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

Montana West July 4th 4th American Flag Boots Flag Boots dfea8d4
Montana West July 4th 4th American Flag Boots Flag Boots dfea8d4 -

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.

Cole Haan Nike Air Brown Riding Tall Riding Boots SZ 9.5SKECHERS WOMENS BROWN LEATHER FASHION BOOTS SZ 6.5 STYLE 36028 , KHOMBU 744065 Nordic Winter Insulated Boot Mukluk Suede Faux Fur Black Size , SPRING STEP Bella 3 Button Short Zipper Boots Black 37 NEWStyle & Co. Women's Daffney Stud Boots Natural Light Brown Size 5 MHush Puppies Beverly Scotchgard Suede Leather Womens Ankle Boots Gray Sz 9M , Soft Style Womans Gayla Ankle Boots Dark Pewter Size 6.5WGiani Bernini Memory Foam Cagneygrn Army Women's Boots Size 10.5 US (I,1)INC International Concepts Women's Henry Boots Nutmeg Suede Size 8.5 MBCBG Womens Brown Knee Boots Size 6.5 Ladies GREAT SHAPE $179T.U.K Women's Pointy Boots Black Leather Pull On Shoes Size-8I35 Bellona Stiletto Dress Booties 379, Black, 8.5 USNEW J. Renee Cally Women’s Black Suede Ankle Boots US Size 9.5 M Shoes , NEW Hidden Heel Green Gray Suede Gianni Bini Boots Riyna 7.5MNWOT Steve Madden Mozee Over the Knee Sueded Black Rose Embroidered Heel Boots 7 , Clarks Womens Black Leather Ankle Boots Shoes Style 31161 size 6 MINC International Concepts Women's Henry Boots Nutmeg Suede Size 6.5 M , Lauren Ralph Lauren Oriana Leather Boots 7B with BoxSporto Abbey Tan Light Brown Women's Pull On Boots Faux Fur Water Proof Sz 8.5 M , Women's Vagabond Black Canvas Goth Grunge Urban Platform Oxford Women's Size 41Luichiny Size 7 Brown Satin Boot , L L Bean Women's Gore-Tex Brown Leather Hiking Boots Size 8 M EUC $259(B60) , NEW Antonio Melani Binx Studded Suede Dress Boots Black Size 7 $170 , Jeffrey Campbell Gogo Girl Black Patent Block Heel Square Toe Retro Dress BootsPELLE MODA Naomi Black Leather Wedge Booties Ankle Boots sz 6 NEW , Beach Feet Australia Boots - Chocolate - Women's Sz 9 - NIB - Sheepskin Liningdonald pliner seude knee hi boots , AR35 Reaghan Low Rise Combat Boots, Wheat, 11 USBCBG Girls MULTI COLOR Leather Cowboy Western Flower Stitch Boots Sz 6.5 B ,

More Stories

XOXO Womens Aldenson Fabric Closed Toe Ankle Fashion BootsWomen's Chinese Laundry Black Booties Black Size 9 M , Green Casuals Women's Certified ECO-MARK Leather - size 8, Artisan Flat SandalWomen's Size 6.5 Black Heeled Ankle Boots - BaretrapsEuro Soft by Sofft black leather ankle boot Size 9Trotters Hailey Ankle Boots, Black, 9.5M , ROS HOMMERSON Boots Size 10.5 Womens Shoes Leather Fashion Knee High VTG 33528 , Dana Davis Womens Meadow Open toe PumpWOMENS FAUX PU FASHION CHELSEA BLOCK HEELS ANKLE BOOTS IN BLACKOlive Street Pency Women's Black Textile Faux Fur Classic Short Boots Size 8 M , BCBGMaxazria Franz Leather Riding Boots Black Size 7 MSRP $395 see notes , VINTAGE DINGO! POINTY TOE SLOUCHY LEATHER COWBOY BOOTS! SZ 9.5 , Northside Women Boots Kathmandu Snow Boot Honey , Tommy Hilfiger Women's Arcadia Snow Boot , Skechers Women's Reggae Fest-Purity Scuff SlipperBlack9.5 M USVintage 2-Tone Green Fluevog F-Shoes 8 , Isaac Mizrahi KATHARINE 3 Women's Slip On Flats Shoes Blue Fabric Size 8.5 , Dansko Women's Professional Black Patent Leather Clog US 8.5Paul Mayer Attitudes Bay Brighton Black Womens Shoes Size 6.5 M Flats MSRP $240 , SKECHERS Relaxed Fit 'Earth Fest Sustainability' Brown Suede Shoes Sz. 7.5 M NIBGivenchy Butterfly Print Leather Snakeskin Shoes , Speedo. Women's Port Lightweight Breathable Water Shoe 8 Black/Grey/WhiteTORY BURCH Reva red suede logo detail ballet flats shoes size 9womens ladies Faux leather flat heels casual solid color pumps Loafers shoes sz , Vince New Bogart-3 Gray Womens Shoes Size 6 M Flats MSRP $250JCrew $148 Lily Ballet Flats Snakeskin-Printed Leather 6.5 Pale Stone G7853 AVLAlice In Wonderland Down The Rabbit Hole LADIES Classic High Top Canvas Shoes , NIKE ROSHE ONE 38 38.5 NEW rosheone rosherun juvenate kaishi free trainer 5.0K Swiss Belmont So T Sherbet Casual Women's Shoes , 2019 Womens Ankle Boots Metal Zipper Decor Faux Suede Gladiator Punk Shoes Size ,

Montana West July 4th 4th American Flag Boots Flag Boots dfea8d4 -