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

Paul Mayer Attitudes Brill Brighton Brighton Brill Women's 26970 FLATS Silver/Plata 5cb62c7
Paul Mayer Attitudes Brill Brighton Brighton Brill Women's 26970 FLATS Silver/Plata 5cb62c7 - 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.


Charlie Penny Loafers In Snake Skin, J Crew, US 7, Made In Italy, Retail $200 , Tory Burch Royal Purple Quilted Kaitlin Suede Gold Logo Toe Cap US9, Euro40, UK7New NAOT Papaki sandal in Black velvet/ patent size36 4.5/5USTory Burch Metalic Montrose Leather Mules Slides Size 8 NEW silver , NWOB Cole Haan GARNET DRIVING LOAFERS Shoes WOMEN'S SIZE 8.5 $160 NEWStella McCartney Embroidered Floral Denim Slingback Espadrilles Eur 39 US 9 $758G.H. Bass & Co. Wylie Oxford Flats, Black/White/Grey, 7.5 US , STUART WEITZMAN BURGUNDY SUEDE MSRP $325 POINTY TOE SPAIN LADIES LOW PUMP SHOE~7 , Arche 'Lilly' Flat - Black -Size 5 US/ 36 $298 (P6) , NWOB Sam Edelman Loraine Silver Leather Loafers Shoes Size 9Salvatore Ferragamo Vara Bow Brown Croc Leather 1" heel shoes Sz 9 4A NarrowCHLOE BLACK ROUND TOE BALLET SHOE WITH ZIPPER SIZE 36.5 MTory Burch Minnie Travel Ballet Flats Black Leather Size 7 , Madewell Arielle D Orsay Flat Size 8 Dusty Clay NIB , Anthropologie Bill Blass Sutton Espadrilles Ivory Snake Print Embossed 6.5 New , RARE Osborn Black White Handmade Guatemala Oxfords -37- La Garconne $150Sigerson Morrison New Elias Black Womens Shoes Size 7.5 M Flats MSRP $295Vince New Bates White Womens Shoes Size 10 M Flats MSRP $250New Waldlaufer closed sandal in Black size 6USTORY BURCH Women Yellow Polka-dot Blue Leather Slip on Flat Shoes Size 9MWomens COLE HAAN D40008 patent leather wingtip oxfords sz 7.5 NEW Tompkins Coral , New Cole Haan Grand OS Women Penny Loafer 100% Leather Gray Shoes 6 Slip OnVaneli Womens Ballet Flats Savanna Black White Mesh Sides Animal Print 6M $170NEW** Badgley Mischka Women's North Ballet Flat Gray/Blue/Silver- Women's 8.5 , Johnston & Murphy SZ 11 Myah Black Glove Leather Loafer Mule Slip-On Shoe New , NEW Hotter Comfort Concept Pansy Sleek Slip-On Pumps, Black UK ~ FREE SHIPPING! , NEW Anthropologie Huma Blanco Eleonora Loafers Flats Size 36 Purple SuedeKelsi Dagger Fabricea Women's Patent Leather and Studded Suede Loafers Blk sz 8New Woman Donald J Piner LILIAN-08 Plush Lether Rabbit Fur Flats Loafers $228.00


More Stories



Tags
MERRELL "Illusion" Continum Vibram Sole Black Leather Ankle Boots-Size 7.5M EEUCWomen's, black, halogen 3/4-knee high riding boots, size 8MWomen's boots winter casual plus velvet warm snow boots waterproof ankle boots , Vince Camuto High Heeled Bootie Shoes Size 8 / 38Ankle Women Boots Female Winter Shoes Woman Fur Warm Snow Boots Fashion , Women Wedge High Heel Ankle Boots Fur Furry Tassels Platform Suede Casual Shoes*BOTTES GENOUILLÈRES, CUISSARDES CUIR ET STRETCH ELIZABETH STUART* Val 185 eurosLucky Brand Women's Basel2 Ankle Boot Bootie Black Hair Calf Size Zip Size 8.5Catherine Catherine Malandrino Tavanie Fringe Boot Chestnut Suede Zip Size 7.5SEXY JUST FABULOUS STONE ANKLE HIGH PLATFORM BOOTS 4.75" HEEL 7.5 NIB360946 LTSPBTS50 Women's Shoes Size 7 M Dark Tan Suede Zip Up Boots H.S.TraskNWOB Chooka Women's Brown Seville Boot Rubber Leather Neoprene Size 6-M $159 , Propet Charlotte Boots, Women's Size 8 N, BlackNine West Women's Nevie Leather Oxford, Black, 6 M USEcco Touch 15 Round Toe Leather Ballet Flats Burgundy US10, EUR41 NWB $240Gothic Punk Pirate Skull Design Halloween Costume Ballet Flat ShoesHush Puppies RYANN CLAUDINE Womens Ryann Claudine Slip-On LoaferFrench Sole FS/NY Women's Jigsaw Ballet Flat Platinum Size 9.0New Womens Sneakers Platform Mesh Mid Heels Creeper Leisure Tennis Causal Shoes@Women Floral Printed Flat Casual Athletic Trainer Loafers Outdoor Sneaker Spring , Women's Under Armour 1298675962 Speedform Velociti Shoes Grey/ Glacier , Adidas Women's CrazyTrain LT Training Shoes Size 5 to 10 us CG3496Adidas Stan Smith White Navy Womens Trainers , Women New Balance WX877BP Running Medium Black Pink 100% Original Brand NewOLUKAI SAMPLE 20311 WOMEN'S WAIALUA MESH SLIP ON SHOES SLIDES US 7,New Womens Skechers 12058 Flex Appeal Obvious Choice Training Shoes Size 8M (A8) , Women's AR35 Rylie Ankle Boots, Mocha BootsWomen's BareTraps Quivina Women's Boots Black Boots , Preview International Brown Leather Ankle Boots Size 11MWomens Pointed Toes Ankle Boots Cuban Heels Leather Chelsea Slip On New Shoes

Paul Mayer Attitudes Brill Brighton Brighton Brill Women's 26970 FLATS Silver/Plata 5cb62c7 - digitalcraftmedia.com




Flats
2794125
2917413
4326207
5020755
5562835
13904525
14633164
15846642
18170945