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

Adidas Womens Raleigh 9 Mid ClearOnix/White Raleigh Fashion Shoes ClearOnix/White Size 9 (366814) 7ae7486
Adidas Womens Raleigh 9 Mid ClearOnix/White Raleigh Fashion Shoes ClearOnix/White Size 9 (366814) 7ae7486 - 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.


Adidas AlphaBOUNCE RC Running Shoe - Women's Size 7.5, Gray/White , Adidas Womens Aw4323 White/White/Black Fashion Shoes Size 6 (424272)Free Shipping Fashion Womens Girls Canvas Shoes Sneakers High-top Casual ShoesWomen's Skechers Run-Elevatee Running Shoe Size 7 - 11776Nike air Alford series shoes size 7NIB PUMA VIKKY RIBBON platform WOMEN'S SNEAKERS Suede, choose colorWomen's Skechers Go Walk Shoe GoWalk Lightweight - Multi Knit (Pick Size)ASICS GT-1000 5 Running Shoes, Women;'s Size 7, Grey/Teal/PinkNWT WOMEN'S VANS CLASSIC SLIP ON MID (LEATHER) SNEAKERS/SHOES.SIZE 7.NEW 2018!New Balance 840 Women's Running Shoes White/Silver/Blue Sz 10.5B(US)Made in USAFitFlop Uberknit Women's High Top Slip On Sneaker Shoes Pink Size 11 , Nike Womens Studio Wrap Slip On Gym TrainersDISNEY MICKEY MOUSE Trainers Sneakers Shoes PrimarkWomen's Sequin Glitter Sneakers Round Toe Tennis Comfort Walking Athletic Shoes , Worn once!! ASH Bowie Calf Suede & Canvas Hi Tops - MINT CONDITION!Women Casual Flats Outdoor Sports Running Hiking Shoes Slip On Comfortable Mesh , Women Fashion Sneakers Sports Running Hiking Thick Bottom Platform Shoes , New Balance RC1400v3 Sneaker - Women's Size 7.5B Orange , Womens Wedge Increase Mesh Breathable Fashion Comfort Sports Casual Shoes A629 , NIKE Free 7.0 USA 2008 Olympics Beijing Gray Blue Athletic SHOES Sz 9 40.5New Balance 515 Women's Running Shoes Gray/ Mint Green Size 9.5B(US) , Women's Slip On Sneakers Outdoor Sports Trainers Shoes Comfy Running WalkingDr. Scholl's Anna Sneaker - Women's Size 9M Navy , Nike Free RN 2017 Running Shoes, Women's Size 8.5, Black , Nike Flex Fury 2 Women's Running Shoes Black/White Size 8(US)2018 Women Fluffy Color Thick Sole Breathable Sneakers Casual Chic Sports ShoesWomens Increase Mesh Comfortable Sport Walking Running Shoes Casual Shoes A66Nike Womens Runallday black Running Shoes Size 5 (421360) , Reebok CrossFit Nanossage TR Womens Training Shoes Sports Sneakers


More Stories



Tags
Roxy Boots Timber Brown Suede Leather Womens Size 7.5 Nice Condition , a.n.a ana Brown Heeled Zippered Leather Boots Size 9.5ALDO Gray Leather Side Zip Knee High Riding Boots Women's Size 6A2 by Aerosoles My Way Ankle Boots Brown Size 9.5MWomens 7 M Sudini Brown Leather Ankle Boots Victorian Steampunk Pointed Toe ZipNew Via Spiga Black Women's Heels suede Ankle Boots Booties Size 6M , Bloomingdale's Women's Ainsley Knee High Leather Boots, Black 8.5M NewSteve Madden women's Minkee Leather Ankle boot, Stone, 6 MLouise Et Cie Andora Black Leather Over The Knee Stretch Boots Womens Size 5 M *Rampage New Womens NWOB Brazil Brown Ankle Boots Shoes 6.5 Medium NewEastland Womens Sunset MLB Orioles Boat Shoe- Pick SZ/Color.Earth Origins Women's Tori Dark Olive 7$299 Agl Attilio Giusti Leombruni Shimmer Suede Cap Toe Loafers Flats Shoes 42Dansko Women's Charlie Sneaker, sage Suede, 39 M USNew Olukai Womens Pehuea Casual Slip on Boat Shoes Black / Black 1 Year WarrantyWomens slip on rhinestone star shoes flat heels fashion British style loafersNAOT Kirei Size 10 Black Mary Jane FlatsHAFLINGER Womens Mules Clogs Light Gray Slip On Leather Shoes US 5- 5.5 M , NEW DOLCE & GABBANA Black White Polka Dot Espadrilles Flats Shoes EU38 / US7.5 , Sperry Women's Lounge Away Sneaker Grey 10 M US , Jenni Kayne Suede d'Orsay Flats, Violet, Size 38.5 , Rocket Dog Cule Slip On Sneaker - Women's Size 10, Dark Grey , Jimmy Choo Nude Flats size 38! Excellent condition only worn 2x!! Gorgeous shoesVINCE CAMUTO BARITA BLUE SUEDE RHINESTONE SNEAKERS SIZE 8 M - NEW , Kenneth Cole New York Women's Kiera Star Mid-Height Sneaker Zippers on Sides and , Asics Gel-Rocket 8 Blue Silver Women Volleyball Badminton Shoe Sneaker B756Y-400 , Nike Women's Orive NM Black White Sneakers Shoes 677136010 Size 9.5 M , ASICS GEL GT 2000 WOMEN'S ATHLETIC RUNNING SHOES SIZE 6.5 TEAL PINK T2K7N , Saucony Originals Women's Jazz Low Pro Sneaker Black/Dark Gray/Red Sneakers , Sanita Womens Leather Stapled Clogs Sz 39 8 8.5 Black Mules Shoes Danish

Adidas Womens Raleigh 9 Mid ClearOnix/White Raleigh Fashion Shoes ClearOnix/White Size 9 (366814) 7ae7486 - digitalcraftmedia.com




Athletic Shoes
1823473
4475237
4515985
4909431
5735264
10258649
14696675
15809313
16958827