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

DZ711 MBT shoes brown leather women slip women on shoes 6 DZ711 - 6.5 () bc73dd7
DZ711 MBT shoes brown leather women slip women on shoes 6 DZ711 - 6.5 () bc73dd7 -

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.

Blake Brody Women's Leigh Walking ShoeAlexander Wang Ingrid embossed Oxfords EU40 US 10 Shoes BrogueDr.Martens Vegan Polley Cherry Womens Vegan Mary Janes T Bar Shoes , DANSKO WOMENS CLOGS PROFESSIONAL DEWDROP SIZETORY BURCH $225 Whittaker Black Leather Perforated Ballet Flats 7 M - NWT , LONGCHAMP Le Pliage Cuir Ballet Ballerina Flats Black Womens / 7 US $275SAS WOMEN'S HOPE WALKING COMFORT SLIP-ON MOC LOAFER, ARCH SUPPORT, MADE IN USATory Burch 'Minnie' Travel Ballet Flat in Black - Size 8M - $225New-In-Box Tory Burch Gemini Link Hi Suede Navy Sea Driver Moccasins, Size 7.5 MNaot Kirei Slip On Shoe - Women's Size 7 BlackTory Burch Womens Nude Samantha Smoking Slipper Sz 36 Patent Leather Flat, $258TORY BURCH POPPY ORANGE LEATHER LAILA 2 BOW DRIVER GOLD REVA BALLET FLATS 7.5 , Dr.Martens Salome II 3-Eyelet Black Womens Aunt Sally High Heel Shoes , Pikolinos La Marina Perforated Flat (W5L-4696) Shoe - NIB - Free Shipping , FLEXX WOMEN'S SNEAK UP, COMFY WALKING SHOE, SOFT LEATHER, FLEXIBLE SOLE , TORY BURCH Womens Black Snake Leather Cap Toe Sz 5.5 Ballet Flats 212566 , Isa Tapia Rocio Loafer Flats 048, Black Suede, 11 US / 41 EU , Josef Seibel Germany comfort walking shoes - Sina 43Women’s beautiful Escada calf hair loafers 9 1/2NIBStuart Weitzman Tipadrille flat7.5 8 8.5trimmed in braided raffia MetallictipDelman Size 6 M TIARA Black Pearlized Satin Flats Loafers New Womens ShoesZara Platform Derby Shoes Rhinestone Beading Size 8 NWT BlackNew Tory Burch Color Block Flats Espadrilles Suede & Leather Green & Blue 8 , ROBERT CLERGERIE black leather mary jane strap flatform clogs FRANCE 9.5 / 40LOVE MOSCHINO Women's Flat Shoes Sandals Red Ribbon Sz 38 8 Gorgeous Pair! , Kari C The Collective Size 39 US Loafer Shoes Leather Python Lottie ItalianJCREW COLLECTION RHINESTONE T-STRAP BALLET FLATS - SIZE 7.5 - SOLD OUT SIZE!!!Australia LUXE Collective Womens Size 8 Shoes Sonora Leather White MilkChloe Navy Gray Leather Scalloped Edge Accent Flats Shoes Size 40 US 10

More Stories

RALPH LAUREN "Micah" Black Leather Riding Equestrian Boots, Mid Calf 8.5B 8.5Steve Madden Womens Alta Open Toe Dress Heels Booties Shoes BHFO 2408 , Steve Madden Black Faux Suede Editt Ankle Boots Womens Size US 8M , R37 Free People Cecile Brown Suede Ankle Boot Women Size 36NEW Womens Wedge Bootie Oxford Black Mid Heel Ankle Boot Shoes Fashion Platform , Arizona Jean Company Dakota Womens Black Size 9 M , NIB Pajar Canada Women's Liberty Low Rain Boot in Redwomens black DONALD J PLINER COUTURE knee high dress boots stretch slim 9 MNew Vince Camuto Talorini gray women's boots sz 8.5 , Steve Madden Shrines Suede Ankle Boots, Women's - Size 10 M, Black , Sanuk Nice Bootah Women's Boots Black 6.5 , FABIO RUSCONI - Women’s Fats Ballerines Brown Animal Print Leopard ITALY S 41 , Via Spiga Vero Cuoio Size 6b Heels Black Ankle Boots Z33 , New Women`s Caterpillar Irenea Ankle Boots Leather and Nubuck MSRP$130GABOR WOMEN'S BALLET FLAT SHOES, MADE IN PORTUGAL , JCrew $148 Ankle-strap pointed-toe flats in leopard print 7.5 shoes H9775 cedarBrand New Cole Haan Women's Elsie Ballet II Blazer Blue Leather Flat ShoesSz 7B , SPERRY TOP SIDER WOMENS BOAT SHOES A/O QUINN SPICED CORAL SIZE 8.5 , Urban Fuchsia Jon Josef Leather FlatVery rare Tory Burch chain flatsNIB TORY BURCH 'Claire' Flat Ballerina Black Leather Gold logo Shoes Size 10 MDr. Scholl's Shoes Women's Adjust Flat - Choose SZ/ColorFashion Sneakers Sports Shoes classic jogging Climbing travel Shock Absorbing , Naot Purple Patent Leather Suede Mary Jane Clogs Sandals Women's Size 36 M* , Womens Carlos by Carlos Santana NIB Langston Black Flats 9.5 M , Nike Women's Sf Af1 Mid Basketball Shoe , Nike Free TR Flyknit 2 Women's Training Shoes, Size 12, 904658 004Womens Skechers Sport with Memory Foam Dynamight-Blissful 12149/NVYPUMA Women's Velvet Leggings - Choose SZ/Color , Sz35-43 Womens Round Toe Bowknot Lolita Cosplay Ankle Boots Block Heel ShoesH993 ,

DZ711 MBT shoes brown leather women slip women on shoes 6 DZ711 - 6.5 () bc73dd7 -