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

Women's Minnetonka 2 Layer 2 Fringe 24012 Layer Boots 1682 Brown Size 9 f463b4a
Women's Minnetonka 2 Layer 2 Fringe 24012 Layer Boots 1682 Brown Size 9 f463b4a - 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.


Rockport Adidas Brown Suede Leather High Heel Boots Size 8 , NEW! Croft & Barrow Women's Annies Knee High Riding Boots Black CD z , .LADIES BOOTS BY MARC FISHER...SIZE 6M , Route 66 Women’s Knee High Insulated Winter Boots Brown Mint! Size 9London Fog Rain Boots Waterproof Pull On Black Steel Shank Elastic Insets 9MBoot Black Jessilyn Size 6.5 6 1/2 Synthetic Leather Knee High 5" Heels 22" TallNEW Zara Trafaluc Black Faux Suede Ankle Heel Boots Size US 6 / NWOB A73 , Clarks womens solid black Everyday wedge heel booties 11 M 85140 EUCRoper Brown Leather Heel Clogs Western Mules Rubber Soles Woman's Sz 8 M , Gianni Bini Womens Brown Zip Side Pointed Toe 2 Inch Heel Boots Sz 8DISTRESSED LL BEAN - L L Bean - TAN NATURAL LEATHER BOOTS wZIPPERS Sz 7 B84% OFF NEW LIZ CLAIRBORNE Lark Fashion Boot Brown ret $160 , Women's Rue 21 Southwest Side Zip Fringe Booties Size Medium 7/8 NEW , ROXY Women’s ankle boots BEIGE size 9 , J. Crew 'Frankie' Womens size 7.5 E0774 Black Pebbled Leather Side Zip BootsAEROSOLES Winterstrole Size 10 M Brown Sueded Fabric Pull-On Ankle Boots BootiesLaredo White Leather Roper Cowboy Boots Womens Size 7 M Style 6951 USAInternational Concepts Leather Over-The-Knee Tabitha Black Boots Size 8 MRialto Satellite Bootie- Women's Size 6.5 M, Black , Women Wedge Boots Hidden Heel Platform Tassels Shoes Short Boot Fashion for Girl , Born Boc Womens Ankle Boots Size 6 Medium Brown Leather Loafers Booties Cap Toe , HOT CAKES~JEWELS~WOMEN'S~BACK ZIP~FLIP UP~BUCKLE~BLACK FAUX SUEDE SLOUCH BOOTS , Italian Leather Brown High Heel Knee High Boots Size EUR41 US 10/10.5 , **Bloch Broadway Low Ankle Heel-Women's Size 7 M BrownWomen's Winter Boots Button Fleece Lined Fur Top Heel Hidden Wedge Shoes, Sizes , CHRIS CRAFT Footwear ~ VINTAGE Taupe Leather Rubber Duck Hunt Boots/Shoes Sz 6Khombu Ladies Lisa All Weather Brown Winter Boots Women's size 9 Brand NewRampage Ivelia Boot - Women's Size 8 W, BlackBorn Womens 7.5 Ankle Boots Black Gortex Heels Acorn Tread Cute! T6 Good Cond.! ,


More Stories



Tags
LADIES SPOT ON BLACK FLAT SYNTHETIC HIGH BOOTS "F4249 AP1" ON SALE , GIRLS AND YOUNG LADIES CHUNKY PLATFORM CLEATED SOLE ANKLE BOOTS CROC BLACKCARLA G. Suede Leather Wedge Ankle Boots Size 40 Made in ItalySALOMON Contragrip Women’s Hiking Backpacking Outdoor Beige/Black Boots Sz 7 , Belle Sigerson Morrison Black Leather Round Toe Ankle Boots Size 6.5Kenneth Cole Reaction Womens 9.5 M Lined Brown & Snake "Side Show" 4" Heel BootsCamel Color Front Colorful Style Comfortable Sexy Ankle Boot Size 7.5 , Baby Phat Women's Boots Fur Cuffs Logo Embrossed Acrylic Heels Tall Size 8 , Retro Womens Slouch Rhinestone Mid Claf Boots Hidden Wedge Heel Pull On Shoes SzJLo Black Ankle Boots Size 8.5 NewARIAT Women's Quickdraw Western Boots style 10010943 size 9 BTory Burch Black Leather Zip Knee High Riding Boots 7.5MARRAY Womens cheyenne Leather Almond Toe Ankle Fashion BootsMadden Girl Womens Wendiee Closed Toe Knee High Fashion Black Paris Size 6.0 1White Mountain Womens Hadley Fabric Almond Toe Ankle Fashion BootsKeen Erin Ballerina flat shoe black size 37 us size 6.5 NEWCrown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 8.0 ZNGPre Owned Eileen Fisher Women’s Murphy Nubuck Block Heel Bottom In Black Size 5VINCE WOMENS SUEDE ESPADRILLE TRIM LOAFER SHOES NEW SIZE 7 ()Chloe Susanna Suede Studded leather Flats Shoes UK5.5 38.5 New , LONG CHAMP Womens Olive Brown Leather Oxfords Sz 40 , PRADA Size 7 Dark Blue Patent Ballet Flats Shoes w/ Black Cap Toe & Tie 37 1/2Womens Ladies Flat Pumps Slip On Brogue Casual Fashion Loafers Comfy Shoes FlatsNEWS CHACO QUINN MULES SLIP ON SHOES WOMENS 9 J105400 SANDSTONE FREE SHIPBOUTIQUE 9 Women's Neekko Ballet Flat, NATURAL LEOPARD, CALF HAIR, 7M, MSRP $150 , Aerosoles Women's Exhibet Flat Dark Tan Leather Slip-on ShoesNEW! Skechers 14916 Womens GoWalk 4 Sustain Black/Gray 112X da , Women's Naturalizer Women's Rhapsody Gladiator Sandal FlatsEasy Street Women's Mary Jane Tan Polyurethane Comfort Shoes , Propet Women's Nessie Sneaker White Perforated Leather Sneakers

Women's Minnetonka 2 Layer 2 Fringe 24012 Layer Boots 1682 Brown Size 9 f463b4a - digitalcraftmedia.com




Boots
2658815
3128298
4511525
4644297
5097107
5277915
5670457
7258191
12020850