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

Vasque localjoes-24876 Womens Breeze III 9 GTX Athletic Hiking Breathable Outdoor Athletic Mid Boots Size 9 c57a15a
Vasque localjoes-24876 Womens Breeze III 9 GTX Athletic Hiking Breathable Outdoor Athletic Mid Boots Size 9 c57a15a -

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.

Brand New Taupe/Light Brown Ankle Heeled Boot, Size AU 9, US 9Musse & Cloud Womens Aina Pink Cut-Out Booties Shoes 6 Medium (B,M) 37 BHFO 9187 , JUSTIN ROPERS LEATHER WESTERN COWBOY BOOTS WOMENS OR GIRLS SZ 7.5 B BROWN , Enzo high top Tennis shoes purple pink Colette sz 5NEW WOMENS GIRLS LADIES FASHION BLACK FLAT LOW HEEL ANKLE BOOTS PULL ON SIZE 505WOMENS LADIES FAUX SUEDE FASHION PIXIE ANKLE BOOTS FLATS SHOES UK SIZE 3-9 FM-1 , JUSTIN 3056 WOMANS SIZE 6C COUNTRY WESTERN COWBOY BOOTS SOLID GRAYOVER-KNEE SUEDED BOOTS WOMEN WALKER-2017-52 ANNA FOOTWEAR TAUPE , Banana Republic Boots Black Leather Knee High Pull On & Zip 9 M , WOMEN'S LADIES FANCY DRESS 70'S & 1960'S KNEE HIGH GO GO RETRO BOOTS SIZE 4 TO 8 , WANTED TWEETY TEXTILE UPPER BROWN BOOTS SZ 10 NEW , Crocs Brown Nadia Boots Women's Girl's Size 6 , LADIES UNLINED 11" TALL BLACK RAIN WATERPROOF BOOTS SIZE 8SoftWalk Womens Roper Gray Suede Ankle Boots Shoes 5 Medium (B,M) BHFO 3206Kurt Geiger Black Suede High Heeled Ankle Boot EU39/UK6 , CHAUSSURE BASKET TOILE PALLADIUM TAILLE 39 SHOES/ZAPATOS/BOTAS/STIVALI/BOOTS , TOSIVANNINO BLACK LEATHER ANKLE BOOTS SIZE 36 1/2LADIES WOMENS FASHION CASUAL WEDGE HEEL KNEE HIGH BOOTS SHOE SIZES 3-8SPORTO Beige Suede Leather Fur Lined Side Zip Ankle Boots Sz 6M LKN , Womens Beige Faux Suede Calf High Wedge Heel Fur Boot Tesso Toi et Moi Sz 5.5-10 , Women's V Cut Synthetic Leather Ankle Booties 7.5 Tan Medium NWOBLibby Edelman "Henson" Motorcycle Boot with Harness , Women's Fashion Buckle Cuff Combat Chunky Heel Ankle Booties Size 5 - 10 NEWWOMENS LADIES OVER THE KNEE HIGH ZIP FOLD OVER WINTER BOOTS SHOES SIZE 3-8 , NWT Womens Pull-On Fashion Boots Size 11 , NEW Women's Fashion Fringe Buckle Zipper Wedge Heel Booties Shoes Size 6 - 10 , CORSO COMO Leather Black Boots Knee High Zip 7M Women WinterAURA-13-51 WOMEN TALL FLAT BOOT WITH BUCKLE FOREVER FOOTWEAR TAN , Womens Ladies Pull On Low Block Heel Calf Ankle Boot Ruched Cowboy Western Shoes ,

More Stories

women Primetime-08 Knee high Boot side sipper top tabs round toe faux liningI35 Rubiee Pull On Ankle Rainboots, Olive, 6 US UsedCloudsteppers by Clarks Wedge Ankle Boots Caddell Tropic 6.5 medium grey , Womens Caterpillar "CAT" suede leather boots sz 9M blackNew Womens High Heels Stilettos Over Knee Hig Boots Shoes Pull On Fashion SizeAMERICAN EAGLE AE Riding BOOTS LEATHER WOMENS 10 MENS 8 Harness Buckle Pull On , DV by Dolce Vita Women's Malika Smog Suede Motorcycle Boot w/metal spikes 8M , Rieker Women's Boots Ankle Boots Green Elastic Band 99254 NewCorso Como Brown Leather Riding Boot Women US 8Handmade Ladies Brn. Cracked Leather Snip Toe Western Boots - 2601 - Size 6 , $158 MADEWELL INEZ ANKLE STARP SHOES BLOCK HEEL SIZE-8.5 STYLE#F7936HELLY HANSEN BOOTS Veierland 2 Rain Boot Waterproof Rubber Tall Black 7 Women's , 2 Lips Too Womens too larz Closed Toe Ankle Fashion Boots, Black, Size 10.0 lCFw , DANIBLACK LEATHER FABRIC ANKLE STRAPS HIGH HEELS ANKLE BOOTS WOMEN'S 6.5 M , Skechers Women's Reggae Fest Willows Flat5.5 W USBlack/CharcoalAdrianna Papell Size 7 M LENNOX Black Chevron Haircalf Flats New Womens Shoes , Sudini- Lori Fashion Sneaker, Women's Size 8, Black Glove , BOBS from Skechers Women's Phresh-Top Spot Sneaker , Klogs Naples Mens - Womens Clogs Black Oiled - 11 Wide , Women's Running Shoes Training Sport Casual Athletic Breathable Walking SneakersWomens 8.5 9 39 Dansko Professional Black Oiled Leather Clogs Stapled Shoes WorkAUTHENTIC MAISON MARTIN MARGIELA KNIT SNEAKERS SLIP-ONS GRAY GRADE B USED -ATVersace 19.69 E08 VITELLO CUOIO FIOCCO CUOIO ballerina shoes Women's Camel USTOD'S designer women shoes Flats Moccasins Oxfords Comfort Italy 12 USsz 7 ladies camouflage canvas YELLOW BOX high top platform sneakers tennis shoesECCO Women Sz 37 (US 6 / 6.5 ) White Purple Biom Yak Nature Motion Running Shoes , Women's mollini Vietane (Nude) FlatsNew Womens Ankle Boots Bowknot Block Heels Slide Zip Casual Round Toe Shoe Size , BNIB PRADA TRAINERS SNEAKERS US 9 RARE , Nikelab X Sacai Navy Blue/Black Air Max 90’s (8.5) ,

Vasque localjoes-24876 Womens Breeze III 9 GTX Athletic Hiking Breathable Outdoor Athletic Mid Boots Size 9 c57a15a -