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

NEW Jeffrey Campbell Womens Shoes Size localjoes-17302 7 Shoes Black Black Solid Synthetic Ankle Boots 5b00782
NEW Jeffrey Campbell Womens Shoes Size localjoes-17302 7 Shoes Black Black Solid Synthetic Ankle Boots 5b00782 -

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.

Isaac Mizrahi Black Leather Krystal Wedge Boots 6 SALE , Original Intention Women Warm Boots Round Toe High Heels Shoes Woman Plus Size , Vince Camuto Women's Jody Ankle Bootie NWB NEW MSRP $98.95 , Anthropologie Schuler and Sons Leather Side Zip Ankle Boots Heels Shoes Sz 9BGuiseppe Zanotti 'Donna 90' Pink Suede Ankle Heeled Booties w/ Fur/Shoes 38.5 , Bottes BELMONDO Tout Cuir Noir T 40 TBE , Sexy Elasticized Stiletto Heel Thigh High Inner Side Zip Boots Shoes Adult Women , Vintage Sander Grayish Brown Leather Cowboy Boots Mens 7 D Womens 8.5 M NewNEW WOMEN CLARKS EMSLIE WARREN BLACK OR BROWN LEATHER LOW HEEL MEDIUM WIDE BOOTS , Pajar Canada Women's Iceland Black Leather/Nylon Boot Sizes NEW w/ BOXSize /US 7 BORN WOMAN BOOTS DOUBLE BUCKLES BLACK LEAHTERTEVA SEGUNDO ANKLE TAUPE SUEDE BOOTS BOOTIES SIZE US 8.5 WOMENSWOMENS JUSTIN 8786 USA MADE BLUE OILED LEATHER COWBOY WESTERN BOOTS SZ 6.5~1/2 BStuart Weitzman Black Suede & Shearling Trimmed Ankle Boots SZ 10 , Women Pointed Toe Ankel Boots Wedge High Heel Creepers Rhinestones Pattern ShoesWomen The North Face Hydroseal Primaloft Waterproof Black Winter Boots Size 7 38 , Rag & Bone Taupe Suede Rounded Toe "Holly" Boots SZ 36 , New Women Boots Summer Crystal Heel Casual Fashion Pull On Sequins Leather ShoesZARA BLACK HIGH HEEL ANKLE BOOTS SIZE UK8 EUR41 US10 NEW , Kork-Ease Balsa black ankle boots size 41/9.5 new in box , Bruno Magli Agostina Snake Embossed Leather Pointy Ankle Heels Boots sz: US 7 , Womens NIKE ZOOM KYNSI JCRD WP Black Leather Boots 806978 001 , NEW WOMEN'S CRUSH BY DURANGO JEALOUSY WESTERN BOOTS (RD3593) BROWN 9 MEDIUM $160Joe's Ankle Boots Wedge Suede Distressed Zip Pointy Toe Black 7.5 M New $200&up , Ladies Suede Rosie Rust Distressed Embroidered Cowboy Boot - NewAquatalia by Marvin K Faux Fur Brown Weatherproof Suede Boots sz: US 6$170 Anne Klein Womens Costaro Calf-High Leather Riding Boot, Black, US 8.5Columbia Women's Powder Summit II Mid Winter Boots Size 9Rosegold Arie Black Leather Wedge Platform Boots 9 39 Mid Calf

More Stories

Anne Klein Ankle Mid-Calf Fashion Boots Leather Women's 10M Brown Heels Belted , New Women YG15 Tan Black Fringe Moccasin Boots Mid-Calf Booties sz 5.5 to 10 , womens knee high boots size 10 , Vintage ZODIAC Mid-Calf Leather Boots: Size 8 1/2 Medium , JOE'S WOMEN'S OLIVE LEATHER HEELS BOOTS SIZE 10 US S00-10J Crew Chelsea Rain Boots Leopard Print Women’s Size 8PILAR ABRIL - RICHELIEUX TALONS 9 CM CUIR VELOURS 2 TONS MARRONS 41 - EXCL ETATCharles David Canzona Black Leather Wedge Ankle Boots Womens Size 8 M* , Nine West ladies Size 7B black leather upper vinyl boots tall heel NEW w/tags!Unisa Womens myllo Fabric Closed Toe Ankle Fashion Boots Black Size 10.0 5rB2 , Pour La Victoire Black Moto Strap Buckle Leather Suede Short Boots Shoes 9.5NWB Marc Fisher Humor Black Suede Over The Knee Tie Flat Boots Size 10 M , Marc by Marc Jacobs Cognac Leather Mid Ankle Hidden Platform Booties Size 38 7.5 , BORN Brown Leather Zip Harness Knee High Riding Boots Size 7.5 / 38.5 M/W W62417 , Black Miz Mooz Otis Boots 6 36 , 361347 LTSPBTS50 Women's Shoes Size 7 M Black Suede Pull On Boots H.S. TraskWomen's Stilettos heel Pointy toe Metal Decor Side zip Party shoes Ankle boots , Anne Klein Women's Kamy Velvet Loafer Flat, Black , NEW DOLCE VITA CAITLYNN COGNAC LEATHER STRAP ANKLE BOOTS BOOTIES WOMENS SIZE 8.5 , Women's Born 67 Enrika Lake Shoes Black Synthetic Ankle Boots Sz NEW! , Mac J Black Patent Open Multi Strap 5" High Heel Ankle Boot Shoe YellowStuart Weitzman Ankle Boots Black Leather With Leather Sole Size 6 , Women's Dansko Professional gray tooled leather Clog Shoes 38 (US 8)Pikolinos Women's Gandia 849-5574 Black Pump 40 US Women's 9.5-10 B MECCO Women's Shape Tie up Ballerina Ballet Flat - Choose SZ/Color , NEW $54 Womens Converse Chuck Taylor Madison Ox Shoes, size 11 black/whiteMephisto Women's VIVIANA VELCRO CLOSE SHOE SIZE EU5.5 US 8 (sh1000Nine West Women's Oranges Canvas Fashion SneakerSaucony Women's Ride 9 Running Shoe - Choose SZ/Coloritem has sold but it won't let me delete it. Sorry for inconvenience ,

NEW Jeffrey Campbell Womens Shoes Size localjoes-17302 7 Shoes Black Black Solid Synthetic Ankle Boots 5b00782 -