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

NIKE 001 AIR 4822 ZOOM 90 IT GOLF CLEATS "RORY MCILORY "RORY 844648 001 Wmn Sz 9 5a6e3cf
NIKE 001 AIR 4822 ZOOM 90 IT GOLF CLEATS

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.


New Women's Mizuno Wave Creation 15 Running Shoes Size 8 Last Pair J1GL140126 , adidas Originals Tubular Viral 2 W Aero Pink White Women Running Shoes CQ3011Brand New Nike Women's SF AF1 MID FIF Athletic Fashion Sneakers [AJ1698 600] , ASICS GEL-Resolution 7 - Black - Womens , Nike Dual Fusion TR Black/Anthracite/White/Mtlc Red Bronze 844674-004 Wmn Sz 11Air Jordan 1 Retro High SOH Mint Foam AO1847 345 Women Size 8New AIR JORDAN 13 RETRO PREM HC AA1236-520 Dark Womens Raisin Hydrongen Blue , NEW NIKE Air Rift PRM QS SZ 7 WMNS 38 Pink Running Training 848502 600 GumNike Metcon 2 White/Night Maroon-Pink Blast-Black 821913-106 Women's SZ 8 , Nike Wmns Air Zoom Structure 21 Grey Hot Punch Women Running Shoes 904701-009Nike AIR MAX ZERO IMG (GS) Shoes "Wang Junkai" AJ6702 004 -Sz 6.5Y=Womens 8 -NewNEW Womens Nike Air Zoom Pegasus 32 Size 9 Orange/Purple/Grey Running Shoes , Nike Air Force 1 07 LE Low - Women's White/White/Black 15115152Nike Air Zoom Structure 20 Shield Women's Trainning Running Shoes 849582-300Nike Air Max 90 Stealth/Gold Dart-White 325213-039 Wmn Sz 7 , Mizuno Wave Hitogami 3 Womens Crossrunning Shoe (B) (04 Fiery Coral) , Nike Air Max Plus Dark Stucco Vintage Green Sail Women sz 12/ Men 10 605112-053Womens Air Jordan 1 High Zip Mica Green Metallic Red Bronze AQ3742-305 , NEW NIKE Air Rift PRM QS SZ 8 WMNS 39 Pink Running Training 848502 600 GumTroentorp Bastad Clogs Women's WrightAdidas NMD_R2 W Women's Ash Pink Crystal White Running Boost Originals CQ2007NEW Giorgio Armani Shoes Sneakers Size 7 Color Navy MSRP $650 , Merrell Moab FST Gore-Tex Red Black Women Outdoors Hiking Shoes Sneakers J37158 , FENTY PUMA Womens Tan Suede Platform Cleated Creepers Low-Top Sneakers 8.5 NEWWomens Nike Tailwind 7 Sneakers New, Black / White / Silver 683635-001 , SAUCONY WOMEN'S OMNI 13 RUNNING PURPLE/ CORAL S10247-2 NEW IN BOX MULTIPLE SIZES , CONVERSE ALL STAR Pink using iridescent SWAROVSKI CRYSTALS & STARS WOMEN'S 5-10 , NIKE DUNK HIGH PREMIUM SB MAFIA WHITE TEAM RED RARE SUPREME SZ 6 313171-161Camper Shoes Womens Peu Senda Black Sneakers Light Shoes Memory Foam Insole NEW


More Stories



Tags
Born Concept Women's Ankle Booties Size 8.5 M Brown Leather HeelsSam Edelman Lucca Ankle Buckle Boots Womens Size 8 M Tan Beige Suede LeatherWomens Tall Boots - Zealous Brown by So Wear It Declare It, Size 9 1/2M , Womens Christian Siriano Black Ankle Boot Size 7 Tall Chunky Heel Zip Up , STYLE & CO GAYGE BROWN WIDE CALF RIDING BOOTS SIZE 5 M WC , Moschino Cheap And Chic Women’s Black Leather Dress Boots Size Sz 35.5 U.S. 5 M , Lucky Brand Womens Lk-jezzah Leather Open Toe Ankle Fashion, Brindle, Size 9.0 cVince Camuto Womens Boots Peep Toe Leather Bootie Size 7Lucky Brand Zavrina Multi Strap Ankle Boots F19, Incense, 6 US Display , Jeffrey Campbell Repisa Black Suede Ruffle Tall Fashion Week Designer Boot , Bottines Boots Tout Cuir Beige Made in Italy T 37 TBEFitflop Supermod Ankle Boots - Women's Size 6, Dark CherryHush Puppies Cocoa Taupe Suede BootsDr. Scholl's Brilliance Wide Calf Riding Boots 267, Black, 10 US / 40 EU , VINTAGE Fashion Riding Boots Size 6.5 M Woman , US Shoe Size Women Fashion Boot Comfort Casual Black, Brown, Camel, Gray Booties , B.O.C Womens COMET Leather Round Toe Ankle Fashion Boots, Black, Size 8.0 id3wJCrew Collection $248 Academy Flannel Loafers sz 9.5 heather carbon shoes G8984 , Paul Green Women's Maxi Slide Patent Mules Size 6 Black Retail $275ALEGRIA PAL-545 PALOMA PASTEL STONES WOMEN’S U.S. 9M (5300)V 1969 Italia Womens Ballerina E08 FIORI OSSO , BURBERRY ECLECTIC PRINT CANVAS BALLERINA DARK SPICE us $37954722 auth BOTTEGA VENETA silver leather Mary-Jane Ballet Flats Shoes 38 , Acne Studios 'Bibiana' Platform Espadrille - Size 37 - $380Nike Air Max Torch 4 Womens Size 7 White Running Athletic Sneaker Shoes F4-641 , Nike Downshifter 7 Womens Size 8.5 White/Platinum Running Athletics Shoes F4-501Fashion Womens Sport Shoes Athletic Pumps Hidden Heel Slip On Skateboard Sneaker , Womens TORY BURCH "REVA" black fabric ballet flats 215894 shoes sz. 5.5 MSam Edelman Frankie Studded Flat 6 M Nude Leather A4364L8254 New with BoxWomen’s New Balance Minimus Cross Trainer Shoes WX20v2 Size 6.5 D Wide

NIKE 001 AIR 4822 ZOOM 90 IT GOLF CLEATS "RORY MCILORY "RORY 844648 001 Wmn Sz 9 5a6e3cf - digitalcraftmedia.com




Athletic Shoes
1639352
5806858
8625376
9040587
10450652
12217390
14276335
15988816
16308058