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

NEW Adidas Women's Clima Volume II Various Volume Sizes Clima localjoes-27788 G50416 8b76c21
NEW Adidas Women's Clima Volume II Various Volume Sizes Clima localjoes-27788 G50416 8b76c21 -

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.

Women genuine Leather Sneaker Platform High Wedge Heels Slip On Casual Shoes sZ , SPERRY TOP-SIDER FOR J. CREW WOMENS BOAT SHOES SEERSUCKER SZ 9 BRAND NEWNEW UNDERGROUND ENGLAND RED TARTAN JOLLY ROGER FLATS SHOES SNEAKERS UK LADiES 4 , KEDS Floral Rose Garden Canvas Sneakers Tennis Shoes Women's Sz 10M Awesome , Keen Wos Shoes Walking 53042 US 8 Brown Leather Green Suede Slip-on 5328BROOKS Womens Pureflow 6 Black/Teal Running Training Athletic Shoes Size 10 VGC! , Nike 6.0 Dunk SE Low 442471-601 Maroon Red Suede Leather Womens 7.5 ShoesSALOMON XA COMP 5 ortholite comfort foam adventure running shoes size 8 , Asics gray/green mesh, high traction, cross training sneakers, 6 , Nike Womens Flex Bijoux Cross Training Size 6.5 Color Jade ShoesWomens Puma Orange Pink and White SneakersNWB-Skechers Skech-Air Extreme Awaken Women's Athletic Shoes-Navy/Light Blue 7.5 , NEW!!!! Ladies Rock & Republic Size 9 M Liela Black Ankle Zip Up Shoes SneakersMontrail Gore Tex XCR Hiking Shoes Men Size 7.5NEW SKECHERS GOWALK 4 SNEAKER SHOES WOMENS 6.5 EXCITE 14163 FREE SHP LIGHTWEIGHT , Steve Madden Women's Lynn Sneaker - Choose SZ/colorVibram Wos Shoes Five Fingers US6.5 Black Hook/Loop Athletic Water 5272New Balance Women's 09v1 Training Shoe, Pigment/White, Size 5.0PUMA Women's Match Lo Classic Wn Sneaker, Puma White-blue Depths SIZE 10 NEW , Zee Alexis Women's Danielle Woven Athletic Shoe Red 39 US 8.5VANS HEARTS CLASSIC WHITE BLACK Tennis Skate SHOES WOMENS NEW , SPERRY STS14364 - WAHOO CVO Size: - Color:Apex Men's V551 Stealth Blue/Black Runner Sneaker , MBT Sneakers Sz 7.5 Rocker Walk Toning Walking Red White Shoes Cross TrainingVince Camuto Womens bayana Leather Low Top Slip On Fashion, Black, Size 9.5 IhS4MAX Ladies Women Sneakers Shoes Platforms Athletic Trainer Slip on Black White , Vans Old Skool Zip Leather Antique Silver Green Size Men's 3.5 = Women's 5 NEW , SAUCONY Women's Pro Grid Ignition 4 •White/Silver/Pink• Running Shoe , Skechers Synergy 2.0-Scouted Fashion Sneaker - Womens

More Stories

Rampage Basking Flat Mid-Calf Boots 828, Cognac, 8 USCROWN VINTAGE Black Faux Suede Mid Calf Casual Buckled Boots Size 9.5, EUCCory-1 Fashion Ankle Casual 3.5 Inch Heel High Women's Winter Boots Taupe 10-Dolce Vita Womens Shoes Size 7.5 Taupe Gray Suede Booties CasualChinese Laundry Rainey Women's Shoes - Black Stretch - Size : 10 M , Boutique 9 Burnt Orange Suede Platform Boots Booties "Ethel" sz 8 Euro 38 , WOMENS LADIES SEXY KINKY OVER THE KNEE THIGH HIGH PLATFORM STILETTO HEEL BOOTS , Women's Casual Over Knee Boots Platform Side- Zipped Round Toe Warm Boots New , Sam Edelmam Black Suede Harness Ankle Fashion Boots Women's Size 10 MMiz Mooz Womens Blue Yves Ankle Boots Shoe Size 39FRYE Slouchy RORY SCRUNCH Boots WOMENS SZ 5.5M Dark Brown Soft Leather , NIB Steve Madden Women's Gal Slip On Sneaker in BlackBurberry Multicolor Nova Check Rain Boots (SZ39) , Laredo Brown Leather Cowboy Boots Women's Size US 5 M Slip-On Made in the USA , Women's Clarks Artisian Rosepoint Dew Shoes Gray Suede Wedge Booties Sz 9 M NEWBrown Ariat Round Toe Women Fuax Fur Lined Western Cowboy Riding Boots 6.5 7 7.5 , Dansko Professional Clog in Pewter Floral Patent Leather - Now $105 / was 134.95NAOT Purple Patent Leather Mary Janes, Size 39 (US 9) excellent Cond. in box. , Size 10 (/) Womens Black Snake Print Leather Ballet Flats MADE IN SPAINPRADA ballet shoes flat shoes enamel leather pink tassel ribbon , Luca Grossi C120M Calf Nero slip ons saleASICS Q752N Gray Walking Women's Shoes Size 6.5 M , Propet Women's Washable Walker Sneaker, SR Black, 10 Wide USFILA Cool Max Memory Advance Womens Size 8 Ravenue 2 EnergizerWomen's ariat boots 7.5 womens BootsVia Spiga Womens Black Fashion Boots Size 6.5 (428054) , LFL LUST FOR LIFE RADIKAL TAUPE SUEDE THIGH HIGH STRETCH FITTED FLAT OTK BOOTSize EUR34-48 Ladies Sweet Fur Decor Pointed Toe Shoes High Heel Zip Ankle Boots , Eastland Women's Debora Loafer Brown Leather LoafersSpring Step Women's Nevena Slingback Beige Leather Slingbacks

NEW Adidas Women's Clima Volume II Various Volume Sizes Clima localjoes-27788 G50416 8b76c21 -

Athletic Shoes