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

LADIES SHOES red/FOOTWEAR - Rieker shoe - L1668 red size shoe 37/6 677b9b9
LADIES SHOES red/FOOTWEAR - Rieker shoe - L1668 red size shoe 37/6 677b9b9 - 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.


New HUSH PUPPIES Women Black Leather Low Heel Slip On Flat Loafer Shoes Sz 9 M , Seychelles Tan Leather Survival Slip On Flat Closed Toe Shoes 6 New , FRYE Women's Erica Venetian Slip-On Loafer, Dark Brown, Size 6.0 afCZ , CLARKS ARTISAN SHOES UNLOOP Burgundy Patent Slip On Womens US 10 $130RARE EUC Tory Burch Flat US 7M Denim Canvas Blue Marine Ballerina Shoe A6 , JCrew $158 Sloan Suede DOrsay flats mini glitter bow 8 black pointed toe AVLIvy Kirzhner Barnaby Maroon Box Leather Kilite Block Heel Oxford Tassel LoaferLADIES SHOES/FOOTWEAR - Rieker shoe 41358 brown size 41/10 , Love Moschino Ballet Flat Oil Green Soft Leather Bow detailing round toeline TieFlex & Go Leah Womens Soft Comfortable Leather Shoes Made In Portugal , Lanvin Womens Ballet Flats Size 37 7 Beige Brown Pony Hair Round ToeSesto Meucci Women's Hanita Black Nappa/Black Patent /Black Elastic 8 W , PRADA Ballerines cuir lisse crème et verni noir 36.5 ITL 37 FR TRES BON ETAT , Gentle Souls Womens Demi Glaze KS Slip On Flat Shoe, Black, US 7 , Corso Como 7 Black Fish Leather Dylan Slide Pointy Toe MuleSam Edelman Loraine Gold Bit Metallic Silver Leather Loafer Shoe 6.5 NewDansko Shannon Milled Nubuck Clogs Women's 10 Brown Rustic Leather Mules TasselsNEW DANSKO WOMEN'S AUDREY HOOK AND LOOP PUMP BLACK LEATHER 38 8 MEDIUM $145Size 12 (/ ) Mint Snake Print Leather Ballet Flats MADE IN SPAIN , NIB Womens Sperry Saltwater Wedge Tide Quilted Boots in Brown STS80739 Size 10 , SPERRY TOP SIDER WOMENS KOIFISH SPARKLE GREY SIZE 10JACK ROGERS WOMEN'S ROGER SLIM BALLET FLAT COGNAC LEATHER US SIZE 11 MEDIUM (B)MOLUKAI WOMENS SHOES MOKU LEATHER CARBON SIZE 7New $180 Anniel Ballet Flats Pumps Shoes 8 US 38 US 39EUSam Edelman Women's Felicia Ballet Flat , LADIES SHOES/FOOTWEAR - Sundowner Rukus lime high sandalVince Women's Dark Gray Calf Hair Slip On Fashion Loafer Shoes US Size 7 M , Bravo Java Women's Navy Blue Leather Cuban Heel Moccasin Penny Loafers SzNIB Disney Parks Irregular Choice Star Wars C3-PO C3PO Women's Loafer Sz 9 Shoes ,


More Stories



Tags
Propet booties womens light brown felt 6 , Shoedazzle Parisa Womens 5" Stiletto Red Lame Gold Heel Platform Boot Size 6.5 M , Womens Ladies Chelsea Ankle Boots Studded Black Suede Flat Low Heel Shoes SizeELEGANT FRANCO SARTO BROWN LEATHER SIZE 5.5 M Fashion - Knee-HighNew Women's Size Black Genuine Leather Knee-High Fashion BootsKaren Scott Womens Hulah Faux Leather Wide Calf Knee-High Boots Shoes BHFO 4909Arturo Chiang Black Leather Ride Boots MW & Anne Klein wedge sandals Size 8 1/2 , New Melrose and Market Mackinley Chelsea Boot Pull On Solid Black Size: 7MCaterpillar Fret Fur Waterproof Work Boots, Women's Size 9, Black/WineNicole Black Turner Riding Womens Boots Size 10MJustin Gypsy Pink Camo Brown Leather Stockman Cowboy Boot Size 7.5 B Style L9610Winter Womens Chunky Heels Rivet Platform Round Toe Pumps Shoes , Women's Gold Sequin Open Toe Thigh High Boots , Boot Blowfish Astra Black Fawn PU/Dyecut PUFRYE BLACK BOOTS. SIZE 81/2. 16 inches long . 1 inch heelLuxury Stuart Weitzman Moccasins Loafers flats Black Snake leather US 9 MSTEVE MADDEN Size 9 Black Suede boots.NEW: Franco Barbieri Italian Chocolate Leather Boots (Size 9.5M) , I35 Fedee Harness Strap Riding Boots, BlackWomens Fly London Ska Leather Biker Riding Military Shoe Boots Ladies US 5-10NEW ARRIVAL**FINN COMFORT 6 US WOMENS (3.5 UK) FINNAMIC ,RED Leather, S-18-W-53 , Saucony Grid Rapture Women's White/Coral/Citron Running Sneakers 6.5M , Badgley Mischka 114988 Embellished Loafer - Women's Size 6 - BlackNew Sz.6.5 AGL Double Sole Cork Platform Oxford Leather Shoes Nude Metallic , Mally 6265a Green Stamped Leather Pointy Toe Ballet Flats Moccasins 41 / US 11New Balance WL881PL Fashion Sneaker For Women Size US 7 , Women's womens dress boots size 7.5 BootsNEW! VIA SPIGA Suede Leather Perforated Slip-on Sneaker Shoes, Size 10 - Black , Brooks Launch 4 Women's Anthracite/Beach Glass/Silver 2341B048L'Artiste by Spring Step Women's Amour Closed Toe Sandal Camel Leather ,

LADIES SHOES red/FOOTWEAR - Rieker shoe - L1668 red size shoe 37/6 677b9b9 - digitalcraftmedia.com




Flats
2516930
10421122
11025089
11370749
11636191
12534549
14848570
16884254
18058650