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

Rockport Women's Danii Side 10.0 Zip Ankle Bootie localjoes-27798 Clover 27798 Size 10.0 1e13304
Rockport Women's Danii Side 10.0 Zip Ankle Bootie localjoes-27798 Clover 27798 Size 10.0 1e13304 - 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.


Report 'Jael' Black Studded Vegan Leather Ankle Boot sz 9 M newSteve Madden Womens Shrines Suede Almond Toe Ankle, Black Suede, Size 7.5 gH7K , Columbia Womens Sierra Summette Faux Fur Closed Toe Ankle Cold Weather BootsCrown Vintage Womens kamron Fabric Almond Toe Ankle Fashion, Taupe, Size 8.5 FQ2ALDO Women's Catera Slouch Boot Black Size 7.5Vince Camuto Womens venica Leather Open Toe Ankle, whiskey barrel, Size 9.5 Tc3E , Kenneth Cole REACTION Women's Ride Fast Peep Toe Bootie, Mushroom, Size 10.0 wyM , NOT RATED WOMEN'S DOUBLE D MID-CALF BOOTS CHOCOLATE SYNTHETIC US SIZE 6 MEDIUM , Burberry Multicolor Nova Check Rain Boots (SZ39) , Crown Vintage Womens rena Leather Almond Toe Ankle Fashion, Black, Size 11.0 XqlTaos Footwear Womens Rumble Leather Closed Toe Ankle Fashion, Yellow, Size 5.5 3 , Crown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion, Black, Size 8.5 L , Crown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion Putty Size 7.0 hCrown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion, Black, Size 8.0 k , STEVEN by Steve Madden Womens Rimas Suede Closed Toe Ankle, Black, Size 8.0 1TMbCrown Vintage Womens Kallee Fabric Closed Toe Ankle, Black Fabric, Size 6.5 v8BLCrown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion, Putty, Size 7.0 S , NEW Muck Boot Women's Arctic Weekend Mid Snow. Pick your size. , Carlos by Carlos Santana Women's Hyde Ankle Bootie Black Size 9.5 Mhe0 , Crown Vintage Womens rena Leather Almond Toe Ankle Fashion, Black, Size 8.5 uTk7American Rag Womens Lorah Closed Toe Knee High Fashion, Chocolate, Size 7.5 pnmQCrown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 10.0 U1Bare Traps Womens Quivina Closed Toe Mid-Calf Fashion Boots, Black, Size 6.0 yIlCole Haan Womens Gabriella Closed Toe Ankle Fashion Boots , Vince Camuto Women's Armaceli Over The Knee Boot Tornado Size 6.5Steve Madden Womens Emotions Almond Toe Over Knee Fashion Boots Taupe Size 8.5INC Jessa Women's Boots Mushroom Size 9.5 PpkeCrown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion, Black, Size 7.0 XSTEVEN by Steve Madden Womens leina Pointed Toe Ankle Red suede Size 7.5 WRs6


More Stories



Tags
Kenneth Cole Reaction Women's Size 8 1/2M Black Dress Boots "Pete N Greet"Capa De Ozono Brown Mid Calf Boot Cowboy Style Snip Toe High Heels Size 6.5Not Rated Women's Booties White Faux Leather Ankle Boots Button Detail 6 , Women's Boots Brown Leather St. John's Bay "Annie" Size 8M Excellent ConditionMadden Girl Womens Faux Nubuck Brown Buckle Strap Zip up Ankle Boots 9 M , Women's SHIAKH Brown & Gold Boots Sz: 8.5Joan Boyce Black Shaggy Metallic Fur Wedge Boots NEW , new ladies Tan Spike 5.5"High Wedge 1.5"Platform Sexy Ankle Boot Size 5.5ROCK & CANDY Womens DANLEA Round Toe Ankle Cold Weather BootsLadies Snow Boot Nylon Tall Winter Waterproof Fur Lined Warm Rain Boot All SizesMARCO TOZZI Women's Boots Ankle Boots Ankle Boot Boots Wedge Heel Brown NEW , Women Autumn Winter Flat Lamb Hair Plus Velvet Warmth Increase Cotton Snow Boots , New Women Wild Diva Turnup-01 Knitted Sweater Mid-Calf Block Heel Stocking Boot , Womens round toe Tassel Hidden Wedge High Heels Faux Suede Casual Mid Calf Boots , NEW L.K. BENNETT Dusty BOOTIE Women ANKLE Boot BLACK Calf LEATHER Heels 40 9.5 , Lauren Ralph Lauren Makenzie Boot- Women's Size 6.5 B, Black , MARCO TOZZI Boots, Ankle Boots Beige Soft Leather Upper, RV NEWMerrell Women's Encore Q2 Moc Leather Brown US 9.5 CM 26.5 Z344 , Sperry Top Sider Gold Slip On Shoes Black Women Sz 11 M 1379 , Mephisto Runoff Fashion Sneakers Women's 8 Pewter Comfort Walking Oxfords Shoes , Chloe Lauren Scalloped Suede Ballerina Flat, 38, PinkChuck Taylor All Star Low Top Shoreline Oyster Gray Sneaker Shoes Size 8 / 39 , Fashion Hollow Out Zipper Soft Loafer Womens Shoes Leisure Hot Sale BreathableHush Puppies brown floral design leather comfort casual loafers oxfords shoesNIKE AIR SPAN II WOMENS SHOES SNICKERS TRAINING RUNNING NEW SZ 12 , Reebok CM9265 NPC UK FVS Classic Casual Shoes black white Sneakers , Women's keen womens 8 Athletic ShoesWomen's Rieker Ladies Summer Shoes 41357-61 Flats , Women's Silver Hunter Boots 8 BootsWomen Ankle Boots With Side Zipper Fashion Low-Top Flat Booties Black Shoes

Rockport Women's Danii Side 10.0 Zip Ankle Bootie localjoes-27798 Clover 27798 Size 10.0 1e13304 - digitalcraftmedia.com




Boots
1202048
2150148
2864144
4593917
10422178
10843786
14760359
18178483
18994154