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

Puma Sportlifestyle 355000 Takala U.S. Takala Purple Mesh Athletic 16058 Sneakers Women's U.S. 7 902d6bd
Puma Sportlifestyle 355000 Takala U.S. Takala Purple Mesh Athletic 16058 Sneakers Women's U.S. 7 902d6bd -

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.

NIB Asics Frequent Trail Women's Running SIZ 11 WIDEKeds Women's 8.5 US Champion Originals Leather Black WH45780 L4-CH59 Sneakersbensimon womens tennis shoes - navy blue sale, High top elastique sneakers shoesDANSKO Arch Support Sneaker SZ (10.5) Blue/Multi-Color Slip-on NEW , Women's Vintage Puma White, Red Sneakers Size 8 A7-10Easy Spirit Ressa Slip On Breatheable Sports Sneakers, Light Gold/Light Natural, , New Balance Womens - Gray Running Shoes Size 9 (366580) , NIKE REACT HYPERDUNK 2017 SZ 5 WOMENS MID WHITE BASKETBALL 897813-100 , US5.5/35.5 Alexander McQueen By Puma Women's McQ Move Mid Leather Athletic bootsNike Air Max Waffle Skin Women's Silver/Green Athletic Running Shoes Size 7.5 , Zee Alexis Abby Pink Gray Blue Woven Slip On Sneakers Womens Sz 8 Shoes , Women's Asics Gel-Nimbus 14 Shoes Sneakers Size 8.5 Running Black Green Pink AA7 , Ryka Women's Sport Comfort T-Strap Workout Mary Jane Shoes Blue Size 10W , NEW Women's Converse Chuck Taylor All Star Sequin Sneakers Shoes Size 5 , Hoka One One W Clifton 2 Women's Running Shoes Size 9.5 Purple Lime Green , Merrell Womens Shoe Size 6 Moss Green Suede Waterproof Thinsulate Quantum MocBrooks Chariot 1201711B599 Synthetic Retro Heritage Shoes Women's Size 8M GUCWomen's Skechers Shape-Ups Shoes, Size 10, Only Worn Once , Creative Recreation Women's W Ceroni Sneaker, Silver, 9 B US15600 Wide Fit Black Skechers shoe Go Walk Joy Women Mesh Slip On Comfort CasualNIKE METCON 1 SZ: WMNS 10.5New Balance Zante v3 Running Shoe, Teal/Green, Size US 5.5Women Nike Dunk SB High Silver Sand 325203-001 sneakers 8ASICS GT-2000 Womens? Black Multi Color Running Workout Shoes Size US 11 T757N , Women's New Balance Fresh Foam 1080 v7 (W1080GO7) SZ 6.5~WOMEN`S ASICS "GEL-CONTEND 4 " ATHLETIC SNEAKERS SIZE 9.5M NEW #T765Q 9693 , ASICS Womens Gel Noosa Tri Running Shoes US 7M T264MPROPET Travellite Women's Size 9 X (2E) Wide W3247 Walking Shoes Red Light , Brooks Pure Flow 5 Pink 3D Women's Size 6.5 Road Running Shoes Athletic ,

More Stories

Anne Klein Womens Elek Taupe Knee-High Boots Shoes 10 Medium (B,M) BHFO 7506 , Womens Slouch Ankle Boots Booties Brown Flats 8.5 Pull On by Report ~ FairbanksWomens Size 7M St. John's Bay Black Leather Knee High BootsSperry Top Sider Huntley Sahara BootsBrown / Gold Leather , Womens Flat BOOTS Tan Winter Pull on shoes Ladies 6New Women/Juniors PW Shoe Fall Boots Black Fashion Casual/Dress Size 7 , Nine West Viktoriao Tangeri FB shoes Size 7.5 TangerineLend's End Snow Boot Womens Size Us 7 Eu 37.5 WaterproofAerosoles Womens Good Fun Boot- Pick SZ/Color.United Nude Women's Green Stiletto Knee high Boots Size / US 8 (250 MM) , Lucky Brand Women's Beeliner Sesame Oiled Suede Fringe BootiesNot Rated Women's Yoko Riding Boot, Black, Size 6.0Bottines Boots FLORENCE KOOIJMAN Cuir Noir T 38 TBE , Sanuk SWF10785 Womens Kats Meow Prints- Choose SZ/Color. , Ladies Padders Boat Shoes Marina -WNEW DR. MARTENS WOMEN'S GUNBY ST 6-EYE OXFORDS BROWN LEATHER 9 MEDIUM 7 UK $125Hunter Garden Rain Slip On Shoes Boots Purple Lilac Size 9 US 7 UK , Yellow Box Women's Balendin Boot Black Size 6.0women casual fur trim PU leather back zipper pointy toe slim heels ankle boots , Sanuk FUNKY FIONA Womens Funky Fiona Flat- Choose SZ/Color.NWT Barneys New York Nelly Cap Toe Quilted Black Leather Ballet Flats Sz 6/36NEW CLARKS WOMENS WALLABEE - WOMENS ORIGINALS SHOES - BURGUNDY SUEDENew Balance Womens Wx857wb2 White/Blue Cross Training Shoes Size 8 (417570)Merrell Women's Moab 2 Ventilator Waterproof Hiking Shoes Size 9.5 TaupeWomen's Pink Converse Jack Purcell- Men's 9.5- women's 11.5New Balance Womens 680 V2 Running 9.5B Grey Athletic ShoesWOMEN'S SAS TRIPAD COMFORT FREE TIME BROWN NUBUCK LEATHER WALKING SHOES SZ 8 S , Sperry Top-Sider Women's A/O 2 eye Grey Maine Collection 6M , ASICS GelRocket 8 Shoe Women's Volleyball white-B756Y.0193Nike Womens Size 8 Duel Racer Performance Running Shoes Black Msrp $120

Puma Sportlifestyle 355000 Takala U.S. Takala Purple Mesh Athletic 16058 Sneakers Women's U.S. 7 902d6bd -

Athletic Shoes