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

womens over the localjoes-27144 Knee shoes High Boots 27144 Sandal Stiletto Peep Toe shoes Stretchy c3f1bd8
womens over the localjoes-27144 Knee shoes High Boots 27144 Sandal Stiletto Peep Toe shoes Stretchy c3f1bd8 -

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.

ZARA NEW EMBROIDERED STOCKING-STYLE HIGH HEEL COURT SHOES 6264/201 US6, EU36, , REQINS Bottes à Talons Cuir Gris Foncé Doublées Cuir T 40 BE , INC International Concepts Womens florian Closed Toe Ankle Fashion Boots , Nocona LDUK11 Womens Kentucky University Brown Branded College Boots sz 8.5 , PORTO LEONE Bottines Boots Cuir Noir Bandes Elastiquées T 41 TBE , MINNETONKA Grey Suede Leather Three Fringe Moccasins Womens 8 , Harley Davidson Womens Sz 6 Boots Motorcyle Moto Black Silver Buckle Worn OnceBottes de pluie en caoutchouc JC De Castelbajac noir taille 38 us 6.5 , CHARLES DAVID WOMEN'S RANDSOM ANKLE BOOTS DISTRESSED BROWN LEATHER SZ 6 , Nine West Objective Leather Bootie - Dark Brown Leather US Size 6.5Born Crown Sosie Knee High Riding Boot Women size 5.5 EUCJournee Collection XWC Paris Womens Slouch Riding Boots Black Size 9.5 , Bottes BCBGirls Cuir Rose Nude US 6,5 B / FR 36,5 BE , Dolce Vita Womens Cammi Suede Bootie - Black US Size 10 NWOBNocona LDUN11 Womens Nebraska Brown Cowhide Branded College Boots Size 9.5B , Steve Madden Womens Shrines Ankle Boot Shoes, Chestnut Suede, US 8.5 , J. Crew Boots Sz 7 Women's Brown Leather Knee High Heel Made in ItalyBearpaw Womens Abby Suede Sheepskin Fold-Over Ankle Boot Shoe, Chocolate, US 6INC International Concepts New Womens Tiara Black Booties Boots 5.5 M ShoesNIB $89 NINE WEST Sophisto Womens Ankle Boot DARK BROWN 8.5 MNew SKECHERS Adorbs Women Boots Sz 9.5 , vintage 80'S PETER KAISER pull on riding equastrian off white ivory boots 7 MSanuk Nice Bootah Women's Boots Vintage Rainbow 9.5Enzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Black, Size 6.5 blHi Tec Brown Chocolate With Taupe & Stone US 10 Hiking Boots Women'sNew Steven By Steve Madden Raeven Women Suede Booties Sz 7.5 , BX882 CRUZ shoes black suede women ankle bootsWomen Zip Round Toe Block Heels Ankle Boots Sequins Winter Party wedding ShoesARIAT pink and brown oiled leather pull on cowboy Western biker roper boots 10 M

More Stories

Colin Stuart Brown Leather Faux Snakeskin Knee High Stiletto Boots Women's 7.5 , Jennifer Moore Tall Sexy Knee High Brown Leather Boots 8M EUC , Minnetonka Women's Brown Leather Zip Up Fringe Boots US Size 8 , Restricted Women's Shoe Chantal Olive Green Stacked Block Heel Ankle Bootie Boot , Madeline Womens Priceless Closed Toe Ankle Fashion Boots, Raspberry, Size 8.0 , Tommy Hilfiger Women's Size 6 Boots Tan Leather Side Zip Brazil , Colin Stuart camel Tan leather heeled Pointed cowboy boots 6.5 , Skechers Taupe Suede Printed Faux Fur Pull on Polar Adorbs Boots 11 SaleWomen's comfort Tassel Faux suede side zipper hidden heel round toe ankle bootsMT. EVEREST WATER PROOF BOOTS WOMENS SIZE 7 1/2 SKYE3 , KS35 Gahriet Dress Ankle Boots 402, Black, 8 US Display , AGGRESSOR Women's Insulated Steel Toe Steel Plate Rubber Work Boots Black 9MARIAT WOMEN'S ENGLISH BOOTS YORK BLACK / BROWN KNEE-HIGH~8 B / 38.5Isola Aali Java Dark Brown Leather Tall Boots. Size 6 M.Black 5" High Heel Pointy Toe Faux Leather Over The Knee Sexy Boot Size 7.5Women’s America Eagle Outfitter Genuine Leather Black Boots Size 9 , Not Rated Womens Beval Fabric Closed Toe Over Knee Riding Boots, Tan, Size 7.5Sanuk Womens Big Bootah Closed Toe Ankle Fashion Boots Grey Arrowooly Size 6.0Furry Womens Fur Trim Buckle Mid Calf Boots Faux Suede Block Heels Shoes WinterJack Rogers Womens Sadie Suede Booties 9- Pick SZ/Color.Espadrille model 99763 Zoki - Matter - ShoesAdrienne Vittadini Ficke Flat Loafers, Black , Klogs USA Women's Sonora Closed Back ClogCole Haan Shelby Driver Gold Snake Embossed Leather Loafers Sz 7.5 Comfort $158Munro Women's Black Debut Wedge 3310 Size 10N , FRYE 3476477 Women's Lena Harness Slip On, Nutmeg, Size 7.5 RNMO , YELDA BEIGE LMSP70 Women's Shoes Size 7.5 M Eur 5 Leather Slip On Mephisto , Altra Provision 2.5 Women's US Size 6.5 Running Shoes Size US 6.5 Pink Zero DropKaanas Sneaker Tatacoa Contrast Stripe Black Women Size 6Women’s Shoes Merrell Freewheel Mesh Moc Size 9.5 NEW

womens over the localjoes-27144 Knee shoes High Boots 27144 Sandal Stiletto Peep Toe shoes Stretchy c3f1bd8 -