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

BASS BRAND OUTSIDE 21658 BROWN SUEDE LEATHER OUTSIDE 2" ZIP FOLD OVER BOOTS 2" HEEL SZ 6.5M 116ba11
BASS BRAND OUTSIDE 21658 BROWN SUEDE LEATHER OUTSIDE 2

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.


Winter Warm Fashion Boots woman Wedge Heels Shoes Buckle Mid-Calf Boots WomenLIZ& CO SABRINA BOOTS BROWN OR BLACK SHORT MULTI SIZES NEW WITH BOX , WHITE MOUNTAIN Women's "Smile" Black/Smooth Ankle Boots Size 8.5 *IOB* , Etienne Aigner Mid Calf Boot Women size 8 Tan Leather , ETHEM anthropologie tan suede boots booties size 40/9Easy Spirit Boots With Lycra Brown Smooth Leather Sz 8.5Van Eli Wmn sz 9N Black Stretch Knee High Boots Heel Shoes Pull On Round Toe , BNWT Ladies Sz 5 Rivers Brand Super Soft Black High Heel Short Boots RRP $100DIVA Collection cut-out ankle boots women Eur 35 US-Aus 5 Used from ItalyBCBGirls brown faux suede fashion boots Size 9 1/2 , LOVELY PEOPLE Size 8M Light Brown Leather Flap Ankle Boots Shoes Booties EUC , KATHY VAN ZEELAND Boots womens size 6 M Black ankle boots cuff top 2.5" heels , BNWT Ladies Sz 6 Rivers Brand Super Soft Dark Brown Mid Heel Ankle Boots RRP $60ALPINE SWISS Shoes Sz 10 Womens Booties Ankle Boots Heels Fall Brown , NINE WEST glossy black genuine leather stretch slip on ankle boots 10 , VERO CUOIO WOMENS FASHION ANKLE BOOTS Sz 6 BROWN NWOB , LADIES EL GRAN POTRILLO COWBOY WESTERN BOOT SIZE MEX 22.5 USA 5.5 VGC , Worthington Beige Leather Ankle Boots Size 8M Women's Strap Buck;e 2.5" HeelLimeLight Black Fashion Ankle Boots Size-5.5US -36EU-NewSpot On Womens Roses Print WellingtonECCO BLACK LEATHER MARY JANE COMFORT SHOES SZ 36= US 6Womens Ankle Boots High Wedge Heel Platform ShoesLADIES RAMPAGE 13 IN. TALL BLACK SLOUCH FASHION BOOTS SIZE 8 M , Womens Triplet Button Tall Classic Fur Waterproof Winter Rain Snow Boots 3-9 , Gap Wedge Ankle Boots, Gray, Women's US Size 9 , Genuine Suede Ladies Spike Heel Boots Brown w Sherpa Lining sz5 , Muk Luks Womens Demi Winter Boot, Dark Brown, 7 M US (B09)Fay-10 Elastic Ankle High Lucite Clear Block Chunky Heel Bootie Shoe Canvas NudeWomen Black Dress Shoes Thick Heel Bottom Belt Buckle Ankle Winter Martin Boots


More Stories



Tags
Just Fab Womens Size 9 Black BootsWomen’s Modern Vintage Suede Pirate Ankle Mid Calf Boot Stacked Heel 37 6.5 $350Skechers Relaxed Fit: Bikers - Lineage Black Blk Womens Mid Top Shoe Size 8.5M , Clarks Artisan Leather Clog Sandals - Ledella Trail Navy wide 10 , Women's Justin Exodic Lizard Skin Western Boots Green Black Sz 6 BEnzo Angiolini Ellerby Brown Leather Knee High Riding Boots Women’s Size 6.5 M*Dan Post Womens leather boots size 7 M made in USA , SOFFT Womens Daney Buckle Mahogany Leather Clogs Slipon Shoes US 9.5 M NWBWomen Boots. Ralph Lauren lizard embossed leather boots. Size 8 1/2 B.Very Volatile Womens nate Fabric Almond Toe Over Knee Fashion Wine Size 7.5Brand New Tory Burch Serena Reva Tweed Brown Coconut Flats 10.5 , Klogs Charleston - Red - Womens , AMALFI, EGADI MONK-STRAP, WOMENS, FANGO TEJUS/ CASHMERE, US 9.5 W, NEW W/O BOXSpring Step Dezi Moccasin Slip On Flat Loafer Shoe - WomensLadies Clarks Slip On Ballerina Flats Neenah PoppyBurberry Halsm zig flat loafer women's size 11 m Euro 41 , Bettye Muller Women's Revel Embellished Brocade Loafers Size 8.5 Blcak Velvet , Nine West Women's Giovedi Synthetic Ballet Flat - Choose SZ/Color , Seychelles Quake Gold Metallic Leather Ruffle Fashion Sneaker Shoe 10 New , chic Womens Mink Fur Cow Leather Witner Warm Slip on Oxfords Loafers Shoes Sz , NWD $1695 Brunello Cucinelli Monili Bead Fringed VWool Knit Loafers 37/ 7US A181$650 Prada Patent Leather Silver Metallic Black Piping Pointed Toe Flat 38 8 , STEVEN by Steve Madden Womens owen Low Top Slip On Fashion rose gold Size 8.5Converse CT OX M9166C Black White Unisex Canvas Trainers , Reebok Classic Shoes Sneakers Women Size 9 Great ConditionCool Gianni Bini brown and white two tone animal print tall boots US size 8M , Xpress Lane Women's Burgundy Wedge Shoes US 6 NOB NWDSAS Tripad Free Time Womens Black Suede Leather Oxford Comfort Shoes Size 8M , Women's Altra Torin 3.5 Mesh *****New Arrival***** , ASICS Women's GEL-Scram 4 Trail Running Shoe Mid Grey/Lagoon Sneakers

BASS BRAND OUTSIDE 21658 BROWN SUEDE LEATHER OUTSIDE 2" ZIP FOLD OVER BOOTS 2" HEEL SZ 6.5M 116ba11 - digitalcraftmedia.com




Boots
1921591
2068614
2155215
7619525
10081225
10981613
11272383
12013831
14025019