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

Naturalizer Womens Toe jump Leather Almond Toe Almond Ankle Fashion Boots Boots 5e9167c
Naturalizer Womens Toe jump Leather Almond Toe Almond Ankle Fashion Boots Boots 5e9167c -

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.

Naturalizer Womens Kelper Leather Closed Toe Ankle, Grey Leather, Size 6.5 , Chinese Laundry Womens Unnie Closed Toe Ankle Fashion Boots, Whiskey, Size 6.5 R , Comfortiva Ryder Ankle Boot Berry Size 9WWomens Girls Northwest Territory Waterproof Wellington Wellies Winter Boots 4- 8 , Steve Madden Womens MIDNITE Leather Closed Toe Ankle Cold, Black/Multi, Size 6.5 , LES LOLITAS - BOTTES SANS ZIP GENOUX TOUT CUIR DAIM MARRON 40 - NEUF , Bottines NEWFEEL Daim Gris / Fr 37 TRES BON ETAT , Bamboo Suede Pointy Toe Kitten Heeled Ankle Boots , Bare Traps Womens DALLIA Closed Toe Mid-Calf Riding Boots, DARK BROWN, Size 5.5Vasque Womens Monolith Ultradry Athletic Hiking Trail Mid Boots Right 9.5 Left 9 , White Mountain Womens Cayden Closed Toe Ankle Fashion Boots, Black, Size 10.0 DMWhite Mountain Womens Cayden Closed Toe Ankle Fashion Boots, Black, Size 8.5 LFdChinese Laundry Womens Unnie Closed Toe Ankle Fashion Boots, Whiskey, Size 8.0 hBare Traps Womens DALLIA Closed Toe Mid-Calf Riding Boots, Black, Size 5.5 cqLqNEW, BEAUTIFUL INC BLACK WT BELTS WT GOLDTONE ACCENTS LEATHER BOOTS,BOXED SZ 8 MCrowne Comforteur All Right Ankle Boot- Size 9 , XOXO Womens TRISHH2 Closed Toe Knee High Fashion Boots, Taupe, Size 11.0 MYTi , Alfani Womens Vitaa Suede Almond Toe Ankle Chelsea Boots, Black, Size 8.0SWEAR London 9 ladies 40 boots shoes Suede Leather Rust orange White NEW $280Call It Spring Womens MOILLAN Round Toe Ankle Fashion Boots, TAUPE, Size 7.0 esoBottes Pointues FRU.IT Tout Cuir Noir et Argenté T36.5 TBE , Lucky Brand Womens FAI Leather Almond Toe Ankle Fashion Boots, Brindle, Size 9.5 , Adrienne Vittadini Womens av pami Closed Toe Ankle Fashion, Black ks, Size 7.5 l , Circus by Sam Edelman Peyton Women Boot , Bottes d'été FELMINI Cuir Ivoire T 37 TBEJack Rogers Womens bailee Almond Toe Knee High Fashion Boots, sand, Size 6.0 zSK , Bearpaw Womens whitney Closed Toe Mid-Calf Cold Weather Boots , Madden Girl Womens Wendiee Closed Toe Knee High Fashion, Black Paris, Size 7.5 gPika Nampa Suede Boot- Size 7

More Stories

Bouquets Womens Black Faux Leather Knee High Zip Up Buckle Boots 7 MNEW WOMENS WARM WINTER BOOTS MID CALF FLAT FAUX FUR SUEDE / BLACK - ROSE-1 , NINE WEST SHORT DARK BROWN SUEDE ANKLE BOOT BOOTIE SIZE 8 , Justin Black Leather Womens? Western Ropers Biker Boots 6 1/2 C , G by Guess Hailee Wide-calf Riding BootsNocona Brown Leather Cowboy Western Boots Texas Bowl 2007 UH Embroidery Size 8 , Vintage SLOUCHY light tan leather RUCHED mid calf COWBOY low 1" heel BOOTS 8.5 BMukLuks Ladies Patti Ankle Boots Black/Charcoal Gray Sweater Fold Down Size 7INC international concepts size 13 men's leather bootspu martin boots women 36~41 fashion female spring 2018 brand women's boots #G-2 , Skintone 4"High Block Heel Open Toe Sexy Summer Gladiator over Knee Boots Size 8 , 79% OFF NEW Womens LA CANADIENNE Dalton Brown Suede sizes 9.5, 10 $295Bandolino Womens Yihana Closed Toe Ankle Fashion Boots , New Jessica Simpson OLIVIE Leather Fashion-Ankle Women Boots Sz7.5 (MSRP $140)mSteven by Steve Madden Mombi red scaled loafers/ flats sz 8.5 M NEW ORIGINAL BOXKelly & Katie Womens tessano Closed Toe Ankle Fashion Boots , NWOT Free People BRYCE Buckle Wrap Leather Flat Shoes 9/39 M Red SpainJeffrey Campbell Anthropologie 6.5 Womens Beauvil Black Glitter Loafers Shoes , Earth Shoes Women's Inquire Black Gaucho Leather Comfort FlatY-1211100 New Balenciaga Pony Hair High Heeled Shoe Size US 7 Marked 38 , Soludos Black Espadrilles 7 Castaner Reformation Jeanna Damas53865 auth AQUAZZURA brown suede PALM SPRINGS Espadrilles Flats Shoes 37.5Fulinken Vintage Leather like SLIP-ON Square Toe Womens Ballet Flats Shoes , DR.COMFORT Shoes for Women with diabetes Cathy brown 9-1/2XW MSRP $139Skechers BOBS Women's Plush-Wag Town Flat - Choose SZ/Color , Crocs Women's Lina Luxe Ballet Flat - Choose SZ/ColorVINCE Women's Size 5.5 Shoes Leather Wren Ceramic Gray Monk Strap Slip OnNew Rag & Bone Women's 7.5 37.5 Standard Issue Leather Low Top BLK WHT SneakersChooka Womens Colorblock Rain Ankle Bootie Taupe Black Size 9 M US , NIB YRU Pink Lala Platform Sneakers Trainers Vegan Women’s size 8

Naturalizer Womens Toe jump Leather Almond Toe Almond Ankle Fashion Boots Boots 5e9167c -