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

VTG WOMENS 26817 DEXTER DEXTER COWBOY SUEDE LEATHER BROWN BOOTS SIZE N 7 N 937d4fc
VTG WOMENS 26817 DEXTER DEXTER COWBOY SUEDE LEATHER BROWN BOOTS SIZE N 7 N 937d4fc - 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.


Nine West ZARRAS Brown Leather Knee High Boots With Chunky Heel Size 8 M , Women'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 9M , WOMENS ACME HARNESS COWBOY LEATHER LIGHT BROWN BOOTS SIZE 5 M , Women's Kalli Verona Tan Leather Cowboy Boots Size 9, Low Scrunch Straps EUCRoberto Del Carlo Ankle Booties Boot Heeled Sz 37.5 Dark GrayBlack 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 40 , Awesome 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 6.5 , Hush Puppies Camel Tan Worry Free Suede Mid Calf Boots Size 7M , dune london boots Size 7 Black Leather Rosalind Rouched Slip OnArturo Chiang Cosmo Black Leather Tall Side Zip Boots 6.5M , APOSTROPHY ~ "Naomi" Blue Soft Fabric High Ankle Boots Sz 7M * EXCELLENTWomens 6 M Cowboy Boots Wrangler Roper Cowgirl Shoes Western Beige Tan Leather , New 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 Box , CASPRINI ankle boots heels sz 5.5 black satin finish & pebbled black leather , New! Mossimo Black Ankle Heel Boots , Tesori Womens Beige Suede Ankle Boots Size 8 MSize 6 1/2 Medium Leather Made In Brazil Women's DIBA Calf Height Boots , Blondo Boots Mid Calf Black Casual Fur Lined Leather Womens Size US 7 N , Impo Womens Light Brown Ankle Boots Size 10 , Suede Slouch Boots Bnib Black Size 9 Wanted ,


More Stories



Tags
NEW WOMEN*RENEEZE*COMFY STACKED CHUNKY HEEL SIDE ZIPPER ANKLE BOOTIE PAMA-01/REDNine West Vintage Women's Silly Me Thong Sandals Red/Purple Size 9.5 (B, M) , WOMEN'S SIZE 7.5 RED LEATHER WESTERN BOOT **WORK BOOTS**M.F. Stefani Short Western Boots, Medium Brown, 6 US DisplayKEEN Womens Size 9.5 Ankle Boots Brown Leather Slip-On Walking Hiking TrailBucco Capensis Ella Brown Short Biker Boots Size 8BC BECAUSE Ankle Leather Boots Size US 6 M Women's , Dansko Bonita Ankle Boots - Women's Size US:11.5-12/EU:42, BlackCorso Como Shoes Boots Black Womens Size 8.5 MCIRCUS BY SAM EDELMAN Heidi Bootie- Size 8.5- Chestnut- $90 , Crocs Freesail Rain Boot Women's Navy Waterproof Pull On Wellington Boots New , Seven Dials Womens Tinsley Peep Toe Ankle Fashion Boots Black Size 7.5 2NG0Alegria Keli - White - Womens , Tory Burch Hurache Flats Gold 9 , JAMBU BIANCA TRAIL READY NAVY SLIP ON LT WEIGHT HIKING WALKING SHOE Size 7.5Cole Haan Sport Clog Half-Back Mule Sneaker Hiker ShoeSuede 9 B Miles Salsa , New Manolo Blahnik Women's Shoes Blue Ballet Flats Size 38 Suede , ECCO women Intrinsic Karma Flats Ballerina Slip On Shoes Turquoise E 41, US 10.5 , New Tod's Patent Leather Ballerina Flats Size IT 39 US 8.5Reebok Women's Instalite Run Track Shoe - Choose SZ/Color , 2Star Gold IT Shoes Women's Smooth Leather 37 High-Top SilverNew Under Armour 1298675 100 SpeedForm Black Women's Running Shoes 8.5 US , Vince Camuto Womens bayana Leather Low Top Slip On Fashion, Black, Size 8.0 OVXK , Women’s New Balance Minimus Cross Trainer Shoes WX20v2 Size 6.5 D Wide , Women's New Balance Classics Size 8 Athletic Shoes , Women's Womans Boots Boots , Women's Pink Kickers women's boots BootsWomens Brown Faux Suede Moccasin Fringe Ankle Boots Booties NEW , NEW MAX MARA MM40 Nudo Suede Sneakers Shoes size 38.5 US 8.5New Balance Women's 840v4 Neutral Cushioning Running Shoe Cyclone/Poisonberry

VTG WOMENS 26817 DEXTER DEXTER COWBOY SUEDE LEATHER BROWN BOOTS SIZE N 7 N 937d4fc - digitalcraftmedia.com




Boots
47855
1835873
6239321
7535598
9951907
15330342
17898671
18385556
18620442