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

INC International INC localjoes-27757 Concepts (3247P) Women's (Sz 8) Fainn Ankle Boots, Black, $99 (3247P) 17a5486
INC International INC localjoes-27757 Concepts (3247P) Women's (Sz 8) Fainn Ankle Boots, Black, $99 (3247P) 17a5486 -

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.

Women Shiny Pointed Toe Sexy Stiletto High Heels Side Zipper Shoes Ankle BootsWomens Over Knee Gray Boots Winter Chunky High Heels Shoes Suede Slim Ridding sz , Ego Women's Arden Kitten Heel Over the Knee Long Boot TW4 Taupe Size UK:3 US:5SM New York Women's Effie Fashion Boot Black, Size 7.5M US J4Giani Bernini Womens' (Sz 6) Oleesia Memory Foam Booties, Black, $99 (3626P)BF-9W Beach Feet Merino Wool Women's Low Boots, Brown, Size 9US , Women's Nicole "Dinah" FAUX suede studded Ankle Boots Sz. 8 MedFashion Womens Pointy Toe Bling Bling Ankle Boot Paillette Low Heels Party Shoes , Electric Karma Casual Slip On Women’s London Ankle Boots Black NWT Sz 7 J15 , Paul Green Womens Black Zip Up Mid Calf Booties Size 40 US 9 , DKNY PAMELA Suede Leather High Heel Fashion Ankle Booties Black Sz 8.5-MKrush black chunky cleated heel chelsea boot size 5Fashion Womens High Block Heel Faux Suede round toe Platform Knee Boot Zip Shoes , Trendy Elastic Insert Shaft Bronze Buckle 3" Heel Knee High Boots Medium (B, M) , Naturalizer Wynnie Black Lea Women's US Size 9.5 M (H,1)Via Spiga Womens Black Fashion Boots Size 6.5 (428054) , Gianni Bini Womens 8.5M Mid Calf Zip Leather Boot Brown PlatformBROWN High Bottom Belt Strap Leather Medium Thick HEEL BOOTS Round Pointy TipsWomen Platform Sweet Snow Winter Warm Fur Frim Strap Wedge Ankle Boots Shoes , Women mid calf boots Snowy boots Winter warm cotton lining low heel side zippers , 14th And Union Kerra Black Suede Ankle Boots Sz 6M , Talbots Womens Boots Ankle Chelsea US 6.5 B Black Leather Pull On Wear to Work , Womens Over Knee Thigh Boots Block Super High Heel Platform Fringe Shoes US 4-13 , Womens Round toe PU Leather casual side zipper chunky Knee High Boots Plus Size , Croft Barrow Women's Black Leather Fashion Boots Size 7 Medium , Roxy ARJB700396 Womens Clayton Boot- SZ 8.5 /Color Brown , BANDOLINO Selene Black Suede Leather Block Heel Ankle Boots Women 6 Booties ShoeHenry Ferrera New York Women's Rain Boots Black & Multi-color Graffiti Size 11 , Pink & Pepper New Alabama Brown Womens Shoes Size 8.5 M Boots MSRP $59 ,

More Stories

Women Siede Bow-knot Rivets Decorated Wedge Heel Leather Leisure Casual ShoesEarth Origins Cooper Women's Size 8 W Black Suede Ankle BootsIvory 5" High Wedge Heel 1.5" Platform Long Sexy Knee Boot Size 5Retro Womens PU Leather Flower Zip Shoes Warm Ethnic Hidden Heel Hot Ankle Boots**Sugar Tiernie Bootie - Women's Size 7.5M, Taupe , NEW ANN TAYLOR WOMEN'S DARK BROWN LEATHER ANKLE BOOTS SIZE 5.5 MADE ITALY , New Ankle Buckle Women's Autumn/Winter Fashion Block Heels Ankle Boots Shoe mop , Magnum Lady Tactical Combat Boots Work Safety Womens Black Leather Size 6.5Women Ankle Stripe Buckle Boots Oxfords Square Head Side Zipper Casual Shoes , BORN Boots Brown Leather Zip Knee High Heels Size 8 M/W W6424 , Calvin Klein Women's Gavinia Ballet Flat, Black, 9.5 Medium US , Ariat Unbridled Billie Pebbled Distressed Red Western Boots Women Size 6.5 , Ryka Water Resistant Faux Fur Boots Shoes - Tangent Size 10 M QVC BrownNDC Made By Hand FLASH SALE Santa Monica Distressed Booties Sz 36 MSRP $485Prada Womens Platform Shoes Heart Applique Cutout White Leather Sneakers 36 5.5Women's Shoes Hinge RN58665 CA57963 Silver & Black Leather Slip On Flats Size 7M , New w/o box J. Crew Gemma cap toe flats G0878 $118 leather blue navy shoesWomen's Alegria "Pesca" Black Magic Fisherman sandals 41 (US 10.5-11) PES-688Bernie Mev Tw83 Light Grey Womens Slip-On Size 40M , DIOR ITALY Veau Womens Flat Shoes Ballets Silver Leather EUR Sz 40.5 US Sz 10.5 , NIB - Tods Womens Classic Red Flats SZ 35.5/5.5 Leather Shoes Orgi $495NEW Anthropologie Freda Salvador Dorinda Goat Hair Italy Leather Slip On Mules 6CLARKS Women's Wynnmere Abie Black Nubuck 7.5 D US��OMG!�BEAUTIFUL TED BAKER Thfia Trainers Slip On Sneaker Floral Womens Shoes , LADIES SHOES/FOOTWEAR - Arcopedico L14 shoe black/whiteK-Swiss ST329 Heritage Women's White/Classic Blue/Ribbon Red 95824130 , Women Leather Platform Wedge High Heel Fashion Sneaker Sport Ankle Boot Creepers , Skechers Women's Flex Appeal 2.0 - Newsmaker Casual ShoeWinter Women's Fur Lined Pom Pom Ball Snow Boots Cotton Ankle Boots Shoes BootieASICS GT-1000 7 Women's Grey/Carbon 2A029020 ,

INC International INC localjoes-27757 Concepts (3247P) Women's (Sz 8) Fainn Ankle Boots, Black, $99 (3247P) 17a5486 -