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

Sam Edelman Women's Kandice Fringed Black tkphotog-10634 Suede Pointy Pointy Black Toe Bootie Size 8.5 M 01faab4
Sam Edelman Women's Kandice Fringed Black tkphotog-10634 Suede Pointy Pointy Black Toe Bootie Size 8.5 M 01faab4 -

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.

ASH boots shoes women hardly used size:39Bella Vita 8.5 Tan Suede Shoe Short Boots Tie with 3 " Block Heel PlatformNew Womens Tsubo Felecia Black Leather Short Ankle Heel Booties BootsCA COLLECTION Camouflage Military Combat Boots UNIQUE Womens Shoes Size 6 � , Earth Origins Navy Blue Suede Water Repellent Tori Heel Ankle Boot NewNew Vasque Womens Monolith Ultradry Athletic Hiking Trail Mid Boots Size 6.5Sole Society Black Leather Angie Back Strap Ankle Boot NEW , Lucky Brand Womens Boots Brown Cognac Leather Heeled Ankle Boho Shoes Size 7NWT Women's SONOMA Goods for Life™ Cecelia Ankle Boots Choose Size BlackLAUREN by Ralph Lauren Womens Mesa Leather Closed Toe Mid-Calf Fashion Boots , Women Ankle Stripes Boots Pointed Toe High Stiletto Heel Faux Leather PartyShoesEarth Jordan Black Vintage Leather Side Zip Ankle Boot NEWTEVA Womens Boot 9 Ankle 1010105 DELAVINA PERFORATED GREY Waterproof $110Sexy Women Over Knee Boots Platform Stiletto High Heels Fur Trim Suede Zip ShoesStylish Women's Block Heels Rhinestone Over Knee Thigh Boots Date Casual ShoesVince Camuto "Corra" Tan Suede High Heel Zip Ankle Booty Women's Size US 9.5M , Sam Edelman Women 7M Leather Side Zip Black Ankle Boots Fringe Western Bootie , Pajar Canada Womens Size 41/10 Gray Black Lined Winter Snow Boots Waterproof A3f , M4D3 Felix Chelsea Leather Slip-On Boot!! New!! Msrp $160.00 Sz. 8.5 , Via Spiga Women's Brown Suede Knee High Pointy Toe Boots US 9.5MNew In Box! $125 Jacobies Women's Transparent Mid-Calf Boots US9 , NEW L.L. Bean Women's Waxed Canvas Bean Boots Waterproof Size 9 MARIAT 8.5 B WOMENS COWBOY BOOTS WESTERN COWGIRL HERITAGE BROWN LEATHER TURQUOISESJP by Sarah Jessica Parker Kelly Knee High Brown Leather Boots Size 35.5 $595+Muk Luks Womens Nikki Boots Size 10 Cognac Southwest Blanket Wrap Buckle MidCalfNine West Women's HARBOURNO Black Leather High Heel Mid-Calf Boots-9.5/10/11 NWB , Two Lips Women's Fargo Leather Knee High Boots , WOMENS ROPER GENUINE FUR/HAIR BLACK WHITE COWBOY WESTERN BOOTS SZ 8 B 8B , Womens Ladys Knee High boots Chunky High heels Shoes Platform Suede Boots Casual

More Stories

Cape Robbin Elnora Nude Thigh High Boots, Size 9Bearpaw Constance White Womens Shoes Size 7 M Boots MSRP $69 , Fioni Women's Size 11 Missy Wedge Booties Black Suede EUCSteve Madden Brianka Black Knee High Zipper Bow Fashion Boots Heels Size 9 M , BRAND NEW!! Womens Faux Fur Fall/Winter Boots!! , Sam Edelman Palma Women's Shoes Black Suede Open Heel Sandal Booties Sz 11 M NEWIndigo Rd. Womens yan Closed Toe Mid-Calf Fashion Boots, Black, Size 10.0 dAzQ , Dingo Camilla Slouch 01-DI8920-BK Women's 9" Black Microfiber Cowgirl Boots , Hot Fashion Women Round Toe Buckle Strap Block Heels Ankle Boots 2 Color SZ34-40Fashion women Plus size sexy ankle punk high heels Boots Zip rivet shoes , Sbicca STASSIE Womens Stassie Ankle Bootie, Tan, 7.5 B USJustin Boots Knee High Equestrian Riding Boot Women size 5.5 C Merlot LeatherJessica Simpson Size 9.5 Gray Suede Casual Fashion Marguerit Studded Boot $100Yoki Women's Over Knee High Ribbon Block Heel Boots - Rust - Size: 7.5 , 1980s BANDOLINO Vintage Women's Brown 11" Western-Fashion Boots US 9.5 NWomen's Justin Cowboy studded Cowgirl Boots Dark Brown studded Size 6.5 BNew Isola Lavoy Block Heel Boot Cocoa Suede women's boots size 9AG880 POKEMAOKE shoes black suede women ballet flats , Marc Jacobs Yellow Gold Round Toe Flats Women's Size: 40 EUR, 10 USSS16 Moschino Couture X Jeremy Scott Super Mario Mushroom Canvas Espadrilles , Repetto Jane Ballerina Pumps Noir Black Size HeelASICS Womens Gel Kayano23 Silver Running Shoes Size 7.5 (365358)Wilson Rush Pro Junior White/CherryTennis Shoe 5M , SPERRY TOP-SIDER Womens Grey Leather Casual Comfort Boat Shoes Sz 12 M - 230818 , LADIES SHOES/FOOTWEAR - Ziera Dimity black size 37/6 , Carribbean Joe size 9.5 NEW Brown Sand Suede Moccasins Slippers , Skechers 953 Street Womens Hi-Lite-Reptile Metallic Sneaker- Choose SZ/Color.Nike WMNS Air Zoom Pegasus 32 Print womens running run sneakers NEW racer blue , Dirty Laundry Chinese Laundry Women's Jaxon Fashion Navy Satin Size 8.5Sweet Bowknot Women Platform High Block Heel Zip Chic Ankle Boot Shoes Heel F386

Sam Edelman Women's Kandice Fringed Black tkphotog-10634 Suede Pointy Pointy Black Toe Bootie Size 8.5 M 01faab4 -