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

XOXO Womens Brown Marila Womens Boots 19663 Shoe Boots Size 6 4798052
XOXO Womens Brown Marila Womens Boots 19663 Shoe Boots Size 6 4798052 - 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.


Bucco Womens Black Ankle Boots Size 8 M , Faded Glory Women's Hula Fringe Boot Size 7 1/2 Brown NewFranco Sarto Ilena Tan Suede Khaki Pull On Chukka Ankle Bootie Boots Bucks 8MNine West ZARRAS Brown Leather Knee High Boots With Chunky Heel Size 8 MWomen's Ked's #WF51834 Ch Ox Plum Purple Sneakers Size 7M , ZITA MARIA Women's High Heel Boots - Size: / US 5Jennifer Lopez Womens Tall Knee High Black Boots Embellished Shoes Sz 7 New , Women's Nicole Black Turner Riding Boots Size 9MWOMENS 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 Gray , Black Leather Boots With Silver Detail, from ABS, Women's Size 6 , WOMENS JUSTIN COWBOY LEATHER BLACK BOOTS SIZE 5.5 BWomen'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 BJoie Dalton Suede Ankle Booties sz 36 $360 US 6.5Hush Puppies Camel Tan Worry Free Suede Mid Calf Boots Size 7M , dune london boots Size 7 Black Leather Rosalind Rouched Slip On , Arturo Chiang Cosmo Black Leather Tall Side Zip Boots 6.5M , APOSTROPHY ~ "Naomi" Blue Soft Fabric High Ankle Boots Sz 7M * EXCELLENT , Womens 6 M Cowboy Boots Wrangler Roper Cowgirl Shoes Western Beige Tan LeatherNew AJ VALENCI Camel Brown LEATHER SHORT ANKLE BOOTS Zipper 2"HIGH HEEL sz 10MNine West “Orianao” Wedge Ankle Booties in Hunter Green, Size 9.5, New With BoxCASPRINI ankle boots heels sz 5.5 black satin finish & pebbled black leatherNew! Mossimo Black Ankle Heel Boots , Tesori Womens Beige Suede Ankle Boots Size 8 M , Size 6 1/2 Medium Leather Made In Brazil Women's DIBA Calf Height Boots


More Stories



Tags
Cole Haan Womens Boots Size 5.5 Medium Brown Leather Heels Casual Career 29059New! Athletech Women's 13" Quartz Red/Brown Quilted Winter Boot size 11 106L mDr. Martens Women’s Ivory Beige Leather Fashion Knee Boots Block Size Sz 6AK Anne Klein Sondra Dress Ankle Boots 064, Taupe, 11 US , New Womens Black Zip Up Buckle Wedge Ankle Fashion Boots UK Sizes 3 4 5 6 7 8The North Face Boots size 8Womens zebra print western rubber boots, Corkys, sz;8 , Call It Spring Womens Ankle Boots girang slouch solid polyester size 7.5 NEWGuess Oliva Red Womens Shoes Size 9.5 M Boots MSRP $129CATERPILLAR WOMENS SABRINA WOOL BOOT SIZE 6 #P308804Bees By Beacon Womens Whisper Suede Closed Toe Ankle Cold Black Size 6.5Franco Sarto Dk Brown Suede Buckle Detail Eminent Ankle Boot NEW , Grand Hunter Oil & Slip Resistant Genuine Leather Pull On Work Boots For WomenWOMEN'S BIKER STYLE ANNE KLEIN BLACK BOOT SIZE 7.5Bottes Confort Cuir Noir Doublées Cuir T 41 TBE , Caterpillar NITROGEN WP CT Womens Composite Toe Insulated Waterproof Work BootDansko Deni Suede Platform Mule US 8.5-9 , JUNYA WATANABE Shoes 112954 White M , PRADA WOMEN BALLET FLAT US SIZE 6.5 M M BROWN LEATHER MADE IN ITALY.Ecco Size US 10 10.5 Blue Leather Loafers New Womens ShoesNEW GIUSEPPE ZANOTTI OUTSEASON WOMENS PAIGE WINTER , Le Viozzi - Shoes - Female - Black - 3693626A184237 , Charlotte Olympia NIB $665 Black Gold Leather Bow "Poolside" Flats SZ 40Stubbs & Wootton Red Blue Print Slip On Loafers Flats Shoes Slippers Women's 7.5NEW HELLY HANSEN LILLYSAND BLUE BOAT SHOES WOMENS 8 FREE SHIP , Palladium 95680 Womens Adventure CVS Sneaker- Choose SZ/Color. , MNX15 Women's Elevator Shoes GIO KHAKI Height Increase 10cm by FedEx Fast ShipWomens Side Zipper block heel winter suede ankle boots casual shoes plus size , Modern Rush JACKLYN Mid Calf Pull On Biker Boots Brown Sz 6.5-M , LN!! Dansko Colorful Jute Pro Professional Artisan Clogs Sz 38 7.5-8 ,

XOXO Womens Brown Marila Womens Boots 19663 Shoe Boots Size 6 4798052 - digitalcraftmedia.com




Boots
24611
3756054
5231203
11969566
12092434
12457954
15637548
17913750
18207323