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

LEATHER LEATHER MID CALF BOOTIES IN 26814 BLACK DESIGNED IN BY A7EIJE 9.5 BRAZIL STYLISH 5b53c36
LEATHER LEATHER MID CALF BOOTIES IN 26814 BLACK DESIGNED IN BY A7EIJE 9.5 BRAZIL STYLISH 5b53c36 - 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.


QUAZI WOMEN'S BLACK BOOTS SZ US 6.5 , Topshop Audience Gray Leather Chunky Platform Leather Boots Women's Size 38 M*Vince Camuto Women's Leather Side-Zip Ankle Booties Coffee Grind Size 8.5M , CARESSA W2O Black Leather Mid-Calf Boots Womens Size 6M Brazil-B117 , NWT Report- Womens Marisa Knee High Riding Boot Brown SZ:7VIA SPIGA Taupe Suede Cut Out Open Toe Wedge Ankle Booties Women's Size 9.5 M * , MISSGUIDED Black Studded Four Buckle Strap Ankle Boot , Women's Dingo Soft Black Leather Cowgirl Boots with Silver Tips,size 7 1/2 M$275 Luxury Rebel Sumaya Women Suede Boots Hickory 40Extreme by Eddie Marc Brown Knee High Boots Women's Shoes Size 8 M , Urban Outfitters Short scrunch suede brown Boots pointed toe & tapered heel SZ 9 , Women's Ecco Slip on Shoes Platinum Euro S43 UsSize 12-12.5(GKB12Dolce Vita Coup Cognac Leather Over The Knee Riding Boots Women’s Size 7 M* , Woomen's Dan Post DIngo #DI566 10 Inch Round Toe Harness BootsTan Size 10MFitzwell Brown Boots Womens Size 4M , Women's Report Hargrove Zipper/Buckle Black Leather Tall Boots Size 12 M NEWWomen's Touchups M "Champagne "2.5 inch heels Color Gold Size 10.5M (GKB35BOTA RODEO EL GENERAL ID 122360 3351 PIEL BOV. ATANADO CAFE , FRYE Leather Clogs Size 8 M 635201 USA , Boot Blowfish Pauline Black Saddle Rock PU , Womens Franco Sarto Formica Grey Heeled Ankle Boots Size 10M NEW , Women's Steve Madden Yara Black Suede Ankle Boots Size 10 M , Dolce Vita Coup Black Leather Over The Knee Riding Boots Women’s Size 7.5 M* , Women's Smoky Mountain Inch Square toe boots Blk/Burgundy Size 5.5 M , New Naturalizer Jovana Black Leather Knee High Riding Boots Womens Size 7 M *Funtasma ELECTRA-2090 Women's Red White Patent Wonder Woman Platform Thigh BootsNew Vince Camuto Graysen Bamboo Suede Ankle Booties Womens Size 8.5 M *Women J Renee Boots Size 7.5 Leather BrownJoules Field Welly Navy Rubber Waterproof Rain Boots Women's Shoes Size 5 M NEW


More Stories



Tags
SC35 Sophiie Knee High Slouch Boots 401, Black, 8.5 USBAMBOO Women Peeptoe Solid Tan Heel Ankle Wedge Booty Size 6 M NWO Box , Ladies Spot On Combat Ankle Boots with Faux Zip in Dark Brown or Black - F50326S , NEW Original Tall Rubber Womens Ladies Rain Boots Sweet Candy Waterproof ShoesEmu Women winter Boots - size 11 brown , Minnetonka Blue Suede Leather Boho Chukka Moccasins Ankle Boots Women's Size 8$129 BCBG BCBGeneration Womens BG-Glowe Bootie Shoe, Java, US 7.5 , $159 BCBG BCBGeneration Womens BG-Galaxi Monk Strap Ankle Boot Shoe, Onyx, US 5 , Skintone Spike 5.5" High Wedge Heel 1.5"Platform Sexy Ankle Boot Size 6 , Soft Brazilian CORDOVAN LEATHER Foldover Cuffed Riding Slouch Pirate BOOTS 8.5 M , Northside Women's Bellevue Snow Boot Black/Charcoal Size 6.0 , PATENT LEATHER BALLET BOOTS SIZE 7-16 HEEL-8,4'-21CM - POLAND FS1138 , Womens Charlie 1 Horse Red Brown Sample Boots Size 7BNew Crocs LodgePoint Suede Pull-On Women Boots Size 10Style & Co. Womens Vedaa Closed Toe Knee High Riding Black/Barrel Size 8.0 QgSDiba Womens femma Almond Toe Knee High Fashion Boots Black Size 6.0 XkC5Nine West Blogger Brown Leather Tall Knee Boots Wide Calf $169 , Alegria Black Floral Leather Paloma Winter Garden Mary Jane Shoes 38 8 NEWHaflinger GZ SHOPPING SIL GRY Womens Gz Shopping Gr Flat /6 M- Choose SZ/Color. , Paul Green Finley Black Squared Leather Oxfords Shoes Womens 7 NEW IN BOXRepetto black suede cendrillon ballet flats US size 8-8.5BURBERRY Women's Brown Python Ballet Flats size 38.5/8.5 (SH900Nike Women`s Son Of Force Sneakers Size 11Girls Womens Athletic Sneakers Hot Sale Breathable Running Sports Shoes Trainers , Womens Bandage Flat Heel Round Toe Suede Casual Strappy Shoes Star Moon Decor SZNine West Women's Batter Fabric Loafer Flat , SO CUTE! Women's $450 Stubbs & Wootton Linen “PALM TREE” Slippers Loafers Shoes , Spring Step Women's Hammond , Women's Minnetonka, Women's MOCCASINS, Champagne 67 Comfort Shoes , Women's ASH UK VIRGINS-BUCKLED LEATHER SNEAKERS Boots ,

LEATHER LEATHER MID CALF BOOTIES IN 26814 BLACK DESIGNED IN BY A7EIJE 9.5 BRAZIL STYLISH 5b53c36 - digitalcraftmedia.com




Boots
3964353
4519660
5165400
9329022
11222747
15038396
15978088
17467079
18172126