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

Impo High Strech Knee Size "Naomi" Black Pointy Toe Knee High Inside Zip Boots Women's Size 6M 838ba45
Impo High Strech Knee Size

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 - NWB , Disco 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 NEW , Madden Girl Womens Combat Taupe Combat Boots Shoes 7 Medium (B,M) BHFO 3422Women's Girls High Top Casual Sneakers Shoes Trainers Ankle Boots School New , Propét 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 ColorFashion 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 MWomen Warm Silver Crystal Fur Fleece Rhinestones Bling Boots Montana West Shoes , Madden 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 ZipDolce Vita Womens Shoes Size 8.5 Black Solid Leather Mid Calf Boots Casual , ROPER BRAND WOMENS 7 BROWN LEATHER COWBOY BOOTS ROPERSNew 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 Plateform , Khombu Slope Ladies Waterproof Winter Boots Multiple Sizes GreyNEW Impo Black Faux Suede Ankle Boots Booties Size 10 Floral Embroidery Heels , Rampage 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
Clarks Women's 83650 Brown Leather Side Zip Heeled Booties Shoes Size 6 MBlack Thigh High Boots Aldo Zara Forever 21 Aritzia , 02-2081 Aldo Cavallara Tan BLACK Captoe Boot Size 7.5KANE! Soda Women's Rider Buckle Mid Heel Knee High BootsKenneth Cole Land Bridge Shoes Size 8.5 Purple Distressed Leather Ankle Boots , Brinley Co Women's Briley Ankle Boot, Chestnut, Size 11.0 0ZVk , CALLIXTE Women Fashion Knee High Boots Wedge Heels Size US 10 Black , Eric Michael Utah Women's Waterproof Leather Ankle boot Brown side zipper , KENDALL and KYLIE Women's Ariana Pointed Toe Color Block Booties Size 7.5 WhiteBottes ESPRIT Cuir Noir T 38 BON ETATDANSKO Black Leather Scout Braided Trim Womens Ankle Booties Boots Size 38 7.5 8New Apt.9 Knee High Tall Boots/Shoes Dark Brown/Chocolate Size-9.5 Heel BuckleSugar Adara Women's Wedge Ankle Boots Shoes Whiskey color Sz.8.5M NewEasy Spirit Casual Boots, Women's Size 7.5, BlackWomen's Anne Klein Loafers - Noris - Dk Cognac LeatherCOLE HAAN Brown Ankle Boots Size 6.5BRieker Women's 74673 Peggy 73 Ozean 38 M EURebecca Minkoff gold pointed toe clear ballet flats sz 8.5MWomen's Sam Edelman Leighton Flat Light Green Snake cutouts slip-on shoes MintHogl Dorelack-leder Women's Plum Shiny Low Heel Pointed Toe Leather Pumps NewNew Balance 410 Women's Size 7.5 Gray Pink Running Trail Walking SneakersNew Balance WW496gb women's walking shoe US size 7 runningVery Rare Women Dansko BLACK LEATHER Full Grain Sophie Sandal 38 7.5 8 $115PUMA 19096501 Womens Ignite Limitless Metallic Suede Wn Sneaker 10 , DVS PREMIER 2.0+ WOS SoCo Womens Premier Wos Soco Skateboarding Shoe , Steve Madden Womens Hiking Boot Black Leather SZ 8 , Womens ADIDAS AEROBOUNCE RUNNING SHOES Black Sneakers BW0297 NEW , Women's Zodiac 7.5 Boots Boots , SAS Womens Shoes Siesta White Sz 9 WW Comfort Made in USANike Wmns AF1 Jester XX Air Force 1 Triple White Women Casual Shoes AO1220-101 ,

Impo High Strech Knee Size "Naomi" Black Pointy Toe Knee High Inside Zip Boots Women's Size 6M 838ba45 - digitalcraftmedia.com




Boots
771421
3496572
9097826
10895950
12784236
13771485
14583391
17185907
17545414