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

Womens Slip Slip On Mules 21071 Trainers Sneakers Plimsolls Casual Trainers Canvas Shoes Pumps Size d501fa6
Womens Slip Slip On Mules 21071 Trainers Sneakers Plimsolls Casual Trainers Canvas Shoes Pumps Size d501fa6 -

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.

Womens Platform Sport Fashion Sneakers Casual Shoes Hidden Wedge High Heel New , Women Light Sneakers Summer Breathable Mesh Running Shoes Trainers Walking shoeWomens Holes Summer Floral Shoes Athletic Pumps Sports Loafer Hidden Heel , Running Hiking Water Shoes Women's Athletic Walking Sneakers Beach Fashion Shoes , New Fashion Womens Winter Fur Lined Canvas Shoes Slip On Cotton Sport Sneakers 8 , Black Fashion Womens Air Mesh Skull Casual Walking Shoes Breathable Sport Shoes , Womens Slip On Tennis Shoes Mesh Platform Fitness Sport Summer Sneakers Walking , Casual Womens Shoes Breathable Sneakers Sport Running Trainning Athletic OutdoorWomen's Girls Flat Multi-color Sneakers Hiking Athletic Trainer Sports Shoes Hot , Skechers Resalyte Womens Brown Suede 9 Memory Foam Fit Go Walk Faux Fur LinedStella McCartney Adidas Tennis Shoes Sneakers Size US 6 , Saucony Omni TR Running Shoes, Gray/Lime, Womens US Size 10 , chic Korean Women's pure color side zipper Canvas Casual Sneaker Shoe 2 color , SKETCHERS GRAY/PINK WOMEN'S SNEAKERS SIZE 7 1/2M , Women Floral Mesh Shoes Breathable Casual Sneakers Smart Running Sport ShoesWomen Wedge Mary Jane Sandals Closed Toe Weave Platform Heel Sandals Shoes newNEW Women's Platform Hidden Wedge High Heels Ankle Sneakers Walking Casual Shoes , Women Fashion Sneakers Breathable Waterproof Wedge Heel Platform Shoes SizeWomen Men High Top Casual Canvas Athletic Sneakers Breathable Sports Shoes SIBOMen's Running Shoes Fashion Casual Sports Sneakers Athletic Unisex Adult ShoesMERRELL ARABESQUE US 5.5M Leahter Ebony Top Zip Casual Walking Sneaker Shoe , Athletic Shoes Sneakers Breathable Air Cushion Sports Run Shoes Women Casual New2018 Fashion New Women's Sneakers Sport Breathable Casual Running Outdoors ShoesWomen's black/gray NIKE Max Dynasty 2 athletic shoes sneakers , sz 8.5 , Fashion British Women's Shoes Breathable Casual Canvas Sports Running SneakersFashion Women Sneakers Shoes Outdoor GYM Breathable Mesh Outdoor Running ShoesWomens Casual Shoes Sport Fashion Woven Shoes For Women Swing Shoes Breathablewomens HOOk&LOOP mesh cloth breathable sneakers comfortable leisure shoes chic , Women Casual Pull-on Mesh Breathable Sports Travel Walking Loafers Shoes Sneaker

More Stories

Women's St. John's Bay Cole 6.5 M Boots Black Gray or Tan, New $69.99 , Orthofeet womens black Shenandoah Orthotic Diabetic ankle boots 8.5 D EUC , Biala KEIRAN Women’s Distressed Leather Heeled Ankle Boots Black Size 37 US 7 , Fashionable Ladies J Crew Side Buckle Strap Ankle Boots ~ 7.5 M , Style & Co. Womens Royy Closed Toe Ankle Fashion Boots Black Size 9.0 Dk3D , Aerosoles SOTA FOUNTAIN Black Suede Studded Design Knee High Boots Sz 8.5 , Circus by Sam Edelman Peyton Women Round Toe Synthetic Black Over the Knee Boot , Tara M. Black Leather Zip-Up Suede Lined Rubber Sole Calf High Boots Size 9$260 NWB Donald J. Pliner Hadlee Ankle Boots Expresso Women's 6.5Jessica Simpson Womens Brown Ankle Boots 6.5 M , ROCKET DOG Womens EDMOND BURN OUT Chocolate Zip Leather Boots Size 8.5MJustin Boots Style L4809 Beige Tan Pull Up Western Cowgirl Women's Sz 8.5 BClarks Women's Low Calf Brown Leather Boots USA Sz 11 M w Zipper1990's Vasque Skywalk GTX Hiking Boots Womens 8.5 Made in Italy 7534 Gore Tex , $250 New B. Makowsky Savannah Leather Flat Ruffle Boot Adj Tie Detail sz 9/8.5MDr. Scholl's Shoes Women's Exact Chop Mule, Grey Microfiber, 9.5 M USPRADA WOMENS VIBRAM SOLE BLACK LEATHER snickers SHOES - SIZE 37J.CREW Gemma Leather Flats 6 Black e0200 $135Flat Isola Bricen Black Patent Crinkle PatentPOLO RALPH LAUREN MAKENNA BLK PATENT LEATHER FLAT B US 6B MADE IN SPAIN , NEW SKECHERS GO WALK 3 FITNIT EXTREME WOMENS CASUAL SLIP ON SHOES , naturalizer Samantha Pointed Toe Flats, Light Gold, 10.5 USCHARLOTTE OLYMPIA women shoes Black linen Capri Cats espadrillas flat gold KittyNew Johnston & Murphy Womens Myah Black Glove Leather Mules Loafers 78-18281 , Demonia Women's Dank 110 Platform OxfordPUMA 19142901 Womens Cell Riaze WN Sneaker- Choose SZ/Color.NIKE High Top Black & White Basketball Athletic Sneakers Shoes - WOMEN'S 7 OR 5YNIKE AIR FORCE 1 25 SNEAKER SPARKLE HOLOGRAPHIC PINK WOMEN SZ.7Women's Tan suede booties size 5.5 BootsNaturalizer Wynnie Black Boots Women's US Size 8 M (H,1)

Womens Slip Slip On Mules 21071 Trainers Sneakers Plimsolls Casual Trainers Canvas Shoes Pumps Size d501fa6 -

Athletic Shoes