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

Chooka Almond Womens Midtown Strappy Rubber Almond Toe Ankle 26728 Cold, Toe Black, Size 8.0 ckYZ 784cc35
Chooka Almond Womens Midtown Strappy Rubber Almond Toe Ankle 26728 Cold, Toe Black, Size 8.0 ckYZ 784cc35 - 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.


Fergalicious Womens Clover Closed Toe Ankle Fashion Boots, Black, Size 8.5 Cxk0ROCK & CANDY Womens SPRAYPAINT Closed Toe Ankle Combat Boots, BlTFX, Size 8.0 qUMANOUKIAN BOTTES AVEC ZIP EN DAIM SYNTHÉTIQUE ET CUIR POINTURE FR40 COGNAC , Style & Co. Womens Vedaa Closed Toe Knee High Riding, Black/Barrel, Size 7.0 Pge , Botte E.NUCCI chaussure plate femme botine cavaliére motard western cuissarde 40 , Madden Girl Womens Fiizzle Peep Toe Ankle Fashion Boots Cognac Paris Size 6.5 , Bottes d'été KARSTON Cuir Marron T 40 TBE , NEW Steve Madden Tanngoo brown Suede Wedge Bootie WOMEN'S SIZE 10KLOGS KRAVINGS MARLO DISPLAY MODEL ANKLE BOOTS BRANDY SUEDE 8M , PRINCESS Bottines Pointues Nubuck Violet et Rose Pale T 37.5 TBE , Fergalicious Womens Crissy Closed Toe Ankle Fashion Boots, Black, Size 10.0 LaPQ , Alfani Womens Viollet Leather Closed Toe Ankle Fashion Boots , Bottines Cuir Marron T 40 TBEBareTraps Caine Round Toe Synthetic Ankle Boot, Beige, Size 10.0Call It Spring Womens Pietraia Closed Toe Ankle Fashion BootsBottines SALAMANDER France Cuir Marron T 36,5 TBE , Style & Co. Womens witty Closed Toe Ankle Fashion Boots, Tan, Size 11.0 QWg0Lucky Brand Womens Frona Leather Almond Toe Ankle Chelsea Boots Black Size 7.0XOXO Womens Karol Closed Toe Ankle Fashion Boots, Black, Size 10.0 pte7Vintage TODD OLDHAM Med Calf Leather Pull On Pointy Toe Boots -Black - Sz 7.5 , Cliffs by White Mountain Womens Kansas Fabric Closed, Wheat/Sweater, Size 9.5 ht$140 size 5.5 INC Laini Mushroom Suede Heels Ankle Bootie Womens Shoes NEW , MODERN VINTAGE Black Suede Slip On Ankle BOOTS SZ 7 USLiliana Barbara 13 Thigh High Over Knee Denim Open Toe Stiletto Heel Boot Sz 6Bearpaw Womens JUNE Closed Toe Ankle Rainboots Black Ii Size 8.0Bottines vegan Maggie de Novacas T36 , CHAUSSURE BOTTES BASKET HAUTE LE COQ SPORTIF FOURRE 39 BOOTS/BOTAS/STIVALIFergalicious Womens Clover Closed Toe Ankle Fashion Boots, Black, Size 7.5 RUKb , Marc Fisher Womens Humor 2 Closed Toe Over Knee Fashion Boots


More Stories



Tags
IKRUSH Women's Klarissa Faux Suede Gold Button Ankle Boots Size in Camel SizePRE-Owned Style & Co Witty Women Tan Winter Boot 6MBOTTES OLIVIER STRELLI FEMMES COULEUR NOIRE TAILLE 39Seychelles Boots Womens size 9 M Brown suede & leather knee high New w Tags $175 , Sugar Womens tessa Closed Toe Ankle Fashion Boots, Taupe, Size 6.5 , Ruff Hewn Maddock Women’s knee high Brown Buckle boot size 7 , CLP BOOTIES BOOTS ANKLE BOOTS WOMAN TAUPE - CHOCOLATE PRICE LIST PRICEBOTTEGA VENETA BLACK LEATHER STRETCH SHAFT TALL BOOTS 37 / 6.5East 5th Quann Womens Ankle Booties Heels Man Made Black Size 6.5W , Anthropologie Farylrobin Womens Zinc Harness Boots Natural Size 5.5 NewLadies Rieker Fur Topped Ankle Boots 72020Stuart Weitzman Shoes Flats Suede Brown Gold Chain Loafers Womens Size 6.5 MEUC Colin Stuart Butter Soft Black Leather Over The Knee Slouchy Boots US 9 M , Hush Puppies Women's Cyra Catelyn Ankle Bootie Butterfly Size 5.5Cailley Black Anne Klein Loafer Flat , Prada Womens Shoes Black Ballet Flats Satin Casual Loafers Slip On Sz 37 , Brunello Cucinelli 38.5 US 8.5 brown leather silver metallic sandals flat shoes , Givenchy Tennis Shoe Black Leather Logo Heel Size 39 , Salvatore Ferragamo Red Varina Ballet Flats , Authentic rare Celine black babouche flats size 38 pre owned great condition!BRAND NEW IN BOX STELLA McCARTNEY Black Elyse Shoes SIZE 38 Fashion Designer , Gianvito Rossi Cut Out Leather Flats / Black / RRP: .00WOMAN’S SPERRY GOLD SNEAKERS Woman’s Size10 , Madewell New in Box Perfect Penny loafer Shoes Size:10 Color:Brow Re:$168+Tax , Skechers Skecher Street Womens Side Fashion Sneaker- Select SZ/Color. , Skechers Performance Women's Go Walk 4 Achiever Walking Shoe - Choose SZ/ColorWomen Vans Authentic Lo Pro Grey Shoes Size US 6.5 TT20Women's Soda Women Diona Boots BootsImpo Womens Osie Fabric Closed Toe Ankle Fashion Boots, Black, Size 9.5 0qGwAlegria by PG Lite Women's Airie Slide Sandal Pinkerton Neoprene Slides ,

Chooka Almond Womens Midtown Strappy Rubber Almond Toe Ankle 26728 Cold, Toe Black, Size 8.0 ckYZ 784cc35 - digitalcraftmedia.com




Boots
5971097
7888193
8036025
9773009
10721532
12421486
12665784
15198356
16744837