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

High 18818 Stiletto Heels Ladies Ankle Boots Mixed Ankle color Ankle Zip Buckle Suede Zip Shoes aecb2d7
High 18818 Stiletto Heels Ladies Ankle Boots Mixed Ankle color Ankle Zip Buckle Suede Zip Shoes aecb2d7 -

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.

Helly Hansen Women's Veierland Rain Boots - Many Colors , ARIAT FATBABY black leather western cowboy cushioned boots women's size 10 BJeffrey Campbell Womens Cascade Canyon Hiker Boot Booties White Size 9 New , Stuart Weitzman Brown Leather & Shearling Fold Over Platform BootsIman Platinum Brown Leather & Suede Wedge Logo Boots 8.5 W NEW , RUSSIAN ORIGINAL VALENKI WALENKI WINTER FELT BOOTS! WOOL All SIZE NEW 210MU51224 , Vivobarefoot Womens Waterloo Knee High Rain Boot ShoesWomens 7 M Sudini Brown Leather Ankle Boots Victorian Steampunk Pointed Toe Zip , ASH boots shoes women hardly used size:39 , Bella Vita 8.5 Tan Suede Shoe Short Boots Tie with 3 " Block Heel PlatformNew Womens Tsubo Felecia Black Leather Short Ankle Heel Booties Boots , CA COLLECTION Camouflage Military Combat Boots UNIQUE Womens Shoes Size 6 �Earth Origins Navy Blue Suede Water Repellent Tori Heel Ankle Boot NewNew Vasque Womens Monolith Ultradry Athletic Hiking Trail Mid Boots Size 6.5Sole Society Black Leather Angie Back Strap Ankle Boot NEWLucky Brand Womens Boots Brown Cognac Leather Heeled Ankle Boho Shoes Size 7 , NWT Women's SONOMA Goods for Life™ Cecelia Ankle Boots Choose Size Black , LAUREN by Ralph Lauren Womens Mesa Leather Closed Toe Mid-Calf Fashion BootsWomen Ankle Stripes Boots Pointed Toe High Stiletto Heel Faux Leather PartyShoesEarth Jordan Black Vintage Leather Side Zip Ankle Boot NEWTEVA Womens Boot 9 Ankle 1010105 DELAVINA PERFORATED GREY Waterproof $110Sexy Women Over Knee Boots Platform Stiletto High Heels Fur Trim Suede Zip Shoes , Stylish Women's Block Heels Rhinestone Over Knee Thigh Boots Date Casual ShoesVince Camuto "Corra" Tan Suede High Heel Zip Ankle Booty Women's Size US 9.5M , Sam Edelman Women 7M Leather Side Zip Black Ankle Boots Fringe Western Bootie , Pajar Canada Womens Size 41/10 Gray Black Lined Winter Snow Boots Waterproof A3f , M4D3 Felix Chelsea Leather Slip-On Boot!! New!! Msrp $160.00 Sz. 8.5 , Via Spiga Women's Brown Suede Knee High Pointy Toe Boots US 9.5MNew In Box! $125 Jacobies Women's Transparent Mid-Calf Boots US9 ,

More Stories

Woolrich Womens Elk Creek II Closed Toe, Chocolate/Kendall Creek, Size 7.0 , WOMENS DINGO TOE RAND SNIP TOE COWBOY LEATHER BROWN BOOTS SIZE 6 M , Women's Black Leather FRYE Harness Paige Loop Pull On Riding Boots 6BMadden Girl Hunttz Ankle Bootie- Women's Size 7.5, Tan ParisMadden Girl by Steve Madden Womens Kest Black Ankle Boots 7 Medium (B,M) 9319New Boutique 9 Charmaine Brown Leather Booties Heels Fringe! sz 8 M , Lauren Ralph Lauren Makenzie Boot - Women's Size 8B Black , Frye Womens Sarah Shortie Elephant Suede Flat Ankle Boots Size 8.5. NIB.TEVA AFTON WOMEN BOOTS LEATHER BROWN US 6 , Propet Charlotte Boots, Women's Size 8 N, BlackEasy Spirit Womens SZ 5.5 Boot Black Suede Falcowm Fall CasualCOLE HAAN black leather ankle boots with side zipper 7M excellent cond. , Lower East Side Womens Brown Size 8 Faux Fur Lined Mid Calf Zip Boots 145501Stuart Weitzman Womens Boots R SZ 6M 6 M Brown Leather Mid Calf Faux Fur Lined , Mayan Roots Women's Beige Reptile Skin Print Leather Flat Shoes , TORY BURCH Shaw Flat Logo Espadrille Hibiscus Flower Pink Size 8 , Remonte R3425 Slip On Sneaker - NIB - Free ShippingSoftWalk Women's Simba Flat - Choose SZ/ColorWomen’s mizuno volleyball shoes 91/2 , ARRAY Womens Camille Leather Closed Toe Oxfords Brown Size 8.0ATTILIO GIUSTI LEOMBRUNI AGL LEATHER BALLERINA BALLET FLATS SHOES SIZE 38 / 7.5Skechers Women's Empire Sharp Thinking in Black Charcoal, Slate PinkSkechers Sport 23101 Womens Empress Fashion Sneaker- Choose SZ/Color. , NIB Women's New Balance FuelCore Rush v3 RUNNING Shoes WRUSHPB3Women's MademoiselleTARA Shoes 964591 White 24cm Flats , Women's frye clogs 8 Platform FlatsWomen's VINCE Women's Michela Boot Boots , Women's LADIES SNOW BOOTS BootsMia Jive Cognac Leather Side Zip Ankle Boot Sz 7.5M , Bershka Boots Womens Size 38 US Size 7.5 Tan Khaki ,

High 18818 Stiletto Heels Ladies Ankle Boots Mixed Ankle color Ankle Zip Buckle Suede Zip Shoes aecb2d7 -