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

Justin 3703 Womens Black Justin Roper 6b Leather Cowboy Boots gslm-26417 Sz 6b USA MADE e07c2ba
Justin 3703 Womens Black Justin Roper 6b Leather Cowboy Boots gslm-26417 Sz 6b USA MADE e07c2ba - digitalcraftmedia.com

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.


ANDREW STEVENS STUDIO SHINY BROWN LEATHER UPPER SIZE 8 MADE IN BRAZIL , Restricted Women’s Boots Knee Hight Brown Velvet Suede Leather Heels size 6.5VTG WOMENS DEXTER COWBOY SUEDE LEATHER BROWN BOOTS SIZE 7 NBlack Boots Size- 7.5 M (38), Tall Boots By Steve Madden. CUTE BOOTS! , New Old Navy Tan Faux Fur Boots Sz 8 , WOMENS UNBRANDED COWBOY LEATHER BLACK BOOTS SIZE 6 M , Clarks Tan Leather Square Toe Ankle Boot Booties Womens Size 7.5M Casual Slip On , WOMENS GEORGIA MOTORCYCLE LEATHER BLACK BOOTS SIZE 9.5 MFranco Sarto Heeled Boot Size 7 , WOMENS ACME COWBOY LEATHER BROWN BOOTS SIZE 6.5 M , Hi-Tec Womens Size 7 () Lady Lite Hiking Boot , EUC GRAY KAMIK BROOKLYN WINTER/SNOW BOOTS SZ 7 38 EU , Liliana Women's Kenzy Over The Knee Suedette Boots Black MM1 Size 8 , DANIEL GREEN OUTDORABLES Women Booties Shoe Size 7M Tan Suede Zip Up Insulated , WOMENS JUSTIN COWBOY LEATHER GRAY BOOTS SIZE 8.5 AAWomens’s Dr.Scholl's Kennedy Black Faux Suede Wedge Booties, Women's Size US 8MSkechers Boots Women's Purple Synthetic/Textile Ankle Boots Sz 10 Faux Fur Lined , WOMENS JUSTIN COWBOY LEATHER RED BOOTS SIZE 7 AA , Bucco Womens Black Ankle Boots Size 8 MFaded Glory Women's Hula Fringe Boot Size 7 1/2 Brown New , Franco Sarto Ilena Tan Suede Khaki Pull On Chukka Ankle Bootie Boots Bucks 8M , Nine West ZARRAS Brown Leather Knee High Boots With Chunky Heel Size 8 M , Women's Ked's #WF51834 Ch Ox Plum Purple Sneakers Size 7M , ZITA MARIA Women's High Heel Boots - Size: / US 5 , Jennifer Lopez Womens Tall Knee High Black Boots Embellished Shoes Sz 7 New , Women's Nicole Black Turner Riding Boots Size 9M , WOMENS ACME HARNESS COWBOY LEATHER LIGHT BROWN BOOTS SIZE 5 M , Women's Kalli Verona Tan Leather Cowboy Boots Size 9, Low Scrunch Straps EUCRoberto Del Carlo Ankle Booties Boot Heeled Sz 37.5 Dark Gray ,


More Stories



Tags
Women's Over The Knee Thigh High Stretch Upper Round Toe Flat Boots US STOCK!!!! , David Tate Valentine Womens Black Leather Knee Tall Boots Sz 7.5WWSAM & LIBBY BROWN 100% LEATHER & SUEDE ANKLE BOOTS SIDE ZIP WOMENS SIZE 7M(US). , ✿ NURTURE Talin Black Full-Grain Leather 2.75" Heel Ankle Boots 8 M NEW! L@@K!37Lower East Side Fuax Leather Brown Slouchy Boots Size 13 , Women's Ladies Brown Girls Combat Boot With Studded Shaft Size 5, 6, 7, 8, 9, 10Catherine Malandrino Annora Wedge Bootie Burgundy 9 NWB $260 , WOMAN'S MINNETONKA BROWN SUEDE BOOTS WITH 3 LAYERS OF FRINGE SXZ 5 GOOD USED , Not Rated Beval Boots - Women's Size 8.5, Taupe , NEW BEARPAW Isabella Tall Gray Quilted Wool Blend Shaft Waterproof Boot 9MIsaac Mizrahi Live! Koi Suede Wedge Ankle Boots w/ Strap Detail Black 10Wcrocs Shayna Crocs Womens Mary Jane Clog- Choose SZ/Color.ARRAY Womens Freedom Leather Square Toe Loafers , G by Guess Womens harson Almond Toe Knee High Fashion Boots, Brown, Size 7.0 sveDelicious Women's Black Pump Over the Knee Mesh High Heel Pump Boot , Vintage By Jeffrey Campbell Red Suede Cutout Bootie Size 9.5 RH12411#Twisted X Casual Shoes Womens Driving Mocs Ribbon Bomber WDMS003 , Hogan HXW0830O74066QTU204 Classic Shoes Women's Blue US , Brooks Adrenaline GTS 15 Women's Running Shoes - Blue - Sz 9 Wide - No Insoles , Reebok Womens - Black Running Shoes Size 8.5 (414603) , Skechers BOBS Women's Bobs Plush-Chambray Ballet Flat - Choose SZ/ColorNew Tod's Women's Blue Shoes Flats Size 39 Rubber Moccasin Leather , Nike Women's Free Og '14 Running Shoe , FLY LONDON Mice Buckle Sneaker Black US 10Keen Reisen Women's Gargoyle Shoe 8.5M , Teva Ember Moc Velvet Black Shoes Womens Size 7 *NIB*Vans Authentic Kendra Dandy I Scream White Women's 9 Men's 7.5 Skate Shoes NewWomen's Softinos Isla Black Womens Shoes FlatsWomens Ipanema Black Leather Zip Ankle Boots size 8 1/2 M Jester , PRADA Espadrille Platform Wingtip Derby. Size $995 ,

Justin 3703 Womens Black Justin Roper 6b Leather Cowboy Boots gslm-26417 Sz 6b USA MADE e07c2ba - digitalcraftmedia.com




Boots
2207190
4781439
7889461
12634538
15129878
15832707
16069182
16294853
17436046