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

Jellypop Small Women's 7 Fedora Ankle Shoe Boots Sand Distress Small Shoe Size 7 M c6f9e8e
Jellypop Small Women's 7 Fedora Ankle Shoe Boots Sand Distress Small Shoe Size 7 M c6f9e8e - 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.


Clarks Tan Leather Square Toe Ankle Boot Booties Womens Size 7.5M Casual Slip OnWOMENS GEORGIA MOTORCYCLE LEATHER BLACK BOOTS SIZE 9.5 MFranco Sarto Heeled Boot Size 7 , WOMENS ACME COWBOY LEATHER BROWN BOOTS SIZE 6.5 MHi-Tec Womens Size 7 () Lady Lite Hiking Boot , EUC 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 InsulatedWOMENS JUSTIN COWBOY LEATHER GRAY BOOTS SIZE 8.5 AAWomens’s Dr.Scholl's Kennedy Black Faux Suede Wedge Booties, Women's Size US 8MSkechers 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 MFaded Glory Women's Hula Fringe Boot Size 7 1/2 Brown NewFranco Sarto Ilena Tan Suede Khaki Pull On Chukka Ankle Bootie Boots Bucks 8M , Nine West ZARRAS Brown Leather Knee High Boots With Chunky Heel Size 8 MWomen's Ked's #WF51834 Ch Ox Plum Purple Sneakers Size 7MZITA MARIA Women's High Heel Boots - Size: / US 5 , Jennifer Lopez Womens Tall Knee High Black Boots Embellished Shoes Sz 7 NewWomen's Nicole Black Turner Riding Boots Size 9M , WOMENS ACME HARNESS COWBOY LEATHER LIGHT BROWN BOOTS SIZE 5 M , Women's Kalli Verona Tan Leather Cowboy Boots Size 9, Low Scrunch Straps EUC , Roberto 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 B , Women's black stiletto over the knee boots size US 3.5 , Initial Hong Kong Black Boots Unisex Sz 40Awesome Rockport XCS Athletic Hiking Trail Boots Womens Sz 7 - Free Shipping -WOMENS JUSTIN COWBOY LEATHER GRAY BOOTS SIZE 6.5 B ,


More Stories



Tags
JUSTIN LADIES LEATHER COWBOY BOOTS SIZE 6B TAUPE STYLE L3067 MADE IN THE USA! , Kamik Delancy Waterproof Women's Gray Suede Side Zip Boots Shoes Sz 10 (B119) , A35 Nickki Block Heel Ankle Booties 426, Black, 9.5 US , VTG WOMENS DURANGO TOE RAND COWBOY LEATHER BLACK BOOTS SIZE 8.5 M , NOCONA BLACK CHERRY LIZARD SKIN BOOTS SIZE 5 1/2B , Adam Tucker Womens Tan Open Toe Ankle Booties Heels 10 Medium (B,M) BHFO 3692BORN Black Leather Zip Biker Boots Womens Size 7 M/W Style B30603 , Chinese Laundry Finn Booties-Women's size 8.5 BlackNIB Rampage Western Style Boots 8.5MWomen's Lands End Brown Suede Leather Quilted Boots Fleece Lining Size 8 MediumBoutique Black Suede Leather Knee High Wedge Heel Boot 8.5Classic Women's Winter Shoes Mid Calf Boots , Sam Edelman Petty Womens Shoes Size 8.5 38.5 Black Textured Leather Booties , Tommy Hilfiger Women Shoes Size 6 New High Boots Black , Tory Burch Silver Tumbled Leather Reva Ballerina Flats Womens Size US 8M , Ecco Black Patent Leather Bow Ballet Flats Women's Size 36 M*New Womens J. CREW Italy coral pink leather ballet flats shoes sz. 6Rachel Zoe Boe White Crocodile Leather Fashion Sneakers Size 6M D1427/ , Newbark Los Angeles shoes loafers MELANIE leather black white NEW 8.5 $595Versace 19.69 Abbigliamento Sportivo Srl Milano Italia Womens Ballerina 302998 NBOTTEGA VENETA WOMENS INTRICCIATO MULE IN BLACK, SIZE 39.5EUR , Womens Ladies Flat Pumps Slip On Brogue Casual Fashion Loafers Comfy Shoes Flats , **Benjamin Adams London Dress Flats - Women's Size US:7/EU:37.5,Off White/Silver , Twisted X Casual Shoes Womens Red Buckle Slip On Brown Purple WCA0020Nike Women's Air Max Thea Print Lyl Blue/Lyl Bl/University Red/Wht Running Shoe , Nike WMNS Free Connect Women's Running 843966 100 Size 13Women's Wet Seal Boots Size 8 BootsRhinestone Netal Decor Pointe Toe Side Zipper Suede Women's Ankle Boots Ths01Winter Womens Warm Shoes Fur Furry Casual Wedge Heel Chic Buckle Snow Ankle Boot , Clarks Collection Womans Ankle Boots Size 5M Brown Leather Zip Buckle 0514 ,

Jellypop Small Women's 7 Fedora Ankle Shoe Boots Sand Distress Small Shoe Size 7 M c6f9e8e - digitalcraftmedia.com




Boots
1367667
1750635
3485104
5283877
6683959
8738223
9975412
11380571
13487920