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

Versace Women's Women's True Red Suede Ballet Leather Medusa Suede Ballet Flats Shoes Sz 6 9 10 191f705
Versace Women's Women's True Red Suede Ballet Leather Medusa Suede Ballet Flats Shoes Sz 6 9 10 191f705 -

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.

MANOLO BLAHNIK Hangisi Flat sz 35Ted Baker Women's Alella Lthr AF Black Ballet FlatPRADA WOMEN'S BALLET FLATS PINK PATENT LEATHER SIZE 39 MADE IN ITALY , PRADA Round Toe Buckle Flat sz 38.5MIU MIU Cap Toe Hidden Wedge Sneaker sz 36 , Melissa Women's Ultragirl Jason WU VII Ballet Flat With BowValentino Garavani Rockstud Ballerina Black Flat Shoes Women's Size 42Sam Edelman Women's Florence Ballet FlatTrotters Women's Arnello Ballet Flat - Choose SZ/ColorAerosoles Women's Over Drive Slip-On Loafer - Choose SZ/Color , MARNI SBMSW03 Backless Loafers, Stone White/Black , Naturalizer Women's Elly Slip-On Loafer - Choose SZ/ColorNIB Authentic Valentino Garavani Rockstud Cage Flats in Beige Size 37.5MANOLO BLAHNIK Hangisi' Jeweled Pointy Toe Flat sz 39Via Spiga Women's Morgan Slip ON Sneaker - Choose SZ/ColorBalenciaga Triple S Womens Black & Red Leather Trainers US 8.5 , Ahnu Women's Tola Slip-On Casual Shoe - Choose SZ/Color , ECCO Women's Soft 7 Slip On Sneaker - Choose SZ/Color , Dr. Martens Women's 1461 RS Mallow Pink Oxford , Trotters Women's Sizzle Flat - Choose SZ/ColorTrotters Women's Arizona - Choose SZ/Color , Lucky Brand Women's BAYLEAH3 Sneaker - Choose SZ/ColorTrotters Women's Anastasia Ballet Flat - Choose SZ/Color , CLARKS Women's Everlay Heidi Slip-On Loafer - Choose SZ/ColorCLARKS Women's Amberlee Crest Oxford, - Choose SZ/Color , Merrell Women's Applaud Moc Slipper - Choose SZ/Color , STEVEN by Steve Madden Women's Lourdes-c Ballet Flat - Choose SZ/Color , Nine West Women's Prokos Leather Walking Shoe - Choose SZ/Color , Kenneth Cole New York Women's Westley Slip on Flat Loafer - Choose SZ/Color ,

More Stories

Immerse-01S Knee High Cone Heel Scrunch Slouchy Rhinestone Embellished Boots Sil , Womens Blowfish Shoes Sz 7 Ankle Boots Plaid Side Zip Khaki Yellow Brown , V Italia booties Sz 38 Euro 7-8 US New in Box! Camel Brown GORGEOUS!! , Bottines Boots MALAFOLIE Cuir et Cuir Synthétique Marron T 36 BE , New $90 2 Lips Too Too Flip Black Riding Boot Sz 6 , Women's Black suede winter boots Mismatched sizes 7 1/2 & 8 Canadian Made , Michael Antonio Milena A1 Ankle Boot Side Zip Booties BLACK Women's Sz US8M, NIB , Palladium Women's Pampa Free CVS Ankle Boot, White, Size 10.0 , Shoedazzle Scene "Nykia" silver hi-heel booties - Size 11 ,5" heel 1" plat - NewWomen Winter Keep Warm Flat Plush Snow Boots Ankle Short Boots US Size 5-12skintone 5"High Stiletto Heel 1.5"Platfor Round Toe Sexy Over Knee Boot Size 5.5Vintage Wrangler Boots 60's/70's Boho Tooled Leather Mushrooms SZ 7 M , LL Bean Maine Hunting Shoes BOOTS size 8 Womens Rubber Brown Leather DuckSteve Madden Womens Olgga Leather Zipper Tall BootSalvatore Ferragamo Boutique Women Nu-buck Suede Brogue Oxfords Size 8.5 AAACorso Como Women's Somers Motorcycle Boot, Black Tumbled Leather, 10 M US , Women's Drew Shoe Bloom II Mary JanesPUMA Basket Platform Reset Puma Black-Puma Black-Puma Black WS (363313 04) , Marc Joseph New York Grand St. Dress Loafers 008, Pewter Grainy, 6 US / 36 EUJ.CREW SEQUIN FLATS WITH STARS SIZE 8M NAVY H1903 , Sperry Top-Sider Women's 10 Bluefish 2-Eye Linen Oat Slip-On Loafer Boat ShoesGianvito Rossi White Leather Loafers Round Toe Black Heels Flat Shoes Sz US 8.5PUMA Womens Ignite Limitless Netfit Wn Sneaker- Pick SZ/Color. , NIB New Balance Womens 8.5 White Walking Shoes WW812VW Hook & Loop ClosureWomens White Nike Air Max Motion Size 8 , Pearl Izumi Womens Silver/Clementine Running Shoes Size 7 (34772)Sperry Authentic Original 2-Eye Boat Shoe 9265562 Leather sz 6 Med F188ALDO Black Synthetic Leather Knee High Riding Boots Women's Size 6NEW MAX MARA MM40 Nudo Suede Sneakers Shoes size 37 US 7 , CLARKS Womens Un Haven Cove Fisherman Sandal ,

Versace Women's Women's True Red Suede Ballet Leather Medusa Suede Ballet Flats Shoes Sz 6 9 10 191f705 -