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

Women's Steve Over Madden the Orlene Shoes Black Synthetic Steve Over the Knee Boots Sz 7 M NEW ea592be
Women's Steve Over Madden the Orlene Shoes Black Synthetic Steve Over the Knee Boots Sz 7 M NEW ea592be - 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.


Women's Skechers On The Go City 3.0-Justified - Grey - Width: med - Boots , The North Face Womens Primaloft 400 Insulation Boots Waterproof Zip Size 8.5 (84Teva Brown Tan Leather Waterproof Capistrano Boots Womens 7Just Fab Women's Wide Calf Rubie Flat Boots AB4 Black Size 9.5 $79.95 , UNION BAY KADEE Ankle Boots Womens TAUPE SIZE 6.5 WESTERN HEELED RHINESTONES New , Zara Trafaluc 5 US 35 EU Ankle Boot Patent Leather Toe Black Women's Shoes , L.A.M.B. Navigator Boots, Beige Knee High Leather/Suede, Women Size 9.5 ($525) , Lucky Brand Beige Ankle Boots Leather Studs Zippered Closure 5" Heels Size 8 MLaCrosse Womens Pine Top Leather Upper Pac Boot Brown , Lane Bryant Boots 7 Wide 7W Tall Stretch Kitten Heel Cabernet NIB , $149 SOFFT 'Welling' Black Montana Cut Lines Chelsea boots sz 8 MLucky Brand Brielley2 Women's Size 9.5M Canyon Rose Pink Suede Side Zip BootiesWomen’s Brown Franco Sarto Patent Leather Boots Size 81/2 W, Beautiful , ARIAT ANKLE BOOTS BOOTIES WOMENS SIZE 7.5 BROWN LEATHERnaturalizer Wonda2 Ankle Booties, Oatmeal, 8 US / 38 EU , Marc Fisher Leather Zipper Ankle Boots - Blur Brown 7.5 A282783I35 Fainn Pull On Booties 881, Black, 9 US , NEW--Gentle Souls Womens Pod Mix LE Black zipper boot 7M , DIESEL STYLE LAB Womens Boots Size 7 37 Pull On Distressed Leather Brown GreenMemory Foam Beige Dressy Boots Womens Wide 9 , Blackstone Women Size 7 Black Boots Suede Cuffed Studded Moto Leather BootiesVtg Dr Marten Brown Leather Boots /US Women’s 8 / US Men 7 Made In EnglandNEW Womens Ladies VINCE CAMUTO Stone Beige Suede Western Flair Short Boots 10American Rag Women's Faylln Combat Booties Brown Size 5 MSteve Madden Rico Bootie, Women's Size 10 m, GreyMUNRO American Womens Black Ankle Boot Shock Absorbing Heel Size 10 Lightweight , NEW WOMENS ARIAT PRO BABY WESTERN BOOTS 16729 PRINTED OSTRICH BLUE TAN 6.5 B , Smoky Mountain White & Black Zebra Leather Cowboy Boot Pony Hair YOU PICK SIZE *Clarks Indigo Heath Woodland Black Leather Ankle Boots Sz 6M ,


More Stories



Tags
Women's Clarks 89488 Size 9M Partridge Brown Leather Side Stretch Clogs BootiesEasy Spirit Women's Mid Calf Boot Tan Leather Size 6.5Minnetonka Women's Brown Suede Zip Up Moccasin Ankle Boots US 5Tan Leather Ladies Cowboy Style Boots Size 8 Guess Brand Vintage , Womens Shoe X2B Fern 4 Criss Cross Open Toe Ankle Strap Heel Black Nubuck *New* , Harley Davidson women's biker boots size 5 1/2 black leather Hook & Loop fasteniNew Womens Ladies Studded Buckle Ankle Boots Chelsea Biker Punk Strappy SizeSteve Madden Womens Kennee Leather Open Toe Ankle, Black Suede, Size 10.0 HGzP , Womens sz 9.5 M Aetrex Victoria black leather ankle dress boots side zip comfort , Circus by Sam Edelman Peyton Boots, Women's Size 9.5, Black , Wanderlust Women's Norway 11" Camel-suede Size 8.5 Wb4BChooka Womens Top Solid Mid Rubber Closed Toe Mid-Calf Black Matte Size 9.0 GT$249 NEW Ivanka Trump Fanci Alpaca Boots Dark Gray Leather Size 6.0 MWomen Stretchy Oner Knee Thigh High Boots Pull On Hidden Wedge Heels Shoes Black , Earth Origins Grey Water Resistant Suede Karlene Ankle Boot NEW , FREE PEOPLE BOOTIES, BLACK DECADES RAW SUEDE US 7 NEW , Born "Moana" Leather Tall Western Boot Tan Color Size 6 Medium Brand New In BoxCarolina Herrera Black Leather Ballet Flats Shoes CH Logo Size 7.5/38ZARA NEW SS18 BALLERINAS WITH BEADED STRAPS, SIZE 41/ 10 US , BALLY Switzerland Women's 5.5 C Loafer 2 Tone Blue and WhiteHOGAN BLACK CRINKLED LEATHER BALLET FLATS SIZE 7 , Aquazzura Belgravia Flat Light Grey 38.5 orig $695Under Armour Womens Essentials Update Pop Color - Choose SZ/ColorPuma Suede Heart Satin II 2 Wns Low Women Shoes Sneakers Footwear Pick 1Vintage Sketchers Platform Sneakers Womens 8.5 White Blue 1990s 8 1/2Women's Mizuno Wave Kazan Women's Shoes Athletic ShoesWomen's Baretraps Gerty Women's Boots Black BootsSoftWalk Women's Ireland Cognac Soft Nappa Leather Mary Janes , NEW Dansko Black Gray Embossed Patent Clogs Shoes 40 9 9.5 M , AHNU MONTARA III BOOT EVENT WILD DOVE LEATHER HIKING WOMENS BOOTS SIZE US 10.5 ,

Women's Steve Over Madden the Orlene Shoes Black Synthetic Steve Over the Knee Boots Sz 7 M NEW ea592be - digitalcraftmedia.com




Boots
1220125
2248642
2815077
3082798
9700548
10636221
11477863
18196954
18255564