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

Tundra Boots Womens Christy Black Winter 10689 (B,M) Boots Shoes 6 Tundra Medium (B,M) BHFO 1964 fd3f20f
Tundra Boots Womens Christy Black Winter 10689 (B,M) Boots Shoes 6 Tundra Medium (B,M) BHFO 1964 fd3f20f - 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.


Ladies Womens Chelsea Ankle Boots Cowboy Slip On Block Heel Studded Sizes 3 - 9Women's Anne Klein Buckle Boots Laski Black Shoes Size 6New Khombu Women's Brown or Black Suede Lisa All Weather Winter Boots NWOB , TOE WARMERS Women size 10M Brown Fabric Zipper Ankle Boot Lined 1" Heel Canada , Vintage Justin Work Boot (Women's Size 7, Men's Size 5.5), Never Worn with TagWomens Rock Fashion Strappy Punk Combat Military Retro Army Ankle BootsSbicca Womens Byanca Beige Fringe Ankle Boots Shoes 10 Medium (B,M) BHFO 6672 , NEW BAMBOO WOMENS SIZE 6 6.5 BLACK/TAUPE/GRAY BOOTS/ANKLE BOOTIES PICK FAVORITEWindsor Smith 'European Collection' Women's Black Leather Knee-High Boots Size 6Aerosoles Womens Willingly Black Suede Booties Shoes 7.5 Medium (B,M) BHFO 8341 , AUSTIN-5-05 WOMEN DOUBLE-BUCKLE CUT OUT BOOTIE ANNA FOOTWEAR BLACKUNISA Plum Suede Boots with Buckle and Inside Zipper Size 7.5 7 1/2 EUCClarks 6 M Artisan Ankle Boot Suede Leatner Blue Green Zipper 3" Heel Women ShoeVasque Womens Breeze III GTX Athletic Hiking Outdoor Mid Boots Size 8.5 , Women's Flat Round Toe Vickie-HI Faux Suede Slouchy Thigh High Boot Size 6 - 11 , SUEDED MID-CUT BOOT WOMEN ELMA-13-05 ANNA FOOTWEAR BLACKDbDk Fashion Womens Brown Zipper Ankle Boots Shoes 8.5 Medium (B,M) BHFO 4091 , Womens Polar Real Australian Sheepskin Cuff Winter Snow Mid Calf Boots , Steve Madden Womens Hydie Suede Covered Block Heel Booties Shoes BHFO 0939 , WOMENS LADIES FLAT CALF KNEE HIGH QUILTED FUR LINED WINTER SNOW BOOTS SHOES SIZELadies Booties Shiny Rain Boots SKADOO Size 5-11 Black or Navy Women's Boots , DC Womens Scout Snowboard Boots Grey Pink Size 8.5 New W DefectNot Rated Womens Chiara Red Peep-Toe Ankle Boots Shoes 9 Medium (B,M) BHFO 6491Sbicca Womens Kathrin Tan Ankle Casual Boots Shoes 8 Medium (B,M) BHFO 7039 , Penny Loves Kenny Womens Dion Black Riding Boots 7.5 Medium (B,M) BHFO 5866CLARKS FREEFLEX LADIES SUEDE ANKLE BOOTS WITH HEEL BROWN AGED LOOK UK SIZE 6 , CLARITY-4-33 WOMEN PVC SHORT LADIES BOOTS HENRY FERRERA BLACK NAVY , Clark Women Black Leather Roper Western Cowboy Boots Style 85547 Size 8NEW Women's Zipper Studded Spike Platform Wedge Bootie Shoes Black Tan Red 5 -10 ,


More Stories



Tags
Kamik Women’s dark green low ankle rubber rain duck boots shoes size 8 slip on , Nasty Gal Black Platform Block Heel Zip Ankle Boots US Size 6 , Madden Girl Women's Become Ankle BootMarc Fisher Womens Petel 3 Fabric Cap Toe Over Knee Fashion Boots , Sugar Women's Vacation Strappy Peep Toe Block Heel Stacked Bootie, Dark Brown SmClarks Desert Boots Tan Suede Crepe Sole Chukka Boots- Size 8.5NEW Womens Franco Sarto Knee High Brown Suede zip up Boots Sz 8 , CAPTION! Soda Women's Western Almond Toe Tassel Detailing Ankle BootsNEW LADIES Womens Brown Flat Back Elastic Sexy Knee Boots Size 6.5 , Minnetonka classic moccasins dusty brown size 6 , RAMPAGE GRAY BRUSHED LEATHER BOOTS WITH BRAID ACCENT - 10M - NIB , Franco Sarto Track Riding Boots Size 7 Retail $179Walking Cradles Women's Galveston Ankle Boot Sage Urban 7 M US , Clarks Womens Dessert Boots Women Shoe Size 7 TanNew Via Spiga Women's Buckle Detail Leather Block Ankle Boots Booties Size 5.5Ellen Tracy New Womens Gillian Black Leather Boots 10 M Shoes NWOBFree The People Open Toe BootsWomen's FRYE/BCBG Brown Distressed Leather Harness Biker Boots Size 6.5 MPrada 36.5 6M Black Leather Penny LoafersTory Burch Flats patent ballerinas black pointed toe size 8Yellow Box BIG SUR Womens Big Sur Slip-On Loafer- Choose SZ/Color. , Palomitas Paloma Barcelo Daniela Slip-On Green Suede US 7.5 MSRP $265 NWB , Goby Day of the Dead Slip On Shoes, Size 38 (US 7.5)$825. CHRISTIAN LOUBOUTIN Black Patent Leather Gondoliere Sneakers Size 6.5/37 , Lanvin NIB Beige Navy Purple Jacquard Leopard Print Pointed Toe Flats SZ 36 , NEW Earth Angelica Womens 8 M Mary Jane Shoes Black Leather Closed Back FlatsSaucony Womens Bullet-W Burgundy Running Shoes Size 8.5 (34742)adidas Originals: Women's Stan Smith (Sz. 9) Black / White S76667 , Women's Frye Phillip Harness Boots BootsWomens bowknot rhinestone platform hidden heel pull on ankle boots shoes creeper ,

Tundra Boots Womens Christy Black Winter 10689 (B,M) Boots Shoes 6 Tundra Medium (B,M) BHFO 1964 fd3f20f - digitalcraftmedia.com




Boots
2348934
2382915
2490626
6387525
6393565
6853135
6990215
15542148
18343543