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

New Dixie-25 Women Qupid Dixie-25 Faux Suede Peep 16926 Toe Wraparound Wraparound Chunky Heel Bootie 6e96bda
New Dixie-25 Women Qupid Dixie-25 Faux Suede Peep 16926 Toe Wraparound Wraparound Chunky Heel Bootie 6e96bda -

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 Women Wild Diva Morris-03H Satin Peep Toe Block Heel Bootie , Madden Girl by Steve Madden Womens Fancie Red Ankle Boots 6 Medium (B,M) 4216LifeStride 0279 Womens Ravish Black Riding Boots Shoes 5 Medium , Style & Co Women's Sophiie Ruched Dress Boots Size 8.5 Black , Easy Spirit Black Suede Leather Mid-Calf Boots 9Black Distressed Ankle Boots Western Buckle Low Block Heel Bootie Women's shoes , B Makowsky Natural Tan Suede Loklie Pull on Heel Ankle Boots 8 SaleNew Women Bumper Odin-01 PU Pointy Toe Cut Out Back Chunky Heel Ankle Bootie , DURANGO western brown leather cowgirl ankle boot/shoe . women's 9Enzo Angiolini boots 5.5 harness strap knee high black leather ZJack Rogers Women's Deborah Smooth Ankle Boot , 70s Natural Crocodile Print Leather Unisa Boots 7.5 , Matt Bernson Special Project Suede Leather Belted Wedge Boot Burgundy NewIvanka Trump Boots Size 6 M Black Suede Over The Knee Low Heel Womens NewNEW CORSO COMO Irvington Double Monk Strap Booties Taupe Leather 8 Moto Style , NEW LADIES Black 1"Low Block Heel Round Toe Sexy Knee Boot Side Buckle Size 8.5Roberto Del Carlo Tan Leather Paneled Mid Calf Boots Size 35.5 5.5Tom's Black Suede Chunky Heel Inside Zip Ankle Boots Women's Size US 11W , DAKOTA Womens Mid-Cut Steel Toe Steel Plate Work Boots Gray/Purple Size 6.5 WideAll Black Womens Layered Taupe Leather Booties Shoes 35.5 Medium (B,M) BHFO 9365 , REI Monarch Hiking Boot Women size 8 Gore-TexMunro American Ankle Booties Side Zip Brown Leather Boots USA Womens 10.5 NSam Edelman Joelle Riding Boots Black Leather sz 7 store return excellent $199Franco Sarto CLEO Womens Red Square Toe High Heel Ankle Boots Size 8MWomen's Fashion Zipper Low Heel Mid Calf Round Toe Boot Shoes Size 5 - 10 NewINC International Concepts Women Fahnee Sz 6.5 Riding Leather Boots Gray 6 1/2 , new ladies Gray 3.5"High Heel Sides Buckles Elastic Sexy Knee Boots Size 9Born Chelsea Ankle Boots BOC- Slip On Leather Booties Heels Black Womens Sz 7.5MBANANA REPUBLIC black leather pointy toe mid-calf boots, SZ 6.5M

More Stories

WOMENS WINTER BOOTS SIZE 5 FELICIAPelle Moda Ankle Booties Black Suede Glitter Platform Stiletto Zipper SZ 7 MNIB anthropologie Taupe Corso Como Islip Leather Cut Out Booties Boots 7.5 8 8.5Rock & Candy Mila Lug Sole High Top Ankle Boots, BlackChooka Womens flex fit elastic Rubber Closed Toe Knee High, MultiColor, Size 9.0 , ZARA NWT Trafaluc Blue Navy Textile Checked Ankle Boots Shoes sizr USA 6 , MINNETONKA Womens Brown Suede 3-Layer Fringe Moccasin Mid-Calf Boots Sz 10 , **DAN POST** WOMEN BOOTS + shoe tree 5.5 M BLACK LEATHER WESTERN COWBOY EUCVictoria's Secret $178 BUCKLE AND CHAINS LOW-HEEL KNEE-HIGH RIDING BOOTS 6.5Bottines à clous MITICA VENEZIA Cuir Marron T 41 TBESam Edelman Riding Boots Pendra Tall Fringe Leather Suede Knee Black 5 5.5 $295Over The Knee Flat Black Suede By Bamboo Drawstring Flat Boots For Women Size 6 , Caterpillar Womens Arbor Leather Almond Toe Ankle Fashion BootsKlogs USA Women's Ashbury Clogs Neon Daisy 6.5 MAriat 17487 Women's Darla Western Low Ankle Leather Boot in Burnt Sugar Sz. 6.5 , Dolce & Gabbana Black Patent Leather Shoes with Pink Laser Cut Flower. 39.5 , Dr.Martens Smiths Daze Multi Womens Floral Derby ShoesSalvatore Ferragamo Black Leather Casual Fashion Sneaker Shoes Women's Size 10 BOTBT Women's Scamper Shoes (10.0 B(M) US Womens, Burgundy)Cole Haan Women's Gilmore MJ Ballet Mary Jane Flats - Gray MANY SIZE New , Easy Spirit Kaleo Slip On Comfort Flats, Wine/Black, 9.5 USsz 6 / 36 Jimmy Choo Dreya Gold Studded d'Orsay Espadrille Slip on Flats Shoes , NIB MARC JACOBS BLACK PATENT LEATHER ROUND TOE BOW BALLERINA FLATS 39 ITALYWomens Athletech Willow2 Bold Multi Purple Pink Green Athletic Sneakers 9/41.5 , Nike Women's Air Max Thea Running Shoe , Skechers Performance Women's Go Walk 4 Pursuit Walking Shoe - Choose SZ/ColorVIBRAM FIVEFINGERS WOMENS CLASSIC BLACK SIZEWomens Low Heels Slip On Comfort Embroidery Floral Leather Casual Shoes Hot B648Women's Versace Jeans Sneakers Athletic Shoes , Women's riding boots 8 equestrian Ariat Boots ,

New Dixie-25 Women Qupid Dixie-25 Faux Suede Peep 16926 Toe Wraparound Wraparound Chunky Heel Bootie 6e96bda -