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

Dolce localjoes-18750 Vita Boots. Beige Suede Ankle Suede Boots. Size 6.5 243a90f
Dolce localjoes-18750 Vita Boots. Beige Suede Ankle Suede Boots. Size 6.5 243a90f -

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.

Rampage Sidnie Fabric Western Ankle Boots, Women's Size 7.5 M, Brown , Dr Martens Womens Shoreditch Canvas Boots Sz 6 Seven Eye HoleVolatile Merrick Ankle Boot - Women's Size 6 - BeigeLeather Harley Davidson Dual Zip Heel Boots Blood Red Sz 6Madewell by J Crew Brown Leather High Heel Ankle Boots 6 Career Casual ExcellentVintage LL Bean Duck Boots Women's Size 9 Brown Leather Classic Made In USAWomen's Crush Durango Western peek Boot (RD5510) 8MCOLE HAAN ~BRAZIL~ BLACK LEATHER MARIELA AIR CHUKKA BOOTIES~ 7-1/2 BRampage Hansel Knee High Boots-Women's sz 8.5 M Brown , Brown Leather Boots Size 9 Kenneth Cole New YorkKendall + Kylie Raquel Chunk Heel Bootie-Women's Size 7.5M Black SyDolce Vita Lanie Boots, Women's Size 7.5 M, GreyDolce Vita Caillin Suede Ankle Boot - Women's Size 8.5, Saddle BrownSam Edelman Putty Suede Ankle Boots, Women's Size 11 M, OliveLifeStride Parigi Booti Ankle Boot - Black - Size 8.5 New in Box , MUKS SUEDE RABBIT FUR RUBBER SOLE PULL ON ESKIMO BOOTS MOCCASIN WOMEN SIZE 7 , Free People Green Khaki Suede Swift Mine Wedge Sandals ☮ Size 37 , ANTHROPOLOGIE ☆ SPLENDID ☆ HEELS ☆ BOOTIES ☆ SHOOTIES ☆ 6 1/2 , Unity by Carlos Santana- Delaney Boots, Women's Size 9.5 M, Brown , Columbia Womens Dakota Drifter Mid Waterproof Boots Gray Shoe Size 6.5 BNIB SKECHERS Womens On-The-Go 400 Blaze Chestnut Suede Boots , Boots England Style Women Leather Shoes high Genuine Leather Autumn Winter warm , Franco Sarto Roselle Black Brown Sole Studded Knee High Boots Size 13MNine West Dashiell Womens Taupe Suede Fashion Ankle Boots Size 6.5 M* , Alegria Hannah - Saddle (632) - NEW - Szie 35 , Red Leather Vintage Kenny Rogers Cowboy Cowgirl Boots Women's size 7.5 MGuess Women US 8.5 Black Embellished Studded Ankle Heel BootsWomen's Boots Brighton 6.5 Trevor Black Leather Ankle Boot Bootie Sz 6.5 $175 , Gianni Bini DOMINO Black Patent Leather Ankle Boots / Outer Zipper / Sz 8.5 M ,

More Stories

Call It Spring Magliaro Ankle Booties 680, Bone, 5 US / 35 EUEnzo Angiolini Brogue Leather Knee Boots BROWNDirty Laundry by Chinese Laundry Too Cute Ankle Booties, Black , Twisted Trooper I26 Boot Women's Shoes Size 8.5 , Ara Black Mid-Calf Zip-Up Boots Gore-Tex Women’s Sz 9 Winter Dress Shoes , ladies Tan Flat sexy Knee Boots Round Toe Side Buckle Size 8.5 , Mukluks Boots Womens Size 9 Brown Suede Knit CasualSteven Steve Madden Sydnee Wide Calf Riding Boots, Black, 6.5 US DisplayWomens Lauren Conrad Ankle Booties BLACK Platform Dress Boots Chunky Heels 9 , WOMEN'S DIBA *YEM* BOOTIES COLOR~BLACK SIZE 6 , Marc Fisher 5.5 M Black Leather ankle boots zip up buckle detailGINO MORGANTI BOOTS 10 b tall leather boots 10 riding boots 10 all leather bootsAerosoles Ankle Boots Sz 7 1/2 M LeatherWomens 2017 Fall New Stilettos Pointy toe Boots Sexy Booties Hollow Out Shoes Sz , $170 Steve Madden Womens Carrie Tall Slouch Boot Shoes, Black Suede, US 8 , Easy Spirit e360 Women's Georgetta Embellished Pewter Flats Size 7 WLuichiny Round About Leopard Print 6" Heel Platform Thigh High Boot 7- 11BX637 DANIELA DOLCI shoes black leather women ankle bootsAriat A-1 All Around brown leather western cowgirls 9.5 ATS soft , AGL Skin Taupe Suede Ballerina Flat , MARC JOSEPH NEW YORK (MANHASSET FLORAL GRISS ) WOMENS SIZE 7.5 BRAND NEW!!! , TOD'S WOMEN'S LEATHER LOAFERS MOCCASINS NEW 58A BORDEAUX DAEKlogs Naples Mens - Womens Clogs White Smooth - 12 Wide , Eastland Women's Crystal Slip-On Loafer - Choose SZ/Color , Womens Casual Sneakers Flat Pumps SlipOn Ladies Comfy Platform Trainer Shoe SizeBZ532 2 STAR shoes multicolor textile suede women slip on , Brand New Women's Nike Air Max 1 Premium SC Fashion Sneakers [AA0512 400] , Nike Lunar Tempo 2 Running Women's Shoes Size 6.5 , ASICS Womens Gt- 2000 4 Black Running Shoes Size 8 (420412) , American Eagle Fringe Womens Bootie Size 9.5

Dolce localjoes-18750 Vita Boots. Beige Suede Ankle Suede Boots. Size 6.5 243a90f -