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

Dansko Womens Honor Honor Fashion localjoes-27765 Sneaker, 27764 Black Suede, 38 EU/7.5-8 M US 715ce76
Dansko Womens Honor Honor Fashion localjoes-27765 Sneaker, 27764 Black Suede, 38 EU/7.5-8 M US 715ce76 -

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.

Check - Moccasins - Female - Grey - 3296105A184527 , Propet WPRX25 Womens Olivia Oxford Slip On Low Top Diabetic ShoesKallistè - Shoes - Female - Black - 2352717A182152Nautilus Women's Grey and Athletic Work Shoes - Composite Toe - N2155Durango Women's Music City Plum Boat Shoes - Moc Toe - DRD0235Sexy Real Leather Open Toe Womens Fashion Rhinestone Flats Roman Party Sandals , DREW FITTER Black Removable Inserts AGEIS Shield Shoes 9C Wide Vibram NEWLemarè - Sneakers - female - 211326A184442Barleycorn - Shoes-Sneakers low - Woman - White - 5144320C183542 , Eileen Fisher 7.5 Quilt Hidden Wedge Black Crepe Leather Flats Lagenlook ArtsyBarleycorn - Shoes-Sneakers - Woman - Brown - 5145520C183729 , NWOB Naturalizer Sarah 7 Black Suede Pointed Toe Flat Bow N5 Contour Comfort , Ladies Clarks Flats Label - Busby FollyNEW Sz 9.5 Cole Haan Women's ZEROGRAND Wingtip Oxford Stitchlife Nectar Knit FogDREW Womens size 7.5 EE Beige FITTER Orthotic Leather Walking Oxfords Shoes NEW , Durango Women's Music City Boat Shoes - Moc Toe - DRD0237Kallistè - Shoes - Female - Grey - 2289112A183639 , Jessica Simpson Women's Leve - Choose SZ/Color , Tipe E Tacchi - Sneakers - female - Black - 201826A184034Bronx Women's Need A Break Lime/Mid Brown Nappa/Vachetta Leather Flats , Barleycorn - Shoes-Sneakers - Woman - Brown - 5146720C183905Barleycorn - Shoes-Sneakers - Woman - Black - 5146320C183555Bernie Mev Women's Charm Bronze Multi Flats , Cole Haan Women's Ella Grand Espadrille Marine Blue Suede/Natural Jute Flats , Barleycorn - Shoes-Sneakers low - Woman - Black - 5145920C183640 , Kallistè - Shoes - Female - Black - 2281511A184028Barleycorn - Shoes-Sneakers low - Woman - Black - 5147120C183819Barleycorn - Shoes-Sneakers low - Woman - Blue - 5144720C183710 , Barleycorn - Shoes-Sneakers low - Woman - Black - 5143920C183627 ,

More Stories

Ecco Womens Snow Winter Boots size 39P Brown us 8 , Alfani Womens Courtnee High Block Heel Synthetic Brown Knee High Boot 9M , Keen Hoodoo III Low Zip Winter Boots, Women's Size 8.5, BlackFashion Womens Buckle Ankle Boots Low Block Heels Round Toes OL wedding ShoesSam Edelman Womens Lance Suede Block Heel Ankle Boots Shoes BHFO 2603Vintage Dan Post Shiny Burgundy Leather Cowboy Western Boots Sz 6.5 A Style 4219Sam Edelman Womens edith Closed Toe Ankle Fashion Boots, Black Suede, Size 8.0 XWomens Boots Size 7 Brown Suede Fringe Minnetonka , L.L. BEAN Insulated Winter Zip Front Brown Suede Ankle Boots Size 8.5 M (38) , Louise Et Cie Andora Black Over the Knee Boots Women's Shoes Size 5.5 M NEWAriat Heritage Stockman Western Boot Lady 7.5 M/29420 Distressed Brown/Pink NiceDurango Crush RD3440 Size 9.5M Womens 7" Jet Shorty Cross Leather Boots BLACK , White Mountain Womens Lacona Closed Toe Knee High Fashion Boots, Black, Size 8.0 , SoftWalk Women's Chatsworth Mary Jane Flat, Black, Size 6.5KEEN DRY SIZE 6 GRAY SLIP ON SHOES WITH FUR INSIDE WINTERBARE TRAPS Stay Dry System Brown Leather & Faux Fur"Betheny"Winter Boots 7.5-B13MEPHISTO ALISON brown leopard print leather cup toe flats sz. 8 NEW! , Cole Haan NEW $130 Grand OS Crosscourt White Leather Shoes Womens Size 11 BDansko Professional Clog in Black Cabrio size 36 - Now $99 / was 124.95Helly Hansen W Aurora-W Womens Aurora Boat Shoe- Choose SZ/Color.VALENTINO GARAVANI Rockstud Ballerina Flat Size 37 , Authentic John Galliano Italian Leather Shoes New Sizes 6,7,8,9,10,11 RedNEW SAM EDELMAN WOMENS REINA FLAT , NWOB Skechers Ladies' Bungee Slip-On Memory Foam ShoesNike Flyknit Lunar 2 Running Shoes Womens Size 9.5 Pink Athletic SneakersAsics Women's Gel-Foundation 12(D) Running Shoes,Silver Grey/Pistachio/Pink GlowCalvin Klein "Jaiden" Sneaker, Women's Size 7.5, BlackK-Swiss Women's Court Frasco SC Sneaker - Choose SZ/ColorSweet Womens Pull On Boots Leather Block Kitten Heels Mid Calf Boots Shoes Sz , Dansko Women's Honor Sneaker - Choose SZ/Color ,

Dansko Womens Honor Honor Fashion localjoes-27765 Sneaker, 27764 Black Suede, 38 EU/7.5-8 M US 715ce76 -