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 A7-10 , Easy 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 7.5Zee Alexis Abby Pink Gray Blue Woven Slip On Sneakers Womens Sz 8 ShoesWomen'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 10WNEW Women's Converse Chuck Taylor All Star Sequin Sneakers Shoes Size 5Hoka One One W Clifton 2 Women's Running Shoes Size 9.5 Purple Lime GreenMerrell Womens Shoe Size 6 Moss Green Suede Waterproof Thinsulate Quantum MocBrooks Chariot 1201711B599 Synthetic Retro Heritage Shoes Women's Size 8M GUC , Women'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 Casual , NIKE 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 8 , ASICS GT-2000 Womens? Black Multi Color Running Workout Shoes Size US 11 T757NWomen's New Balance Fresh Foam 1080 v7 (W1080GO7) SZ 6.5~ , WOMEN`S ASICS "GEL-CONTEND 4 " ATHLETIC SNEAKERS SIZE 9.5M NEW #T765Q 9693ASICS 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

American Eagle Womens Winter Boots Sz 8 Suede 3" Wedge Foam Heel Black Faux Fur , Women's Suede Boots - Made in Yugoslavia , VALLEY LANE Women's Black LEATHER KNEE HI BOOTS size 11 WW , NIB Women Mossimo Supply Co. Krishae Heels Platform Ankle Boots ShoesWinter Sheep Fur Inside Increased Snow Women Thick Soled Wool Plus Velvet ShoesWomen's SPERRY TOP SIDER Hikerfish Sneakers Boots Boat Shoes 6.5 M , Donald J Pliner Women's Black Bronze Sandora Fashion Boots Shoe Size 9.5 M NEW!The North Face PrimaLoft Winter Hiking Boots Waterproof Beige Suede Womens 7.5skippur leather upper boots, brown, size 6NWT NEW IN BOX Minnetonka Women's 5-Layer Fringe Boot Dusty Brown 1658-SZ 8 , Bella Vita Zofia W Round Toe Leather Bootie - Size 9 W, Brown , Dansko Professional XP Black Oiled Leather - size US 7 - was $140ECCO FTwear Womens Fara Slip On Fashion Sneaker - Choose SZ/Color , Salvatore Ferragamo Black Leather Flats Bow 7.5Calvin Klein Womens Penny Loafer- Pick SZ/Color. , BED STU Triad Leather Western Bench Made Wood Clog Mule $180 NEW sz 7.5 , FRYE 70723 Womens Blake Mule- Choose SZ/Color.Limited Edition Christian Louboutin Rantus Women's Flat Sneakers Sz 38.5$590 Bottega Veneta Women's Black Leather Pointed Slippers w/buckles 443149 1000Womens J Barbour & Sons Highlands low sneaker 8 New with Box! , Women's Fashion High Top Sneakers Casual Athletic Running Walking Sports Shoes , *Womens AGL black leather fashion sneakers shoes sz. 35.5 , $595 VALENTINO Star & Camouflage Denim Blue Espadrilles Shoe Ballet Loafer 39Salvatore Ferragamo Cream Leather Tassel Loafer Front Bow Size 8 1/2 4A ItalyK-Swiss ST329 Heritage Women's White/Classic Blue/Ribbon Red 95824130 , Nike Women's Size 9.5 Flex Supreme TR 6 Gray Athletic Training Shoes ZV-866 , Women's Women's Boots Plush Snow Waterproof Boots , Women's Women's Slip-Resistant Waterproof Snow Boots Boots , Womens Showing Club Patent Leather Ankle Boots Anime Clown Cosplay Shoes A575Winter Warm Women's Platform Faux Suede Block High heel Ankle Boots Casual shoes ,

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

Athletic Shoes