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

Women's Tiger Light Onitsuka Tiger Delegation Light Athletic Women's Shoes b4703c1
Women's Tiger Light Onitsuka Tiger Delegation Light Athletic Women's Shoes b4703c1 -

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's Ana Lublin - EWA Athletic ShoesWomen's New Balance Women's 574v1 Sneaker Athletic Shoes , Women's Versace Jeans - E3VRBPC1_70034 Athletic Shoes , Women's Mizuno Wave Kazan Women's Shoes Athletic ShoesWomen's WMNS NIKE DUNK HIGH PREMIUM Athletic ShoesWomen's Steve Madden Women's Graant Boot Athletic ShoesWomen's Adidas EQT Support Athletic Shoes , Women's ASICS Women's Dynaflyte Running Shoe Athletic Shoes , Women's Nike Roshe Waffle Racer Athletic Shoes , Women's Chaco Women'sKanarra Casual Shoe Athletic ShoesWomen's Guess Baskets Femme Sunny Rose Athletic Shoes , Women's BEARPAW Women's Lea Fashion Boot Athletic Shoes , Women's Dr. Scholl's Women's Flyer Sneaker Athletic ShoesWomen's NEW REEBOK WOMENS CLASSIC LEATHER Athletic ShoesWomen's ASICS Women's FuzeX Running Shoe Athletic Shoes , Women's Skechers Women's You-15806 Sneaker Athletic ShoesWomen's Skechers Women's Ultra Flex-Statements Sneaker Athletic ShoesWomen's Under Armour Women's Threadborne Push Athletic Shoes , Women's ASICS Womens Weldon X Athletic Shoes , Women's Brooks Women's Adrenaline GTS 17 Athletic ShoesWomen's Skechers Women's Goldie-Jewel Box Sneaker Athletic ShoesWomen's Converse Womens Chuck Taylor Platform Athletic Shoes , Women's Onitsuka Tiger Asics Unisex Appian Athletic Shoes , Women's CLARKS Womens Tri Form Sneaker Athletic ShoesWomen's Skechers Women's D'Lites-Latest Trend Sneaker Athletic Shoes , Women's Skechers Women's Bright Blossoms Sneaker Athletic Shoes , Women's Vibram Women's Furoshiki, Black, Small Athletic ShoesWomen's Merrell Women'S Siren Edge Hiker Athletic Shoes , Women's ARMISTICE Sonar One Stripe Noir Athletic Shoes

More Stories

Women's cowboy western style boots Size 4 Brown Cat & JackWanted Shoes Women's Nordic Winter Boot, Grey, 6 M US , Women's Shoes Mid Calf Knee High Slouch Boots Comfort Casual Flat Buckles SizesWomen's, Dr Martens, Resistor, Steel Toe, Industrial Black Leather Shoes Size 8M , REDFOOT Women's Rainboots SIZE 5 US (36Eu) Foldology Kayaking Canoeing Camping , BOTTES TOMMY HILFIGER TAILLE 37 " MODEL FEMME " , Montrail Gore-tex Waterproof Hiking Boots, Women's 6 , 2018 New Womens Warm Fur Trim Warm Comfort Ankle Boots Antiskid Shoes Booties , Anthropologie Pied Juste Leather Boots Sz 40 Pewter Dusted Knee Black Sz 9 $298Elizabeth And James Womens Shoes Size 5.5 Taupe Brown Suede Ankle BootsNEW Fleecy Rain Boot Liners Medium 7 9 Black , Indigo Rd. Womens fayen Closed Toe Knee High Fashion, Silver fabric, Size 5.5 , Very Volatile Marcelina Women's Boot, Taupe, Size 7.5 SqWpRafe New York Women's Leather Suede Boots Made in Italy Euro S 39.5 / U.S. Sz 9Propét Womens Tatum Closed Toe Ankle Fashion Boots, Brown, Size 7.5CJB Black Silver Patent Leather Metal Buckle Strap Ankle Boot Shoe Size 36 6 , Tibi Black Leather "Sawyer" Wedge Mules SZ 38Rag & Bone Sophia Black Loafer Espadrilles Flat 40 NWOB , Oxfords Womens Real Leather Pointy Toe Loafers Slip On Shoes Low Heels Mules Newnaturalizer Lorraine Cap Toe Tassel Loafers, Banana Bread/Brown, 5 US / 35 EU , LANVIN Shoes 784958 Black 37 , SAUCONY RACING FASTWITCH Sz 7.5 Women's Running Shoes Fluorescent YellowSkechers Women's Grand Jams Cardinal Sneaker , New Womens Fashion Sweet Mary Jane Rhinestones Bowknot Boat Shoes Casual Loafers , Womens Adidas Ultra Boost St Sneakers BA7832 Size 10.5 , Women's Skechers Women's Skyline Sneaker Athletic ShoesWOMEN'S STYLE ankle boots size 8 1/2Nike Air Max 90 Suede-trimmed Velvet Sneakers Gray Size 8Dansko Marcelle Casual Clog - Women'sNEW WOMENS HOKA ONE ONE BONDI 5 RUNNING SHOES - 7 / /3 - AUTHENTIC- $150 ,

Women's Tiger Light Onitsuka Tiger Delegation Light Athletic Women's Shoes b4703c1 -

Athletic Shoes