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

Impo Strech tkphotog-2857 Zip "Naomi" Size Black Pointy Toe Knee High Inside Zip Boots Women's Size 6M e7014eb
Impo Strech tkphotog-2857 Zip

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.


Earth Shoes Jordan Vintage Leather Side Zip Ankle Boots Womens 6.5 W Grey +Not Rated Womens Captain Country Faux Suede Fringe Ankle Boots Shoes BHFO 9503Circus by Sam Edelman Women's Kesler Black Peep Toe Bootie - Sizes 6/7/8 - NWBDisco Knee High Glitter Stiletto High Heels Boots Shoes Adult Wonder Women sz9UNIQUE COOL ATTITUDE WITHOUT LIMITS COWGIRL WESTERN LEATHER BOOTS SIZE US 8 1/2Lamo Navy Blue Suede Button Whipstitched Faux Fur Ankle Boots NEWMadden Girl Womens Combat Taupe Combat Boots Shoes 7 Medium (B,M) BHFO 3422 , Women's Girls High Top Casual Sneakers Shoes Trainers Ankle Boots School NewPropét Women Sz 7 D Wide Frost Walker Ankle Cold Weather Boots Waterproof Black , Clarks Bendables Black Leather Ankle Boots Womens Sz 9 MWomens Short Fashion Zip Up Buckle Ankle Shoe Boots 2" Wide Heel Brown 6 8 NEWFashion Women Round Toe Lolita Bowknot Flats Student Sweet Ankle Boots 3 Color , Fashion Women's Sexy Stilettos High Heels Ankle Boots Pointy Toe Shoes Plus SizeWomen's BCB Generation Stretch Suede Ankle Booties Size 9M Black , Brown Caramel Heeled Fine Leather Booties Size 7.5 Women's Shoes Newport News , NWOB B.O.C. Saturn Women's US Brown Latte Plaid Combat Boots Faux Leather Sz 8 M , Women Warm Silver Crystal Fur Fleece Rhinestones Bling Boots Montana West ShoesMadden Girl by Steve Madden Womens Fancie Red Ankle Boots 8 Medium (B,M) 5596 , Jessica Simpson Boot 8.5 M Kianna Ankle Harness High Heel Brown Side Zip , Dolce Vita Womens Shoes Size 8.5 Black Solid Leather Mid Calf Boots CasualROPER BRAND WOMENS 7 BROWN LEATHER COWBOY BOOTS ROPERS , New Women Autumn Fashion Thick Heel Zipper Boots Casual High heel Ankle BootsAlberto Fermani Taupe Distressed Leather Chelsea Ankle Boot Bootie 40.5 / 10.5Women Slip On Pointy Toe Solid 7cm Mid Block Heel Shoes Buckles Office Chic PumpGalaxy Women Double High Top Casual Sneakers Shoes Trainers Ankle Boot PlateformKhombu Slope Ladies Waterproof Winter Boots Multiple Sizes Grey , NEW Impo Black Faux Suede Ankle Boots Booties Size 10 Floral Embroidery HeelsRampage New Womens Estafania Black Boots 10 M Shoes NWOB , Peacock New Women's Girls High Top Casual Sneakers Shoes Trainers Ankle Boots


More Stories



Tags
AR35 Edee Ankle Booties 841, Chocolate, 6 US , SPERRY TOP SIDERS Women 6.5 M Brown Plaid Waterproof Rubber Boots Duck ShoesLucky Womens Lk-Lorry Boot, Toffee, 7.5 M US Sale , COLE HAAN AIR Wide Calf KNEE LEATHER BUCKLE RIDING BOOT SZ 10M , Womens sz 9 M Nike Storm Warrior Hi 407482-003 Black Patent Lined Sneaker BootsIliana Womens Knee High Zip Up Adjustable Pull Strings Mid High Block Heel Boots , BEARPAW Women's Abigail Winter Boots, Suede Leather Faux Fur Lining Brown US 8MA2 by AEROSOLES - CHILL BILL NOIR SUEDE - SIZE 5.5MAntelope Fold over Strappy Booties Women's Shoes Size 39 / 8.5 , Caterpillar Colorado 6 Silver Women's Boot P307009 , Madden Girl Naaomii cognac BOOTS Booties Size 9.5 NEWBottes LA REDOUTE CREATION Cuir Beige Taupe T 36 TBEBOOTS MICHEL VIVIEN 36 daim & satinTUK Anarchic Combat Boot, Boots mixte adulte - Vert , 39 EU , 40 / 9.5 US - CAMPER Black Leather Elastic Strap RIGHT NINA Flats Shoes 0312MCVince Camuto Black Suede Tamera Studded Western Flair Ankle Boots 9 39 NewNew Nine West Protege Womens leather boots Size 9.5Dirty Laundry New Too Cute Beige Womens Shoes Size 7.5 M Boots MSRP $79 , Kelsi Dagger Rozelle Suede & Faux Fur Boots 1" Platform 4" Heel Womens 7.5 VGCNEW Anthropologie Rowan Reed Newbury Woven Oxfords Flats Shoes Size 6.5 , Women's Slip On Sneakers Outdoor Sports Trainers Shoes Comfy Running Walking , Xero Shoes Lena Brown Canvas Barefoot Inspired Women’s Sz 11 Wore Once , Cole Haan Womens Almasam Closed Toe Loafers Tan Size 6.0adidas Originals BB2260 Womens ZX Flux W Fashion Sneaker- Choose SZ/Color. , Ryka Women's Influence 2.5 Cross Trainer, Black/Meteorite/White, 7.5 M US , CLARKS ARTISAN BROWN LEATHER BOOTIE ANKLE BOOTS SIZE 6M , Aetrex Women's Berries Clog Blackberry Stretch Fabric/Leather Comfort Shoes , Birkenstock Kay Blue Dog Buster (Super Grip Sole)Rockport Women's Ayva Oxford Black Shoes CH3570 , Nike Air Max 95 Ultra Running Women's Shoes Size 11 ,

Impo Strech tkphotog-2857 Zip "Naomi" Size Black Pointy Toe Knee High Inside Zip Boots Women's Size 6M e7014eb - digitalcraftmedia.com




Boots
1359362
2439055
3475889
8593418
12442592
15607951
17155485
18343926
18552588