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

$325 Salvatore $325 Ferragamo Blake 27609 espadrille espadrille SIZE 10 e312b74
$325 Salvatore $325 Ferragamo Blake 27609 espadrille espadrille SIZE 10 e312b74 - 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.


Rare FRYE Womens Rebecca Penny Loafer Tan Leather Brown 7.5 M FlatNEW STUART WEITZMAN TIPANTIBE POINTED TOE BALLET FLATS SZ 5.5M $355 , $1,356 Victor & Rolf S49WZ0018 Cap Toe Leather Flats, Women's Shoes,Silver/Black , JIMMY CHOO London Black Leather Ballet Flats 'Cutout Stars' 38/US8 FUNDolce & Gabbana Yellow Leather Loafers Size 38.5 , New with Box Stuart Weitzman Flippy Bullet Electric Suede Mary Jane Spain RG2/21 , TOD'S METALLIC DRIVING MOCCASIN LOAFER WOMEN 361/2Stuart Weitzman Chicflat Black Womens Shoes Size 6.5 M Flats MSRP $365JSlides - Heidi Soft Patent Leather Shoe - Grey , JCrew Sumner Cracked Metallic Leather Loafers Sz 7 Plum SAMPLE ITEM Fall 17Arche "Drick' Flat - Tan -Size 6 US/ 37$298 (P33)La Canadienne Women's Shaw Boots Black Leather 8 M High Quality , Loeffler Randall Women's Frances Oxford, Black, Size 7.0 , Women's MEPHISTO 'Cross' Grey Bucksoft Leather Sneakers Size US 11 , Aquatalia Brand NEW Burgendy Suede Driving Penny Loafers Womens Size 7 MSaint Laurent YSL Espadrilles St Venice Floral Studded Flats Ballerina 37 7COLE HAAN WOMEN'S ORIGINALGRAND TALL BOOTS (W06097) WOODBURY WEAVE 10.5 MED $350NEW $235+ Tory Burch Mini Miller Ballet Flat Shoe Purple Leather Sz 8 M , Stuart Weitzman Catalan Slip On Loafer 6.5 M Natural Buck A409648 New with Box , PRADA Black Crackle Leather Elastic-Edge Ballet Flats Sz35.5 , NEW MAX MARA MAXMARA HARDEN Nudo Leather Slip on Shoes size 39 US 9Tods Italy Womens Driving Shoes Moccasins Leather Tan EUR Size 41 US 10 , NIB TORY BURCH Brown Miller Shearling Suede Sneaker Sz 6.5NEW Anthropologie Joseph mustard yellow gold Satin Slip On Flat Loafers 38/ 7.5 , Stephane Kelian Tan Beige Suede Loafers Shoes Wedge Platform Leather 7 37 France , WOW! Anniel Scarpa Indianina Pelle Suola Gomma Ballet Flats Suede Fringe - SZ 37new $515 BALENCIAGA black leather STUDDED flats shoes 38 8 US 7 - very softGIORGIO ARMANI - X1S010 PLATINO LEATHER ESPADRILLE FLAT SZ 6.5 RETAIL $425E. Porselli for J.Crew black leather ballet flats Size 36/6 US BN


More Stories



Tags
Women's Brown Leather Nine West Ankle Boots - Size 7MSteve Madden Womens Tillis Navy Quilted Pac Boots Shoes 5 Medium (B,M) BHFO 4554Bandolino Lethia Dress Ankle Boots 247, Dark Brown/Dark Brown, 6.5 US , Sam Edelman Women's Perry Ankle Boot Putty 7 B(M) USNwt old navy boot green brown black animal print ankle high fuzzy leather Sz 8 , Womens Trendy Winter Slouchy Pearls Round Toe Pull On Pumps High Heels Boot Y372 , Womens Vintage Miss Capezio Tan Leather Cowboy Boots 6 1/2 B Excellent Used Cond , Bottines Boots ANDRE Cuir Ivoire T 38 TTBEUnicorn Boots Womens | Green Hand-crafted Ladies ShoesBLONDO Canada Leather Riding Boots Aqua Protect Womens 6 M Style A1176-12 , $175 Vagabond Gigi Buckle Black Suede Ankle Boots US8 EU39 UK6 , Women Over Knee High Boots Motorcycle Leather High Heels Platform Zipper Shoes , A35 Nickki Block Heel Ankle Booties 667, Black, 9 US , NIB Via Spiga HANNE Button Ankle Boots Chestnut Leather Heel Sz 8Naturalizer Women's Erica Mary Jane Flat Black 7.5 M US , JCrew Collection ankle-wrap heels in Ratti geometric tile print F8013 $268 10AK Anne Klein Sport 25020537 Womens Unalike Ballet Flat- Choose SZ/Color.SAS Womens Flat Shoes 7 M Medium Simplify Antique Wine Tripad Comfort , Joie Haddie Platino Ballet Flats Size 7.5 New $198 , J.W. Anderson Womens Black Leather Tie Back Ballerinas Size IT37/US7~RTL$1499 , New - Stubbs and Wootton "CADDIE" Velvet Luxury Smoking Slippers , Vince Camuto Signature Calada Women's Black Leather Espadrille Flats Sz 10M 1178 , ASICS Womens - Gray Walking Shoes Size 5 (361508) , Avia RISE - Blue - Womens , New Bally slip on loafers size 8.5 Made in Italy , New Balance Women's 1165v1 Fresh Foam Walking Shoe - Choose SZ/ColorNew Balance Womens Wt590lb3 Black/Castlerock Running Shoes Size 8.5 (9739) , Propet Stability X Strap Grey WALKING SHOES Womens SZ 8.5 M PRE OWNED ONCE D7767 , Women's Keen Women's Rose Sandal Magnet/Gargoyle Athletic Shoestamika-32 Fashion Ankle Zipper Buckles Casual Comfort Winter Womens Boots Tan ,

$325 Salvatore $325 Ferragamo Blake 27609 espadrille espadrille SIZE 10 e312b74 - digitalcraftmedia.com




Flats
4104341
4699141
4996734
5080685
5444145
7907267
10988915
12183844
17218048