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

GIVENCHY 2017 Chain Strap Leather Leather localjoes-26752 Mules, BRAND NEW, US US 6-7 6a254e3
GIVENCHY 2017 Chain Strap Leather Leather localjoes-26752 Mules, BRAND NEW, US US 6-7 6a254e3 - 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.


NW MARNI shoes loafers R07C03 Brushed Leather gold plaque strap closure , BRUNELLO CUCINELLI Cap-Toe Suede Ballerina Flat Shoes Beige Size 6.5 , AUTHENTIC NEW RARE PRADA BALLERINA FLAT38 NEW , Charlotte Olympia New Abstract Gray Womens Shoes Size 7 M Flats MSRP $525 , New Tory Burch Pump Lowell 85 Wedge Shoes Size 9 Black Heels LeatherValentino Butterfly Star Embroidered Black Leather Derby Womens Shoe. 39. NIBWORN TWICE VIVIENNE WESTWOOD GRENSON LADIES SQUIGGLE SHOES SIZE EURO 37DORATEYMUR Harput Shoe NWB SZ Black Velvet Heeled LoaferTom Ford Black Leather Ballerina Zipper Flats Size 39 , NIB $710+ PRADA Logo Bow Nude Leather Skimmer Pointy Toe Flat Shoes 36.5 - 6 USNIB Charlotte Olympia Abstract Kitty Cat Embroidered Flat Shoes Black US 8 , J.Crew Collection RARE 10.5 NIB Harper Leopard Hair Calf Pointy Toe Flats B1267 , BeautiFeel Saoirse Blue 3D Scale Printed Leather & Suede FlatChristian Louboutin Solasofia Bow Red Sole Skimmer Flat Pointy Toe, Black 35.5EUChurch's Burwood Polishbinder brogues Black 35.5 , $680 New Authentic Bottega Veneta Leather Woven Ballet Flat Green 297868 3502 , DOLCE & GABBANA Lurex Jacquard Mary Jane Ballerinas Flats Shoes VALLY Gold 06752CUTE! Women's $450 Stubbs and Wootton Needlepoint "SCOTCH" Slippers Loafers Shoe , New Prada Womens Shoes Size 38 Espadrilles Flats Blue Suede Calzature Donna , Miu Miu leopard calfhair shoes sneakers flats 37.5NWOB Christian Dior Cannage Black Quilted Bow Ballerina Flats Sz 36.5/37 $590 , NEW BURBERRY WHITE COATED CANVAS LOGO PRINT TRAINERS SNEAKERS SHOES 38/US 8DOLCE & GABBANA Orange Printed Plateau Brocade Espadrilles Sneaker Black 06647Guidi handmade horse leather shoes with silver hooks, in cognac, EUR size 39 , TOD'S Gommino Driving Shoes in Black Suede-Size 37 , PRADA White Leather Buckle Kiltie Mule Slip On Flats Size 41 , Christian louboutin flat black leather loafers 39.5 6.5 6.5uk , Christian Louboutin Shoes Sandals Snakeskin Black & Silver Leather Size 37.5 EURMOSCHINO Black Leather Gold Logo Ballet Flat Designer Woman Shoes 9 US/ 39 EU ,


More Stories



Tags
Womens BASS ARCTIC Black Suede Leather Winter Boots Fur Lined Shoes Size 8 M , Ladies X4002 Black microfibre pull ON boots by SPOT ONNWT *SAM & LIBBY* SIZE 6 TAN FAUX LEATHER SIDE ZIP ANKLE BOOTSIsaac Mizrahi Ankle Boots Womens Size 6.5 M Brown Suede Cap Toe Stiletto Italy , Lamo 8 medium chestnut Water Stain Resistant Suede Boots Juniper , fashion Womens Stilettos High Heel Platform Fur Top Sexy side zipper Ankle BootsBlack Ladies Boots Sz 8 Knee High Leather , Hunter Original Gloss Womens 8 39 Tall Purple Rubber Outdoors Rain Boots nw$98 NATURALIZER JACKLYN Taupe Designer Casual Comfort Ankle Booties 5.5 , Bella Vita Hadley Block-Heel Ankle Boots, Tan Suede , Ahnu Patent Leather zip Comfort Boots Women's sz 7Black short boots. Nine West Brand. never used. Comes with all packaging. size 8 , Steve Madden Women's Carrie Fashion Boot Black Suede Size 10.0Flat Boots , Black Size 6.5 ; Sarai , JustFab .(BRAND NEW ;WITH BOX)Natrualizer Joan Wide Calf Boot - Women's Size 7M Brown , Nine West Women's Size 8 Kyra Black Patent Leather Ankle Boots BootieOLIBERTE Women's ADUNI Tan Suede Moccasins US 10 (581012-1210) , NEW Vince Camuto Prasata- Tornado Verona Booties 8.5M Bnib!! , Whippet Print Faux Fur Boots For Women-Free Shipping , Tory Burch Leyla Laser-Cut Suede Leather Flats Medallion Pointy Size 6Irresistible Christian Louboutin Neon Pink Patent Leather 100 Fifi Heels 36 NEW , Salvatore Ferragamo PARIGI Sella Leather Horsebit Driving Loafers Women's 9.5 MCamper Women's Right Nina K200618 Mary Jane Flat - Choose SZ/Color , Stuart Weitzman Bordeaux Snakeskin Rumpus Sneaker Size 7.5 , Rag & Bone Women's Amber Off White Suede Loafers Size 36 , Walking Cradles Jane 2, BLACK LEATHER, US; 6.5W , Nike Zoom Elite 7 QS Deep Granite/Metallic Gold-Hyper Grape 716435-685 SZ 10.5Nike Womens sz 12 Lunarepic Flyknit Running Shoe Bright Crimson/White/Pink Blast , Adidas Supernova Sequence Boost 7 Womens Shoes Purple Blue 8- Pick SZ/Color. , Teva - Hydro-Life Slip-On - Women 6 ,

GIVENCHY 2017 Chain Strap Leather Leather localjoes-26752 Mules, BRAND NEW, US US 6-7 6a254e3 - digitalcraftmedia.com




Flats
308916
2233762
2850739
4685847
8748702
11095506
12130302
12869701
17483005