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

New In Box APOSTROPHE Woman's localjoes-19552 RAE Faux Leather High High 9 Heel Shoes/Boots Size 9 Med 61e2e93
New In Box APOSTROPHE Woman's localjoes-19552 RAE Faux Leather High High 9 Heel Shoes/Boots Size 9 Med 61e2e93 - 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.


NEW Olivia Miller Women's Navy Blue Knit-Trim Combat Ankle Boots Size 6 , Dolce Vita Womens Black Suede Ankle Boots Size 5 M , Lucky Brand Emillia Women’s leather Suede Ankle Boots Brown Size 7 1/2 B/37/1/2 , 83% off NEW BC World Atlas Boot Black Suede 6 ret $150 , Rampage Women's Wamblee Pointed Toe Mid Calf Western Boots in Dark BrownEGO Women's Anya Long Peeptoe Boots Khaki Knit GG8 Size / US 8 , a.n.a. Ankle Boots Women Size 8.5 Brown Leather , Liz Claiborne Jillian Gray Felt Ankle Bootie Size 7.5 Stacked Heel Zip Up , Rampage Womens High Heel Calf Boots Brown Teena Size 9.5Ariat Black Leather Boots size 6.5 style , Romika Lyon Women Brown Leather Slip On Ankle Boots Size US 6 EURO 36SPERRY Top-sider Waterproof Duck Rubber Boot SHOES Gray W Leopard Trim Sz 7.5 , Antonio Melani Women's Sz 6.5 M Tan Brown Leather Block Heel Zip AnkleBass Scarlet Leather Mid-Calf Zip Up Women’s Boots Size 5 M BLACK EUC Worn Once! , Ladies Lala Ikai Black Faux Leather Zip up Boots Size 40 , Clarks Women’s Granny Ankle Boots Black Leather Side Zip EUC! Size 7 M , VTG Clicks Brown Leather Ankle Buckle Boots size 5 - NiceLeg Avenue Handcuff High Heel, Police Cop Platform, Size 6 Black , Women's Minnetonka 2 Layer Fringe Boots 1682 Brown Size 9Krush Women's Jenny Block Low Heel Chelsea Boots TW4 Black Size UK:4 US:6Company 9 Black Leather Silver Buckle Z-Amarelle Western Shoe Boots sz. 7Hunter Boots Heels Womens Size 7 Authentic Rare Leather Wedges BrownNYC PARIS CHIC BADASS STEVE MADDEN BLACK LEATHER COMBAT ANKLE BOOTS SIZE 6.5Vintage Leather Zodiac Knee High Boots Size 9MWomen's Black Rubber Ankle Boots Rain Boots Merona Size 7 ,free shipping. , Anthropologie KDB Block Heel Sandal Booties Kade Cutout Grey (worn twice)WOMENS EAST 5th JUNCTION TAUPE SUEDE BOOTS SIZE 10 MED (New)!!! Dr. Martins Size 7 US Punk High Heel Rock And Roll Bohemian Combat Boots !!! , Nordstrom gray shiny faux leather mid calf zipper boots womens size 4M 12 in ,


More Stories



Tags
Womens Short Fashion Zip Up Buckle Ankle Shoe Boots 2" Wide Heel Brown 6 8 NEW , Almond Toe Hidden Platform Stiletto Pump , Bandolino Havis Black Leather Zip Ankle Boots Size 7.5 M , Mid Boots Beige Leather Suede Kitty Heel Size 10STEVE MADDEN 6 M WOMEN BLACK HEEL BUCKEL DRESS BOOTCarlos by Carlos Santana Vance Triple Buckle Booties, Light Doe, 7.5 US / 37.5Sport Women Chelsea zipper block heel buckle strap PU leather riding ankle bootsNew Womens Black Twin Zip Knitted Trim Casual Ankle Boots UK Sizes 3 4 5 6 7 8BOUTIQUE 9 BT PALA 0809 Sage Green Leather Suede Pull On Boots Size 6 EUCMia Classic Faux Leather Tall Peterson Moto BootCHINESE LAUNDRY hi heel boot 7.5 M $149 NEW SALE HOTFratelli Rossetti Black Patent Leather Monk Strap Oxford Brogue Shoe 11 NWB 398Maroon leather booties size 5, Woman ankle boots, Sale maroon boots, High heelGuess NEW Sexy Naddy3 Snake Skin Over The Knee Celeb Ford Heels Boots Sz. 6 $159Women's Shoes Vince Camuto Leather Smoke Taupe Ankle Booties Boots Size 9 M NEW , Dolce Vita DV Size 10 M Jacy Black Suede Ankle Boots New Womens ShoesWomens Dansko Professional Patent Petrol Casual Dress Clog 406110202 Sizes 36-41 , Cydwoq Brown Suede Leather Top Buckle Walking Shoe Womens 36 Usa Made , Chloe Scalloped Chain Ballet Flats Black Leather Size 36.5 , La Redoute Womens Leather Mule Sandals , New in Box Tod's Ladies Gold Leather Ballerina Shoe 92A0Y31NIB Salvatore Ferragamo Mason Twist Brown Printed Leather Gancio Bit Loafer 7 37Lanvin Ballet Flats Black Satin with Crystal & Metal Flower Size 41Nike Womens Size 9 Tanjun ENG White Athletic Running Training Shoes F3-158 , **Fila Maranello 2 Athletic Shoes - Women's Size 6.5, Grey/Light Blue , Womens Asics Gel Quantum 180 TR Training Shoes Size 8 Black Silver WhiteKeds Women's Double Decker Eyelet Stripe Sneaker - Choose SZ/Color , Vans Unisex Iso 1.5 Mesh Running Shoes , Women's Kenneth Cole Reaction Cross Glow BootieAbeo Rebeka Pumps MJ gray Size 8.5 Neutral Women's ( 1565 )

New In Box APOSTROPHE Woman's localjoes-19552 RAE Faux Leather High High 9 Heel Shoes/Boots Size 9 Med 61e2e93 - digitalcraftmedia.com




Boots
506349
1574863
2571079
3030226
4181463
6319549
10123415
12175212
17388859