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

Joie Pink - Suede Suede Ankle High Boots localjoes-27705 - 37 e9df6b7
Joie Pink - Suede Suede Ankle High Boots localjoes-27705 - 37 e9df6b7 -

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.

Carlos by Carlos Santana Womens Rumer Over-The-Knee Boots 9 Medium (B,M) 8847 , Zodiac Virgo Womens Boots | Star Sign Hand-crafted Ladies ShoesBaretraps Womens Yalina 2 Black Riding Boots Shoes 7.5 Medium (B,M) BHFO 9814Zodiac Gemini Womens Boots | Star Sign Hand-crafted Ladies Shoes , Zodiac Leo Womens Boots | Star Sign Hand-crafted Ladies ShoesSam Edelman Womens Keigan Green Buckle Rain Boots Shoes 7 Medium (B,M) BHFO 6850EL NATURALISTA Burgundy Leather gray fleece ankle bootsxshoes sz 40/ 9 Spain , Baretraps Womens Yalina2 Black Riding Boots Shoes 6 Medium (B,M) BHFO 7231Zodiac Capricorn Womens Boots | Star Sign Hand-crafted Ladies ShoesIvanka Trump Womens Lettie Black Ankle Boots Shoes 6.5 Medium (B,M) BHFO 8274 , Zodiac Taurus Womens Boots | Star Sign Hand-crafted Ladies Shoes , New! Herve Leger Black Patent Leather Gum Wedge Loafer Size: 40 EUR , Milwaukee Performance Ladies Triple Buckle Boot W/ Side Zipper Entry **MBL9405 , Womens 8.5 B M Charlie 1 Horse by Lucchese Tan & Black Cowboy Western Boots MuleZodiac Aries Womens Boots | Star Sign Hand-crafted Ladies Shoes , Zodiac Aquarius Womens Boots | Star Sign Hand-crafted Ladies ShoesLauren Ralph Lauren Stilleto Mid Calf Boots Brown leather Shearling shaft Sz 7.5Call It Spring Womens Eriavia Black Over-The-Knee Boots 8 Medium (B,M) BHFO 5204 , Zodiac Scorpio Womens Boots | Star Sign Hand-crafted Ladies Shoes , Steve Madden Womens Elley Black Ankle Boots Heels 8.5 Medium (B,M) BHFO 4322 , Bearpaw Womens Elle Short Black Casual Boots Shoes 10 Medium (B,M) BHFO 8969 , Zodiac Pisces Womens Boots | Star Sign Hand-crafted Ladies ShoesZodiac Sagittarius Womens Boots | Star Sign Hand-crafted Ladies Shoes , Karen Scott Women's Boots Harloww Round Toe Synthetic Mid Calf Boot Black 7MZodiac Libra Womens Boots | Star Sign Hand-crafted Ladies Shoes , Naturalizer Womens Daley Black Ankle Boots Heels 8.5 Medium (B,M) BHFO 0680Steve Madden Womens Hallie Black Knee-High Boots Shoes 5 Medium (B,M) BHFO 4617 , Thalia Sodi Womens Veronika Faux Leather Over-The-Knee Boots Shoes BHFO 4699 , Bearpaw Womens Gina Brown Duck Winter Boots Shoes 7 Medium (B,M) BHFO 5827 ,

More Stories

Fancy Jessica Simpson Jessica Simpson Caysy Women Round Toe Black Size 5.5 , NOMAD Womens BERKEYLEY Taupe PU Heeled Ankle Boots US 9women elastic buckled stud ankle boots flat classic Chelsea work everyday bootsTopShop Womens Brown Leather Casual Ankle Boots Shoes 39 , Easy Spirit Brandia Women's Black Wedge Boot 9MWomen's Leather Craft Premiere Collection Black Leather Ankle Boots "Kim" 6 1/2GUNMETAL Caramel Brown Leather Boots US 9.5 , Clarks Collection Brown Leather Casual Ankle Boots Slip-On Shoes Womens Size 8 MWomen's BCBG Paris Size 8.5B Brown Leather Zip Up Mid Calf Boots Block L11 , SZ 8.5 PIERO STROZZI Black Ankle Boots Booties Abstract Triangle Heel Career , Restricted Winkie Black Wedge Ankle BootiesJ Crew Womens Boots Size 8.5 Blue Black Ponyhair Leather Block Heel Ankle , MIA Women's Black Velvet Block Heel Ankle Boots Size 9 S93AEROSOLES Women's ONE WISH Tall Black Leather Boots Size US 7 M NEW IN BOXNWOB Sofft Genuine Black Leather Knee High Slouchy Boots Heels size 5.5 , NIB Vince Camuto Feina Bootie Ankle Boots Black Leather 3+" Heel Pull-on SZ 9 , Pre-owned Calvin Klein Rikita Women Black Knee High Boot 7M , Lauren Ralph Lauren Size 6.5 Black Leather Ankle Boots New Womens Shoes , Rockport Women's Total Motion Adelyn Ghillie Ballet Flat - Choose SZ/Color , Calvin Klein Women's Elin Pointed Toe Flat - Choose SZ/Color , French Sole FS/NY Women's Vigor Pointed Toe Flat, Natural Leather, 9.5 M USNIB Salvatore Ferragamo Quilted Logo Slides Ballerina Mule Flats Black 10 B $525CoSTUME NATIONAL Green Leather Women's SCARPA Oxfords Eur 36 US 5.5 MSRP $650.00 , Womens Retro Moccasins Flats Slip On Leather Loafers Mules Shoes Casual SlipperGiuseppe Zanotti Black Leather Studded Flat Sandals Ankle Strap Shoes Sz US 7.5Marc Fisher Womens sunny4 Pointed Toe Slide Flats Grey Leather Size 8.0 , Balance Women's 20v7 Minimus Training Shoe, Black, 9 B USAHNU Sugarpine trail Hiking Athletic Shoes Womens 7 waterproofWomen's Burberry Flats - 38 Flats , VINTAGE REEBOK CROSS ROADS “OG” sz.6.5 DEADSTOCK

Joie Pink - Suede Suede Ankle High Boots localjoes-27705 - 37 e9df6b7 -