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

Galaxy Women 27778 Double Plateform High Top Casual localjoes-27778 Sneakers Shoes Trainers Ankle Boot Plateform 39261e9
Galaxy Women 27778 Double Plateform High Top Casual localjoes-27778 Sneakers Shoes Trainers Ankle Boot Plateform 39261e9 - 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.


American Rag New Womens Wylee Black Ankle Boots 5.5 M Shoes , Moda Spana Women's Brown Suede Ankle Boots Side Zip High Heel Size 11M , Born BOC Womens Brown Suede Ankle Boots Size 10 M Leather Western Booties clogs , Mi Bottes Cavalièrs Cuir Marron Cannelle T 39 TBELink Side Zipper Faux Suede Flat Heel Ankle Booties Rachel43 (Adults 6-10)Lucky Brand Garboh Suede Leather Chukka Booties Brown Size 10M , Vintage Md USA Waterproof Tall BLACK RUBBER Fleece Lined WINTER RAIN Boots Sz 4 , Brown Suede Fringe Boots Studded Midcalf Flat Cuffed Size 6 B , Botticelli Black Leather Zip Boots Size: 39.= 9.5 Heel:2.5" Excellent ConditionRosegold - Black heel booties - Size 36.5 (5.5 US)Casual Ankle boots Womens Comfy Block Low heels Round toe Platform Buckle Shoes$225 GABOR Brown Suede Fur-Cuff Modern Granny Boots YOOX German Brand 4 , Bass Lite Meredith Wedge Boots Size 9M Black Leather Ladies Shoes , Frye Womens Shoe Size 6.5B Tall Tan Leather Pull On Boots Ankle Strap B118 , Fashion Women Rain Boots Flat Waterproof Red Zipper Knee High Mid Calf Boots NewRebels Lattice and Pink Suede Leather Ankle Booties Size 6 , Anne Klein Womens Sz 10M Leather Boots iflex Booties Pointed Toe - Side ZipCRUSH DURANGO RD3217 SLOUCH BROWN HARNESS MOTORCYCLE COWBOY WESTERN BOOTS SZ 6 MJUSTIN STYLE #L0506 BLACK LEATHER WOMEN'S BOOTS SIZE 6B MADE IN THE U.S.A.Ladies' Ash Tall Leather Black Zipper Boots Size US Size 6 Leather , B Makowsky Nellie Black Suede Oxford Wedge Ankle Boot Bootie NewSporto Ellie Navy Blue Suede Quilted Waterproof Snow Midcalf Boots SALE , Aldo Haviax Red Suede Ankle Boots Pull On Size 9 , Lucky Brand Ashbee Women's Boots Black Size 8.5 MWomen's Round Toe pull on low heel knee high boots knight snow boots shoes , Forever 21 Women's Vegan Wine Chunky Heel Mid Calf Back Zip Boots Size US 6MChinese Laundry Two Step Mid Calf Leather Boots 9.5 Brown Women Wooden SoleRANCHO Size 8 On Your Feet Women’s Brown LEATHER SOLES Western Cowboy Boots , NORTHSIDE WOMEN'S SPINDRIFTER INSULATED SNOW WINTER BOOTS US 7 -40F/-40C ,


More Stories



Tags
TALBOTS 7.5 Black Leather Slip On Ankle Booties BootsCarlos Santana ALEXIA Women Knee High Boots Embroidered Floral Navy Blue sz 7.5 , Soft Black Fashion Ankle Style Buckle Zip Womens Biker Boots UK3-8 , NEW WOMENS LADIES HIGH HEEL TASSLE ZIP UP CHELSEA ANKLE BOOTS SHOES SIZE 3-8 , No 704b Brown Booties Womens US 7 SZ: 37 All Leather Block Heel , NIB Lands End Womens Tall Suede Wedge Boots 11British Chic Women Round Toe Buckle Strap Ankle Boots Pull On Leather Shoes New , Womens Nordstrom MIA "Diablo" Brown Leather Boots Size 5 , ShoeDazzle Boots (new) VASHA SAND 8.5 , new womens ladies suede bowknot ankle boots shoes block heels pumps size 789 hotNew Womens Ahnu Jackie Reptile Black Leather Espadrille Loafer Shoe Slip OnMcRae Women's Footwear Desert Tan Boots XN (extra narrow) 8 1/2Donald J Pliner Brown Tall Distressed Leather Riding Boots Sz 7 , Munro Women's Black Kimi Loafers 1946 Sz 11 N3.1 Phillip Lim Nancy Oxford Pointed Cap Toe - Made in ItalyB.O.C Womens Kalani Leather Round Toe Mary Jane Flats , **French Sole Sloop Flat - Women's Size 10, Dark Navy DenimEasy Spirit Women's Gessica Medium Grey Combo Synthetic 9 M US , Louise Et Cie Womens andres Pointed Toe MulesALEJANDRO INGELMO Natural Tan Open Flats D'orsay Sandals Women's 9.5M ItalyNEW Vince 'Mason' Calf Hair Leather Flats Oxford Black US 6MDavid Tate Women's Glorious SlingbackChristian Dior Black Crocodile/Alligator Leather Zipp Heels Shoe. Sz. 8.5 , NEW AGL ATTILIO GIUSTI LEOMBRUNI Bow Nude Patent Ballet Flat /US 11 $325 , $398 New Delman Tyler Size 9.5 m Almond Petrol Patent Leather Oxford FlatsTOD'S Shoes 584960 Brown 36 , Vans Womens Authentic Low Pro Velvet Black sz 5 NIBWomen's Women's wave lightning z3 Athletic Shoes , Jessica Simpson Womens Brown Ankle Boots Size 11 (254752) , Womes Winter Warm Occupational Anti Puncture Steel Toe Work Safety High Top Boot

Galaxy Women 27778 Double Plateform High Top Casual localjoes-27778 Sneakers Shoes Trainers Ankle Boot Plateform 39261e9 - digitalcraftmedia.com




Boots
1425569
1779033
2078069
3135765
10105425
11505205
11946033
12990378
16808772