Toe Flat, Limstone, 6.5 M US , Crocs Sienna Shiny Leopard crocs Womens Flat- Choose SZ/Color.BOBS from Skechers 31983 Womens Chill Luxe-Autumn Crush.- Choose SZ/Color. , PUMA Women's Vega SL Ballet Flat Black Black 8 M USBernardo Women's Matrix Moc Moccasin, Pewter, 7.5 M USSkechers 805 Womens Double up-Diamond Girl Fashion Sneaker- Choose SZ/Color.BOBS from Skechers 34465 Womens Plush Lite-Instant Shine- Choose SZ/Color. , Sanuk DONNA KNIT STITCH Womens Donna Knit Stitch Flat- Choose SZ/Color.BOBS from Skechers 31305 Womens Bobs Alpine-Keep Trekking Ankle Bootie , Vince Camuto VC-KANTA Womens Kanta Loafer Flat- Choose SZ/Color. , Skechers 23462 Womens EZ Flex Renew-Bright Days Sneaker- Choose SZ/Color. , Cole Haan Women's 2.Zerogrand Stitchlite Ballet Flat, Black, 6.5 B USBOBS from Skechers Womens Plush Lite-Winter Skies Flat- Pick SZ/Color. , BOBS from Skechers Womens Bobs Plush-Friday Night Flat- Pick SZ/Color.SanNAT Womens Bianca Perf 7 M- Choose SZ/Color. , SoftWalk Women's Napa Ballet Flat, Dark Red 9.5 W USLucky Brand LK-FRESCALA-201 Womens Frescala- Choose SZ/Color. , Rockport Womens Rock On Air Plain Slip-On Black Gore Wash (B)- Pick SZ/Color.Jessica Simpson Women's Mandalaye Ballet Flat,Black,7.5 M USRocket Dog Brands LLC Treasure Womens South Beach Flat 7 M- Choose SZ/Color. , BOBS from Skechers Womens Super Plush-Gritty Knitty Flat- Pick SZ/Color.crocs Duet Max Mesh Print Clog Unisex MuleWomenUS/9 Men US- Choose SZ/Color. , Skechers 44731 Womens Cleo-Sherlock-Engineered Knit Loafer Skimmer Ballet FlatThe FLEXX Women's Musee Ballet Flat, Black Cashmere, 7.5 Medium US ,


More Stories



Tags
Brinley Co Women's Julia Ankle BootEarth Brand Women's Booties Size 7 brown or blackSTEVE MADDEN Seminole Brown Suede Warm Fur Tall Wedge Knee Boots Womens Sz 7Very Volatile Womens Haisley Closed Toe Ankle Fashion Boots, Tan, Size 7.5 , Clarks Rubber Rainboots Navy Blue Sz 4CHINESE LAUNDRY Boots Brown Leather Buckle Detail Size EA 146 , RALPH LAUREN Black Leather Short Boots Women's Size 9 , Jean Michael Cazabat Shoes Size 7 Black Solid Textile Stiletto Knee High BootsPOLO BY RALPH LAUREN WOMEN ANKLE BOOTS US B BROWN LEATHERCole Haan Country Womens Shoes Size 7.5 Light Brown Ankle Boots Leather Heels , Steve Madden Novela Over-the-Knee Boots 641, Black Suede, 8.5 USHarley-Davidson Women's Black Stiletto Motorcycle Heeled Boots Sz.10 , A2 by Aerosoles Womens Trend Book Ballet Flat 6 M- Pick SZ/Color.BZ948 CROWN shoes blue patent leather women ballet flats , Cole Haan Davenport Brown Womens Shoes Size 6 M Boots MSRP $280 , Donald J Pliner Deedee Bronze Metallic Tumbled Leather Slip On Loafer Flat 7Bernie Mev HUSH-001 bernie mev. Womens Hush Wedge(US 5.5) M- Choose SZ/Color. , New Sam Edelman Blue Floral Canvas Perri Slip On Slides Mules Flat Loafers 8.5Haflinger Womens AS65 Classic Slipper- Pick SZ/Color. , Dansko Women's Louise Oxford - Choose SZ/Color , New Balance Womens W520la3-034 Gray Running Shoes Size 9 (265414)Womens Winter Gommino Loafers Flats Thicken Faux Fur Snow Shoes Warrm Flats , JCrew Gemma Leather Flower Flats 7 Ballet Shoes $168 F1229 Sea Salt White MARKCole Haan Womens Mackenziesam Closed Toe, Taupe/Pink/Snake, Size 6.0Bzees Women's Tanza Adjustable Strap Slip On Dark Grey Heather FabricSkechers Street Womens Hi-Lites - Perf-ected , Women's American Rag leather boots Boots , Women's Saint Laurent Court sneaker 36,5 FlatsDOLCE VITA WOMENS BROWN LEATHER SIDE ZIP/STACKED HEEL ANKLE BOOTIES/BOOTS SZ 7Merrell Women Moab Fst Hiking Shoe - Choose SZ/Color ,

Ruby Shoo June Bow Women's Tweed Herringbone Low Heel Slip Slip Shoo On Shoes With Bow New 5f67481 - digitalcraftmedia.com




Flats
545173
3582956
4169465
5991178
8600262
11532310
16007559
16481521
18074719