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

6.5 | Merrell Snowbound Women Charcoal Waterproof Waterproof 200 Ankle Charcoal gram Winter Ankle Boot 6b9cc45
6.5 | Merrell Snowbound Women Charcoal Waterproof Waterproof 200 Ankle Charcoal gram Winter Ankle Boot 6b9cc45 -

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.

Women's Harley Davidson Cowboy Boots Sz 6 N with FringeNEW TORRID for lane bryant knee high GENUINE suede zip side boots 9.5w wide calfClarks Arctic Venture Waterproof Snow Boots 684, Camel, 8.5 US / 39.5 EUVince Camuto Lexine Brushed Suede Over-the-knee Thigh boots in Chestnut,Size 8.5Earth Missoula Ankle Boot - Women's Size 6.5B, Black , NIB Marc Fisher Razzle Suede Ankle Boots Booties Tan Beige US 6.5 $180Code West Black Red All Leather Suede Cowboy Boots Womens Size 8 M Style 80392 , NATURALIZER LUNIC Ladies Brown Booties w/Side Zipper Sz 9 M NIB , Merrell Waterproof Leather Ankle Boots - Murren Strap Pewter 10 med , Jeffrey Campbell Damsel tapestry bootie wedge shoe , SoftWalk Bellville Leather Motorcycle Boots, Women's Size 8M, Black , Ducks Unlimited Nighthawk 400g Thinsulate Camo Hunting Boots Womens 9 , Bearpaw CONSTANCE Brown Sheepskin Wool Mid Calf Boots Women's - NEW - 660WBorn Distressed Black Leather Side Zip Riding Boots Womens Size 6.5 / 37 , Frye boots women’s brown leather size 6.5 B , Dr. Martens Semira Silver Pump Size US 8L EXCELLENT - WORN ONCE CONDITION , Kenneth Cole REACTION Pil Age Ankle Booties, BlackJustin Brown Leather Cowboy Western Boots Womens Size 7.5 B Style L2566Miz Mooz Leather Ankle Boots w/ Zipper Detail - Bangkok Black 40 (9-9.5 )Calvin Klein Cait Black Womens Shoes Size 6 M Boots MSRP $189Fashion Girl's Martin Boots New Custom Dragonfly Design Martin Boots For WomenMiz Mooz 8606743 Nicolette Knee High Boots-Women's size 6 BrownJessica Simpson Sesley Wrapped Slouch Ankle Booties, Honey Brown, 8 USVTG 70s 80s Light Brown Leather Boho Western Knee High Heel Campus Boot SZ 8.5Naturalizer Harbor Black Womens Shoes Size 10 M Boots MSRP $219Vince Camuto Coatia Over The Knee OTK Black Suede Boots 6.5New Custom Comfortable Girl's Martin Boots Fish Design Martin Boots For WomenHunter For Target Womens Size 7 Waterproof Ankle Boots Pink Rubber Wellies NEWSofft Boots Booties Womens 9.5W Wide Brown Leather High Heel Zip Close New

More Stories

Cabela's Tan Shearling Boots Pink Sole & Trim Classic Style Pull On's Size 7 FUNJustin Dark Brown Lizard Pull Up Cowboy Cowgirl Western Boots Womens Size 8.5 Bnine west Girls Brown Booties Size 4 , Lucky Brand All Leather Black Boots Riding Women 5 Pull On Buckle Equestrian , Nine West Block Heel Ankle Boots Size 7.5 M Womens Brown Leather Square Toe S194 , Brinley Co Women's Briley Ankle Boot Chestnut Size 11.0 srLE , FORNARINA Women's Black Calf Leather Ankle Boots 7 1/2 7.5 B Zip Italy Lotto New , Bandolino NEW 7.5 AA Narrow General Black Leather Boots Knee high zip upARIAT HERITAGE R TOE BOOTS WESTERN COWGIRL BOOTS RUSSET REBEL SZ 7.5 B 15702 , Nine West Womens Xalan Leather Square Toe LoafersMarc Jacobs Flats Black Demi Wedge Size 36 Leather Three Strap Tried on Only , RETRO ALFANI PORTER tall leather boots soft carmel leather ladies size 9.5 , VICINI Beautiful Knee High Ladies Shoes Boots SZ 37 US SZ 6 1/2Blondo Liam Waterproof Bootie - Women's Size 7M, Mushroom Suede , G by Guess Womens Jerzy Perforated Faux Leather Open-Toe Booties Shoes BHFO 5045Sanuk Womens Puff N Chill Boots Chalk Pink Size 5.5 NewREBECCA MINKOFF Women's Felix Creme & Black Leather Flats $195 NIB , NEW DANSKO WOMEN'S ANN SLIP-ON ELASTIC SHOES BLACK METALLIC SUEDE 40 10 MED $145BN Beautiful Designer FERRAGAMO Black Leather Shoes 7-1/2 2A ITALYAUTH Salvatore Ferragamo Women Varina Bow Flat Shoes 6.5BMinnetonka Women’s Kilty Hardsole Newport Moccasin Black Suede Size 6.5 , Dr. Scholl's Women's Sadie Platform Wedge , New Arabian Night (Black) - Hand Crafted Leather Moroccan Slip-OnsTed Baker Flats With Bow Size 7 , Luichiny Women's Party Town Black Imi Suede , Skechers Women's Go Run 600-Obtain Sneaker , size 7 Madden Girl Wendiee Black Heel Knee High Boots Womens ShoesTotes Faux Fur Lined Front Zip Waterproof Winter Boots Size 7M Cream ColorSkechers for Work Women's Ghenter Boot - Choose SZ/ColorSkechers Women's Go Run 600-Refine Sneaker ,

6.5 | Merrell Snowbound Women Charcoal Waterproof Waterproof 200 Ankle Charcoal gram Winter Ankle Boot 6b9cc45 -