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

Propet Women's localjoes-27634 Women's TravelWalker II Mesh Taupe Mesh f477c82
Propet Women's localjoes-27634 Women's TravelWalker II Mesh Taupe Mesh f477c82 - digitalcraftmedia.com

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.


Funtasma Women's Victorian 120 Brown PU , Nike Revolution 4 Womens 908999-011 Black Fuchsia Glow Running Shoes Size 7Saucony Women's Cohesion TR11 Trail Running Sneaker Grey/Mint Sneakers , Lucky Brand Women's Emmie Flat Platinum Leather , Clarks Women's Arla Shaylie Slingback Sand/White Heathered Elastic , Skechers Synergy Simply Chic Womens 12379-Blk Black Multicolor Shoes Size 9Gentle Souls Women's Hazel-Fay Platform Midtop Front Zip Blue/Silver Size 8.0 , REEBOK ROYAL CLASSIC JOGGER 2RS SHOE FOAM LITE SHOES AR1524 (IN SHOP 69EUR)Nike City Loop Women's Black/Black/White A1097001 , NIKE Tennis Classic Pink White 312498137Reebok Women's Reebok Kalmus Trainer Training Shoe , Girl's Nike Flex Supreme Trainer 4 Training Shoe , adidas Alphabounce Beyond Women's White/Night Metallic/Core Black DB1118 , Soft Style Women's Faeth Flat Bordeaux Rose Velvet Flats , Skechers Women's GOwalk Joy Slip-On Walking Sneaker Black/Black Walking ShoesSaucony Kilkenny XC7 Flat Women's Teal/Red 190424 , Nike Classic Cortez Nylon Womens 749864-008 NO BX TOP , Pleaser Women's Candy 40 Black PatentFabulicious Women's Flair 2010 Brown Pig Leather , PUMA Suede Classic Women's Shell Pink/Glacier Gray 35546269ASICS Women's Gel Rocket 5 VolleyballPleaser Women's Delight 633 T-Strap Platform Sandal Clear PVC/Clear Sandals , Pleaser Pink Label Women's Kimberly-08 Wedge Pump Black Faux Leather PumpsPuma Women's Safari Suede Platform 364594 02 Sz6-9 Fast Shipping LSkechers Women's Double up-Faux Fur Fashion Sneaker Gray Size 5.5Women's Converse Chuck Taylor High Top Casual Shoes Optical White W7650 OPT , Women Reebok BD4156 Train grip RS 5.O GTX Walking shoes , Nike Tanjun SE Womens 844908-007 Light Carbon Vast Mesh Running Shoes Size 7 , K-SWISS - SNEAKERS - TONGUE TWISTER - SZ 8 - NWOB - B-SHO-12 ,


More Stories



Tags
ARIZONA JEAN CO - WOMEN - BOOTS SIZE 11 M BROWNSALE Spot On X1159 Ladies BrownMulti Swirl Patterned Pull On Rubber WelliesVintage Stuart Weitzman Black Ankle Boots Rabbit Fur Trim 7.5 B , G By Guess Women's US xl 11/12 Black Nordic Top Winter Boot Pre OwnedRAG & BONE 'Moto' Brown Brushed Suede Leather Ankle Boots Sz 39.5 / 9-9.5 $595LADIES MINNETONKA 17" TALL FRINGED BROWN SUEDE LEATHER BOOTS in SIZE 10Ladies Pointed Shoes Denim High Block Heels Pumps Zip Ankle Boots US Size b232ASH Women's •Falcon• Harness Ankle Bootie - Brown LeatherFranco Sarto Tan Brown Genuine Leather Western Cowboy Mid Calf Boots 7.5M , Giani Bernini Cathrin Women Shoes Wedge Black Boots Sz 8 Mkensie Womens James Leather Almond Toe Mid-Calf Combat Boots, Black, Size 6.5 , Zara Flats Satin Slipper Moccasins Mules Mustard Yellow Fringe 7.5,EU38 5301/201 , Mi Bottes Cavalières Tout Cuir Daim Marron T 37 TBE , Lucky Women's Ramsey Slouch Boot Nutmeg Size 9.5 ss03 , Giove Black Boots, Made in Italy, size 7~LAUREN CONRAD Mid-Calf Thia Moccasin Fringed Suede Boots Black~Size 10~$99Mt. Emey 608 - Women's Lycra Casual Shoes By Apis Black - 6.5 3eSalvatore Ferragamo Black Suede Slip On Mule 7.5 B Shark rare Vintage Shoes $550ALDO Women's Laori Boat Shoe - Choose SZ/ColorEarth Tayberry - Women's Slip-on Casual Shoe - All Colors - All Sizes , New Apis Mt. Emey 10.5/7E Style 9203 , ZARA BALLERINAS WITH STRAPS 36-41 Ref. 1331/101AGL Womens Bronze Leather Flats 41.5NIB Valentino Rockstud Black Nude Leather Ballet Ballerina Espadrille Flat 40CHRISTIAN LOUBOUTIN GRAY FLANNEL FLATS SZ 37 6.5 , STEVEN by Steve Madden Women's Lavender FlatJIMMY CHOO Black Perforated Mesh Leather Bow Round Toe Ballet Flats 38.5/8.5Naturalizer Saturday in Black, Navy Taupe, Taupe Brown , Women's CONVERSE ALL STAR Double Tongue Black Purple Neon Green Sneakers Size 7Women's Nike Air Zoom Terra Kiger 4 Trail New Running Shoe 880564-010 ,

Propet Women's localjoes-27634 Women's TravelWalker II Mesh Taupe Mesh f477c82 - digitalcraftmedia.com




Athletic Shoes
1645910
2901409
4141232
8644837
10393092
10961486
11347099
15113678
16320839