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

Womens Skechers Go Navy Walk Lite Shu Cutesy Go Navy White Lightweight Comfort Shoes Shu Siz 39c141e
Womens Skechers Go Navy Walk Lite Shu Cutesy Go Navy White Lightweight Comfort Shoes Shu Siz 39c141e - 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.


NEW CLARKS WOMENS PURE SENSE - WOMENS SHOES - WHITE LEATHER , Aerosoles Women's Trend Setter Slip-on Loafer, Gold Snake, 7.5 W US , Skechers BOBS from Women's Bobs B-Loved-Sugar Kiss FlatCLARKS Women's Keesha Donna Mule,Dark Grey Suede,6.5 W USNine West Women's Baus Leather Loafer Flat , FitFlop Women's Superbendy Ballerinas Loafer Flat, Silver, 7.5 M US , Naturalizer Women's Gilly Flat, Coffee, 8 M USSkechers Seager Stat Womens Slip On LoafersNine West Women's Oranges Canvas Fashion SneakerWalking Cradles Women's Kinley Loafer, Black Matte Print, 11 M USCLARKS Women's Medora Sandy Slip-On LoaferEasy Spirit Women's margy Slip-On Loafer , Skechers Women's Cleo-Dazzles-Stretch-Fit Metallic Skimmer Ballet FlatAravon Women's Alana-AR Mary Jane FlatNEW COLE HAAN WOMENS PHOENIX BALLET FLAT - MARINE BLUE-BLACK BROCADECharles by David Women's Melissa Dress SandalAriat Women's Women's Cruiser Espadrille Sneaker, Cheetah, 11 B USRoper Women's Filly Boat Shoe, Tan, 8.5 Medium USCROCS Duet Busy Day Skimmer W Women's Slip On Ice Blue/Pearl Teal Sneaker Size 5Easy Spirit Women's Traveltime Clog, Black/Silver Patent, 8 M US , NEW CLARKS WOMENS AYLA FORM - WOMENS SHOES - BLACK SYNTHETIC , Marc Joseph New York Women's Cypress Hill Loafer Tan Grainy Genuine LeahterUIN Women's Bear's Hug Travel Canvas Slip-On Shoe Grayish-Green , G.H. Bass & Co. Women's Rosanne Chelsea Boot Green 8 M USLOEFFLER RANDALL Women's Mara-HCN Espadrille Flat - Choose SZ/ColorECCO Women's Bluma Band Ballet FlatDr. Scholl's Shoes Men's Cortona Slip-on Loafer - Choose SZ/ColorRocket Dog Women's Jenkins Colima PU/Smooth PU Ballet Flat - Choose SZ/ColorVANELi Women's Monida T.moro Suede/Match Elastic 8 M US


More Stories



Tags
Women's Black Leather HARLEY DAVIDSON Mid-Calf Heel 3" Boots Size 8 Worn OnceSize 7 Blowfish Malibu Motorcycle Leather Black Heel Ankle Boot B138 Block HeelWhite Mountain Moby Burgundy Croc Detail Ankle Boots New , Black Boots Womens Size 9, New , Naturalizer Upper Leather Pointed Ankle Burgundy Boot Size 6.5"Fergalicious Womens Size 6 Toil 2 Tall Knee High Boots Corset Back Block Heel , Born Women’s Mid Calf Leather Uppers And Lining Boots 9/40.5 M/W Handcrafted , Sugar Women's Tiggles Open Side Festival Buckle Boho Bootie Ankle Boot, Slate Wa , Nocona Gray Leather Cowboy Boots Womens Size 5.5 B Style L505 USA , Vintage Ladies Pull On Leather Martins Boots Sz 8 Re-Soled Broken in Comfy Boots , Kamik Detroit Women's Nylon Waterproof Snow Boots Cold WeatherINC International Concept, Women's Boot "CAYNE2", Black, Size 9.5 M, NIB , Leopard Mesh Rhinestone Embellished Stiletto Booties , Plus Size Women's Pointy Toe Sexy Stilettos Back Zipper Sequins Ankle Boots ChicWomen Over Knee High Boots Knitting Wool Winter Pull On Flat Heel warm Shoe b993ecco womens shoes size 9 9.5 USA heel ankle boots black$179 MARC FISHER KESSLER Dark Brown Leather Designer Fashion Knee High Boots 10Fashion Womens Suede Mink Hair Furry Slides Low Heels Slip On Pointed Toe ShoesSas Women's Jewel Loafers & Slip-Ons Shoe , Tod's 225 Gray Suede / Leather Double T Buckle Ballerina Flats 34.5 / US 4.5Grenson Women's Loafers Jenny Tan (or US 5 1/2)NEW EMPORIO ARMANI Modello Cream & Camel Leather US 7 Ballet Flats ShoesMerrell Aluminum Dewberry Purple Leather/Mesh Hiking Trail Shoes Women's 8.5Lola Cruz NAVIMA Metallic Gold Jewel Fashion Sneakers Style T00BK 38 EU NEW! , Ferragamo Beige Patent Leather Ballet Shoes Size 12M , LANVIN VINTAGE LAMB BLACK BALLET SHOE SIZE 38.5 - $490 , New Balance Womens Mzantgy3 Supercell/Hi-lite Running Shoes Size 13 (413079) , Sexy Black Slim Over the Knee High Boots for Women Lady Platform High Heel Shoes , Womens Black Ankle Fur Lined Warm Snow Boots Waterproof Flat Shoes SizeNew Womens Fashion Round toes Pull on Wing tip Creeper Ankle boots Faux Leather

Womens Skechers Go Navy Walk Lite Shu Cutesy Go Navy White Lightweight Comfort Shoes Shu Siz 39c141e - digitalcraftmedia.com




Flats
6852441
6933648
10568381
14239251
15112943
15285122
16301351
17204215
18372629