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

CHARLES DAVID 24320 DAVID Strappy 9 Boots Suede localjoes-24319 Booties Stiletto Platform Black 0de10dc
CHARLES DAVID 24320 DAVID Strappy 9 Boots Suede localjoes-24319 Booties Stiletto Platform Black 0de10dc - 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.


CR Metallic Orange Rust Cylinder High Heel Ankle Boots Size 6-1102-2096 Nine West Women's Nihari Leather SIZE 9M , Sam Edelman Louie Women's 8.5 M Ankle Boots Black Suede Leather Fringe Boho ZipDune Ladies High Black suede Boots size 40 euro-US 9 made in Brazil , Artiva Linda Womens Shoes Sz 9M Brown Tan Leather Boots Color Block Zip 3" Heels , EGO Amber Over The Knee Faux Suede Stiletto Boot Black GG8 Womens Size /US 9 , Thigh hi denim boots, Size 5.5 , B35 Paisley Knee High Harness Dress Boots 564, Black, 9.5 US , COLE HAAN Air Lynda Brown Leather Buckle Heel Ankle BOOTS Women 7 AA , Me Too Rocker 4 Leather Heeled Side Snap Mid Calf Zip Detail Women's Boots Sz 9M , SANTANA Canada Women’s Brown Leather Winter Boots Side Zip Size 8.5MMarzetti Black suede Leather Ankle Boots 40/ US 10. Great condition!!! , Mossimo Supply Co Women's Cristina Scrunch Heel Booties Size 6.5 Taupe NEW $38 , G by Guess Grazie Ankle Boots 386, Black, 9.5 US**Rialto Posie Slip-On Booties - Women's Size 11M, Dark Grey , Anthropologie Gray Suede Crown Vintage Mara Wedge Bootie 6 Espadrille Rope , Earth Orgins Side Zip Blue Leather Ankle Boots, 8MLucky Brand Malvelia Brown Leather Ankle Boots Womens Size 9 MAntonio Melani Knee Heel Tall Boots 7.5 M Taupe GreyWomen's Aldo Slouch Boots Shoes Size 7 US/37.5 EU Brown Leather Zip Up P10Zigi Soho Women's Knee High Boots Floral Embroidered Black Suede Size 7.5 NEW , Women's VINTAGE Nine West Sander Sz 7M Ankle Boots Green Leather Made Italy M13 , Brand New Ashro Dion Thigh High Boot Brown Zip UP Block Heel Size 11 M , Womens Cowboy Rain Boots Queen of Diamonds Rubber Heel Size 7MATISSE Brown Leather Slouch Knee High Boots Size 7.5 M WomensHarley Davidson Womens Side Zip Side Pocket Boots Size 5.5Women's Franco Sarto Skylar Booties Shoes Size 7M Brown Leather Double Zip N12 , Durango Black Leather Boots Womens 6.5M Cowboy Lined Warm Boot Strap EUC , SPERRY TOP-SIDER Low Waterproof Rain Rubber Duck Boot Women's Sz. 9.5 Preowned ,


More Stories



Tags
Brown Mid Calf Leather Italian Kukoa Boots 35Hillard & Hanson Ankle Boots Size 9 Black Womens Moto Heeled Square Zip Up Shoe , Ladies Black Spot On Ankle Boots UK Sizes 4 - 8 F50385Daleyza Womens Low Mid Block Heels Zip Two-toned Ankle Boots Ladies Shoes Size , Sofft Oakes Wedge Bootie Sz 6.5M Brown Metallic Suede Distressed Buckles , IKRUSH Women's Lystra Knee High Boots Size in GREY Size 8 , The North Face kids hiking boots -used VYS216 , LADIES NEW Black 3"High Heel Round Toe Sexy Mid-Calf Boots Size 10 , Khombu Lisa Women's All Weather Winter Boots Size 8Bottines PERLATO Cuir Noir T 37 TBESteven By Steve Madden Intyce Black Leather Wedge Heel Fashion Boots Size 6 MReport Women's Sanjay Slouch Boot, Black, Size 7.0VINTAGE VASQUE BROWN LEATHER MADE IN ITALY TRAIL BOSS HIKING BOOTS SIZE 7.5 D , Women’s STUART WEITZMAN Cowboy Style Metallic Leather Boots ~ Size 8M , American Eagle womens boots brown size 6 NWTSudini Footwear Women's Amira Flat Black Kid Suede FlatsNine West Womens Oxford- Pick SZ/Color. , Clarks Artisan Concert Drum Women Low Comfort Brown Leather Shoes 66357Rockport Women's Zuly Luxe Loafers Black Suede CG8272 , Women Platform Hidden Wedge Loafers Sneakers Slip On High Heels Shoes ZsellTory Burch Melinda Gold Leather Ballet Flats Size 5FitFlop Women's Superchelsea Slip-on Pump Black/Black Snake Size 11.0 , Reebok Men's ROS Workout Tr 2.0 Cross-Trainer Shoe - Choose SZ/Color , Reebok Skyscape Revolution Casual Women's Shoes Size 6.5 , Reebok Cardio Ultra 3.0 Womens Fitness Training Gym Workout Trainers Shoes Black , Women's 23Ku Shoes 832369 Grey 38 BootsWomen's Winter Boots EXCELLENT DEAL!!! Boots , Brinley Co Womens Faux Leather Stacked Wood Heel Ankle Booties New , LifeStride Women's Jackson Ankle Boots w/ Metallic Buckle TW4 Black Size 8.5MEUC BZEES NICHE Black Gray Slip-on Comfort Loafer Sneaker Women US 9.5M

CHARLES DAVID 24320 DAVID Strappy 9 Boots Suede localjoes-24319 Booties Stiletto Platform Black 0de10dc - digitalcraftmedia.com




Boots
723108
1795805
4347334
11098050
14523929
15126769
17186500
17282633
18195671