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

Abound 'Kaia' Size Black Leather Knee Womens High Boots Womens M* Size 8.5 M* 263f2fb
Abound 'Kaia' Size Black Leather Knee Womens High Boots Womens M* Size 8.5 M* 263f2fb - 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.


DANNER Women's Size 6.5 Hiking GORE-TEX WATERPROOF Brown/Tan Boots #B1435 , New Women's Skechers Shelbys - Powder Puff Mid-Calf Boots (48006) (A4)New MIA Addison Taupe Leather Zip Up Ankle Boots Womens Size 11 M*Andre Assous Wedge Ankle Boots Womens Black Suede Bootie Size 39 MNORDSTROM Leather Black Fashion Knee High Boots Womens Size 6 M * , The North Face Women's 7.5 Black Primaloft Icepick Winter Grip Boots Waterproof , Skechers Keepsakes-Blvr Grey Mid Calf Slip-on Knit Boots Women's Size 9.5 M , NICE! **ANNE KLEIN** "Vandals" Brown Leather Ankle Boots,1 3/4" Heel S.6.5 M , Charles By Charles David 'Riley II' Women's 8.5 M Black Leather Riding Boots , MINNETONKA WOMEN'S GREY COLOR CALF 3 LAYER FRINGE BOOTS SHOES SIZE 6 , Ll Beans Gore-Tex Women Size 9 Hunter Boots , Donald J. Pliner 'Nellie' Womens Size 6 M Black Leather Riding Boots , Dirty Laundry Dallas Women's Western Black Zip Ankle Boots Size 7 MWOMENS SIZE 39 MASSIMIO DUTTI TAN BROWN BEIGE KHAKI BOOTS LEATHER CANVAS CHIC , DV By Dolce Vita Kaly Taupe Leather Ankle Boots Women's Size 6 M* , Durango Harness Boots Womens Sz 6.5 MOTO Engineer Boots , New MIA Sugar Women's Tuko Boot Tan 8.5 M US , ETIENNE AIGNER bLACK Leather Knee High Boots E-VIRA 10 M Zip ClosureSkechers Blur Keepsakes Charcoal Knitted Slouch Boots, Size 9 , Cathy Jean Brown Scrunch Shaft High Heel Boots, Size 9 , New Abound 'Kaia' Black Knee High Riding Boots Women’s , Bucco Capensis Edwena Brown Knee High Boots Women's Shoes Size 9 M NEWRetail $70 Rampage Bodana Ankle Boots Fur Black New Sizes 8, 8.5 , Pajar Canada Black Leather Boots Genuine Shearling Lining size 7, , Women's Round Toe Faux leather Stacked Heel Western Ankle Bootie Boots Black , **TOMMY HILFIGER** TOMMY GIRL Brown Leather Calf Height Fashion Boots,8.5 MEnzo Angiolini EAIRINNA over-the-knee stiletto Black Leather Boots Sz 8M , VENUS NEW taupe Women size US 10 M mid calf Boot wedge heel tall bootsWomen's Shoes FOREVER YOUNG Rubber Rain Boots Herringbone Pattern 11US NEW ,


More Stories



Tags
Hush Puppy Womens Fiona Alternative Dark Brown Boots Style 05220201 Sz 6.5 , Steve Madden Ritte Women's Two Tone Brown Leather Knee High Boots US Size 9.5 M , Apt. 9 Black Mid-Calf Boots Women’s Size 8 , BOTTE BOTTINE PLATEFORME NO NAME TAILLE 38 /BOOTS/BOTAS/STIVALI/ NEUF CHAUSSURE , Steve Madden Carnby Boots Size 6M , WILD DIVA women booties platform light brown stacked heel fashion pull on Sz. 10All Saints Women’s Boots Sz 38 Rough Out Brown Tall Distressed Harness ZipImpo Womens Norris Pointed Toe Mid-Calf Fashion Boots, Black, Size 6.0 aVBG , Bottes KICKERS Talons Compensés Cuir Fauve T 37 BON ETATDolce Vita Womens Findley Leather Closed Toe Ankle Fashion, Black, Size 8.5LADIES K BY CLARKS BLACK LETAHER ZIP EXTRA WIDE FIT ANKLE BOOTS NICOLE FINE , $139.95 Chinese Laundry Womens Calvin Peep Toe Bootie Shoes, Brandy, US 6 , Dr. Comfort Women's Breeze Light Gold Diabetic Fisherman SandalsJeffrey Campbell | Women's Sandal Lindsay Ankle Strap Taupe High Heel 10LOUBOUTIN ZENOSANDY BLACK LEATHER CAGED BUCKLES FLATS GLADIATOR SANDALS 38Christian Louboutin FOLLIES STRASS Crystal Embellished Mesh Flats Shoes Black , MIU MIU BALLERINA FLATS- NIB- BEIGE PATENT LEATHER- SIZE 36.5Tod's Italy Suede Loafer Driving Moc * 9.5 * Gommino Brown Oxblood Womens $425 , FitFlop Women's Loaff Sporty Slip-On Sneaker Black/Urban White 10 M US , Klogs Carolina Women's Clogs Black Smooth - 9 Medium , Oscar De La Renta Winx Woven Ombré Mule , Women Slip On Boat Shoes Leather Loafer Casual Mary Jane Flat Wedge New Comfort , Women Genuine Real Leather Slippers Shoes Retro Embrodiery Fashion Mules Slip on , Ladies Rieker Lightweight Casual Shoes 59587Church's Fran Sandal // Suede Tan // Marked 6.5NEW WOMENS HOKA ONE ONE TRACER RUNNING/TRAINING SHOES - 6.5 / AUTHENTICWomen's Asics GEL-LYTE V WHITE/WHITE H7E8L-0101New Balance Women's 515 Shoes Black with GreenREEBOK SCARLET HEARTS Collection US 9.5 RARE! NEW! , Reebok Crossfit Nano 8.0 Flexweave  Sneaker - Womens ,

Abound 'Kaia' Size Black Leather Knee Womens High Boots Womens M* Size 8.5 M* 263f2fb - digitalcraftmedia.com




Boots
1105507
2502891
3293057
3627238
7438115
11325591
11520441
14055350
14853221