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

Women's Blue Asics Gel-Cumulus 17 (T5D8N) Size 11 (T5D8N) Medium(B) Running sexmovie-10559 Shoes Silver Blue 3500d93
Women's Blue Asics Gel-Cumulus 17 (T5D8N) Size 11 (T5D8N) Medium(B) Running sexmovie-10559 Shoes Silver Blue 3500d93 - 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.


Puma Cell White Leather./Mesh Running Cross Trainer Sneaker Sz. 6.5 EXCELLENT!Ryka Desire Lightweight Running Fitness Athletic Shoes Sneakers Size 8 , PUMA Spikeless Track & Field Shoes Cleats Womens Size 8.5 Green FREE SHIPPINGSkechers Women's Lightweight Relaxed air-cooled memory foam Sneakers Size 10 (T) , New Balance Womens W520la3-034 Gray Running Shoes Size 9 (265414) , Fergie Women's Pyper Fashion Sneaker, Rose Gold, Size 8.0 , Auburn University Tigers Canvas Sneakers Slip On Flat Shoes Women's Size MediumWomens Nike Pink Dual Fusion Athletic Shoes Sz 8.5 , Merrell Hiking Trail Shoes Payette Pewter Leather Peppermint Wmns Sz 11 (BD10)Nike Zoom Vomero+ 7 Running Shoes Trainers Silver Plum 511559 Sz 9.5 , BOUTIQUE 9 WOMEN'S KATREEN LEATHER SNEAKER,LIGHT GREY/MULTI,US SZ 7.5,MEDIUM,NEWPUMA Womens Evo Speed BlueAtoll/White/ClematisBlue/BrightPlasma Running Shoes , REEBOK One Trainer 2.0 Women's Pink Running Shoes Crossfit - US 7 () , VANS RARE DOLPHINS CADILLAC CARS DESIGN Shoes Womens Sz 6 Mens Sz 4.5AMERICAN EAGLE OUTFITTERS WOMENS SIZE 6 FASHION SNEAKERS EXCELLENT & SHIPS FREEBallerine Basket Tennis Femme uni Toile à enfiler confortable , Keds Champion Pennant Baseball Stitches Fashion Sneakers White, Women's 11 US , Reebok Size 7.5 Womens Dual Compound Athletic Running Sneaker , Nike Lunarclipse 3 Strata Gray Silver Purple Running 555398-005 Womens Size 10.5 , Kim & Zozi Womens Neo Low Black Fashion Shoes Size 7 (337865) , DC Shoes Villain Toddler Round Toe Leather White Loafer Size 6VANS Solana SF Frayed Surfsider Vault Lady size USA 7 , Womens Skechers Shape Ups Action Packed Shoes Style 11800 8.5 MReebok Runtone Women’s 11 M Pink Silver Toning Running Walking Athletic ShoesSkechers Womens 12670 Green Running Shoes Size 6.5 (414441)New Skechers street Los angeles ALBA - WILD WALKERS women's shoes size 8.5 , PUMA Womens Flare Heather Black Running Shoes Size 6 (353279) , Skechers GOWALK-IMPRESS Memory FormFit® Knit CasualWalking Loafers Grey Sz 9M&EWPUMA Womens Blaze White-pumaSilver Golf Shoes Size 8.5 (326441) ,


More Stories



Tags
City Classified New Womens Cowboy Ankle Bootie Stacked Heels Side Zipper BUNTY-SRock & Candy Spraypaint Foldover Ankle Boots 987, Black Quilted, 6 US , Ann Marino Womens VAIL Canvas Closed Toe Cold Weather Boots Tan Size 7.0 SSEO , Chinese Laundry Krush Boots, Women's Size 7.5, Black , TNF THE NORTH FACE ICE QUEEN PRIMALOFT BOOTS 7 7.5 Women's Waterproof Black DownNEW WOMEN'S H BY HALSTON "KARI" GREY/STONE LEATHER SHOES/BOOTIES - NWOB - , Northside Women’s Bishop Snow Boots - Size 6, Brown/Tan 508 , Rock and Candy by ZIGI Gothic Stud Crystal Chains Sneaker Boots Ivory 6 Cosplay , Shellys London Womens HUGSY Pointed Toe Ankle Fashion Boots Dark Nude Size 8.0LFL by Lust for Life Womens lex Fabric Almond Toe Over, Blush Velvet, Size 7.0 T , Don Ed Hardy Tall Boots Womens 5 Faux Fur Lined Green Suede Printed Embellished , J. Jill Women’s Brown Leather Mid-Calf Pull On Boots Size 9 , Handmade Ladies Round Toe Western Boot - 2576 - Size 6Womens Strap High Heels Stilettos Knee High Boots Shoes Faux Suede Shoes Tassel , Tory Burch Leather Flats Silver Logo Size 8M - Made in Brazil321))Mephisto Driving White Leather Loafers Moccasin Boat Women 9 *NWOB*$565 Jimmy Choo Waine Gold Chain Cap Toe Ballet Tan Leather Flat Shoe 35AUTH NWB VALENTINO GARAVANI ROCKSTUD $775 POINT BALLET FLAT POUDRE LEATHER SZ 38Ted Baker Women's Kaawap Text AF Formal Shoe, Blushing Bouquet, 6 M US , Drew Women's Delite Orthopedic Shoes Black Calf MeshD0 NEW TORY BURCH Kingsbridge Suede Studded Laser Cut Flat Shoes Size 6 M $325Yosi Samra Women's Samantha Ballet Flat Black/Black 6 M USRocket Dog Junglegym Sugar Flower Women's Casual Plimsolls Pumps TrainersSIGERSON MORRISON $550 SIlver Leather Pearl Jewel Pointy Slip-On Ballet Flats 7 , Womens NIKE FREE 5.0 TR FIT 5 PRINT Running Trainers 704695 500Aerosoles Women's Let's Drive Espadrille Bone Fabric , Skechers Flex Appeal 2.0 Bold Move Trainers Womens Memory Foam Sports Shoes , Inov-8 Womens F-Lite 235 Blue Running Shoes Size 11 (428813)Women's Eastland Womens ,Black,10 W US FlatsAlegria Women's Colette Midnight Musings 39 M EU ,

Women's Blue Asics Gel-Cumulus 17 (T5D8N) Size 11 (T5D8N) Medium(B) Running sexmovie-10559 Shoes Silver Blue 3500d93 - digitalcraftmedia.com




Athletic Shoes
398268
3209759
4164777
8564348
8904638
9048546
9992940
17050384
17401405