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

L'Artiste by Spring Step 19539 Women's Raina Slip Slip localjoes-19539 On 0e83e7b
L'Artiste by Spring Step 19539 Women's Raina Slip Slip localjoes-19539 On 0e83e7b - 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.


Shoes adidas Campus W Orange Women AQ1071 , nike womens air huarache trainers 634835 109 sneakers shoes , PUMA Women's Fierce Kurim Training Shoes , New Women Athletic Sneaker Creeper Wedge Heel High Top Board Shoes Real LeatherADIDAS ALPHABOUNCE RC Running Shoes Womens Trace Scarlet Red Orange CG4746 NewNike Wmns Air Zoom Pegasus 35 Bright Crimson/Ice Blue-Sail Running 942855-600 , New Balance 574 Classic Women's Black/White WL574EBNike Womens Lunarcharge Essential Running Trainers 923620 Sneakers Shoes 001 , Durango Boot Women's DRD0308 Music City Western Embossed High Top CocoaAdidas Originals Superstar 80s W Women's Sneakers Fashion Shoes Sneakers S76415 , Apex Women's Ambulator Stretcher Double Strapadidas Aerobounce 2 W White Grey Silver Women Running Shoes Sneakers AQ0541W Nike Air More Money LX Black/Black-Summit White AJ1312-003 Size: 7.5 , SAVE $$$ Asics Gel GT 1000 6 Womens Running Shoes (D) (1456)Mt. Emey Women's 9226 , Mizuno Wave Shadow 2 Women's Running Shoes J1GD183003 A 18U , Shoes adidas Forest Grove W Salmon Women B37990Brooks Running Ghost 11 028 6.5-12 Medium WidthBrooks Running Ghost 11 493 6.5-8.5 Medium WidthNike Womens Air Zoom Pegasus 33 Tb Running Trainers 843803 Sneakers Shoes 002 , Skechers Ultra Flex [12831WBK] Women Running Shoes White/Black , Nike Wmns Air Max 90 White Black Dust Solar Red Women Running Sneaker 325213-132NEW Women's Adidas originals I-5923 Casual Shoes Grey/White/Gum BB6865 size 6.5Altra Footwear Women's Vali SneakerNew Balance Women's Running Sneaker #W1260VC7 Med.& 2E Reflection/Vintage IndioVans SK8 Hi Lurex Glitter Black Womens Leather Trainers , Under Armour Speedform Gemini 3 UA Purple Grey Women Running Shoes 1285481-033PUMA Women's Suede Heart Reset Fashion Sneaker, Soft Fluo Yellow ~ Size 8.5 B(M)Toe Warmers Women's Katie ,


More Stories



Tags
WOMENS ACME BUCKAROO COWBOY LEATHER BROWN BOOTS SIZE 6.5 MNINE & COMPANY Women Ankle Boot Block Heels Size 8M Brown LeatherKS35 Harloww Fashion Knee-High Boots 819, Black, 8.5 US , Jalen-H4 Stretch Pull On Over Knee Thigh High Block Heel String Tie Up Boot WineBanana Republic Brown Leather Zip Heels Knee High Pointy Toe Boots Size 9.5 M , Rampage Vedette Ankle Boots-Women's size 7.5 M Brown , Alfani SHIRLEE Women Ankle Booties Heels Size 6.5 M Brown Leather Reptile $99Journee Collection Womens Rimi Closed Toe Ankle Fashion Boots, Black, Size 6.5 p , Steve Madden Women's Reesea Black Leather Ankle Boots 8.5MBlowfish Vynn Black Womens Side Zip Ankle Boots , Steve Madden Gaze 8.5 Mushroom Velvet Beige Brown Taupe Ankle Boots Booties NewRocket Dog MACKFS Womens Mack Francois Pu Ankle Bootie, Natural, 6 M USRawomen's Beige Cow Suede Zip Up Medium Heel Cowboy Western Ankle Boots NewBILLINI Designer Susanna Black Leather Ankle Boots Size 7 LIKE NEWNine West Leopard Boots Calf Hair Booties Ankle Zip High Heels Sz 7.5 , Dolce Vita Tessey Women's Boots Dark TaupeNIB TORY BURCH BLOSSOM BLACK FLOWERS LEATHER GOLD REVA BALLET FLATS 7.5 , Elyse Walker Dee Haircalf Espadrille Slip-On - White US 6 NWB , Aquatalia Womens Adanna Flat Shoe Smog Suede Shoe Size 9 M US , Womens Sneakers Platform Mesh Mid Heels Creepers Tennis Causal Shoes Slip on NEWTwisted X Women’s Driving Moccasin Bomber Turquoise 9.5SPERRY TOP SIDER HARPER COGNAC WOMENS SMOKING SLIPPER SLIP ON SHOES MULTISIZE , TORY BURCH REVA BALLET FLATS BLACK LEATHER GOLD LOGO 4 MNEW BALANCE X-90 Textile Women | Black/Lemonade (WSX90CLD) , New Balance Women's Veniz V1 Running Shoe - Choose SZ/Color , Skechers 15601 Womens Go Joy Walking Shoe- Choose SZ/Color.NEW MERRELL Encore Tangle Slides Clogs WOMENS 6 Brown Bracken Leather j61940 , Women's NEW PERLA FORMENTINI WOMENS VITRIOL FlatsWomen's Dansko Women's Pro XP Clog Flats , Vince Camuto Women’s 6 Elvin Ankle Booties Purple Leather Zip High Heel $170

L'Artiste by Spring Step 19539 Women's Raina Slip Slip localjoes-19539 On 0e83e7b - digitalcraftmedia.com




Athletic Shoes
733622
1076060
6047744
7488930
10969001
15566092
16965532
17098885
18358989