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

Bottes Dorée Stretch et Broderie Dorée T 36 T Broderie TTBE 23b1bcf
Bottes Dorée Stretch et Broderie Dorée T 36 T Broderie TTBE 23b1bcf -

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 Ankle Boots Suede Boots High Heels Shoes Stiletto Pointed Toe Boots Shoes , Women Mid-Calf Boots Zipper Pointed Toe Kitten Heels Plus Size Booties ShoesBare Traps Womens dallia2 Closed Toe Knee High Fashion Boots , American Rag Womens Desyre Closed Toe Ankle Chelsea Boots, Black, Size 5.5 oI1H , Genuine Brown Leather Sheepskin Suede Shearling Soft Winter Womens Boots 6 36Minnetonka Moccasins Single Tier Brown Fringed Tamper Boots Womens Size 8 US.Calvin Klein Black Suede Sabella Booties with Chains Size 7M , Blowfish Womens sava Closed Toe Ankle Fashion Boots, Grey, Size 7.0 ZNLoWomen Dasia Fashion Slouchy Faux Suede Round Toe Chunky Heel Over Knee Boots , Lucky Brand Women's Fantine Fashion Low Boot Steel Grey 7.5 MChooka Womens Midtown Strappy Rubber Almond Toe Ankle Cold Weather BootsBearpaw Women's Jade Mid Calf Winter Boots, Chocolate, Size 9.0 SEJ1vintage GUESS MARCIANO brushed leather suede tan cowboy western ankle shoes 6 **Ladies Spot On Over The Knee Boots$120 size 7.5 Clarks Cloudsteppers Caddell Rush Black Wedge Ankle Booties shoes , Dawgs Women's 9" Microfiber Boot (1018) Plum Size 10LUCKY BRAND NOLAN taupe soft leather studded zips mid calf combat boots 7 MSPIRAL Boots Pointues Cuir Marron Doublées Cuir T 38 TBESoho Shoes Women's Suede Heeled Over the Knee Riding BootsCAT Caterpillar Helena Grey Leather Short Ankle Boots Buckle Womens Shoes UK8Scarpa 66001 BXD Hiking Backpacking Boots US 7 , COLE HAAN Black Patent Leather Waterproof Rainboots Boots 6 BLadies Brown/Black Down To Earth Long Boots UK Sizes 3 - 8 F4386Report Womens Moriah Suede Closed Toe Ankle Fashion Boots, Black, Size 11.0 KTqE , Roper Women's Heels Shoes Size 10M Black High Boots Cowboy WesternWomen Classic Mid-calf Boots Suede High Heels Elasticity Plus Size Casual ShoesJournee Collection JC Selena Grey Round Toe Bootie , XOXO Womens Trishh2 Suede Closed Toe Mid-Calf Fashion Boots, Taupe, Size 10.0 yWCalvin Klein Collection Green Suede Pointy Ankle Boots Sz 39.5 NWOT $695 ,

More Stories

Women Glaze Boots size 7 color Brown New In The Box , BCBGirls Shoes 7.5 Black Brown 'Kevin' Patent Captoe Stretch Fabric Knee BootsVolatile Women's Hattie Ankle Bootie, Beige, 6 B USXOXO Karol Women's Boots Blueish Grey Size 7.5 , VALERIE STEVENS diego black size 8 M womens kitten heel all leather upper shoes , Bass women's ankle boots brown leather platform 3" heels, zipperMerona Woman Heels Boots Shoes Casual Black Leather Zip Sz 9 1/2MWomens Ladies Knee High Fur Lined Boots Winter Biker Riding Low Heel Shoes SizeWomen Lovely People Boots Black Size 6White Mountain Size 8 Brown Ankle Boots New Womens ShoesNEW Dr. Martens Les Faux FUR LINED LES SOFT BUCK Chukka Boot US 7Acne Studios Star Black Leather Chelsea Ankle Boots 36 , Brand New Camel Faux Suede Over The Knee Boots , COOLWAY BOOTS BOTTINES PLATES CHAUSSURES CUIR MARRON 38 FEMMES LEATHER SHOES , Prada Women's Slip On Shoes Closed Toe Leather Size 37 Italy Brown Loafers Comfy , Frye Ballet Shoes Agnus Cognac Brown Size 7 NEW , NIB Keen Women's 1015000 Wool Canvas Tan Multi Mary Jane Size 6CELINE Mocassins Vintage Tout Cuir Femme Laine T 34.5 TBE , Haflinger Women's Paisley Flat Smokey Brown 41 EU/10 M US , Klogs Sonora - Mens - Women Clogs Black Smooth - 11 MediumEasy Spirit Women's Devitt8 Driving Style Loafer - Choose SZ/ColorWomens New Balance/Dual Comfort Gray/Purple Fashion Sneakers Sz. 7.5 M35-43 Women Round Toe Bowkot Pompom Lolita Casual Shoes Flat Sport Sneakers H497 , Vibram Fivefingers Sprint W112 Minimalist Sport 40 Running Shoe Women's 8 - 8.5 , NEW J.CREW SUEDE CROSS-STRAP CRYSTAL FLATS, E7234, SIZ 8.5, DESERT PINK, $158 , Women's Nike Shox Gravity Blue Force Floral Shoes -Size 10 -AQ8554 400 , Women Adidas CQ2487 Superstar Slip on Running shoes black white Sneakers , New Womens Over The Knee High Boots Buckle Platform Block High Heel Casual Shoes , Sam Edelman Women's Kerry Espadrille Mule Pink Gold Matte Sequins Mules , Women's Super Wedge High Heel Sexy Platform Sandal Party Club Wear Shoes A1004

Bottes Dorée Stretch et Broderie Dorée T 36 T Broderie TTBE 23b1bcf -