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

Walking 27798 Cradles Women's Halle Slingback localjoes-27798 White Halle/Silver Snake Print Strappy Sandals 3b4ba6d
Walking 27798 Cradles Women's Halle Slingback localjoes-27798 White Halle/Silver Snake Print Strappy Sandals 3b4ba6d - 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.


Nike Air Huarache Run Ultra SE Womens 859516-102 Orewood Running Shoes Size 6Keen Women's Lower East Side Mary Jane Grey/BlackKeen Women's Whisper Sandal Raven/Rose DawnOluKai Women's Eheu T Strap Sandal Pewter/Charcoal LeatherOluKai Women's Upena Quarter Strap Sandal Kona Coffee LeatherSofft Women's Innis Wedge Sandal Baywater King Suede , Aravon Women's Wembly Side Zipper Slip On Shoe Black Textile Zipper , Vionic with Orthaheel Technology Women's Rae Slip-On Sneaker Ivory Canvas , Womens adidas Originals Arkyn Boost Casual Shoes Core Black/Ash Pearl CQ2749 BLK , OluKai Women's Upena Quarter Strap Sandal Charcoal/Pewter LeatherPUMA Defy Women's Winsome Orchid/White 19094907 , Merrell Women's Encore Q2 Breeze Slip-On Black Mesh , Nike Air Huarache Run Ultra SE Womens 859516-102 Orewood Running Shoes Size 6.5 , adidas Edge Lux Clima Women's Clear Orange/White/Trace Royal AQ0063 , Adidas Eqt Support Adv Womens AQ0916 Cloud White Grey Running Shoes Size 8.5 , Brooks Ghost 10 Women's Black/Pink Peacock/Living Coral 2461D067Comfortiva Women's Lemont Sneaker Brown Combo Leather/Snake Print , Nike Air Huarache Run Ultra Womens 819151-006 Cool Grey Running Shoes Size 7PUMA Defy Varsity Women's Black/Metallic Gold 19114801Altra Womens Torin 3 Shoes AFW1737F-4 Grey/Pink Size 7.5 , Keen Women's Lower East Side Mary Jane Red Brown/PowderThe North Face Women's Storm III Multisport Shoe Dark Gull Grey/Marlin BlueReebok Steady Stride II Womens J16774 Black Grey Leather Walking Shoes Size 8Adidas Tubular Viral Womens S75907 Silver Metallic Athletic Shoes Size 8PUMA Fenty Avid Women's Bay/Cherry Tomato/Vanilla Ice 36768305Altra Womens Torin 3 Shoes AFW1737F-4 Grey/Pink Size 7Under Armour SpeedForm Gemini 3, Women's Running Shoes Size 8Sofft Women's Innis Wedge Sandal Silver Atlas , Nike Air Zoom Winflo 3 Women's Pure Platinum/Volt/White/White 31562009 ,


More Stories



Tags
Hush Puppies Women’s Cyra Catelyn Suede Purple Ankle Boots Booties Size 6, NEW! , AGGRESSOR Women's 13" Steel Toe Steel Plate Insulated Rubber Work Boot Black 8MBearpaw June White Rubber Rain Boots. Fleece Lined. Size 5 M. Style 1892W , Earth Spirit Pansy Camel Caramel Colored Leather Ankle Boots- Size 7.5M , Ann Marino women multi color fine leather upper mid-calf boots heels size 7M , Black Winter Sexy Mid-Calf Boots Side Silver Button Size US 10//TAN AEROPOSTALE FAUX FUR LINED WINTER BOOTS SIZE 7 NEW Free Shipping , Taryn Rose Womens Fayth Silky Suede Mule- Select SZ/Color. , COQUE TERRA Boots Cuir Lisse Noir Doublées Cuir T 36 TBE , ZARA Women's Elasticated High Heel Leather Ankle Boots(Black, US 9/) , Ladies Barbour Setter Wellies Winter Snow Rain Rubber Festival Boots All SizesABILENE COWBOY WESTERN BOOTS BLACK LEATHER WOM, SZ 5.5 , LA CANADIENNE 11540 Women's Size 8.5 Brown Leather Boots Faux Fur Lined Ankle , FLEXX WOMEN'S SNEAK UP, COMFY WALKING SHOE, SOFT LEATHER, FLEXIBLE SOLEAMAZING~Taryn Rose Kitsch Metallic Ballet Flats Gorgeous SZ 9.5 , FENTY By RIHANNA For PUMA sz 37 (or 4 / 6.5 Us ) womens creepers shoes [#F42]MANSUR GAVRIEL 'ballerina flat' black suede leather round almond toe flats 37 , NEW J CREW QUORRA LEATHER BALLET FLATS BLACK SIZE 8 Retail $158 ITALY , New Womens Pointy Toe Rabbit Fur Loafers Slip On Metal Decor Flat Shoes Sz , PORSELLI COLLECTION PRIVE' black calf classic ballerina Size 37/7 (US) BNSTEVEN by Steve Madden Women's Sensai - S Mule, - Choose SZ/Color , Land's End Women's Size 8B Brown Orange Trekker Water Trail Hiking Shoes 400755 , * PRICE REDUCED * Genuine Prada FABULOUS NEW womens shoesSalvatore Ferragamo Womens Leather Dress Slip on Satin Gold Size. 9 , Nike Womens Lunarglide 8 Runing Trainers 843726 Sneakers Shoes 405 , Steve Madden Womens Hiking Boot Black Leather SZ 8 , Skechers Women's BOBS Highlights Set Sail EspadrilleNEW BALANCE 715 V3 Cush Charcoal Cross Training Shoe Women's WX715CW3 Size 9.5 D , Women's Renvy Fringe Top Sneaker Flats , Sweet Bowknot Women Platform High Block Heel Zip Chic Ankle Boot Shoes Heel F386

Walking 27798 Cradles Women's Halle Slingback localjoes-27798 White Halle/Silver Snake Print Strappy Sandals 3b4ba6d - digitalcraftmedia.com




Athletic Shoes
775868
3120055
6289866
7486614
8035685
14489283
15368979
16457035
18709594