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

Windsor Smith Sz41/10 Cherry Leather Ankle Chunky Ankle Boots Vagabond Goth 27766 Women Sz41/10 70696ae
Windsor Smith Sz41/10 Cherry Leather Ankle Chunky Ankle Boots Vagabond Goth 27766 Women Sz41/10 70696ae - 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.


Alegria Kaitlyn - Pine- NEW IN BOX - Size 37 , Report Kathye Knee-High Western Boots - Women's, Size 6, StoneWomen's Skechers 14355/TPE On The Go 400- Blaze Boots Taupe , Tongpu Womens Black Rainboots With Buckle US Size 8.5Patrizia by Spring Step Women's Snowball Riding Boot Grey GG8 Size 8.5 $99.99Tommy Hilfiger Drea 2 Knee High Boots - Women's Size 8 M, Black/CognacRyka Aubonne Boots - women's Size 7.5 W, Black/Grey/Red , +NEW! Lucky Brand Ointlee Suede Fringe Booties, Women's Size 6 M, Black , Keen Akita Brown Leather Mid Calf Slouch Wedge Boots 1007659 Women's Size 10 , Jambu Riviera Tan Boots 7 1/2 B WomensSkechers Women's Reggae Fest-Vector Ankle Bootie - 49434 GRY , New Without Tags Sperry Top Sider Houndstooth Rain Boots Sz 8 Waterproof Rubber , Skechers Parallel Double Trouble Leather Wedge Booties, Women's Size 8.5, BrownRockport Womens Ankle Boot Sz 10 M Black Leather Cap Toe Inside Zip Bootie ShoesDolce Vita Beige Suede Ankle Boots. Size 6.5 , Joules Wellibob Short Rain Boots - Women's Size 8, Cerise PinkKelsi Dagger Gray Leather Upper 2 Inch Heel Ankle Booties Size 9M Fringe Zipper , Vintage LL Bean Duck Boots Women's Size 9 M Brown Leather Classic Made In USA , Minnetonka 5 Layer Fringe Boots 6 Brown Tan Leather Suede Braided Tall BohoLOEFFLER RANDALL Black Leather Stiletto Ankle Boots, Size 6.5, VGUC City STYLE! , Sbicca Brown Foldover Look Buckle Details Wedge Bootie NWOT Sz 8.5Aerosoles My Time Combat Boots 341, Grey, 10 US , Blowfish Bug Ankle Bootie - Women's Size 7 - GrayStuart Weitzman Booties 8N Dark brown Patent Leather Embossed Alligator 3” Heel , ANTHROPOLOGIE ANTELOPE Black Leather Boots size 39 / 8.5 or 9Firefly Paige II Brown Winter Boots Womens Size 8 Style F206471 , Steve Madden BREWSTER Sz 7M Ankle Boot Strap/Buckles Cognac Leather 1.5” Heel� , NEW Appaloosa Two Tone Classic Cowgirl Boots by Old West LF1520 SZ 6Columbia Minx Slip II Omni Heat Boots - Women's Size 8 - Black


More Stories



Tags
cory-1 Fashion Ankle Casual 3.5 Inch Heel High Women's Winter Boots Taupe 7.5 , Barneys New York Harness-Strap Ankle Boots Sz 37 NIB $325.00 BLACKMerrell Tundra Waterproof Boot Polartec Thinsulate US 6 Women Leather , La Sportiva Synthesis Women's Fjord Hiking Boot 8M , Easy Spirit Women's shoes Lennie Snow Boot,Brown,7 M US , Ralph Lauren Collection Womens Shoes Size 9 Black Solid Ballet Flats Leather , Vince Camuto Womens Flavian Leather Almond Toe Knee, Dark Wood/Black, Size 6.0 v , Nocona Cowboy Boots Women Size 7.5 Tan Leather Vintage Cowgirl/westernSperry Size 9 Quilted Rain Snow Boots Fleece Lined Black Waterproof EUCBurnetie Bohemia All Weather Brown Leather Fur Trim Boot Size 8 New In Box , Bottes femme Cuir Marron/Noir Mellow Yellow Taille 37 FR/ 5.5 US , AM709 FABI shoes blue suede women moccasinsBirkenstock Rio 40N L 9 M7 Black , ~ EVINS ITALY DESIGNER PINK LEATHER BOW HEELS SHOES WOMEN 7.5 B MED EUC ~Vivienne Westwood Anglomania + Melissa Ultragirl X - PinkNEW ICON LOS ANGELES $270 TWO COUGARS ANIMAL LOVERS BROWN BALLET FLATS 42 10.5 , Brooks Launch 5 Black Turquoise Sz 8Cole Haan Womens New Driver Closed Toe Black/White Size 6.0 , PET-601 Alegria Womens Petal Ballet Flat (US8-)- Choose SZ/Color. , JBU by Jambu Women's Mesa Ankle Bootie Brown 7.5 M USCole Haan Womens Shoes Sz 7.5 Pink Textured Leather Flat Moccasins Loafers , PUMA Women's Suede Platform Safari Wn Sneaker - Choose SZ/Color , Brooks Womens GTS 16 8.5B Running Shoe A20 , New Balance Big Kids' Girls' 574 HERITAGE SPORT Running Shoes Pink KL574HKG aNew Balance Women's 24v1 Sneaker, - Choose SZ/Color , Womens 10 M skechers struts black suede leather knee high boots faux fur harness , Skechers Women's Go Golf Blade 2 Walking Shoe - Choose SZ/color , Naturalizer @ Work Womens Freeda Slip Resistant Clog ShoeNike Air Huarache Run Premium Womens 683818-014 Platinum Snakeskin Shoes Sz 7.5LaCrosse Women's Grange 14" Wellington Boot Navy Waterproof Boots

Windsor Smith Sz41/10 Cherry Leather Ankle Chunky Ankle Boots Vagabond Goth 27766 Women Sz41/10 70696ae - digitalcraftmedia.com




Boots
10956
958178
4728806
6337918
7301738
8377348
13483073
14037512
15534877