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

New Women's Skechers Skechers Winchester (48724) - Mysterious Boots (48724) Mysterious (E19) 97cdd4e
New Women's Skechers Skechers Winchester (48724) - Mysterious Boots (48724) Mysterious (E19) 97cdd4e -

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.

Nine West GETONITO Peep Toe Booties-Brand New-Size 7.5 fits 8MBOC/BORN *MYRIAM RIDING BOOT* BLACK PEBBLED LEATHER - LADIES 6.5 , WOMENS J CHISHOLM BURGUNDY LEATHER ROPER COWBOY WESTERN BOOTS SZ 6M 6 M USA MADEStyle & Co. Womens Dannii Closed Toe Mid-Calf Fashion Boots, Black, Size 6.0BRECKELLES WOMEN'S OUTLAW-81 KNEE-HIGH BOOTS BROWN SYNTHETIC US SIZE 7.5 MEDIUM , NEW Brown 3 layer fringes tassel Western Moccasin Mid calf Knee High BOOTS allSZBN Black 3 layer fringes tassel Western Moccasin Mid calf Knee High BOOTS allsiz , Mix No6 Black "HOPE" Knee High Boots 6M New With Box! , Franco Sarto Mira Womens Shoes Size 5.5 Tan Brown Leather Booties Casual , Sperry Topsiders Zebra Print Design Rubber Boots Women's Size 11 J12-CH373Kodiak Men's Journey 6" CTCP Work Boots Brown/Black Size 10M , Qupid Womens Faux Suede Knee High Almond Toe Fringe Stiletto Boot Black 8New Muk Luks Women's Knitted Faux Shearling Lined Winter Boots 17433 Size 9 NIBCathy Jean Luxurious Black 100% Leather Women's Boots Size 8 , Women Winter Flat Peas Low Tassels Plus Velvet Thick Warm Cotton Snow Bootsollio Womens High Heel Ankle Shoe Zip Faux Suede Multi Colored Boots Dress Pumps , Bella Vita Women's Eli Pointed-toe Shooties Size 7/6.5 Almond SuedeJustin 6.5 B 57641 Women's Brown Leather Leather Cowboy Western Boots Cowgirl , Skechers Sport Women's Breathe Easy Two Of A Kind Walking Shoe (7.0 B (M) US, Na , WOMENS 8.5 M NATURALIZER BRAZIL BROWN LEATHER FASHION LINED STRETCH ZIPPER BOOTJUSTIN Roper Granny Grunge Boots Size 4.5 C Women'sElle Tan Knee High Boots size 38 , Easy Spirit Women's Leinee Ankle Bootie Dark Taupe Suede 9.5 M US , Autumn Early Winter Women Flat Heel Fashion Keep Warm Ankle Camouflage BootsNEW WOMEN WEDGE SLOUCH BUCKLE MID CALF BOOTS KNEE HIGH ROUND TOE SHOES/ TAN , Sporto Duck Womens 7 Brown Fleece Lined Warm Winter Boots , new ladies Black Round Toe Side Buckles Sexy Mid-Calf Boots Size 5.5New ladies Black Knitting flat Mid-Calf sexy Boots Size 5 , PADORA BY CHARLES BY CHARLES DAVID CB207-K4 ANKLE BOOT BLACK 7.5 M

More Stories

Clarks Women's SZ 9.5 M Brown Leather Monk Strap Ankle Booties Buckle Shoes S417 , Riverberry Women's 'Luck' Short Booties - Stone Suede - Size:6.5Brand New Comfortable Womens Ladies Brown Nepal Boots by Georgie Porgy shoes , Justin Women's Western Style Leather Boots Size 8.5C L4740 , Ladies Black / Brown CoCo Pull On Ankle Boot UK Sizes 3 - 8 L8640 , ** Chinese Laundry ** Over The Knee High Boots Tall Womens 8.5 Brown BoutiqueEmu Women Bria winter Boots - size 9 brown , NEW LADIES Brown 1"Low Heel Side Buckles Sexy Knee Boot Size 6Women's Mootsies Tootsies Tall Wedge Boots - Quill - Stone - New!!LIFESTRIDE Womens WISH Dark Brown Tall Boots US 7W (C8216S1200)Vince Camuto Kadia Black Leather Wide Calf Tall Riding Boots. Size 5 MNEW Franco Sarto Craze Women's Brown Leather Knee High Boots US Sz 5 M Shoes 290 , EUC Merrell Moab Mid Women's US 7.5 Bungee Cord Waterproof Hiking Trail Boots A8 , Style&co. Women's Bolted Snow, Winter Boots Tan Chestnut Leather Size 7 MAldo Womens Chiaverini Closed Toe Over Knee Riding BootsKeen Targhee II Mid Hiking Boots Raven/Bossa Nova Women's 7.5 , Naturalizer Women's Larissa Knee-High Boots Black Smooth Lizard Size 8 MWomens Dansko Professional Grey Paisley Patent Casual Clog 506010202 Sizes 36-41 , Vince New Bates White Womens Shoes Size 10 M Flats MSRP $250 , Nine West - Beekley Leather Womens Ballet Flat- Choose SZ/Color. , Stuart Weitzman 8.5N Narrow Kiltie Moc Toe Loafer Black Suede Silver Plate , Bolo Sessili Black Patent Thong Sandals Shoes Sz 7 Bloomingdale's New In BoxNew Women's Shoes Fashion Leather Shoe Casual Sneakers ShoesWomens Fly London Tram Brooklyn Leather Open Toe Holiday Sandals Shoes , Cole Haan Womens Theresesam Closed Toe Loafers, Pink, Size 6.0Skechers Women's Ultra Flex Statements Sneaker - Choose SZ/Color , Women's Tory Burch Flats Size 9.5 Flats , New Womens Lady Fur Lined Mid Rain Calf Boots Warm Waterproof Pull On Snow ShoesThorogood Uniform SoftStreets 534-6342 Womens 6" Waterproof Insulated BootMephisto Womens Mobils Shoes Cork Footbed Wine Patent Leather Slip On Size 9

New Women's Skechers Skechers Winchester (48724) - Mysterious Boots (48724) Mysterious (E19) 97cdd4e -