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

Women's HI-TEC boots, US US size 10 conceptsin-22504 Tundra 200, j184 brown/tan, thermo-dri shoes j184 c6312b9
Women's HI-TEC boots, US US size 10 conceptsin-22504 Tundra 200, j184 brown/tan, thermo-dri shoes j184 c6312b9 -

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.

ladies Stuart Weitzman suede ? clogs made in Spain color black , Sonoma Shearling Suede Mid-Calf Boots ~ Size 8 or 9 ~ New With Tags , Dan Post Boot Co. Black Distressed Leather Western Women's Size 7.5 / Youth 6 , Fantazya Microfiber Tan Boots Womens 5.5 39 EUR Metal Embellishment Rhinestones , Northside Sloan Women’s Black Insulated Fashion Boots US Size 9 M Shoes #A780 , Biala Black Distressed Leather Wedge Heel Ankle Boots Women's Size 7.5 , Dr. Scholls Womens Black Leather Wedge Heel Ankle Boots Size 9.5M , LIFESTRIDE Velocity Sasha Woman's Dark Brown Knee High Boots Size 9.5MCOMFORTEMP Winter Duck Boots, Insulated 10 womens Leather/Rubber , Madeline Boots Ankle Gold Metallic Size 7M Stiletto Zip Up Cherish , 6 Ladies Womens Corkys Rubber Rain Boots Leopard Cheetah Animal Print Cowboy , WHITE MOUNTAIN Colisa Women's Ankle Booties Boots Zip Shoes Black Sz 6M NEW $79 , Sam Edelman Ankle Boots Size 6 Brown Leather , Lucky Brand Women's Suede Olive Green Ankle Bootie Buckle Trim Size 10Clarks Narrative Womens Size US 6.5- MARCELLA Wedge BootieKeen Womens Multi Color Winter Boots Size 5 M , MOSSIMO Faux Leather Cowboy Western High Heels SEXY KNEE HIGH Boots WOMENS Sz 8New Comfortview Shoes Ankle Boots Side Zipper SZ 7 Taupe , Sbicca Black Faux Leather Ankle Boots , Women's~Born Crown~Dark Brown Leather~Pull On~Mid Calf High Boots~9 M~NordstromsChinook Women's Brown Leather Upper Desert Ankle Boots Crepe Soles Size 8 US , Lamo Water Resistant Suede Faux Fur Tall Womens Boots sz 8 , London Fog Womens Webster Duck Style Rain Shoe Orange 10 M US , BT Blaine Boutique 9 Double Belted Harness Calf Boots 7.5 Taupe Beige TanWomen's Red Head Duck Boots Thinsulate Zip Up Brown Size 7 , Dansko Vicki Rain Boots Booties Pink Frogs Coated Canvas Footwear Size 34 3.5/4Women's AZ Arizona Jean Boots "Garrity" Side Zip Black Suede Ankle---- Sz 7.5 M , NEW Lady Godiva Womens Lisa Knee-High Riding Boots - Tan - Size: 8LL Bean Low Boots Shoes Navy Blue Maine Hunting Rain Duck Rubber Size 9 LM ,

More Stories

NINE WEST Black Leather Split Toe Zip Heeled High Ankle Boots Booties Size 6.5M , Women Rubber Rain Boots w/ Decorative Side Zipper Closure in Navy Blue & Blacknasty gal Public Desire Elva Velvet Bootie size 5 UK3Dan Post Black Cowboy Cowgirl Boots Women's 5.5 M USA , Musse & Cloud Athena Boots Size US 9/Gorgeous!AEROLOGY BY AEROSOLES SAYLOR Brown Leather Shootie Boot Shoes Womens 8 1/2M NewWomen's Motorcycle Boots Size 7 Milwaukee Motorcycle Co Brown with Zipper (b57)Nine West Women's Haywood Fabric Ankle Boot Grey Size 8.5 , Womens Ankle Boots Block Heels Riding Combat Boots Buckle Pull On Casual ShoesNEW Donald J Pliner Patty Heeled Bootie, Brown Crepe, Women Size 10, $248 , Laredo Black Leather Cowboy Western Boots Womens Size 10D Style 2410 USATommy Hilfiger Sensora Women's Brown Black Riding /Wide Calf Boots Size 6.5TAHARI FOLEY Women Slip-on (6.5 M, SLATE) , SAS Trio Black Leather Shoe Sandals Strappy 7 S NEW NWOB $139 ComfortMoschino Heel Sandals Shoes Women Slingback Pumps Black Leather Size: 37.5 EUC , Easy Spirit Women's 7M Black/Multi Suede Eselementa Fur Ankle Bootie BootsNew Charles David Dapper Ankle leather women's Boots size 5.5Splendid LL1099 Womens Dalenna Mary Jane Flat- Choose SZ/Color. , KATE Multi Color Two Tone Beige Taupe Patent Leather Bow Ballet Flats 36.5MTED BAKER Patent Leather Black and white flats size 8.5 $300Naot Kirei Mary Jane Flats Metal Grey Pewter Womens Shoes Size US 7Luca Grossi 6060 Comfort Bronze Leather Wedge Pumps Shoes 37.5 / US 7.5 , Rochas 38,5 8,5 Python Snake Leather Mint Green Flat Shoes 100% AuthenticNIB Tod's Women's Ombre Magenta Dee Fibbietta Ballerina Ballet Shoes 40.5 10.5 , Bass Weejuns Wns Wayfarer Leather Penny Loafer Slip-On Shoe Karikole (Brown) 5.5Skechers Womens 11881 Flex Appeal Sonora Sunset Sneaker Shoe , SlipGrips Aerial Dress Women's Slip Resistant PumpSexy Womens Pointed Toe Faux Suede Tight Leg Stilettos Over The Knee Riding BootConverse Womens Breakpoint Ox Fashion Sneaker ShoeAdidas Originals Women's CourtVantage Shoes Size 5 us S78891

Women's HI-TEC boots, US US size 10 conceptsin-22504 Tundra 200, j184 brown/tan, thermo-dri shoes j184 c6312b9 -