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

Prevata Womens 25230 Shoes Prevata Size Womens 8.5 Black Snakeskin Suede Knee High Boots Casual 04a0cd9
Prevata Womens 25230 Shoes Prevata Size Womens 8.5 Black Snakeskin Suede Knee High Boots Casual 04a0cd9 - 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.


G.I.L.I. Nero Black Gold Embossed Leather Baldwyn Ankle Boot 10 SALE Gili , CHIC Ditto by VanEli Jenda Black Suede Heeled Ankle Boot Bootie Shoe Sz 6.5Women's MERRELL Continuum Tan Blue Ortholite Air Cush Hiking Shoes Boots Sz 6.5 , Lucky Brand 9.5 Lauron Ankle Bootie Grey Distressed Leather Zip Up BootsVERY VOLATILE FEVERDREAM CHOCOLATE CHIP PONY HAIR BOOTIE Size 7Ladies Spot On High Heeled Ankle Boots with Button Fastening and Open Toe 10738The Sak Women's Rainboots Rain Boots Size 6 Nature Waterproof Peace Happy FreeTOP PRIX Chaussure/Bottes Femme SAN MARINA Vimoda T40 cuir Noir talon 8 cmSammie Black Knee High Zip Up Wide Calf Boot With Bow on Side Woman’s Size 11HUDSON black suede ankle boots 36 6BOTTINE GEOX RESPIRA CUIR TAILLE 36.5 BOTTE/BOOTS/BOTAS/STIVALI BE LEATHERMadison Harding Women's Jackie Burgundy Leather Platform Ankle Boots , Goffredo Fantini Kitten Heel Pointed Toe Brown Leather Boots Women’s US Size 7 , Bottines Confort PEDI GIRL Cuir Noir T 37 TRES BON ETAT , New Women Wild Diva Dominic-21 Leatherette Pointy Toe Tongueless Boot SizeCole Haan Womens Shoes Size 10 Black Solid Suede Stiletto Ankle Boots Casual , Ladies Spot On Fleece Lined High Leg Boots , NWT Flurries Tye Dye Print Leather Boots Winter Sz 7 Sheep Skin Lining Women , Sergio Rossi Womens Shoes Size 36 6 Black Solid Leather Mid Calf Boots Casual , ALTA MODA Bottes Vintages Tout Cuir Marron Foncé T 36 TBE , Fidji Anthropologie Womens Gray Leather Side Zip Low Heel Ankle Boots Size 5JUANA FRANCISCA WOMEN'S BLACK SUEDE LEATHER Sz 6.5 SNAKE SKIN ANKLE BOOTS SHOES , Diba Womens dreamer Leather Open Toe Ankle Fashion Boots, Grey, Size 7.0 fuAw , BOTTES chaussure STEPHANE GONTARD furia BLACK BOOTS en cuir de veau TAILLE 39Women's Jessica Bennett Chocolate Brown Suede Knee High Wedge Boots Sz 11 M , WANTED WEAVER BLACK SUEDE BOOTS WOMEN'S SIZE 8.5 NEW IN BOXAnne Klein Black Leather Knee High Flat Riding Boots 8M Maemmie Side Zip , Ladies Spot On Wedge Trouser Boots with Open Toe and Back Zip 10725Acme DINGO Leather Inlay Western Stitched Cowboy Boots~Style 7495~Brown~Size 7 M ,


More Stories



Tags
Spot On F50348 Ladies Block Heel Platform Boots NEW IN , 7856281 LFTBTT50 Women's Shoe Size 7 M Black Suede Zip Up Boot Johnston & Murphy , KS35 Nancy Zip Up Block Heel Ankle Boots, Black, 8.5 USLane Suede Soft Boot by Dr. Scholls, Gorgeous Charcoal Suede, NIB, 9.5 , New Indigo Rd. Blue & White Paisley Canvas Ankle Boots (Size 6.5) , Report Black Faux Suede Silver Buckle 4” Heel Platform Zip Ankle Boots - Sz 7.5 , Nine West Womens quarryn Closed Toe Mid-Calf Fashion Boots, Green, Size 8.0 hr1aEnzo Angiolini Knee High Riding Boot Women size 7.5 Brown , Earth Origins Women's Danielle Suede Water Resistant Boots in Black Size 6.5 M , Deena And Ozzy Women's Black Leather Cone Heel Knee High Boots Size 8 , BCBGeneration $159 Leopard Ankle Boots Vance Wedge Women's Shoes 9.5 , Clarks Originals womens leather boots winter boots fleece lined bootsVince Camuto Womens Riding Boots Sz 7.5 Leisha Equestrian Buckle CapToe Side ZipDC Women's Amnesti TX Ankle Boot Wheat Size 7.0NIB B.O.C BORN CONCEPT RHONDA BROWN LEATHER COWBOY BOOTS SIZE 6 MWhite Mountain Leto Riding Boots Black 9.5M Org Retail 100.00ALDO Size 36 (6.5) M Beautiful Black Pieced Leather High-Heel Pull-On Above-KneeExedo Black Nubuck Leather Biker Hiking Trail Women Boots Shoes 6 M , Easy Spirit Women's Westerliest Ankle Boot Black NU Suede Size 6 M$265 SUEDE ANKLE BOOTIES IN BLACK FRINGE & ROPE DETAIL 9.5-9 NEWFrye Sienna Ghillie Ballet Suede FlatBoemos Black Wingtip Fringe Oxfords Size 6 Women's Shoes Made in Italy NWOT , Carole Little Womens Black Velvet Martini Glass Loafers Smoking Flats Size 9 , Flat Born Julianne Perf Blush Full Grain Leather Combo , Stuart Weitzman New Manila Blue Womens Shoes Size 8 M Flats MSRP $455 , NEW CLARKS WOMENS PURE TONE - WOMENS SHOES - NUDE LEATHERFashion Womens Square Toe Ballet Flats Oxfods Sneakers Causal Loafers US 4-10.5Skechers Women's Go Walk Joy-Invite Sneaker , Women's Ankle boots 9.5 womens Boots , Mossimo Women's Sz 9.5 M Tan Brown Leather Patch Work Mid Calf Ankle Boots Heels ,

Prevata Womens 25230 Shoes Prevata Size Womens 8.5 Black Snakeskin Suede Knee High Boots Casual 04a0cd9 - digitalcraftmedia.com




Boots
1471329
1618125
2372793
3480370
5650604
9926909
14319719
14761545
15321112