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

Sanita 7.5 Womens Motion Mule Black Motion Foam Clog Size 38 Clog EU/ US Size 7/ 7.5 0df7d16
Sanita 7.5 Womens Motion Mule Black Motion Foam Clog Size 38 Clog EU/ US Size 7/ 7.5 0df7d16 -

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.

SAS Walking Shoes Sz. 8 M Black Leather 'Me Too' Dual Strap Comfort MSRP $160 , DANSKO Ladies Burgundy Patent Leather Professional Mules Size 40US ITALYWomens Nursing Leather Warm Fur Lined Work Boots Nurse Hospital Shoes High TopNurse Mates Adela 259621 Womens Black Reptile Slip On Shoes Size 6 M , El Naturalista Vegan Shoes Leather But No Leather Wedge Sz 36 Spain 5-6 US Black , NEW Black Skechers 403 "Sara" Women's Slip Resistant Sz 9 Work Shoes Memory FoamWomen's Pointed Toe Rhinestones Casual Occupational Loafers Pull On Flat ShoesWomens Sport Skidproof Nursing comfort Shoes Hospital Footware casual Work ShoesClarks HOPE ROXANNE Womens Black 37200 Slip On Comfort Shoes , Soludos Women's Smoking Slipper Loafers Palm Tree Coral Canvas Size 9 MNew Hospital Women's Leather Wedge Nusring Shoes Oxfords Breathable Nurse Shoes , Converse Jack Purcell Signature Series CVO OX Sneaker Inked/White 151461C Sz 8.5Womens Eastland Carly Slip On Loafers Dressy Casual Shoes Walnut Brown 3072 , 77210 Work Black Skechers shoes Women Memory Resistant Safe Electrical Hazard EH , Women Chef Shoes Comfort Clogs Kitchen Nonslip Shoes Safety Black Shoes , New Nurse Hospital Women's Leather Fur Lined Work Boots Warm Nursing Work ShoesWomen Chef Shoes Clog Kitchen Nonslip Safety shoes Oil and Water even on safety , WOMEN`S ALEGRIA "MAYA" WEDGE PUMP SHOES SIZE 41(US 10.5) NEW BLACKNew Womens Antislip Anti Puncture Breathable Steel Toe Work Safety Hiking ShoesNew! L'Amour Des Pieds Bowden Black Suede Slip On Wedge US 9 , Dansko Kelsey Size 41 / 10.5 - 11 Black Leather Clogs Slip On Shoes Nursing ou3MUNRO KIT BLACK 6.5 M NIB $220 WOMEN SHOES LOAFERS LEATHER VIPER , Karen Scott Riley Navy Blue Suede Shoes Classic Heels Non skid sole New in Box , Womens Work Safety Breathable Steel Toe Boots Slip Resistant Anti Puncturn ShoesVeronella Womens Leather Slip On Loafers Size 41 Black White Made In Italy ShoesAlegria Navy Leather Mary Jane Loafer Comfort KOU-292 Women's 9.5-10 / , Alegria,Emma Slip On Bronze Boquet,Clog, Size:US: 10 or Eur: 40MAHABIS CLASSIC LONDON WOMENS 8.5-9 LARVIK GRAY/YELLOW WOOL LINED SLIPPERSDansko Women's Pro XP Burgundy Cabrio Clog- Size 10 ( US 9.5 - 10 )

More Stories

New Women Qupid Sake-29 Suede Chunky Heel Buckle Strap Ankle Bootie , THOM MC AN BLACK LEATHER BOOTS SIDE ZIP CLOSURE 2 1/4" CHUNKY HEEL SZ 9M , Te Casan Red Suede Patent Leather Slip On Medium Wedge Heel Booties Size 10 , Guess Suede Women's Boots Heels Ankle Booties Pointy Toe Side Button Zip Up Sz 7 , Roxy Idaho cam brown suede boots womens size 10 synth fur lined Orig $70.00Size 6 Dr. Martens Women's Magdalena Fashion Boot WineNorth Face HEAT-SEEKER Boots Size 10 Waterproof Faux Fur Black Purple~50 SHADES~ 1" Low Practice Heel Dance Dress Shoes Collection-III by Party Party , Ladies Black Leather Clarks Ankle Boots Lodge Gates , Tommy Hilfiger Riding Waterproof Babette Black Quilted TALL Boots Size 8ANNE MICHELLE RISEUP-65S POINTY TOE THIGH HIGH BOOT , Naturalizer Haley Oxford Brown Ankle Bootie Size 8.5M E295 , Naturalizer Juletta Youth Girls Black Leather Knee High Riding Boots size 4.5 , $275 NWT TORY BURCH MARION QUILTED LEATHER POWDER PINK BALLET FLATS Sz: 6 , Walking Cradles Women's TERI, Black Croc Patent, 11 W USTods Womens Size 38 Brown Gold Flats Driving Loafers Shoes Zipper Suede LeatherNIB $325 TORY BURCH Navy Ivory Tan Woven Patent Leather Careen Loafers 9.5 M , Merrell Women's Applaud Slides FIT-ECO Leather Slip-On Comfort Shoes , Prada woman shoes black canvas/nylon loafers with big buckle 37/7 eucBottega Veneta Dodger Intrecciato Leather SneakerMarc Jacobs Women Shoes Size 38 NIB Aqua/red Loafers Leather/fabric , PW Minor Airloft Classic - Women's - Navy - All Colors - All Sizes , $278 Drake's for JCrew Heels in Giraffe Print 6.5 Yellow Navy G0920 Heels Shoes , SANUK SWF10648 BTRB WOMEN'S MIRAGE BLACK WHITE TRIBAL SLIP ON SHOES NEW WITHOUT , Ryka Women's Hydro Sport Water Shoe,Detox Blue/Twinkle Blue/Chrome Silver,10.5 M , Rocket Dog Women's Daines Sneaker Indigo Tizer Cotton/Fabric Sneakers , New Balance Womens Wl574sfh Black Fashion Sneaker Size 12 (24690)New Balance Minimus WX20BK Women's Sz 10 CrossFit Black , Women's Crown Ankle Chain BootsMVE Shoes Women's Almond Toe Bootie - Cute Low Heeled

Sanita 7.5 Womens Motion Mule Black Motion Foam Clog Size 38 Clog EU/ US Size 7/ 7.5 0df7d16 -

Comfort Shoes