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

Dolce Vita Sonya Beige Beige Womens Shoes Size 27800 8 Size M Boots MSRP $140 0cef7da
Dolce Vita Sonya Beige Beige Womens Shoes Size 27800 8 Size M Boots MSRP $140 0cef7da - digitalcraftmedia.com

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.


Womens Gray leather Latigo Boots Size 7.5 , Nine West Women's Genie Black Leather Calf High Heeled Boots Size 6.5 NEW , Merrell Women's Capra Bolt Mid Waterproof Hiking Boot Pine Grove 7.5BCBG BCBGeneration Black Suede & Leather Tall Riding Boots Block Heel Size 8 , New Keen Womens Ferno Brown Leather Boots 5Klogs Boca Black Sparkle Shimmering Clogs sz 14WFranco Sarto Christine Women's Boots Dk JavaNEW KHOMBU LADIES LEATHER WINTER BOOTS K GUARD WARM LINED COMFORT INSOLE- Size 8 , Naturalizer Jump Brown Womens Shoes Size 7.5 M Boots MSRP $119 , Matisse Womens Black Leather Western Style Fashion Boots 8 , Marc Fisher Natasia Brown Womens Shoes Size 10 M Boots MSRP $139 , Splendid Danville Size 7 M Red Leather Mid-Calf Zipper Boots Shoes For WomenWomen's Zou Baby Monogrammed Embroidered ( MRS.) Rubber Black Rain Boots Size 7 , Lucky Brand Roquee Brown Womens Shoes Size 6.5 M Boots MSRP $139 , NIB ZARA Over The Knee High Heel Boots Size 8KELSI DAGGER SHOES WILMA CUFFED WEDGE PLATFORM BOOTIES GRAY LEATHER ANKLE BOOT 8INC International Concepts Women's Tallen Fashion Ankle-Boots Suede Size 8.5 M , Zigi Soho Womens Black Leather Knee Boots 6 M , Santa FE Boot Co ladies tan suede cowboy boots in size 9 medium , NEW lane bryant crushed velvet over the knee boots 8 w wide , EUC Pour la Victoire Black Leather Platform Stiletto Ankle Boots Size US 8Sperry Top-Sider Sable Flat Riding Boots, Grey Leather, 10 US / 41 EURodeo - Vintage Campus Style Leather Boots - Caramel Color - Women's Size 8 (US)Womens brown leather boot size 10 made in USA , WOMENS PAJAR BOOT MOSCOU BLACK NYLON FAUX FUR LINED BLACK SNOW BOOT 6MSporto New Maggie Brown Womens Shoes Size 7.5 M Boots MSRP $99DURANGO Brown Leather Cowboy Boots Size 7 M Style RD4112Doc Martens Grey Leather Womens Heels Size 6 EUC! , Frye "Carmen" 3 Strap Black Distressed Leather Harness Boots Style Sz 9B ,


More Stories



Tags
Liliana XAYA-19A Silver Metallic Slouchy Mid Calf Pointy Toe Stiletto Boot 80sROUTE 66 Toral Brown Fashion Ankle Boots Knit Top Heel Women’s Size 9 MDan Post Brown Leather PullOn Mid Calf Western Cowboy Work Boots Womens Size 5.5Karen Scott Womens Size 8.5 M Black Leather Zip Up with Buckle Ankle BootsWomens Knee High Boots Rain Shoes Waterproof Fashion Flats Work Pull on BlackNew women's shoes mid shaft boot faux fur suede like winter warm gift idea BrownWomen’s Black Earth Shoes Wood Midcalf Boots, Size 10 , Womens Retro Ethnic Round Toe Floral Ankle Boots Non-slip Casual Dance Shoes I32Montana West Winter Boots Womens Silver Studs Embroidered Arrows Design Coffee , INC International Concepts New Womens Trisha Brown Leather Boots 9.5 M Shoes❤️ Tommy Hilfiger Shiner Womens High Rain Boots Merlot Red Burgundy Suede Size 8 , CONVERSE Shoes 738101 Brown 21.5cm , NIB Toi et Moi Sheryl-05 Navy Blue Thigh High Platform Stiletto Heel Boots Sz 9Women’s Reba Short Western Brown Leather Boots Size 9 (CON15) , NIB Cole Haan Bobbi Moc Slip On Black Shoes Size 6 , Aerosoles Good Graces Comfort Loafers, Wine Velvet, 5.5 US , HALSTON HERITAGE Womens Black Leather Ballet Flats Sz 36 - 231125 , CLARKS Women's Darleigh Cora Sneaker, Navy, 7 M USWomens New Pleuche Pointy Toe Pom Pom Slip On Slipper Casual Mules Loafers Shoes , Superga Women's S0001l0 Fashion Sneaker Grey Sage 39 M EU / 8 B(M) US , BADGLEY MISCHKA VISION Blue Suede Designer Pumps Heels, Classics 6.0 M , Mizuno Wave Inspire 11 Running Women's Shoes Size 6 , NIKE WMNS ACORRA SUEDE SNEAKERBOOT DARK STORM BLACK WHITE (806977 210)SZ 11Stunning vintageTed Baker women's shoes, indigo, UK4/EU37/US6 great condition , Women's CLARKS Womens Tri Curve Slip-On Flats , Women's PORRONET Boots 4032 Brown Flats , Zara Trafaluc Womens Faux Gray Suede Ankle Block Heels Boots 39/8Naturalizer Women's Eliza Slingback Alabaster Leather/Fabric SlingbacksMerrell Women's Size 9.5 Encore Breeze 3 Black Casual Slides Clogs ZV-891 , FitFlop Women's Flora Flip-Flop - Choose SZ/color ,

Dolce Vita Sonya Beige Beige Womens Shoes Size 27800 8 Size M Boots MSRP $140 0cef7da - digitalcraftmedia.com




Boots
506886
508871
2718723
3982645
7152099
7760763
11334848
14207345
17740966