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

Vintage Red Boots Sz 5.5 Leather 2817 Western Cowgirl Cowgirl Ankle Vintage Boots fd6f831
Vintage Red Boots Sz 5.5 Leather 2817 Western Cowgirl Cowgirl Ankle Vintage Boots fd6f831 - 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.


Franco Sarto Heeled Boot Size 7WOMENS ACME COWBOY LEATHER BROWN BOOTS SIZE 6.5 MHi-Tec Womens Size 7 () Lady Lite Hiking BootEUC GRAY KAMIK BROOKLYN WINTER/SNOW BOOTS SZ 7 38 EU , Liliana Women's Kenzy Over The Knee Suedette Boots Black MM1 Size 8DANIEL GREEN OUTDORABLES Women Booties Shoe Size 7M Tan Suede Zip Up Insulated , WOMENS JUSTIN COWBOY LEATHER GRAY BOOTS SIZE 8.5 AAWomens’s Dr.Scholl's Kennedy Black Faux Suede Wedge Booties, Women's Size US 8M , Skechers Boots Women's Purple Synthetic/Textile Ankle Boots Sz 10 Faux Fur Lined , WOMENS JUSTIN COWBOY LEATHER RED BOOTS SIZE 7 AA , Bucco Womens Black Ankle Boots Size 8 M , Faded Glory Women's Hula Fringe Boot Size 7 1/2 Brown NewFranco Sarto Ilena Tan Suede Khaki Pull On Chukka Ankle Bootie Boots Bucks 8MNine West ZARRAS Brown Leather Knee High Boots With Chunky Heel Size 8 M , Women's Ked's #WF51834 Ch Ox Plum Purple Sneakers Size 7M , ZITA MARIA Women's High Heel Boots - Size: / US 5 , Jennifer Lopez Womens Tall Knee High Black Boots Embellished Shoes Sz 7 New , Women's Nicole Black Turner Riding Boots Size 9M , WOMENS ACME HARNESS COWBOY LEATHER LIGHT BROWN BOOTS SIZE 5 MWomen's Kalli Verona Tan Leather Cowboy Boots Size 9, Low Scrunch Straps EUCRoberto Del Carlo Ankle Booties Boot Heeled Sz 37.5 Dark GrayBlack Leather Boots With Silver Detail, from ABS, Women's Size 6 , WOMENS JUSTIN COWBOY LEATHER BLACK BOOTS SIZE 5.5 BWomen's black stiletto over the knee boots size US 3.5 , Initial Hong Kong Black Boots Unisex Sz 40 , Awesome Rockport XCS Athletic Hiking Trail Boots Womens Sz 7 - Free Shipping - , WOMENS JUSTIN COWBOY LEATHER GRAY BOOTS SIZE 6.5 B , Joie Dalton Suede Ankle Booties sz 36 $360 US 6.5Hush Puppies Camel Tan Worry Free Suede Mid Calf Boots Size 7M ,


More Stories



Tags
Boots booties fashion studs trendy Womens shoe 3.5 heel , White Mountain Wanda women's smooth leather ankle wedge boots size 8.5 MMe Women's Pink Suede Boots. Size 8.5Columbia Womens 12 Waterproof Suede Boots Omni Tech Winter Hiking Gray Quilted , Clarks Black Leather Booties Woman's SHOES Size 7 M , SAM EDELMAN Sale Penny Tall Leather Zip Military Riding Boots Black 5.5 MISMATCH , Henry Ferrera Rain Boots with Cuffs New 9 , 14th & Union Kimber Black Leather Ankle Bootie Size 8.5 WREMONTE button victorian gothic steampunk edwardian style womens boots sz 37-7top shop women's white ankle boots size 42 real leather heeled boots , Red La Canadienne Ankle Boots 6.5 , Hunter Boots Original Tall Rainboots Purple Gloss Size / US 8 M - 9 F , A35 Fawwn Ankle Booties 828, Black, 7.5 USMaterial Girl Womens Capri Closed Toe Knee High Fashion Boots, COGNAC, Size 6.0 , Sudini Boots 6.5 ANKLE BOOTS 6.5 SUDINI CLOGS 6.5 SUDINI HIGH HEEL SHOES 6.5Fashion Women's Round toe Fur Rhinestones Flats shoes Winter Snow Boots RivetsHarley Davidson Black Leather Biker Motorcycle buckle boot women size 5.5KEDS WOMEN's Seasonal Solids Saltwater,Water Proof Rain Boot- Duck Boot,Size6 WWomens Vintage Panhandle Slim Brown Bullhide Leather Cowboy Boots 6 B New in Box , LADIES SHOES/FOOTWEAR - Relaxshoe 26753 shoe black , Badgley Mischka Size 9.5 Women Purple Eggplant Embellished Ballerina Toe FlatsLaura Bellariva 5058 Ice Pearl Pressed Leather Summer Flats 39 / US 9 , FitFlop Womens F-Sporty Foil-Printed Suede Mary Jane Flat- Select SZ/Color. , Asics Gel-Venture 5 Running Walking Shoes T5N8N Women’s US Size 10 / , Merrell Q Form Air Cushion Hiking Walking Shoes Sneaker Women's 7.5 Waterproof , Cole Haan Womens Myrnasam Closed Toe Loafers Pink/Taupe Size 6.0 , Skechers Women's Bikers Curbed Fashion Sneaker , Skechers Go Golf Eagle Major Ladies Golf Shoes Womens 14863 GRY Gray New , NIKE FREE RN 2018 WOMEN's RUNNING KNIT SEA CORAL - TROPICAL PINK - VAST GREY NEW50 BRAND NEW PAIRS OF WOMEN'S ELEGANCE SHOES ,

Vintage Red Boots Sz 5.5 Leather 2817 Western Cowgirl Cowgirl Ankle Vintage Boots fd6f831 - digitalcraftmedia.com




Boots
8414633
10794547
11199363
11743104
12615966
15039154
15786859
16311750
17702836