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

NWT Bass Brown Slip Booties On Heeled NWT Booties On Size 8.5 0c2e37d
NWT Bass Brown Slip Booties On Heeled NWT Booties On Size 8.5 0c2e37d -

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.

F9-5 PIKOLINOS ankle boots leather Strappy Zip Up Grey womens US 5.5 - EUR sz 36The North Face Nuptse Purna Shorty in Plum Kitten Grey/Aura -vSZ 7 Barely worn!KEEN LEATHER BROWN PULL ON BOOTS SIZE 7.5Bliss Black Pointy Toe Stiletto Boots Size 7 , Clarks Artisan Gray Green Suede Ballet Flats 11MTorrid Size 8 Black Booties with Zippers And Chain DetailsWomen's size 9.5M UNIONBAY Falcon Knee High Riding Buckle Boots Brown , WOMENS CIRCUS BY SAM EDELMAN BOND BLACK LEATHER GOLD HEEL ANKLE BOOT SIZE 8.5MClarks Artisan Collection Green Leather Slides Sandals Size 10M⭐️Black LEATHER Ankle Boots by CARESSA Sz 7 M Heel 2.5 inches Great Boots⭐️TONY LAMA BROWN LEATHER TALL BOOTS SIZE 6 1/2BDurango Cowboy Boots Crush Scalloped X Toe Chocolate Faux Snake RD018 6MNew Women's Four Button Faux Fur Lined Shearing Mid Calf Winter Snow Fur Boots , White Mountain Tall Boots Size 8.5 EUCBOC Born Womens Brown Buckle Zipper Boots Size 5 , Rock & Candy Boots Sabra size 8.5 NEWAnne Klein Sport Black Suede Wedge Booties Boots Size 9 Very Good ConditionVery Volatile Raya Women's Ankle Bootie SZ 8Alfani Black Leather/Man Made Knee High Flat Boots With Silver Buckle EUC 7.5Ash Falcon Sz 35 Black Leather Moto Ankle Boots Harness Heel BootieWomens Size 9 Black Casual Chukka BootsFREE SHIP! Iconic BETSEY JOHNSON Rain boots, Red Floral, Patent, 6.5, So Cute!NEW NINE WEST GREY SUEDE 5" STILETTO BOOTS, SZ. 8 1/2 Med.Patent Leather Knee High Boots, Black- Sz 7W - Wide Calf , 9 West Callano leather knee high boots-- brown 9 M- womansColumbia black boots, size 6, good condition. Women's , Mossimo Supply Co. Ankle Boots Brown Women’s Size 8 , Knee high fur trim quilted satin wedge heel boots Ivory sz 8 Report , Teva 1017161 Foxy WP Women's Bootie SZ 7

More Stories

tamika-32 Fashion Ankle Buckle Party Prom Casual Winter Women Boots Taupe 8.5- , Baltimore Ravens Knit Boots Size 10.5 Womens Black Button Faux Fur Mid Calf , D Evans Brown Leather Knee High Boots Sz 6 , NEW! Truffle Black Round Toe Long Boots FAYE65 - / US 7/INDEED 9 1/2 M LEATHER ANKLE BOOTS STYLE NAME BARBIE COLOR COGNAC NEW IN BOX , Fashion Women Faux Leather Pointy Toes Block Knee High Boots Casual Pumps Shoes , Women's ADIDAS Neo Winter Boot Size US 6 (F98155)Calvin Klein Matilde Bootie - Women's Size 10 Beige , Windriver WindRiver Womens Brown Boots PreownedWhite Mountain Womens Gemini Fabric Peep Toe Ankle Fashion Black Size 8.0 QPaK , Rare Women's Dingo Mid-Calf Dress Boots Soft Leather Exc Cond  Beige / Brown 7.5 , North face women fur boots 8**Tory Burch Minnie Flats - Women's Size 7.5, Black , TORY BURCH Reva Flat Beige Cream Snake Skin Embossed Ballet Flat Size 11 M$965 NEW MANOLO BLAHNIK HANGISI 70 Floral Satin JEWELED Red SHOES 40.5 41.5Christian Dior Ballet Flats Python Snakeskin Buckle Western Ball 36 1/2 US 6 1/2Tory Burch Sand Color Square Toe Shoes Ballet Classic Flats Patent LeatherCute Harajuku Girl Little Twin Star High Top Sport Shoes Student Casual Sneakers , Roper Women's Performance Casual Leather Loafers - 09-021-0601-9440 TASTEVEN by Steve Madden Women's Raeven Ankle Boot , adidas Original Gazelle C Black White Kids Junior Casual Shoes Sneakers BB2507PUMA Womens Fierce Evoknit WNS Cross-Trainer Shoe M- Pick SZ/Color.Dr. Scholl's Women's Madison Willow Microfiber Perf , Pleaser Women's Classique 20 Pump Black Patent , Skechers Sport Womens Flex Appeal 2.0 Sneaker- Pick SZ/Color. , Nike Air Max Thea Mid Black/Black-Metallic Pewter 859550-002 Women's , Capezio Manhattan Character Shoe, Women's Size 7 M, BlackWomen's Salomon X-hikers Womens 5.5 Athletic Shoes , CAPEZIO BROWN LEATHER ANKLE BIKER PANTS BOOTS SIZE: 8 M STYLE: DELL , Merrell Women's Encore Q2 Slide Ltr Climbing Shoe - Choose SZ/Color

NWT Bass Brown Slip Booties On Heeled NWT Booties On Size 8.5 0c2e37d -