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

SAM EDELMAN Farrell Boot After Dark Brown Suede Boot 26964 VGUC Farrell Size 6.5 Zipper Leather 793bf9d
SAM EDELMAN Farrell Boot After Dark Brown Suede Boot 26964 VGUC Farrell Size 6.5 Zipper Leather 793bf9d -

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.

$85 New Easy Street Vigor Size 8.5 m Black Women's Boots , MIA BLACK LEATHER UPPER MADE IN CHINA SIZE 7.5M , Reba Womens 7M Western Cowboy Bronco Black Leopard Bronze Heel Peep Toe Shoes , Nomad Women's Droplet Rain Boot Pastel Paisley 6 M NEW , BCBGirls Women 9M Deep Brown Suede Leather Below Knee Boots/Whip Stitch , Naya Lark brown leather ankle boots Double Zip Size 6 W (b67) , Vintage Bass Women's 8 M Tall Brown Leather Knee High Riding Boots Full Zip FUN!BCBGeneration Morch Suede Heeled Stacked Sz 8B Brown Boots BCBG , $119 size 8.5 Naturalizer Jump Black Suede Fashion Ankle Womens Boots shoes NEW , Steven Madden Larken size 9 Women Boots Black NIB , Bass "QAR4" Brown Leather mid calf high boots 2 1/2" heels size 6.5M Made BrazilVINTAGE-- Revelations by Desco--BROWN LEATHER KNEE HIGH BOOTS- Lined Side Zip-5M , $275 New Via Spiga Bleu Size 8.5 M Dark Taupe Suede Ankle Fashion Women's Boots , Journee Women's Link-19 Slouch Boots Faux Suede Black Size EU37 /US 7 M , Lucky Brand Ankle Wedge Bootie, Fringe Suede Sz 10 Maroon BurgundyBRAND NEW WOMENS SPRUCE GREEN ANDIAMO SANDIE BOOTIES BOOTS SIZE 6.5MSuper Nice Cute Women Wheat Boots With Zipper Knee High Size 9 By Bamboo , Bijou Fashion Tan Leather Ankle Boots - Size 9M - VGC , ST. JOHN'S BAY WOMEN'S BOOTS STYLE COMFORTNocona Boots Gray 12B Made in the USA Biltrite Heels , Womens BP. nude urban leather boots sz. 7.5 M New/ display!Bamboo Knitty-01S Womens Knit Sneakers US SIZE 5.5 M Black White , Alli Marie Cognac/Tan Leather Ankle Boots Buckle Side Zipper Made in Portugal 8 , Eddie Bauer Southwest Aztec Indian Wool Blanket Ankle Chukka Boots Size 9 , Antonio Melani Women Knee High Boot Distressed Brown Leather Partial Zip sz 6.5 , Kenneth Cole REACTION Loop There It IS Cutout Ankle Booties 749, Concrete, 9.5PAJAR FABULOUS OLIVE SUEDED LEATHER LADIES TALL ZIPPER BOOTS WEDGE HEEL~41 / 10Born Concept B.O.C Mid Calf Boots Women’s Size 8 M Brown Leather Style BC4567 , Lovely People Lapis Women's Camel Wedge Boots~Size 6~MSRP $150-New ,

More Stories

WANTED Brit Chestnut Brown Vegan Faux Leather Ankle Boots Union Jack Woman's 10MARC ALPERT Rider vintage genuine black leather equestrian riding boots 7 , Coup d etat brown suede leather boots size 9 , NEW $69 Womens Bjorndal Zoe Boots, Tan Size 8 , Womens Boots Roxy Rockford Mototcycle Boots Brown Suede Choose Your Size , Report Wedge Sandal Size 6.5 Grey-- NWOT $49.99 , Kamik Women's Olivia Rain Boot, Black, Size 6.0 DyMPCarlos By Carlos Santana Quantum Wide Calf Over-The-Knee Boots, Black$199 BCBG Max Azria Womens Lexy Zipper Tall Canvas Boot Shoe, Dark Caramel, US 8 , WOMENS RED WINGS BROWN ANSI STEEL TOE BUCKLE LEATHER LOAFER WORK SHOES 6.5~1/2 B , ROCK & CANDY Womens SprayPaint-H Closed Toe Ankle Fashion Taupe Size 10.0 eBPM , Woman Suede Studded Open Peep Toe Chunky Heel Mules Ankle Booties Casual Shoes , Cole Haan Landsman Bootie Women's Leather Boots Black Retail Price $280 Size 8.5EMU 100% Merino Wool Black Coat w/ Belt Size S Pre-Owned , VERA WANG NEW SIZE 8.5 LEATHER KNEE HIGHT BOOTS , Jessica Simpson Grandie Black Over-The-Knee Lined Boots 8.5Donald J Pliner Women's Baja Studded Suede Moc Loafers TealTod's Gommino Driving Moc Loafer Women size 38 US 8Turquoise Teal Blue Soft Leather LANVIN Ballet Flat - SO COMFORTABLE!! 39 , Skechers Seager - Prospect Black Bbk Womens Sneakers Size 8.5M , Haflinger AR OLIVIA SIL GRY Womens Olivia Owl Clog/Mule 39 (US , New Balance WX608V4W Women's White/Blue/Grey Running Sneaker 10.5WSkechers 11745/LGCL Women's Skech-Air Light Gray / Coral Size 9.5 CLEARANCENIB Bed Stu Women's Rose Leather Oxford Shoes in Navy Multi Rustic Size 10 , NEW NIKE AIR MAX THEA PRINT WOMEN'S RUNNING TRAINING SHOES 100% AUTHENTICASICS Conviction X - Blue - WomensSkechers Sport Women's Elite Class Fashion SneakerWhite/Silver7 M US , ASICS Womens Fuzex Black/Black/DivaPink Running Shoes Size 7.5 (420410)WomenNLeather Chunky Heel Pointed Toe Pull On Ankle Boots Shoes , La Redoute Collections Womens Leather Wedge Heel Brogues ,

SAM EDELMAN Farrell Boot After Dark Brown Suede Boot 26964 VGUC Farrell Size 6.5 Zipper Leather 793bf9d -