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

G by Guess Boots, Womens bex Open Womens Toe Ankle Fashion Open Boots, Black, Size 7.0 eqUA 5e052d1
G by Guess Boots, Womens bex Open Womens Toe Ankle Fashion Open Boots, Black, Size 7.0 eqUA 5e052d1 -

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.

Ladies Shoes Synthetic Leather Med Heels Buckled Zip Up Ankle Boots US Size b094Womens Shoes Bowknot Faux Suede High Heels Pumps Zip Up Ankle Boots US Size b169m COLE HAAN SOFT BLACK LEATHER FASHION BOOTS WOMENS 6.5 B , Qupid Plateau-17 New Women Leatherette Harness Calf High Riding Boot , Ladies' Club Shoes Synthetic Leather High Heels Zip Up Ankle Boots US 2-12 b122Ladies Pointed Shoes Synthetic Leather High Heel Zip Up Ankle Boots US Size b192 , Kodiak Women's Renee Snow Boot Black Size 5.0Tommy Hilfiger Womens Freddo Closed Toe Mid-Calf Rainboots, Black, Size 10.0 TO5 , New Women Breckelles Medison-16 Suede Almond Toe Buckle Thigh High Boot Size , GUESS By Georges Marciano Vintage 90's Ankle Pointed Cowboy Boots Sz 7 suedeLadies Pointed Shoes Faux Suede High Heels Pumps Zip Up Ankle Boots US Size b384Ladies Womens Thigh High Over The Knee Boots Heels Pointed Toe Party Shoes Size , HULU! Women's Riding Block Heeled Buckles Knee High Boot in Black Leatherette , Women Floral Mid-calf Boots Fur Edge Wedge Heel Shinning Cover Leisure Shoes , New Women DbDk Walnut-1 Polished Leatherette Chunky Heel Zip Riding Boot Size , Ladies Shoes Synthetic Leather High Heels Zip Ankle Boots Sandals US Size b156 , Strawberry By VT Fashion Side Buckle Ankle Grip Womens Boots Side Zip Size 3-8 , New Women Wild Diva Dominic-12 Leatherette Chunky Heel Ankle Strappy Bootie SizeSpecial Women's Kitten heel Pointy toe Side zip Casual shoes OL Hot Ankle boots , Fashion Womens Denim Knee High Boots High Block Heels Platform Shoes ClubwearNature Breeze Jillian-02 New Women Leatherette Warp Around Strap Riding BootLadies Round Toes Shoes Faux Suede Med Block Heels Zip Ankle Boots US Size b290Bottines Boots AXELL Cuir Noir Pailleté T 40 BON ETATLadies Club Shoes Platform High Heels Buckled Strap Over Knee Boots US Size b077Women Ankle White Stripe Buckle Pointed Toe Block Heel Leather Ankle Boots ShoesWomens Jelly Pop Off White Casual Faux Fur Upper Dress Pull On Boots Size 7 M , Jessica Simpson Womens Pacifika Pointed Toe Mid-Calf, Black LXPTSC, Size 7.5 YKfSexy Knee High Women Thin High Heel Round Toe Fashion Ladies Leather BootsQupid Neo-156 New Women Suede Distressed Calf Fringe Riding Boot

More Stories

Just Fab Elodee Boots Black Size 6.5NWOT City Snapper Women's Faux Leather Tan Brown Combat Boots Size 7.5 , Anne Klein Sport Womens Lanette Solid Round Toe Motorcycle Boots Shoes BHFO 3044 , Classique Rust Brown Leather Suede Bootie Womens Size 12MWOMEN LADIES MID CALF ZIP UP STUDDED HIGH HEEL BOOTS SHOES SIZES 3-8 , Dolce Vita Womens Shoes Size 6 Brown Distressed Leather Booties CasualWOMENS BEARPAW W NIA Sz 9 BLACK LEATHER FUR LINED RIDING KNEE BOOTSAdrienne Vittadini Womens TAKI Cap Toe Ankle Fashion Boots, Black, Size 10.0 PZs , Sole Society Sola Tan Perforated Suede Buckle Ankle Boot 6 NEW , Bottes SAN MARINA Paris Cuir Marron T 39 BON ETATBlack 4.5" High Sexy Heel Knee Boot Round Toe Back/Top Silver Studs Size 6Stuart Weitzman Black Suede & Shearling Trimmed Ankle Boots SZ 10 , Charles by Charles David Women's Gunter Fashion Boot, Black B, Size 10.0INC International Concepts Fedee Brown Womens Shoes Size 8 W Boots MSRP $179.99Brand New Banana Republic Cowboy Leather Stitch Tan Tucker Size 9.5M Boots , Women’s Size 10 Leather Merrell Side Zip Brown Boots BuckleWOMENS FINN COMFORT Ikebukuro LEATHER OXFORD SNEAKERS SHOES W USA 10.5~1/2Jeffrey Campbell Tiles Perforated slip-on sneaker-style shoes taupe suede NEW!Ralph Lauren Collection Crest Logo Embroidery Green Velvet Flats Size 9 , Gold Snakeskin Roman Coin Crystal Sandals - US 6New Womens Fashion Round Toe Hidden Wedge Heel comfort Casual Shoes Sneakers , Women's Running Shoes Sneakers Breathable Sports Outdoor AIR Mesh Shoes 5-7.5Donald Pliner Filo Velvet Moccasin, 6, BlueAudra Garnet Red Suede Me Too Leather Ballerina FlatsALEGRIA Womens ALLI Black Embossed Paisley Clogs Size EU-38; US-7.5 (ALL-431) , adidas Performance Womens Barricade Court W Tennis Shoe- Pick SZ/Color.Women's TBS Claim White FlatsWomen's ECCO Women's Abelone Stretch Loafer Flats , Women's Juarez Multicoloured Light Blue Boot Boots , Easy Spirit Loafer Slip On Flat Women Tan Cognac Soft Comfort Shoes US 9M ,

G by Guess Boots, Womens bex Open Womens Toe Ankle Fashion Open Boots, Black, Size 7.0 eqUA 5e052d1 -