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

CUSHION localjoes-17602 WALK WOMENS SIDE ZIP WOMENS HEELS ANKLE SOFT GUSSET SOFT COMFORT WORK SHOES e24efdd
CUSHION localjoes-17602 WALK WOMENS SIDE ZIP WOMENS HEELS ANKLE SOFT GUSSET SOFT COMFORT WORK SHOES e24efdd - 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.


Rebels Lattice and Pink Suede Leather Ankle Booties Size 6Anne Klein Womens Sz 10M Leather Boots iflex Booties Pointed Toe - Side Zip , CRUSH DURANGO RD3217 SLOUCH BROWN HARNESS MOTORCYCLE COWBOY WESTERN BOOTS SZ 6 MJUSTIN STYLE #L0506 BLACK LEATHER WOMEN'S BOOTS SIZE 6B MADE IN THE U.S.A. , Ladies' Ash Tall Leather Black Zipper Boots Size US Size 6 Leather , B Makowsky Nellie Black Suede Oxford Wedge Ankle Boot Bootie New , Sporto Ellie Navy Blue Suede Quilted Waterproof Snow Midcalf Boots SALEAldo Haviax Red Suede Ankle Boots Pull On Size 9Lucky Brand Ashbee Women's Boots Black Size 8.5 MWomen's Round Toe pull on low heel knee high boots knight snow boots shoes , Forever 21 Women's Vegan Wine Chunky Heel Mid Calf Back Zip Boots Size US 6MChinese Laundry Two Step Mid Calf Leather Boots 9.5 Brown Women Wooden Sole , RANCHO Size 8 On Your Feet Women’s Brown LEATHER SOLES Western Cowboy BootsNORTHSIDE WOMEN'S SPINDRIFTER INSULATED SNOW WINTER BOOTS US 7 -40F/-40C[BRANDNEW] Amanda Smith FATE Black Leather MidCalf Boots Size 9M Made in Brazil , Women Over The Knee Thigh High Velvet Stretch Boot Navy Blue Block Heel 7GUESS!! SANA BOOTIE WOMEN'S SIZE 8.5 CAMOUFLAGE STYLE ON TOP ZIPPER ON THE SIDEVIA SPIGA ITALIAN LEATHER BOOTS WOMEN'S SIZE 10M BROWN WEDGE KNEE LENGTH PULL ON , MATISSE BECKY BROWN DISTRESSED LEATHER ZIP BUCKLE RIDING BOOTS size WOMEN'S 8 MNew Vasque Womens St Elias GTX Leather Athletic Hiking Outdoor Mid Boots Sz 10.5Silver 1.5 Hidden Wedge Heel Side Strap/Button Sexy Mid-Cal Boot Size 6Clarks Nevella March Womens Brown Suede Casual Dress Strap Boots ShoesMossimo Supply Co Women'sKayce Cognac Tall Boots - Size 8.5 Ext CalfMukluks Women's Taupe Brown Tall Boot 10M , Sonia Rykiel Black Leather Stacked Wood Heel Ankle Boot Shoe Size 38.5 8.5 , COLIN STUART Brown Leather Fashion Ankle Boots High Heel Pointed Toe Womens 8.5MKirkland Signature Women's Winter Boots Shearling Lining Chestnut Various SizesKAMIK Waterproof Snow Boots Women's Size 9 Black Zip Up EEUCBamboo Montana-53 Over the Knee Thigh High Almond Toe Snug fit Riding Boots ,


More Stories



Tags
BAKERS Women Wedge Mid-Calf Boots Size 9 B Brown SuedeCOCONUTS Black Zip Knee High Heel Fashion Boots Size 6 , Banana Republic Ankle Booties Dark Tan Leather Size 9 , New Womens Ladies Vintage Studded Biker Cowboy Ankle Boots Black Shoes Size 3-8NEW RESPONSE GEAR WOMENS DELIVERY ll WIDE SERVICE BOOTS (1074) BLACK 8.5 MED $60Old Navy Womens Gray Faux Suede Round Toe Flat Boots Size 10Women New Winter Warm Flat Faux Pull On Snow Boots Ankle Short Boot , Brown Distressed Leather ARIAT "HERITAGE" Western Cowgirl Cowboy Boots 39/8.5 C , vintage DINGO dark moss green and black pointy toe cowboy western boots 7 M ** , AHNU TARAVAL WOMEN SHOES LEATHER PORTER US 8 ///JP 25 , R2 Footwear Stewie Womens Tan Knee High Wedge Boots size 9 , Journee Collection Jester-01 Women Boot Grey Size 9 M , Sam Edelman Circus 8WW Vikki Glitter Block Heel Bootie Black/Silver , Intaglia Alhambra Black Leather Wedge Ankle Boots Women’s Size 9 M*Justin Black Leather Think Stitch Cowboy Western Boots Womens Size 6 B - L2701Anne Klein Sport Aklangstyn Black Boots 7.5 NIB , Lucky Brand Women's Natania Ankle Boot Sable Size 11.0DANSKO WOMENS XP 2.0 PATENT BLACK SIZETaos Shoes Applause - leather Comfort shoesWomen's Shoes BC Burgundy Slip On Suede Patent Leather Studded Oxford Size 6.5 M , Saint Laurent YSL Espadrilles St Venice Floral Studded Flats Ballerina 36 6 , Birkenstock Boston Shearling Mink Suede 37R - 39R - 40R - 42R - 43RWomens Pointed Toe Breathable Wedge Heels Sneakers Summer Sports Shoes Slip OnWomens Sports Running Shoes Casual Athletic Trainers Sneakers Outdoor BreathablePropét Womens Travel Walker 2 Low Top Bungee Walking Shoes White Size 6.5SKECHERS 14893/NVBL GO WALK SPORT DEVOTE Wmn´s (M) Navy/Blue Mesh Athletic ShoesWomens Flat Heels Bowknot Slip On Comfort Fashion Style Casual Skate Shoes A591 , Gomax New Full House Brown Dolce Jeffrey Soho Knee High Wedge Boots sz 10Toffeln Ezi Protekta Vented Safety Clog 845 - White - Washable Work Shoes , Womens Safety Steel Toe Anti Puncture Work Slip Resistant Breathable ankle Boots

CUSHION localjoes-17602 WALK WOMENS SIDE ZIP WOMENS HEELS ANKLE SOFT GUSSET SOFT COMFORT WORK SHOES e24efdd - digitalcraftmedia.com




Boots
541905
2448678
3426308
3555207
5846955
6465082
7551750
12067897
17062447