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

Breckelles Women's Felicia13 Felicia13 Slouchy Boot Mid Calf Faux Leather 27752 Ruched Boot 703cbc7
Breckelles Women's Felicia13 Felicia13 Slouchy Boot Mid Calf Faux Leather 27752 Ruched Boot 703cbc7 -

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.

Dr. Martin's Woman's Black Leather Air Cusion Soled Anlke Work Boots , Unlisted Kenneth Cole File In Two Women US 8.5 Black Knee High BootSteve Madden Women's Original Troopa Boot in Rare Whiskey Color Size 10BOC Born Black Leather Booties Ankle Boot 10 Chunky Heel EUCMichael Antonio Womens Size 8.5 Pink Shimmer Cage Studded Booties Stacked Heel , Ann Taylor Loft Womens Dark Brown Suede Knee High Boots Size 10M , Clarks 16731 Booties - Women's Size 9 M, Black (REPAIR) , Old West Leather 12 Inch Snip Toe Cowboy Boot Cushion Insole Women's Western 7.5Bettye Muller Tango Brown Suede Fringed Moccasin Ankle Boot. Size 7.5 M , FRYE Women's Cowboy Western Leather Boots Style 7062 Size 6B HONEY BROWN , Sporto Sidewinders Women's Knee-high Boots size 12M dark navy blueWomen's Enzo Angiolini Daniana Shoes Black Leather Knee High Riding Boots Sz 6 M , EMMEVI FASHION SHERPA LINED SNOW BOOTS I. & M. ALFA WOMEN'S SIZE 9 US 39-40 EURO , Anne Klein 25021975 Geordanna Chelsea Boot, Women's Size 8 M, Medium Green , Rockport Cobb Hill Veronica Leather Ankle Boots, Women's Size 8 M, BlackNatural Soul Vicker Tall Boot- Women's Size 8.5 M- WC, Brown Distressed (REPAIR) , Madden Girl Ryttee Ankle Bootie - Women's Size 8 TaupeClarks Angie Madi Water Resistant Brown Suede Ankle Boots Womens 9.5 Wide , New Isola Mocha Brown Suede Tall Boots Heels sz 8 M , Bella-Vita Diem Bootie - Women's Size 9.5 WW, BlackLiliana BARBARA-95 Black Sheer Glitter Detailing Thigh High Peep Toe Boot , Columbia Boots BUGAZIP Tan Suede Thermolite Waterproof Winter Snow Women's Sz 4 , Jack Rogers Bailee Suede Ankle Boots, Women's - Size 7.5M, Dark Grey $128 , North Face womens boots size 8Michael Antonio Gimlet Ankle Bootie - Women's Size 7.5, Pewter Metallic , Sam Edelman Kaleb Fringe Brown Taupe Suede Booties - Size 6 MSommerkind Black Suede Ankle Boots With Fringe , Tommy Hilfiger Xenon 2 Knee High Boots - Women's Size 10 M, Cognac/Brown , Napa Flex by David Tate Sarina Boot • Women's Size 11-11.5, Brown ,

More Stories

Sporto® Maria 3 Water-Resistant Tall Calf Height Boot Zip GRAY 7.5W NEW 580-127Nine West Slouchy Hidden Wedge Boots Size 9 US Black Braided Straps , White Mountain Jodi Burgundy Red Suede Quilted Ankle Boots NewXOXO Mauricia Tall Riding Boots, Tan , WOMEN'S STEVE MADDEN MANTEL BROWN LEATHER KNEE HI WESTERN RIDING BOOTS SIZE 8Michael Antonio Myan Boots - Women's Size 9, Steel Grey , Isola Almira Women Leather Knee High Boot, Black, Size 8.5 bSzn , Women Shaped Heels Pointy Toe Patchwork Front Zip Ankle Boots Comfy Casual Shoe , Skechers BOBS from Women's Luxe Bobs-Fleetwood Flat Black/Black 6.5 M US , LADIES SHOES/FOOTWEAR - Cabello slip on ss navy shoe size 39/8Easy Street Women's Darcy Black Bendable Shootie , Womens Girls Brown Leather Suede Zip Up Winter Knee Length Wedge Boots , CHAPS Dakoda Womens Shoes Slip On Wedge BLACK Espadrilles Peep Toe NEWAQUATALIA WOMENS BLACK SUEDE BOOTS SIZE 11MLifestride Women's Xandy Wide Calf/Dktan/Wash/Swtr M , Ecco Womens ECCO Soft 7 Quilted Slip on- Pick SZ/Color. , Vivienne Westwood Anglomania + Melissa Heels , Vince New Blair 5 Gray Womens Shoes Size 10 M Flats MSRP $225 , NEW $228 Anthropologie Artemis Design Silk Smoking Flats Loafers Size 37TODS Gommino Moccasin Leather Loafer in Rose Pink, size 37 SOLD OUTPRADA Zebra Print Flats Loafers Pont Hair, Point Toe , Ladies Sneakers Casual Shoes Soft Sneakers Trainers Shoes 37 & 38 NEWSono BY MEPHISTO "Activates Body And Soul" Clogs Women's Shoes US 7.5. A , Adidas Swift Run Womens CQ2024 Clear Brown White Knit Running Shoes Size 9.5Skechers Sport Women's Breathe Easy calmly Sneaker , Teva Ember Moc Velvet Black Shoes Womens Size 7 *NIB* , Women's Bzees Women's Foxy Tan/Tonal/Lines M Flats , Comfort Plus Womens Brown Wedge Ankle Boots Size 12 WNew Glitter Sequins Womens Shoes Fur Trim Furry Trim Casual Fashion Snow Boots , Womens Round Toe buckle Mid Block Heel Zip Platform Knee High Riding Boots Shoes ,

Breckelles Women's Felicia13 Felicia13 Slouchy Boot Mid Calf Faux Leather 27752 Ruched Boot 703cbc7 -