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

Jimmy Choo Women's Shoes Flats 7.5/38 Choo 7.5/38 Italian Toe Grey Silver Ballet Leather Toe ecaaba7
Jimmy Choo Women's Shoes Flats 7.5/38 Choo 7.5/38 Italian Toe Grey Silver Ballet Leather Toe ecaaba7 - 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.


Alexander Mcqueen Skull Leather Flats Shoes Loafers UK4 37 US7 New , Miu Miu Cap Toe Hidden Wedge Sneakers Shoes Silver 40 , GIUSEPPE ZANOTTI SHOES METAL PANELS LEATHER GLADIATOR SANDALS sz IT 36 US 6$525 NEW Salvatore Ferragamo Varina US 9 Rose Patent Leather Ballet Flats Shoes , NIB LOUBOUTIN BALLALARINA NUDE LEATHER ROSE GOLD SPIKES BOW STUDDED FLATS 38.5SUPER SEXY!! Stuart Weitzman GLADIATOR STRETCH WOMEN FLAT BOOTS SANDALS 9 WNWOB$1895 Brunello Cucinelli Leather Textured Metallic Tongue Detail Loafer 37/7 , NEW - CHARLOTTE OLYMPIA Women's 'KITTY FLATS' Plum VELOUR FLATS SHOES - 6.5-7$695 NEW Tabitha Simmons Dilly Slingback Pointy Flats NUDE BEIGE Patent 40 , Valentino sz 38.5 / US 8 black gold rockstud loafer shoes , NWOB$2095 Brunello Cucinelli Metallic Leather Beaded Fringe Loafers 40/10US A181NEW Manolo Blahnik BB Houndstooth Tweed Pointy Flats Black White Flat Shoes 40.5Charlotte Olympia Kitty Cat Leopard Embroidered Shoes Size: 39NIB AUTHENTIC YSL SAINT LAURENT PARIS FASHION SNEAKERS Flat TENNIS Shoes 39 , Tabitha Simmons NIB Jade Suede Hermione Pointy Toe Flats SZ 40.5New In Box Prada Black Leather Bow Espadrille Flats 39/9US $510.00 *2018 Style* , MCM GALAXY LEATHER SLIP ON LOAFER SNEAKER SHOES 36/6 $575$575 Ferragamo EMY pointed toes Black Patent Leather 5.5/6/6.5/7/8/9.5 "B"ROGER VIVIER AUTH $750 Women's Black Leather with front buckle flat shoes Size 7Christian Louboutin Velvet Corazon Smoking Loafer Black Ballet Flats 37.5MEPHISTO WOMEN'S ELETTRA WALKING COMFORT BALLET STYLE SHOE, ARCH SUPPORT , NEW RED VALENTINO Black with Pink Star Leather Loafer Shoes Size 7 US 37 EULanvin Embossed Leather Ballerina Flats Shoes Size 36 , NEW BURBERRY CURRENT CHECK NUDE PINK BALLERINA BALLET FLAT SHOES 36/US 6NIB Lanvin NAPPA LEATHER GOLD SNEAKERS - Size 41 , Hermes Womens Loafers Size 38.5 8.5 Eggplant Purple Leather Block Heels IN BOX , Roger Vivier Blue Patent Leather Buckle Embellished Flats SZ 35 , MARSELL Women's Black Sacchina Ballerina Pointed Toe Leather Flats 36.5 US6.5NEW VALENTINO RED V TUMBLED BALLERINA BALLET BOW FLATS SIZE 9 US, 40 EUR ,


More Stories



Tags
Kelsi Dagger Brooklyn Women's Houston Fashion Boot, Chestnut, 9 Medium USWOMENS BLACK FAUX LEATHER CALF HIGH STYLE LILLIAN 06 BOOTS SIZE 7Ladys Pokedot Ankle Rainboots Sz 7ANA brand Black Leather Knee high BOOTS Strap detail Block heel size 9Brinley Co Women's Avita Ankle Boot Tan Size 7.5 yrYh , Women's Stiletto Heel Slouch Shaft Knee High Boots, Dark Brown 10US/41EU , Womens Sole Sensibility Black High Heel Ankle Boots Booties size 8.5Bottines Boots MULTI CHAUSS Tout Cuir et Toile Beige T 35 TBEMI.IM Women's Rear Zipper Cut Out Strappy Stacked Chunky Ankle Booties Size 9Helly Hansen Leather Hiking Boots Women's Size 7 Tan , Cat by Caterpillar Bianca Women's Boots Latte 9.5 M , Cream Color Leather Mid Calf High Heel Boots Size 8.5 Bare Traps Made In BrazilWomen’s Luxury Rebel Black Leather Buckle Boot Shoe Size 38 7.5 Regina BootieVery Volatile Women’s RYDER Size 8 Black Leather Silver Appliqué Western BootsNEW Steven By Steve Madden Shooter Kiltie Bootie Red Leather SZ 6New Women's National Embroidery Hidden Block Heels Chinese Knee High Boots Y244Lauren Lorraine Eva Rhinestone Stiletto Heel Peep Toe Glitter Eveneing BootieWhite Boots Fur Vegan Women's Mid-Calf Winter Slip OnTesori Valencia Black Leather Tall Riding Boots Size 6.5 New belted strap Womens , Klogs Women's Mission Clogs Black Smooth Style 0166 , Skechers 48790 Womens Halo-Glory-Space Dyed Winter BootM- Choose SZ/Color.Halston Leather Slip-on Flats with Hidden Wedge - Stephanie 6 medium grey , Valentino Rockstud Espadrille Wedge Navy Blue Sz 35 , NEW Dr. Martens Jemison Brogued Zip Up Platform Boots Women's Size 11 , Dansko black tooled professional clogs - gorgeous Size 36 NewVolatile Women's Elevation Platform Wedge Sneaker - Choose SZ/ColorWomens Korean Breathable Wedge Heel Platform Mesh Rhinestone Shoes Sneaker HotReebok Women's Cl Nylon Neutrals Ankle-High Fashion Sneaker , Womens Ankle Boots Tassels Block High Heels Boots Round Toe Platform FashionA325Womens Patent Leather Chain Decor Square Toe Low Chunky Heels Ankle Boots ,

Jimmy Choo Women's Shoes Flats 7.5/38 Choo 7.5/38 Italian Toe Grey Silver Ballet Leather Toe ecaaba7 - digitalcraftmedia.com




Flats
202100
327239
4110936
4521960
5769408
5859104
10789544
16790438
18402465