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

ZARA Black 40 Leather Spike D'orsay localjoes-26759 Studded Pointed Ballerina Flats 9 Rare US 9 40 2a0f628
ZARA Black 40 Leather Spike D'orsay localjoes-26759 Studded Pointed Ballerina Flats 9 Rare US 9 40 2a0f628 -

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.

Alaia Beige Leather Round Toe Ballet Flat Shoe Size 39 9 , NEW Earth Woodland Women 8.5M Loafer Shoes Bronze Leather Soft Step Comfort Flat , frankenschuhe Women's Slip-ons Low Shoes, Sneakers Trainers, Black Leather NEWEcco Size Eur 39 US 8 8.5 Black Leather Loafers New Womens Shoes , 2019 Women Leather Flower Tasssel Flats Slip On Casual Shoes Oxfords Retro Size , Prada Ballet Flats Dark Brown Suede Size 39.5 Elastic Crisscross Strap Mary JaneCalvin Klein Jeans SLIPPERS RIHANNA Jacquard Women's Shoes Loafers R8539PRADA sandal with fish design size 39Balenciaga Gray Textured Leather Gold Tone Studded Heel Loafer Shoe Size 39 9 , new $380 PREVATA 'Dayton' brown croco leather slip-on loafers flats shoes -ItalyWomen's sz 7 Slim SAS San Antonio Shoes Classic Mocha Slip On Leather Shoes , Lanvin Ballet Flats Leopard Print Leather Size 38.5Converse One Star Ballet Flats Strap Gray Silver White Strap Rare Women Size 8ARIAT WOMEN'S PALM CRUISER BROWN/TURQUOISE SLIP-ON SHOE 10017457 CUTE & COMFY!!Donald J Pliner RAVE-D Womens Sz 8.5 M Black Crepe Elastic Leather Shoe Slip On , PANTOFOLA d'ORO BROWN ANIMAL PRINT HIGHTOP SNEAKERS IN EURO SIZE 39 / USA 8.5 , $350 sz 6.5 Salvatore Ferragamo My Joy Metalic Leather Ballet Flat womens Shoes , NEW TORY BURCH Metallic Raffia CAREEN Woven Gold Tassel Loafer Sz 6.5 , Dr Doc Marten Arien Pointed Toe Oxford Dress Shoe Black Cheetah Womens Size 9 US , Dr. Martens 8305 Made in England Mary Jane Platform Shoes Black Womens US 8 , Dr. Martens Lorrie Black polished oily illusion UK4 US6 EU37 $179REBECCA MINKOFF Women's Uma Too Chestnut Rivet Flats 93672 Sz 7 $225 NEWSPERRY WOMENS OASIS CANAL CANVAS IVORY SIZE 9.5 , NEW Merrell Dassie Tie Women 7M Oxford Shoes Leather Metal Eyelets Tie On Black , Dr. Doc Martens Womens Viper 1461 3 Eye Snake Skin Leather Shoes - Gray , Tod's Penny Loafer Black Suede Size 37.5 Slip On Flats , Tory Burch Logo Hardware Yellow Leather Open Peep Toe Flats US7 EU37-38 UK5 $319Stuart Weitzman Womens Sugar Embroidered Round Toe Espadrilles Flats BHFO 8482NEW Frye 9 Red Reagan Perforated Driver Tie Loafers Shoes Flats ,

More Stories

Brinley Co Womens payton Almond Toe Ankle Fashion Boots, Brown, Size 8.5 J1QN , olympia-04 New Ankle Casual Buckle Synthetic Women's Winter Flat Boots Black-5.5new ladies Black Flat Long round roe Sexy Over Knee Boots Size 6 , Camel Color 1" Low Block Heel Comfortable Sexy Knee Boots Size 9.5 , New Gianni Bini Macke Dark Brown Glitter Ankle Boots Zipper Size 5.5 7.5 $99Angie Cutout Bootie in Khaki, size 9 NIB Rebels $89 , Sperry Top-Siders Abacos Womens Ankle Boots 8 Gray 9446477 High Top Wool Sneaker , Pikolinos Black Leather Knee high Bicycle Stitch Toe Wedge Boot Women US 7Giovanna Leather long boots black size 9 , CHADWINCK'S Vintage Fashion Leather Woman Boots Size 9 M , New Teva Little Cloud Boots Waterproof Thinsulate -25 Leather Cute! $150US Shoe Size Women Trendy Fashion Boot Comfort Casual Dress Black/White/Tan New , HI-TECH Harmony Womens Grey/Celery Waterproof Suede Hiking Boots size 8.5 , TEVA WILLOW CHELSEA PECAN LEATHER SNEAKERS WOMEN'S SHOES SIZE US 8.5/NEW , NIB $195 Josef Seibel Britney 06 Leather Women's Mid Calf Boot Brown US 7Clarks Black Leather Enfield Tess Seam Detail Ankle Boots 8.5 SaleWomen's Zeyzani Black Velvet Embroidered Knee High Cuban Heel Boot Size 35/4.5-5 , ALDO Beige brown Nubuck Open Front stiletto Heel Booties pumps Women's Size 9Chic Women Leather Punk Rivet Bee Slip On Flat Casual Loafers Shoes NewSkechers Women's Ez Flex Renew - Bright Days Sneaker, , Easy Street Womens Barbara Low Top Slip On Fashion, White flower, Size 12.0 QY2sFrench Sole FS/NY Women's Passport Ballet Flat, Navy, 8 M USLADIES SHOES/FOOTWEAR - Hush Puppies Dylan black shoe , Avia Running Shoes 8.5 M Silver/Blue Fabric Upper New with Box , Original Vans Authentic VN000QER5U8 Port Royal Canvas Casual Women *NO BOX , Hot Men's Women's Air Sports Huarache Shoes Athletic Sneakers Shoes , Womens New Balance 1080v3 Athletic Running Tennis Shoes Sneakers Sz 12 D WideWomen's Pleaser Womens Vanity-2013- Pick SZ/Color. BootsWomens Round toe PU Leather casual side zipper chunky Knee High Boots Plus SizePUMA Women's Suede Classic Lo Winterized Sneaker ,

ZARA Black 40 Leather Spike D'orsay localjoes-26759 Studded Pointed Ballerina Flats 9 Rare US 9 40 2a0f628 -