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

Womens Round Toe Round Winter Snow Mid-calf Boots Boots Mid-calf Fur Warm Casual Hidden Heels NewI387 e478981
Womens Round Toe Round Winter Snow Mid-calf Boots Boots Mid-calf Fur Warm Casual Hidden Heels NewI387 e478981 - 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.


Womens Hidden Platform Stiletto Booties w/ Buckle Accent Light Brown Sz 5.5-10 , Naturalizer Black Leather Zip Heel Ankle Fashion Boots Size 6.5 M Style 94675Autumn Winter Women Platform Wedge High Heel Ankle Boots Round Toe Creepers Punk , American Eagle Knit Gray Boots Size 8 , Thom McAn Black Leather Zip Heel Fashion Ankle Boots Booties Size 8 W , Women's Pointed Toe Buckle Side Zip Block Low Heel Ankle Boots Casual Shoes A53CL BY LAUNDRY Women's Vencia Wedge Shootie - Black - Size 6 , Womens Forever 21 Buckled Ankle Biker Boot 8 M , Women Boots Thick Pull On Mid Calf Boots Wedge Low Heels Casual Shoes Round ToeReport Chloey Boots, Women's Size 8.5, BlackEUC Banana Republic Knee Tall Leather Equestrian Style Boots Black Sz 10Nine West Brown Faux Suede Platform Stretch Ankle Boots 7M 7 NEW MSRP $119Kate Bosworth Black Leather Ankle Boots Size 8.5 M , Rocket Dog Sam Coast Faux Suede Booties, Women's - Size 9.5, BlackNaturalizer Alicia Black Boots Women's US Size 8.5 W (G,1)WOMENS 8.5 W ROCKPORT W3051 BROWN LEATHER Chukka Boots Ankle 8 1/2 hardly worn!Riding Shoes Stylish Womens Flats Round Toe Knight Knee High Boots Shoes All SZSTEVE MADDEN Women 'Troopale' Black Leather Combat Boots Size 8M , BAKERS WOMEN'S BROWN LEATHER FASHION BOOTS ON WEDGES SZ 10M EXCELLENT CONDITIONNine West Vintage America Take Down Dark Brown Tall Boot Size 7.5 US , Dolce Vita Calf Black Leather Boots Size 8.5 , NEW Arturo Chiang sarabeth black Ankle Boots Womens Boots Size 8.5NURTURE Black Leather Zip Buckle Ankle Boots Womens Size 8 MMadden Girl Torch Velvet Ankle Booties, Women's Size 7M, Taupe , Rampage Rebecca Boots - Women's Size 6M, GrayGianni Bini Honey Dark Brown Leather Campus Boots Womens Size 9 M , New A NEW DAY Target ANKLE BOOT Size 8 Faux Suede TAUPE Tan Side Zip BOOTIES NWB , Naturalizer Womens Nina Boots Size 6.5 Black Suede Genuine Leather Fleece Lined , Stonefly Ladies Size 36 (5.5 US) Gore-Tex Hiking Boots Black Leather Booties


More Stories



Tags
NEW Liz Claiborne Women's BOOTS Brown size 8.5Oak Tree Farms Brown Leather Cowboy Western Boots Womens Size 6.5 Style 78110 , LADIES WOMENS NEW HIGH HEEL ANKLE MID CALF BOOTS PLATFORM ZIP BOOTIES SHOES SIZE , KUSTOM by Billabong - Maya Black Ankle Boots, Size 6 - 10. NIB, RRP $79.95.St Johns Bay Women 8 Boots Faux Fur Brown Zip Fall Winter Snow Button Suede , Easy Street Womens Coby Almond Toe Ankle Fashion Boots, Brown, Size 9.0DREAM PAIRS Women's Terran Camel Mid Calf Built-in Wallet Pocket Combat Boots...WOMENs Vintage Retro JUSTIN EEL SKIN COWBOY COWGIRL BOOTS size 5 C Tobacco SiennWomen's Size 8M Charles Albert Amber Fashionable Hiking Trail high-top BootFossil Classic Leather Knee High Riding Boots Sliver Buckle Size 6.5 1.5 HeelRetro Womens Fashion Suede Over knee boots Rivet Strappy Low heel Zip up Warm Sz$328 Donald J Pliner Bonnie Dark Red Suede Ankle Boots Size 6 1/2 MWild Diva Lounge Filigree Embroidery Sequined Chunky Heeled BootiesBorn Womens boone Leather Pointed Toe Ankle Fashion Black Distressed Size 6.0White Mountain Women's Callaway Ankle Booties Wine Red Boots Size 9.5 M , $850 CASADEI designer pumps heels ankle boots brown women shoes Italy 37 - 6.5 BHAFLINGER Womens Mules Clogs Light Gray Slip On Leather Shoes US 5- 5.5 MDONALD J PLINER Womens Black White Chevron Leather Cap Toe Ballet Flats Sz 7.5 , BEAUTIFEEL WOMEN'S GLORY DRESSY HEEL SLIP-ON STRAP SHOE, ARCH SUPPORT , **Skechers Originals Retros OG 98 Sneakers - Women's Size 10 - Multicolor , Womens Hollow Out Summer Slip On Casual Sneakers Athletic Soft Sports Chic Shoes , New Arabian Night (Black) - Hand Crafted Leather Moroccan Slip-Ons , Tom Ford Black Leather Ballerina Padlock Ankle Strap Flats 8866 Size 40 EUNIKE WOMENS AIR MAX MOTION GRAY SHOES 833662-010 , AUTHENTIC Adidas Edge Lux Running Noble Maroon White Grey AQ0109 Women size , Women's Under Armour 1274413411 Street Precision Low Shoes Midnight Navy 7.5New Sperry Women's Teal Biscayne Boat Shoes-Size 6 Retail $60.00 , PUMA LILLEA 2 (351346 03) LADIES SHOES / SNEAKERS BLACK/BARBERRY US SIZESWomen's Skechers Women's Double up-Duvet Sneaker Athletic ShoesWomen's Prada mules, new 39 Flats

Womens Round Toe Round Winter Snow Mid-calf Boots Boots Mid-calf Fur Warm Casual Hidden Heels NewI387 e478981 - digitalcraftmedia.com




Boots
2080382
2201006
7392538
7568429
12833786
15146285
16089356
16681962
18783212