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

Ritte, Steve Steve Madden, womens leather leather riding boots 6 size 6 fb6b721
Ritte, Steve Steve Madden, womens leather leather riding boots 6 size 6 fb6b721 - 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.


BZees ZORA Navy Ankle Boots - 8.5M , Women's Keen Hiking Boots Targhee ii size 8 purple brownLane Bryant Ankle Boot Size 12w, Medieval Blue! Brand New! , Merrell Primaloft Womens Ankle Boots 200 Gram Insulation Size 7 , Sole Society Black Leather Hidden Wedge Ankle Booties Perforated Pull On Size 8 , CR Mabelle Mineral Wash Denim Cork Wedge High Heel Shoe Boot US Size 6-11Gianni Bini Hercules Tan Leather High Heel Harness Accent Boots Women’s 7M , Women's Carlos by Carlos Santana Ankle Boots - Brianne- Black - New! , Naughty Monkey Santana Anna Suede Boots Size 7.5 Rhinestone Bling , Sam Edelman Gillian Ankle Boot Bootie Women's Size 9 Brown Suede Leather Slip On , Women's Fawn Low Chelsea Booties - A New Day - Size 9.5Hotter Shoes Astrid Women Size 8 Navy Blue , Womens Clarks Artisian Collection Shoe Size 9 M Brown 2" Heel Zip Button , rieker ankle boots, black leather, 8 eucNew Women's Ankle Boots With Dual Side Zippers Size 9 BlackNomad Womens Size 10 Yippy Western Cowboy Monet Rubber Rain Boots 2" Heel EUC , LL Bean Navy Blue Duck Boots Boots Mocs Sz 6Franco Sarto Womens Black Side Zip Ankle Boot SnipToe Heels SZ 9M , skechers gowalk womens 7.5 wide taupe suede boots goga mat dazzling , Aerosoles Heelrest Women's Brown Suede Boots Size 9.5 MEnzo Angiolini Womens Brown Leather Knee High Boots Size 6 M , MERRELL Tundra Boot Performance Pull On Waterproof Black Suede US SIZE 8.5Ladies Brown Stiletto Boots By Paolini Made In Italy (size 8)Style & Co - Beana Boots - Orig. $89.50 - Size 9M - BRAND NEW , Women's Pierre Dumas Cowbot Boots - Cowgirl-10 - Ivory - New in Box! , Born Tall Black Leather Style W31989 2 7/8" Heel Riding Boots in Size 10/42 , Ecote Meeko Booties 7.5 M Teal Cow Leather Wooden Wedge Heel PlatformLucky Womens Brown Suede Ankle Boots Size 7.5 MItasca Womens Sand Size 8 M Tahoe 720363 Suede Upper Thinsulate Snow Boots ,


More Stories



Tags
SC35 Arianah Side Strapped Dress Ankle Booties, Wine, 8.5 US Used , Clarks Sz 9M Ankle Boots Brown Leather Zip Up Heel Booties , Boots Winter Bown Thinsulate Temp Rated Negative 20 SZ 6 New NWTIsaac Mizrahi Black Faux Suede Shin High Boots Size 7 , FRYE Women's Cowboy Western 6187 Tan Boots MADE IN USA Size 7 B VintageDouble H Richland Cowboy Work Boots Subzero Insulated Oil Resist US Made Women 8Donald J Pliner Casual Knee High Snakeskin Tan Suede Cowboy Boots Womens Sz.7 US , Via Spiga New Black Suede Zipper Ankle Booties Wedge Heels Boots SZ 9.5 $250 , Lucky Brand Keezan Pull On Ankle Boots, BrindleMINNETONKA Shoes 630884 Brown 5J Crew Black Patent Leather Metallic Trim Flats Size 8 , BP Nordstrom Women's Black Leather "Hightail" engineer riding Boots,sz. 8 MFREE PEOPLE FARYLROBIN Black Mountain Peak Janice Chelsea Ankle Boots Women's 10Splendid Lyon Suede Ankle Boot Slate Women's 9 M US - MSRP $168 , Sperry TOP SIDER SALTWATER PEARLIZED NAVY DUCK BOOT SIZE 6.5M NIBElegant RAG & BONE Beeman Blue Velvet Slip On Loafer Slipper S SZ 39 1/2 ItalyNEW Free People brown Distress Leather Strappy Pointy Toe Flat Shoe Bootie 39MERRELL WOMENS ENCORE Q2 BREEZE BLACK SIZE 6.5Saint Laurent Ballet Flat Dance Metallic Leather Rose Gold Size 37.5WDM0018 Twisted X Women’s Driving Moccasins – Bomber/Neon Pink NEW , New Womens Genuine Cow Leather Mules Slippers Loafers Shoes Casual Slingbacks SZ$298 Women's Stuart Weitzman Suede Stretch Brown Flats Size 7.5 M NEW , Hogan Moccasin Shoes Sz. 38 H277 Italy Woman Black HXW2770Z780-HN9B999 PUT OFFER , Salomon Womens Sense Ride Trail Running Shoes Blue Bird / Deep Lagoon Navy , Nike Women's Air Max Zero Cool Grey Sail Blue 857661-001 SZ 9 9.5 Running DS , Under Armour Womens Drift Mineral Running Shoes- Pick SZ/Color. , Fila Womens Physique SneakerB (M)- Pick SZ/Color.Women's Flat Born Izzabella Black FlatsWomen's Brand New Falts Size37 FlatsDansko Women Sz 41 US Clogs Shoes Brown Leather Slip On ,

Ritte, Steve Steve Madden, womens leather leather riding boots 6 size 6 fb6b721 - digitalcraftmedia.com




Boots
1149125
2113264
2713128
8425294
9280426
10856840
15649808
16026762
17995460