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

Jessica Jessica Simpson Womens Baiden 27798 Taupe Riding Boots 5.5 Medium Medium (B,M) BHFO 7880 4e3f253
Jessica Jessica Simpson Womens Baiden 27798 Taupe Riding Boots 5.5 Medium Medium (B,M) BHFO 7880 4e3f253 - 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.


sensational NINE & COMPANY brown leather western inspired side zip boots 9NEW HIGH PLATFORM WEDGE SEQUENCE SHIMMER GLITZ SHOE BOOT WOMENS BOOTIESFRANCO SARTO DARK BROWN SUEDE BOOTS, WOMEN'S SZ. 9-1/2M, HIGH HEELSwomens 6 M 36 Rieker Annemarie Kendra ankle boots leather brown zip riding linedAsolo Womens Tacoma GTX Waterproof Athletic Hiking Mid Boots Sz Right 9 Left 8.5 , Natural Soul Naturalizer All Thru Comfort Women’s 6M Booties Shoes box10 , Chic Winter Warm Fur Lined Flats Casual Women Ankle Snow Boots Cotton Shoes N-70 , BOTTINES FEMME CHARLES DAKY POINTURE 40Antonio Melani 7M Black Leather Embossed Reptile Lizard , Brand New Taupe/Light Brown Ankle Heeled Boot, Size AU 9, US 9Musse & Cloud Womens Aina Pink Cut-Out Booties Shoes 6 Medium (B,M) 37 BHFO 9187JUSTIN ROPERS LEATHER WESTERN COWBOY BOOTS WOMENS OR GIRLS SZ 7.5 B BROWNEnzo high top Tennis shoes purple pink Colette sz 5 , NEW WOMENS GIRLS LADIES FASHION BLACK FLAT LOW HEEL ANKLE BOOTS PULL ON SIZE 505 , WOMENS LADIES FAUX SUEDE FASHION PIXIE ANKLE BOOTS FLATS SHOES UK SIZE 3-9 FM-1 , JUSTIN 3056 WOMANS SIZE 6C COUNTRY WESTERN COWBOY BOOTS SOLID GRAY , OVER-KNEE SUEDED BOOTS WOMEN WALKER-2017-52 ANNA FOOTWEAR TAUPEBanana Republic Boots Black Leather Knee High Pull On & Zip 9 M , WOMEN'S LADIES FANCY DRESS 70'S & 1960'S KNEE HIGH GO GO RETRO BOOTS SIZE 4 TO 8 , WANTED TWEETY TEXTILE UPPER BROWN BOOTS SZ 10 NEWCrocs Brown Nadia Boots Women's Girl's Size 6 , LADIES UNLINED 11" TALL BLACK RAIN WATERPROOF BOOTS SIZE 8 , SoftWalk Womens Roper Gray Suede Ankle Boots Shoes 5 Medium (B,M) BHFO 3206Kurt Geiger Black Suede High Heeled Ankle Boot EU39/UK6CHAUSSURE BASKET TOILE PALLADIUM TAILLE 39 SHOES/ZAPATOS/BOTAS/STIVALI/BOOTS , TOSIVANNINO BLACK LEATHER ANKLE BOOTS SIZE 36 1/2 , LADIES WOMENS FASHION CASUAL WEDGE HEEL KNEE HIGH BOOTS SHOE SIZES 3-8 , SPORTO Beige Suede Leather Fur Lined Side Zip Ankle Boots Sz 6M LKNWomens Beige Faux Suede Calf High Wedge Heel Fur Boot Tesso Toi et Moi Sz 5.5-10 ,


More Stories



Tags
EUC Sporto Womems All Weather Rain Snow Winter Boots Thermolite Size 7 Multi , Born Concept Brown Leather Shoes Ankle Boots Size 7.5Ladies Spot On Brown Zip Up Ankle Boots with 2 Buckle Strap 2" Heel F50385Easy Street Breena Comfort Ankle Boots, Brown, 8.5 W USCIRCA JOAN & DAVID Stanton Size 9.5 M Brown Leather Side-Zip Knee-High BootsGardenia Copenhagen Brown Suede Leather Panel Platform Heel Ankle Boots Sz 39London Fog Womens Melton Cold Weather Waterproof Snow Boot 9M , APT 9 WOMENS IRENE BLACK SLOUCH TALL RIDING BOOTS MAN MADE 6.5M BUCKLE NEW , Women's Shoes Bamboo Hilltop 20M Over The Knee Stretch Zip Boot Burgundy *Newnew lady Black 5.5"Stiletto High Heel Round Toe Sexy Over Knee Boots Size 7Ariat Ats Heritage Roper Brown Leather Boots Size 7BNIB $228 Guess Women's Daris Knee-High Suede Boots - multiple sizes/colors , Ladies Leather Collection Black Suede Leather Zip Up Knee High Boots F50536Brand New Camel Faux Suede Over The Knee Boots , CLARKS Mid Calf Boots- Side Zip Square Toe Brown Leather Block Heels Women's 9 MAGL Attilio Giusti Leombruni Flats Slip On Shoes Loafers Fringe 39.5 9.5WDM0034 Twisted X Women’s Driving Moccasins – Bomber/Tan NEW , New Cole Haan ~ Art to Wear ~ Denim w/Slight Sparkle Alisa Wingtip Oxfords 9MManolo Blahnik Womens Shoes Size 38 8 Beige Animal Print Suede Ballet Flats , $595 NEW Giorgio Armani Women's Black Brown Nude X1D197 Leather Fashion Flats , Versace 19.69 4150003 LUNA ARANCIO ballerina shoes Women's Orange US , NEW REISS WOMENS EDEN SUEDE FLAT MULES GREY , Splendid SPL-ANNABELLE Womens Spl-Annabelle Pointed Toe Flat- Choose SZ/Color. , ADIDAS Originals ZX Flux BB2262 WOMEN’S RUNING TRAINING SHOES White/silver , ASICS GEL-Kayano 24 - White - WomensReebok Women's Classic Harman Run Sneaker,, Pink, Size 11.0 3eFJ , Women's High top Inkka's by Kastari Athletic Shoes , BareTraps Drennan Women's Boots Dark Brown , Joules Womens FieldWelly Rubber Closed Toe Mid-Calf Rainboots Grey Size 4.0 Lo , Vans Disney Old Skool Mickey (Limited) Women’s 7.5 Supreme! ,

Jessica Jessica Simpson Womens Baiden 27798 Taupe Riding Boots 5.5 Medium Medium (B,M) BHFO 7880 4e3f253 - digitalcraftmedia.com




Boots
531408
2482818
3091526
7906226
10695399
11155547
12418546
13733224
17913802