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

Skechers Sport localjoes-27798 Women's Empire Choose Sharp Thinking Fashion Sneaker - Thinking Choose SZ/Color 9fb8b3f
Skechers Sport localjoes-27798 Women's Empire Choose Sharp Thinking Fashion Sneaker - Thinking Choose SZ/Color 9fb8b3f -

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.

STEVEN by Steve Madden Women's NC-Tengo Sneaker - Choose SZ/ColorNew Balance Women's 520v1 Sneaker - Choose SZ/Color , Skechers Skecher Street Womens Hi-Lite-Pop Color Sneaker- Select SZ/Color. , Ryka Women's Verve Sneaker - Choose SZ/Color , Reebok Women's Print Smooth Ultk Running Shoe - Choose SZ/ColorSkechers Sport Women's Burst City Scene Fashion Sneaker , Skechers Women's Go Walk Lite-15433 Boat ShoeMerrell Women's Zoe Sojourn E-mesh Q2 Sneaker - Choose SZ/ColorNew Balance Women's 696 Hybrid Pack Lifestyle Sneaker - Choose SZ/ColorPUMA Women's Vikky Mid Corduroy Sneaker - Choose SZ/Color , Salomon Women's Crossamphibian Swift W Athletic Sandal - Choose SZ/ColorNew Balance Women's 300 Indigo Pack Lifestyle Fashion Sneaker , Reebok Women's Guresu 2.0 Cross Trainer - Choose SZ/ColorReebok Women's Classic Leather Sneaker - Choose SZ/Color , Reebok Women's Trainfusion Nine 3.0 Cross TrainerPUMA Women's Fierce Metallic Cross-Trainer Shoe - Choose SZ/Color , PUMA Women's Suede Heart Safari Wn Sneaker - Choose SZ/ColorSkechers Womens Breathe-Easy-Take on Anything Sneaker- Select SZ/Color.PUMA Women's Suede Bow Wn Sneaker - Choose SZ/ColorSkechers Women's Skech Air 2.0 Pathways Fashion Sneaker - Choose SZ/Color , Skechers BOBS Womens Squad-Photo Frame Wide Sneaker- Select SZ/Color.New Balance Women's WL555 Only Casual Running Shoe - Choose SZ/Color , ASICS Womens Gel-Contend 4 Running Shoe - Choose SZ/Color , New Balance Women's 620v2 Trail Running Shoe - Choose SZ/Color , Skechers Be Light On The Groove Slip Sneakers- Select SZ/Color.Teva Women's W Freewheel Washed Canvas Shoe - Choose SZ/Color , Skechers Women's Hi-Lite-Metallic Patent Sneaker - Choose SZ/Color , Skechers Women's Hi-Lite-Suede Satin Sneaker - Choose SZ/ColorSkechers Sport Women's Studio Burst Virtual Reality Fashion Sneaker

More Stories

BCBG Suede leather Wedge Black Ankle Boot Sz 8M , New With Box DA-NANG WINTER BOOTS Embridered LT. BLUE DB02E4 Size: 6Calvin Klein Women's Garcella Black Knee High Riding Boots Size 8.5 , Style & Co. Womens Lolah Closed Toe Knee High Fashion Boots, Black, Size 5.02 Lips Too Womens Too Nine Closed Toe Ankle Platform Boots, Black, Size 8.0 , Toe Warmers Snow Boots Women's 11M Black Canada Nylon T98822Dr.Martens Lylah Casual Boot - Womens , Cole Haan Brown Leather Ankle Boots AUDEN Waterproof Size 9.5B.Dolce Vita Womens Brown Knee Boots 7.5Kenneth Cole Womens Might Make It Round Toe Ankle Rock Microsuede Size 11.0 5k , Lowa Womens Renegade GTX Waterproof Leather Hiking Outdoor Mid Boots 7.5 WideWhite Thigh High 60s 70s Hippie Mod Twiggy Costume GoGo Boots Womans size 7 8 9 , SANITA SANDALES SABOTS SAFARI FUR TIGER POINTURE EU/FR 38 EN CUIR ET BOISNew nine west sz 12 glara taupe leather peeptoe shootie Bootie pump heelNEW Rockport A12927 SE Snowbound Hyrdo-Shield WP Boots, Women's Size 5M, Black , Pop of Color BRUNO MAGLI Bright Blue Leather Ballet Flats with Patent Design at , Vince Women's Bray Loafer Flat White Leather Size 9.0 , JIMMY CHOO Summer Gold Glitter Espadrille Ballet Flats 40 9.5ECCO Women's Bluma Mary Jane Flat - Choose SZ/ColorSteve Madden Mars Platform Fashion Sneakers 063, Silver, 5.5 USFINN COMFORT Sacramento Mary Jane Black Leather Walking Shoes US 6.5 $355Adidas Climacool 1 W Ladies Shoes Sneaker Shoes Running Sport Shoes New , NIKE WOMEN'S AIR ZOOM PEGASUS 33 SHIELD RUNNING H2O REPEL SZ 6,5 (849567-300) , Nike Court Flare Women's Sz 10 Serena Williams Grey Black Tennis Shoe 810964-003Reebok Womens Astroride MT Running Shoe- Pick SZ/Color.Women's lorenzo banfi womens boots Boots , Awesome Metal Decor High Block Heel Womens Zip Platform Casual Knee High Boots , Dansko Sanita Clogs Shoes Size 37 Stapled Leather Brown Red Professional Denmark , Lightweight Breathable High-top Women's Shoes Flat Casual Sports Men's ShoesNike Air Jordan 1 Mid GS / GG / BG Kids Youth Womens AJ1 Shoes Sneakers Pick 1

Skechers Sport localjoes-27798 Women's Empire Choose Sharp Thinking Fashion Sneaker - Thinking Choose SZ/Color 9fb8b3f -

Athletic Shoes