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

CREEPER-214 3" GOTH PUNK 27774 ROCK CASUAL GOTH T-STRAP MARY MARY JANE CREEPER PLATFORM BOOT 1afb4ad
CREEPER-214 3

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.


New Office TopShop Lucky Espadrille Toe Cap Nude Leather Rose Gold Glitter SZ 6ECCO 39 Closed Back Clogs Danish Design Blue Leather Womens Shoes 8 - 8.5Womens MUNRO brown leather wedge fashion sneakers sz. 8 M NEW! $189 , Womens VINTAGE SHOE COMPANY coral suede fashion oxfords shoes sz. 7.5 M NEW!Soludos Vogue 125 Exclusive Embroidered Rose Flower Black Tie Sandal SZ 7.5 NEWJCrew $118 Gemma Cap-Toe Flats Tweed Sz 8 Ivory Burgundy Navy F5518 SOLD OUT! , Prada Black Patent Leather Bow Classic Flat Size 35.5/5 US , New ECCO Women’s Leather Fashion Sneakers Taupe Gray Distressed 37 US 6.5/7 , New Cole Haan Grant LTE Womens White Suede Leather Moccasin Loafer Shoes 9.5 , Bill Blass Women's Sutton Loafer- 8.5NIB Beverly Feldman Womens Ballet Slippers Flats Shoes Laser Cut Orange Sz 9.5Cobbler From Bed Stu Monica Slip OnWalking Cradles Jane 2, NAVY LEATHER, US; 6.5W , Stuart Weitzman Women's String along Flats, Black , Size US 5.5, MSRP $210Skechers Women's Ultra Flex - Bright Horizon Ankle-High Slip-On ShoesJambu Women's Spirit Vegan Shoes Saddle Sangria , NEW - GUESS Women's WISE Blue Denim Fashion Wedge Sneaker - Size 9NWT Zara Green Women Flat Slingback Flats with Bow Detail Size 7.5 38 Insta Fav , Earth Origins TOVA Womens Black Perforated Leather Slip On ShoesPUMA Women's SUEDE PLATFORM EXPLOSIVE Shoes Puma Black/Black 363649-01 b , Naot Women's Evening Wedge Pump Dotty Gray Leather Style 92003 , Womens SAM EDELMAN orange / brown leather cap toe ballet flats sz. 6 M NEW! , NEW BIRKENSTOCK ALPRO BIRKO FLOR 105133 MARY JANE CORK SHOES WOMENS 11 WHITE , RALPH LAUREN CAMILA BLACK LEOPARD SUEDE PENNY LOAFER WOMENS MULTI SIZES AS213Rare Women's Allen Edmonds Linden Oxford Chukka Bootie Brown Leather Shoe 12 AANib YOSI SAMRA Woman's Pink Classic Animal Print and Leather Ballet Flats Shoes , Sperry Top-Sider Sahara 2-Eye Boat Shoes - Women’s 11MSperrys Laguna New In Box Canvas LeatherSperry Top-Sider Women's 10 Bluefish 2-Eye Linen Oat Slip-On Loafer Boat Shoes


More Stories



Tags
NICE WOMENS SOMETHING ELSE BY SKECHERS BROWN BOOTS Sz 8great-30 Mid Calf Synthetic 3 Inch Heel Buckle Zip Women's Casual Boots Tan 5.5- , Justin Womens Classic Western Boot Sz 6 B Brown Tan Pull On Cowboy EverydayLadies Leather Collection Chelsea Ankle Boots The Style F50666 ~ K , ULTRA RARES CHAUSSURES KAKIES NOIRES BONUSAGE AS PALLADIUM BUT NO PALLADIUM T41Valdini women’s black leather upper winter mid-calf boots size 7Superfit Women's Ava Gray & Beige Faux Fur Waterproof Snow Boots - Size 6 , Sexy Women Metallic Side Zipper Round Toe Block High Heels Ankle Boots Size R721Womens Salomon Mountain Insulated Fur Snow Boots Size 7.5 433680 Contagrip S158 , Report Womens RUSSI Fabric Almond Toe Ankle Fashion Boots TAUPE Size 10.0 zoUrTommy Hilfiger Womens Lyra2 Ankle Bootie- Pick SZ/Color.SIZE 8/5 , Dr. Scholl's Womens charlie Almond Toe Ankle Fashion Stucco Suede Size 8.0 BDL , Women's Shoes Cole Haan MONROE PENNY Loafers Moccasins Orange Pop Reflect , NWB Size (6) Tory Burch Leopard Natural Leopard/Black/220 Slipper Flats , ecco Women's Brown Leather Casual Fashion Shoes - Size 42 , NWT $349 New Silvia Fiorentina for Neiman Marcus Women Black Suede Heels 10 N , NIB Converse All Star OX Shoe Sneaker Gunmetal Black 557988C Womens Sz 6 - 10 , NEW SPERRY Top Sider Authentic Original Leather Boat Shoes Brown/Pink Size 9.5 , Andre Assous Tate Derby Shoe - Women's Size 5/6, BrownPRADA women shoes Black brushed leather wingtip derby maxi wedge 1E935GP39F0002Burberry Womens Hot Pink Nova Check Leather Ballet Flats Size 7.5 , MANOLO Blahnik Multicolor Gold Print Fabric Leather Bow Ballerinas Wm Sz 40 1/2M , The Fix Women's Sloan Tab Elasticated Ballet Flat - Choose SZ/Color , Flat Ivanka Trump Fyler Black Fabric , NIKE Sneakers Size 9 Womens Dunk Low 6.0 Orange Vivid Blue Shoes [314141-641] , Dr DOC Martens Pandora Monk Double Strap Chestnut Brown Leather Women's SZ 6 , New Balance 580 Black Patent Leather WRT580MT Women's SZ 8.5 , Cole Haan Womens Black Fashion Sneaker Size 8.5 (36162) , Women's Prada Suede Skate Sneakers FlatsBearpaw EMMA SHORT Brown Suede Slip On Short Boot Size 7M EUC ,

CREEPER-214 3" GOTH PUNK 27774 ROCK CASUAL GOTH T-STRAP MARY MARY JANE CREEPER PLATFORM BOOT 1afb4ad - digitalcraftmedia.com




Flats
572703
2840849
2896176
10277221
10436189
11619225
14610372
17775224
18477780