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

Women's 27159 Ladies Mid Calf Buckle Shoes Long Biker Low Heels Girls Boots Girls Shoes Size 3-8 6734294
Women's 27159 Ladies Mid Calf Buckle Shoes Long Biker Low Heels Girls Boots Girls Shoes Size 3-8 6734294 -

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.

City Classified New Womens Cowboy Ankle Bootie Stacked Heels Side Zipper BUNTY-SHush Puppies Leather Winter boots Blue Suede Leather Size 8.5M , Womens Ankle Boots Chelsea Celebrity High Heel Wedge Platform Shoes , NEW Olive Street Women's Laser Cut Booties - Black Size 7.5Spot ON Ladies Navy SLIP-ON Wellington X1038 SIZES & 6 (R5A) , Men USA Flag Metal Silver Chains Fashion Western Shoe Boots Black Strap America , Trendy Womens PU Leather Ankle Boots Pull On Warm Hidden Wedge Heel Shoes NewLarge size shoes womens ankle Flatform Boots 6 7 8 9 10 11 12 13 14 15 16 CCCRed Tape Ladies Real Leather Long Black Boots Inside Zip , Womens Ladies Knee High Casual Walking Winter Biker Boot Shoe Size 3-8UkLadies Sparkly Low Kitten Heel Evening Party Bridal Court Shoes PumpsAravon Maeve Pebbled Perforated Zip Ankle Boots Black Leather Womens 7.5 N , gorgeous COUP DE ETAT gleaming chestnut red-brown leather side zip boots 7.5 W , Sweet women hidden heels Tassel Rivet Faux Suede ankle boots date shopping shoes , NEW! Khombu Women's Lisa All Weather Boots Brown NEW IN ORIGINAL BOX! FAST SHIP!New Women Over The Knee Thigh High Faux Suede Block Chunky Mid Heel Classic BootWomen's Victor Alfaros black leather side zip fashion ankle boot sz 7 M , NEW ISOTONER BLACK FAIRISLE SWEATER KNIT BOOTIE SLIPPERS M (7.5-8) L (8.5-10)New Women Nature Breeze Rebound-01OK Faux Suede Knee High Chunky Heel BootSteve Madden Women's Distressed P-Hide Brown Leather Western Boots Sz.6.5MTonya Womens Flats Low Heels Fur Lined Ankle Boots Ladies Studded Shoes Size NewWomens Stilettos Platform Zip Faux Fur Stilettos Winter Warm Warm High Heel ShLADIES WELLINGTON AVAILABLE IN BLACK, GREEN & FUSCHIA STYLE - X1166 , Coconuts Black & Brown Zip Up Adjustable Buckle Mid Calf Biker Boots Size 10M , Leather Fur Boots Short Plush Warm Motorcycle Women Ankle High Heel Snow ShoesFRANCO SARTO black leather pull on western style mid calf pointy toe boots 9.5New women's shoes mid shaft boot faux fur lining suede like winter warm Brown , MELBA-16! Women's Studs Embellished Strap Block Heel Bootie Ankle Boots , ROSEGOLD Sz 38 Black Suede Tall Over-Knee Wedge Heel Boots ,

More Stories

Indigo Rd. Womens veraly Leather Closed Toe Ankle Fashion Boots Black Size 6.0Steve Madden Sz 8 Criskros Suede Gray Knee High Flat Slouchy Cuff Boots D2Cowboy Western Brown Mules Sz 9.5 Embellished Slip On Boots Autumn Run Shoes , Womens Size 9 Med B Brown Flat Winter Boot Suede Leather Melrose Mid Calf , G by Guess Womens Heylo Closed Toe Knee High Fashion Boots Brown Size 6.0 y2IYNew York Transit Womens Ankle Boots Size 6.5 M Animal Print$168 Colin Stuart Multi Strap Stiletto Heel Leather Boots Gray Brown NEW C2844TH OF JULY Womens Hi Top American Flag 1.5" Platform Sexy Ankle Boots Size 9Women fashion knee high boots faux suede side zipper thick heels bandage bucklesNine West Botamy Size 6M Black Knee High Stilleto Pointed Toe Boots EUCNINA Shoes Size 7 Open Toe Ankle Boots Black Glitter ESSENCE NewLauren Ralph Lauren Mabel II Pink Split Suede & Sheepskin Moccasin Womans 5B NIB , BEARPAW Women's Margaery Fashion Boot, Taupe, 9 , Nine West Women's Zance Leather Ballet Flat - Choose SZ/ColorCole Haan Womens Tali Bow Ballet Leather Closed Toe Ballet Flats , Naot Rongo Women's Mary Jane Shoe - Metal Leather / Mirror Leather - 40Robert Clergerie Burgundy Xocole Platform Loafers , Haflinger Leslie Womens Flat /- Choose SZ/Color.Klogs Naples Mens - Womens Clogs Black Patent - 7 MediumSperry Top-Sider Women's Starling B, Tan, 12 M US , The North Face Gore-Tex XCR Hiking Trail Athletic Sneakers Women's Size 7.5 ShoeAsics Gel-Kayano 19 Women's Running Shoes - Gray/Coral - Sz 7NEW Wmns Mephisto Cool Air Suede Oxford Shoes NWT sz 11 Black Leather Soft-AirNike Free Run 2 EXT 536746-400 Royal Blue Black Running Shoes Medium Women , ASICS GEL NOOSA TRI 10 PINK TEAL SNEAKERS RUNNING WALKING WORK SHOES WOMENS SZ 9 , New Free People Womens Size 10 White Textured Leather Sneakers Shoes PlatformsRyka Zip Front Oxfords Size 9.5 Wide Green Black Duck Water Shoes Womens Slip OnWomen's Andrew Stevens "by/Jenny" boots BootsWomen Boots Alex Marie Rubber Sole Color Brown Side Zipper 3.5" Heel Size 8M , Puma x Fenty by RIHANNA Creeper Sneakers White Black White Puma Leather 9us 40 ,

Women's 27159 Ladies Mid Calf Buckle Shoes Long Biker Low Heels Girls Boots Girls Shoes Size 3-8 6734294 -