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

CORN Boots! Soda Leatherette Women's Rider Buckle Straps Leatherette Buckle Ankle Boots Light Brown 67a8d91
CORN Boots! Soda Leatherette Women's Rider Buckle Straps Leatherette Buckle Ankle Boots Light Brown 67a8d91 - 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.


Fashion Women Faux Suede Wedge Fall Height Increasing knee High Boots Plus sizeWOMENS CATERPILLAR CAT BRUISER SCRUNCH LEATHER FAUX FUR ANKLE BOOTS SIZE 3 - 8✿NINE WEST Noomi Brown Suede Leather 3.5" Heel Zip Boot 7.5 M EXCELLENT! L@@K!06New Women Refresh Miles-01 Faux Suede Thigh High Drawstring Riding BootROCKET DOG SLOPE SUEDE FAUX FUR FLAT WEDGE TOGGLE ZIP CALF BOOTS SIZES 3-8 NEW , Solid Colors Womens Mid Calf Waterproof Rain Boots Fashion Snow Rubber Work shoe , Ladies Runched Detail Ankle Boots with HeelWOMENS CATERPILLAR CAT BRUISER SCRUNCH LEATHER ANKLE BOOTS SIZES 3 - 8Woman's Size 6 M Boxerissa Red Leather Western/Cowboy Ankle Boot , Women's Ladies Mid Calf Buckle Long Biker Low Heels Boots Girls Shoes Size 3-8Chooka Top Solid Women Round Toe Synthetic Black Rain Boot, Black/Tan, Size 5.0 , Womens Chunky Heels Round Toe Pull On Suede Mid Calf Boots Collegiate snow bootsLIKE! Soda Women's Equestrian Knee-High Pull Up Tap Boots Block Heel , womens Shoes Thigh Length Faux Suede Long Stretchy Sexy Boots plus Size 0-17 CCClovely MUNRO black nylon dressy ankle booties boots 10Ladies Spot On Lycra Mid Calf Boots with Half Leg Zip 50623 , Bakers Boots Sz 6.5 M Knee High Leopard Stretch Fabric 3.5" Heels Shoes Pointy , Womens Ladies Over The Knee Thigh High Flat Block Heel Stretch Boots Shoes SizeWomens Shoe Size 8 - 9 Natural Tan Boots Tall Mid Calf Western Boot Heel Shoes , Faux Suede Womens Shoes Pull On Casual Flat Over Knee Trendy Boots US 0-17Womens Pull On Booties Riding Vintage Shoes Flat Boots US 4-10Women's Motorcycle Punk Gothic Platform Zip Combat short Ankle Boots shoes newSpot On Ladies Ankle Boots F50313 Black Pu Size UK3X8 (R6A)Ladies Womens Suede Black Grey High Mid Block Heel Tassel Ankle Boots Shoes SizeNew women's shoes mid shaft boot faux fur lining suede like winter warm Coral , BORN Brown Retro Look LEATHER Heeled Mid rise Boots Women's Size 9.5TARGET Black Winter Boots, Faux Fur trim 10 Womens , Cute Womens Round Toe Winter Snow Ankle Boots Pull On Flat Warm Casual ShoesH826City Classified New Womens Cowboy Ankle Bootie Stacked Heels Side Zipper BUNTY-S


More Stories



Tags
2 Lips Too Women's Too Kicker Western Ankle Boots Brown Shoe Size 7 MLADIES SPOT ON BROWN BOOTS WITH QUILTED BACK PANEL "F50167" , Womens Motorcycle Punk Gothic biker Platform Front Zip Combat Shoes Ankle BootsMaria Sharapova by Cole Haan Air Alexis Buckle Women's Ankle Boots Booties 8.5BJESSICA SIMPSON 'Hazell' Black Leather Ankle Boot Heels Buckle Women's SZ 10M , Cheetah Print 4.5" High Stiletto Heel 1.5" Platform Sexy Ankle Boots Size 6Lucky Brand Womens Jakeela Beige Suede Booties Shoes 9.5 Medium (B,M) BHFO 3690Jessica Simpson Katyia Black Leather Stylish Boots . NIB Size 5.5LADY GODIVA CAMEL GOLD SUEDE LIKE BOOTS SIZE 10 , Beautiful bebe Leather Boots Black 8 Med Classic Style $349 MUST SELL!Anonima Women's Taupe / Beige BARBI BOOTS Made in Italy US Size 5.5 MSR $478 , INC International Concepts Hadli Women US 7 Tan Over The Knee BootKenneth Cole Reaction Boots Cos I’m Hot Womens Size 9.5 ShimmerChamula Cree Women's Wool Shaft Boot - Cognac - Sz 9 M , Celebrity Pink Womens duchess Almond Toe Knee High Fashion Black Size 6.5 wr9Y , WOMEN'S LOWER EAST SIDE Black BRISK Faux Fur FOLD DOWN Commuter Boots 13 * NEWLucky Women's LK-FAITHLY2 Ankle Boot, Black, Size 8.5 FOQk , Heavenly Soles Ankle Boots Size 9 , Gentle Souls Alexis in Black US Sizes 6.5-8.5 , Sperry Top Sider Women’s Loafer Raspberry Glitter Size 7 New In Box , TOD'S Black Suede Loafers - With nubs up the backTORY BURCH CARTER Women Slip On Sneaker Size 6M Reversible Sequin Calf Leather , Womens Luxury Slipper Mules Slide rhinestone Leather Backless Loafer Shoes VogueClarks Juliet Lora Black Patent Womens Slip-On Size 10M , Asics Gel SOLUTION SPEED 3 Women's E650N.1993 Rouge Red/Silver/WhiteTennis ShoesNew Women Shoes Fashion Leather Sneakers Platform Wedge Ankle Boots Stretch 2018Sperry Top Sider Seacoast Navy Canvas Sneakers Womens sz 9M Memory Foam , PUMA KAI LO PERFORATED WOMEN'S TRAINING SHOES SIZE 8 BRAND NEW , Women's Boot JBU Mesa Olive Shimmer Boots , Women's Teknic Womens Black 9 Boots Boots ,

CORN Boots! Soda Leatherette Women's Rider Buckle Straps Leatherette Buckle Ankle Boots Light Brown 67a8d91 - digitalcraftmedia.com




Boots
1122198
2727236
5286582
7848274
9735615
11883476
16522204
17750483
18573629