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

Refresh Block FN37 Women's localjoes-27796 Folded Cuff Back Zipper Block Heel Combat Combat Military Boots 55f8ad6
Refresh Block FN37 Women's localjoes-27796 Folded Cuff Back Zipper Block Heel Combat Combat Military Boots 55f8ad6 -

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.

Ivory Spike 5.5" High Wedge 1.5" Platform Sexy Ankle Boot -Us Womens Size 6.5New ladies Camel Color 1" Low Heel Back Zip Sexy Knee Boot Size 6Black 1.5" Block Low Heel Bros Studs Military Combat Sexy Ankle Boot Size 5.5Womens Silver 5" Stiletto High Heel Round Toe Sexy Ankle Boots Size 5.5new ladies 2.5"High Wedge Heel Round Toe Sexy Mid-Calf Boots Size 6Black 3" High Heel Round Toe Sexy Mid-Calf Boot From Size 6.5new ladies Black Round Toe Sexy Knee Boot Size 8.5 , Gray/Brown 1" Low Block Heel Faux Leather Sexy Back Zip Knee Boot Size 5 , new Chestnut Winter Flat Sexy Ankle Boot Fur Inside Size 7.5 , Black 1" Low Heel Comfortable Sexy Combat Mid-Calf Boot Size 5.5new ladies Brown 1. Low Block Heel Round Toe stud Sexy Ankle Boot Size 9 , Black 1" Low Heel Combat Comfortable Sexy Knee Boots Size 8.5 , Pink 5" Heel Round Toe Side Gold Buckle Knee High Boots Sexy Size 5.5 , Black 5" Stiletto High Heel Round Toe Sexy Knee Boot Side Buckles Size 5.5new ladies Brown 1"block Heel Back Zip Sexy Knee Boots Size 6Womens Black/Tan Half" Low Heel Sexy Knee Boots Size 7.5 , Tan 1" Block Heel Faux Leather Sexy Comfortable Knee Boot Size 6.5Charcoal Black 4.5" Stiletto High Heel Round Toe Sexy Knee Boots Size 6Womens Black 4" Stiletto High Heel Sexy Long Knee Boots Pointy Toe Size 6Fashion Beige Spike 5.5" High Wedge 1.5" Platform Sexy Ankle Boots Size 6.5Dark Brown Flat Slouch Comfortable Round Toe Sexy Knee Boot Size 7.5 , Black 4" High Heel Over Knee Sexy Boots Round Toe Size 5.5Black 1.5" Low Hidden Wedge Heel Round Toe Mid-Calf Sexy Boot Size 7 , Black 1.5" Low Heel Ankle Straps Round Toe Over The Knee Sexy Boot Size 7.5Black Flat Warm Winter Sexy Knee Boots Size 6Brown Flat Back Elastic Sexy Knee Boot Size 8 , Black 1.5" Low Hidden Wedge Comfortable Round Toe Sexy Mid-Calf Boot Size 7 , Gray 1" Low Heel Back Zip Sexy Knee Boot Size 8.5Black 3.5" High Heel Round Toe Top Silver Studs Sexy Knee Boot Size 5.5 ,

More Stories

FERGALICIOUS BY FERGIE WICKET DOE 6 1/2 UK4.5 F1126F1250 NEW , Jack Rogers Sallie Boot - Women's Size 9 Navy , Clarks Leather Ankle Heel Booties Shoes Zipper Brown 83598 Women's Size 7.5 M , SAM EDELMAN Silver Ankle Boots Size 5.5 Womens NWOB , Ladies Spot On Black Microfibre Zip Up Ankle Boots with 2" Heel Style F50071 , Botte Femme Bottines Militaire Combat Rangers Haut Modele WARRIOR ZAZA2CATSConverse All Star cuffed mid calf boots/sneakers Black/zebra w hearts New Nwob 6 , Soda Women's Closed Toe Zipper Block Stacked Chunky Heel Ankle BootieBlack8.5 , Tan 1.5" Low Military Combat Riding Winter Sexy Mid-Calf Boots Size 8.5 , Emilia Fiori Black Ankle Western BootsWomen's NEW VINTAGE 1989 Rockport Size 7M Ankle Boots Shoes Brown Leather L5 , Sbicca Womens Jossly Ankle Bootie- Pick SZ/Color.Calvin Klein Womens Gracy Mary Jane Flat- Pick SZ/Color. , Anthropologie Pied Juste Brass-Heeled Knee Boots Size 39 , Women's Salvatore Ferragamo GANCIO BIT Loafers NAVY BLUE Leather 5.5 B , Tory Burch Women Striped Blue Multi Color Big Logo Ballet Flats Shoes Size 6.5 M , SPERRY TOP SIDER WOMENS FIREFISH CANVAS SAND NAVY SIZE 6.5 , New GIANVITO ROSSI Cheyenne Gold Embroidered flat sandal; 37/6.5 , Arche Onange Suede Flats Blanc/Noir Women’s Size / US 7 Slip On Shoe , Paul Green Gold Lenny Perforated Loafer US 7STUART WEITZMAN-METALLIC BROWN EMBOSSED CROCODILE ALLIGATOR LOAFERS-6.5M , OPENING CEREMONY 228588 burgundy leather high top buckle sneakers sz. 38Rieker Women's D0677 Schwarz Lamar/Schwarz Kazan/Schwarz Singapur Boot 37 US 6.5Hot Chocolate Design. Chocolaticas Cinetic. US 7. Women shoes. Mary Janes , Shutz Zebra Calf Hair & Leather "metal Tip" Shoes Size 6.5BNike Womens Roshe Two Flyknit Black Photo Blue Volt Sz 8.5 NIB 844929-003Women's Casual Shoes Breathable Fashion Sneakers Low Top Running Walking Shoes , Women's shooties Size 10 Boots , Women's New balance women sneakers 9 Athletic Shoes , Women's NEW Skechers Women's Shoes navy Athletic Shoes

Refresh Block FN37 Women's localjoes-27796 Folded Cuff Back Zipper Block Heel Combat Combat Military Boots 55f8ad6 -