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

New 27707 localjoes-27707 Balance Jojo Balance Thong Women's Shoes 435b1a8
New 27707 localjoes-27707 Balance Jojo Balance Thong Women's Shoes 435b1a8 - 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.


Naturalizer Womens Payten Black Fashion Sneaker Size 9.5 (31844)Sneakers Wedges Canvas Shoes Women Casual Shoes Female Cute White BasketAsics Gel-Kayano 21 Women's Running Shoes - Aqua/Coral - Sz 9Naturalizer Womens Morrison Black Fashion Sneaker Size 7.5 (31657)Asics Gel Kayano 21 LITE SHOW Women's Running Shoes Size 8 M T4N5N , Converse All Star Womens Shoes Sneakers Low Top Light Gray Silver Dots Sz 9 NEWSkechers Women's Shape-ups Toning Exercise Sneakers Size 8.5 US 38.5 EU White , NEW BALANCE WX608V4 WHITE BLUE LADIES ATHELETIC WALKING SHOES SIZE 9New Balance 771 CUSH Womens Sneakers size 7 Blue Purple Swirl , New Balance™ ~ 715 Run Shoes ~ Everyday WX715KG2 ~ Women Sz 7 ~ VERY GOODVince Olive Green Suede Slip On Flat Sneakers Size 6Unisex Women Men USB Charged LED Light Luminous Sneaker Casual Shoes Party XmasAsics™ ~ GEL HARUMI Run Shoes ~ Everyday T985N ~ Women Sz 9 ~ VERY GOOD , SKECHERS Shape-Ups 11803 White/Silver/Blue Toning Walking Sneakers Womens 8 MNew Nike Free Flyknit Sneakers Women's Hyperfeel Running Trail Shoes , New Reebok Womens Yourflex Trainette 9.0 Mt White Cross Training Shoes Size 6.5 , Naturalizer Womens F1575f1 Black Fashion Sneaker Size 9 (28392)AIRWALK ~ Womens Pink Blue Shoes Design Sneakers High Tops Skater Punk ~ 6New REPORT Womens Arvey Bronze Fashion Sneaker Size 9New Balance 749 Womens Size 8.5 D Grey Red , SKECHERS SHAPE-UPS BLUE/ WHITE 12320 RUNNING TRAINING TONING WOMEN'S SNEAKERS 8Propet Womens Walking Shoes Size 6.5 Shock Absorber Inner Soles BeigeVivobarefoot Stealth Women 7/37 White Running Shoe ZeroDrop Sneaker Athletic$150VANS "Van Doren" Red Canvas Leafy Print Sneakers Women's Size 5.5 EUC , Ryka Womens F5202f2 Frost Grey/White Mules Size 6 (C,D,W) (30657)Women's Brooks Ravenna Sneakers Running Size 10 Blue Silver White Shoes , Puma Sky High Vulc II White Multi High Top Sneakers Shoes Women's Size 8N.Y.L.A. Womens Christel Black Fashion Shoes Size 7 (338544)Vionic Slip On Sneakers Women size 5 Women's Shoes


More Stories



Tags
Apt. 9 Manager Womens Size 9.5 Medium Black High Heel Ankle Boots $80 New , Ariat Women Western Boot Brown Leather Size 6 1/2 CAerosoles A2 by Aerosoles Women Common Ground Women brown size 8.5MBOTTES NEIGE HAUT DE GAMME FOURRURE GETAS PICHETTE T 37 A ACHAT IMMEDIAT FPL'Artiste Rhapsody By Spring Step Brown Leather Boots 37 EU / 7 US Women , Kamik Baltimore W Waterproof Impermeable Insulated Winter Snow Boots Women's 10 , NEW Muck Boot Arctic Weekend Mid Rubber Black Swirl Winter Boots Women’s 11New Custom Abstract Horse Girl's Martin Boots Comfortable Women's Martin Boots , EUC Geox Respira Women's Size 42 US 11 Brown Leather Wedge Ankle Boots Shoes A4Sam Edelman Women's Luisa, Saddle/Off White, 6.5 M USPRADA Size 6 1/2 Ivory Leather Flats Loafers 6.5 Shoes Moccasins 36 1/2 , Worn Once Modern Vintage Virginia Asphalt Flat Cap Toe Side Zip Ankle Boots, 8.5 , Bravo 108 Black Patent Spiked Platform Wedge Knee Boot Sexy Biker Size US 6 , New Authentic Just Cavalli Black Leather Ballet Flat, Sz 39 Eu , Vogue Womens Floral Sport Slip On Leather Shoes Trainers Travel Comfort ElegantWomen Patent Leather Pointed Toe Slip On Block Low Heel Comfy Chic Flat Shoes SzJimmy Choo Romy Pointy Toe Black Leather Ballet Flats Size 36 New $550Tod's Laminated Python Embossed Leather Ballerina Flat , NIB PRADA Gold Logo Scrunch Driving Loafer Shoe BLUE OLTREMARE Suede 39 - 9Donald J Pliner Women's Dora Ballet Flat - Choose SZ/ColorBeautiful Metallic Olive Green Leather Oxford!✿KURU Trina JetBlack Tumbled Leather Comfort Shock-Absorbing Flats 9.5 NEW L@@K!ASFVLT WOMEN'S SHOES TRAINERS SNEAKERS NEW PINK 93AMizuno Cyclone Speed 2 [V1GC198009] Women Volleyball Shoes White/Black-SilverNike Free Gym Cross Training Shoes Size 8.5 , Inov-8 Womens F-Lite 235 Blue Running Shoes Size 11 (428813)G H Bass Womens Jordan Boot Sz 9 1/2 Extended Calf Black Side Zip Flat , Cute Girls Casual Solid Warm Snow Ankle Boots Wedges Hidden Heel Shoes Plus SizeWomen Ankle Boots Winter Warm Snow Buckle Strap Wedge Heels Pull on Casual ShoesAsics Gel-Sight Women's Casual Trainers Lifestyle Sneakers Sports Shoes

New 27707 localjoes-27707 Balance Jojo Balance Thong Women's Shoes 435b1a8 - digitalcraftmedia.com




Athletic Shoes
3027545
3502056
3695872
4403164
6931334
12180101
15855382
16895961
17495735