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

Nine 27800 West 9 Boutique 9 Neon Green Rhinestone Green Leather Sneakers ac12402
Nine 27800 West 9 Boutique 9 Neon Green Rhinestone Green Leather Sneakers ac12402 - 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.


Vince Camuto Barita Suede Slip-On Studded Sneaker Knot BLUE NOTE 7M NEW 569-773 , Womens Nike Running Shoes Black Size 6.5 Tennis Shoes Fashion Sneakers , Converse - Chuck Taylor - Double Training Woman Ox (Women's-9 UK-7 EUR-40) New , WOMEN`S ADIDAS "ELEMENT RACE" ATHLETIC SNEAKERS SIZE 9M NEW #DB1481 BLACK , Nike Golf 549593 Lunarlon Duet Sport $120 Women's Shoes Lunar More ColorsJBU Women's UTAH Flat CHARCOAL/PERIWINKLE,7.5 , Women’s ASICS Gel Excite 4 Size 10.5Flawless NIKE Wmn Flex Trail 2 Fitsole Blue Pink Running Shoes 616681-402 Sz 8.5Ladies Casual Sneaker Breathable Platform Wedge High Heel Sport Ankle Boots size , Nike Air Max Sz 8 Women Running Shoes White Blue Stripe EUC YGI C7-94 , 48852 Black Skechers shoes Women's wedge heeled casual sandal Memory Foam Suede , Columbia Sneakers Women’s Omni Grip Athletic Hiking Trail Walking US 9.5 MVans Womens Chauffette Sneakers Coral Fushia Size 6.5 New , New Balance Women's 711v2 Graphic Trainer Shoes Purple with Blue , Womens Shoes Shiny Glitter Hidden wedge Casual hot Sneakers Platform Sport shoesASICS GEL-SONOMA 3 MIDGREY WOMENS RUNNING SHOES T774N-9667 9.5 2398083 NEWMerrell Outright Edge Womens Brindle/Melon SneakersNike Walk Women's Size 6.5 Lightly Worn 000810 CT 991018 143 00 Nikewalk , Fire Sale Clearance- Sam Edelman Women's Carleigh Sneaker- 8. Color Blush , STEVEN by Steve Madden Women's Arden Sneaker, Black Leather, Size 8.5 WFToMen’s black athletic shoes Size 8.5Vintage VTG Asics Gel TN-853Women's Size 7 Running 90s New NOS shoes GT-2030 , Womens Shoes Round Toe Pull On Platform Shoes Hidden Heels Embroidety ShoesConverse - Chuck Taylor All Star - Peacock (Women's-9 UK-7 EUR-40) NewConverse - Chuck Taylor - Ox - Blue / Parch (Women's-9 UK-6.5 EUR-40.5) New5308 NIKE Dual Fusion Lite Platinum Turquoise Neon Lite Running Shoe Womens 11Womens Girls Free Suede Sport Athletic Sneaker High Top Boots Casual Trainer hot , Vans Authentic Lo Pro Pop Persimmon Sparkling Grape Women's Size: 8.5CONVERSE ALL STAR DOREE TAILLE 36


More Stories



Tags
Parade women's shoes leather upper heels stiletto metallic buckle size 7Nine West Chillout Women's Black Wedge Boot , NATURALIZER PRE-OWNED WOMEN'S LEATHER TEXTILE PULL ON DOUBLE GORE BOOTS US 7.5 MLADIES WOMENS FLAT ANKLE CHELSEA SHOES SIZE 4, 5, 6, LOW HEELS CASUAL FOOTWEAR , Steve Madden Sogood Women's Black Boot 5.5M , Kenneth Cole Reaction Gina Boots Size 6 Zip up Riding Style Brown Boots , Teva Women's W Foxy Tall Leather Boot,Black,6 M USGorgeous Ladies sz 7 M Dan Post Cowboy Bootswomen casual PU leather buckle platform block heels quilted pull on ankle boots , NEW Donald J Pliner Lito Ankle Bootie Boots Shoes Crepe Pointy Toe Sz 6 $285 , Lucky Brand Lamija Beige Womens Shoes Size 11 M Boots MSRP $129 , Vogue Womens Block Heels Ankle Boots Booties Plus Size Stretchy Suede Shoes New , NEW NASTY GAL SOL SANA $180 GRAY ALFA LEATHER BOOTS SHOES SZ 36Kamik Womens Jessie Rubber Closed Toe Mid-Calf Rainboots, Purple, Size 8.0DKNY Sandra buckle leather boots / booties 7.5 US / 38Cole Haan Tilley Black Tall Zip Boot 7Paul Mayer Attitudes Bravo Brighton Red Womens Shoes Size 6.5 M Flats MSRP $225CAR SHOE women shoes Bordeaux leather penny bar loafer KDD46M PEO F0007Stubbs & Wootton 4 JCrew Col Velvet Slippers Loafers $450 black heart U e0966 10 , Aravon Women's Faith Flat Black 9 2A (N) US , Kenneth Cole REACTION Women's Pro-Time FlatBlack5.5 M USRockport Women's Haley Skimmer Almond Leather FlatsBRUNO MAGLI VTG Rhinestone Pointed Toe Black Velvet Loafer High Heel Pumps 9 AAAGrasshoppers Womens Windham Closed Toe Loafers, Stone, Size 8.0 Tn9BWomen Creeper Platform Wedge Heel Flat Mesh Breathable Loafers Slip On Shoes New , FENDI WOMEN'S LOGO SIGNATURE CORN YELLOW BUCKLE LOAFER SHOES SIZE 39 , Womens Tan Leather Mules Flats Slides Sandals Slip Ons Shoes Flip Flops MulePleaser Women's Delight 3092 Black Sueded/Black , Reebok Womens DMX Lite Outdoor Shoe- Pick SZ/Color. , Nike Lunar Charge Essential Black Dark Grey Women Shoes Sneakers 923620-001 7.5 ,

Nine 27800 West 9 Boutique 9 Neon Green Rhinestone Green Leather Sneakers ac12402 - digitalcraftmedia.com




Athletic Shoes
4023100
5514908
5634841
6817395
7446915
8210758
10526152
14826591
16561289