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

Clarks Sz Booties 9M Ankle Zip Boots Brown Leather Zip Up 27786 Heel Booties 7a2fe8b
Clarks Sz Booties 9M Ankle Zip Boots Brown Leather Zip Up 27786 Heel Booties 7a2fe8b - 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.


Dizzy Womens P-Picabow Rubber Almond Toe Ankle Rainboots Black Size 8.0 VXDuSANTANA Women's Black Leather Insulated Knee High Boots Canada - US 8 / 39 , WILD PAIR by OUTSPOKEN over knee Boots,Clarks Women 6.5 M Brown Leather Ankle Boots Zip Comfort Booties 39236Women's Skechers 14616/CHAR On The Go City 2- Adapt Charcoal 9 , GIRLS WOMENS KNEE HIGH HEELS EVENING SEXY STILLETO BOOTS LEATHER SUEDE SIZE 3-8 , Columbia Powerbug Snow Boots Womens Grey Black with Liner Size 6 , Joules Women's Field Welly Rain Boot Size 5 Navy Blue and GoldJEFFREY CAMPBELL Women's Studded Ankle Wedge Boot Size 6.5M Leather , G By Guess Decco Platform Boots Black Nappa Leather Multi Layers 7.5M , TS35 Veronika Wide Calf Riding Boots, Black , Black and Gray women's Shoes size 12wXElement Work Boot mules womens size 6M tan leather oil resistant sole NWT bikermadden girl Canyon Ankle Belted Knee High Boots 519, Cognac, 8.5 USCarlos by Carlos Santana Hawkins Strappy Booties, GreyWorthington New Women's Dark Brown Leather Knee High Block Heel Boots 9.5MReport Raemon Peep Toe Booties-Women's size 8.5 Tan , Lucky Brand Beeline Women's Booties Sz 7 , Journee Collection Womens Size 8 Boots Brown Grey Back Zip NWOB , SC35 Keppur Wide Calf Riding Boots, Black , Ladies Bussola Treviso Side Zip Anckle Boots Brown Sz 39 / US 8 , Womens Winter Boots Flannel Plaid Insulated Fur Waterproof Hiking Warm Snow Shoe , Women's Franco Sarto Wade Size 9M Western Ankle Boots Brown Leather Harness S8 , Vince Camuto Women’s 6 B Camel Tan Brown Leather Bootie Heeled Boots AnkleVia Spiga Black Leather Wedge Over The Knee High Boots - Women's Size 7 , New! Women's Skechers Patsy Ankle Boots Style 48456 Olive 16HSeychelles Beautiful Burgundy Mid Calf Tall Boots 8M Full Zipper , Nasty Gal Red Vegan Leather Booties In Size 9 US / 7 UK / 40 EUSoda Women's Braided Side V Cut Low Stacked Heel Ankle Bootie ,


More Stories



Tags
Matterial Girl Capri Black Womens Shoes Size 9 M Boots MSRP $89.99 , New Fashion Women Belt Mid-Calf Slip-on Casual Solid Height Increasing BootsJust Fab Yathi Wide Knee High Brown Buckle Boots Sheepskin Accent SZ 8.5 NICE! , Womens TOTES Karen Black Winter Boots Size 8 , Coco Ladies Flat Fur Lined Ankle Boot Brown or Tan L8580 X 5 (R8A)Chic Womens Winter High wedge Heel Platform Knee High Boot Fur Lined Snow ShoesNewRock NEW ROCK M.NEOTR008-S4 VINTAGE FLOWER LILAC BLACK GOTHIC ROCK PUNK BOOTS , Chinese Laundry Berlin Round Toe Synthetic Over the Knee Boot Grey Size 9.0Belvedere Women Ankle Boots Heels Brown Leather Calf Tassels Alligator Sz 7 Shoe , Charles by Charles David Womens INSPECTOR Fabric Peep Toe, Black-SK, Size 7.5 JH , FERGALICIOUS BY FERGIE SIZE 9M TAUPE LEXY CUFFED BOOTSDansko Sheena Booties - Women's Size 7.5, BlackWomens Patron Perugia Boots Stina Shoes Beige Leather Knee High Boots Sz 8 M NEWwomen's shoes 2 STAR 7 () sneakers multicolor textile AG31-37Sesto Meucci Women's Neda Slip-On Loafer, Dark Tan, Size 9.5 QO02Adult Women 3" Pf Creeper Pyramid Studs Pentagram & D-rings Detail Shoes Flats , New Womens Black Leather Cole Haan Landsman ankle boots bootie Size 10 , JCREW Charlie Penny Loafers in Suede Flats $168 6.5 Flame Red F5592KMB Shoes Slippers Slip On Notturno Brown Glitter Textile Rubber LeatherT.U.K. England Black Vegan Suede Sophistakitty Cat Flats Womens Shoes NEW TUK , TOD'S New sz 41 - 11 Authentic Designer Womens Flats Loafers Shoes red , JCrew $298 Collection Charlie Tassel Loafers Sz 6 Leopard Calf Hair Brown , NEW ARRIVAL*** FINN COMFORT 7 US (4.5 UK), 'FUNEN' sandals, womens , P-W-59Fashion Women Hidden Wedge Heel High Top Platform Running Sport Shoes Sneakernew Women Walking Fitness Shape Ups Toning Shoes Platform Wedge Creeper Sneakers , NIB MIU MIU PRADA BLACK PATENT LEATHER PINK TRIMMED BUCKLE BALLET FLATS 41 , crocs DuetBusyDay 2.0 Satya A-line Womens Duet BusyDay A-Line FashionRosone Women's Lightweight Athletic Running Shoes Breathable Sport Air...REEBOK Ketia RB446 Women's Tennis Shoes Sneakers Work Athletic Safety Size 10.5MAdidas x Stella McCartney Adizero Adios Boost PK Purple Women Shoes AQ2672 NEW! ,

Clarks Sz Booties 9M Ankle Zip Boots Brown Leather Zip Up 27786 Heel Booties 7a2fe8b - digitalcraftmedia.com




Boots
894608
2122633
5855044
6836408
9139986
10558455
13124813
18434795
18561081