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

Women North $110 Face Chilkat Nylon Women Synthetic localjoes-27800 Snow Boot $110 size 5 3cf11d2
Women North $110 Face Chilkat Nylon Women Synthetic localjoes-27800 Snow Boot $110 size 5 3cf11d2 -

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.

Milwaukee Leather Women's Clean Style Motorcycle Riding Boot W/ Toe Cap *MBL9485Ariat Women's Fatbaby Cowgirl Equestrian Brown/Camo Distressed Boots 10006854 , Flamingo 891 Nude Vegan Suede 8" High Heel Platform Shoe With Ankle Cuff 5-12 , Stylish Summer Knitted Boots Sandals Coquette Color Gray Handmade Size 5- 10 , Pura Lopez Gray Suede Zipped Block Heel Platform Ankle Boots SZ 39 , COLE HAAN BROWN LAMB LEATHER MIDCALF BOOTS SZ 10M NWOB" $230 RETAIL !!!KOWALSKI Brown Floral Leather Boots Faux Horn Toggle Buckles 39 8 8.5L'Artiste Rhapsody By Spring Step Brown Leather Boots 37 EU / 7 US WomenPureSole Black Leather Ruched Gwen Strap Detail Ankle Boot Bootie 9 NEW , NIB Sam Edelman Putty Suede Paige Ankle Boots Size 7 , Fly London Phil Black Suede Womens Chelsea Booties Boots 40 9 9.5H by Halston Brown Suede & Fur Trim Cindy Ankle Boot 8 NEWCostume National Olive Gray Suede Wood Heel Mid Calf Boot Shoe Size 38.5 8Women European Pointy Toe Party Clubwear Ankle Boots High Heel Stiletto Shoes , SALE DEMONIA Womens Combat Red Plaid Ankle Boots Detachable Spiked Ankle Band , New Rudsak ~ Art to Wear ~ Black Bourgeois Distressed Bootie ~ 39ENZO ANGIOLINI Women's PORCELAIN Riding Boot Brown Leather Size 11 M , Giani Bernini $179 Cognac Leather Knee High Boots ELLEE Women's Shoes Sz 8.5Under Armour UA Hightide Fat Tire Boots Translucent Purple Womens Size 6Steven By Steve Madden Womens Ranaldo Knee-High Boot , Sperry Saltwater shiny quilted boots teal new in box size 8 , Purple Circus Performer Burlesque Dancer Halloween Costume Boots Womans 6 7 8 , FAHRENHEIT Knee High Platform Stiletto Heels Gladiator Peep Toe Sandals Boots 8 , Bottines MELLOW YELLOW Paris Cuir Noir et Bleu Marine T 38 EXCELLENT ETAT$295 LAUREN Ralph Lauren designer brown suede women boots knee high 7.5 B , ☼ELEN☼ - Bottines à talon - MOOW - Ref: 0868Bottes NEOSENS Cuir nubuck Marron T 37 TRES BON ETAT , Spring Step STOCKHOLM Womens Black Leather Side Zipper Ankle Boots ShoesSexy Women Pointed Toe Fabric Mid Heel Ankle Boots Slip On Winter Dress Booties

More Stories

Franco Sarto 'DOTTY' Women's Brown Leather Ankle Boots Size 10.5 M * , $139 size 7.5 Marc Fisher Weity Black Leather Heel Ankle Booties Women Shoes , Converse All Star Women's High Top Black Leather Sneaker Style Boot Size US 7 , Indigo Rd. Women's Fayen Fashion Boot, Silver, Size 8.5 , Womens Brown Boots Size 7 Soda , Enzo angiolini Ladies Size 8.5 Brown Leather Tweed Chunky Heel Loafers Shoes , BooRoo Womens Alexa Suede Toggle Button Winter Boot Shoe, Black, US 9430))Circus San Edelman Cane Combat Ankle Boots Black Color Women’s Sz 8 , DOLCE & GABBANA LADIES BLACK & PLUM RUBBER RAIN BOOT - SIZE 9M - 39Gold 3" Wedge Heel Round Toe Sexy Ankle Boot Front Strap Size 6 , Fleet & Foster Malmo Suede Leather Dealer Ankle Pull On Flat Boots Womens Ladies , MIZ MOOZ gray pebble leather Francis tall pull on boots GUC size 6.5 , EARTH ORIGINS DOLLY WOMENS 8.5 M BROWN SOFT MACCHIATO LEATHER & PIG SUEDE BOOTS , Aerosoles Women's West River Western Ankle Boots Black Nubuck MM1 Size 9M $139Kenneth Cole REACTION Very Clear Over-The-Knee Boots, Taupe, 9 US / 40EU DisplayClarks Sahlin Sue Suede Ankle Boots, Women's Size 6M, BlackConverse Shoes Chuck Taylor All Star Hi Top Black Leather Mens Womens SneakersSoftinos by FLY London Leather Slip-on Shoes - Tor Red 38MATISSE Womens Boots Equestrian Style Fashion Knee High Brown Leather Size 6M , Jambu Womens Autumn Faux Fur Closed Toe Ankle Cold Weather, Black, Size 7.0Miu Miu Pointed Black Beige Bicolor Ballet Flats Size 39 Scrunch Back Bow DetailRemonte D0512-11 Ladies Black Combi Leather Shoes , NEW TOD's Gommino Double-T Striated Driving Flat Shoe Patent Leather Nude 9.5 , V 1969 Italia Womens Loafer Beige AMALFIECCO FTwear Womens Women's Touch Ballerina Stretch - Choose SZ/Color , Mally 6184a White Stamped Leather / Pointy Toe / Ballet Flats 40 / US 10 , Skechers Women's Microburst One up Fashion Sneaker Black 8 M US , Women's BEARPAW Women's Phylly, Athletic ShoesWomen's Bernie Mev Women Charming Flats,Bronze,38 Flats , JESSICA SIMPSO Size 6.5 B / 36.5 Black Tweed High Heel Ankle Boots Buckle

Women North $110 Face Chilkat Nylon Women Synthetic localjoes-27800 Snow Boot $110 size 5 3cf11d2 -