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

Western Boots Justin L4210, Justin Vintage Saddle Doeskin, Womens Western L4210, 5-1/2B 759e5c9
Western Boots Justin L4210, Justin Vintage Saddle Doeskin, Womens Western L4210, 5-1/2B 759e5c9 -

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.

Womens pull on Mid Calf boots Platform Hidden Wedge Heel casual Snow Boots Shoes , Charlotte Ronson Dimphy Women's Black Scallop Edge BootieSkintone 3"High Wedge Heel Round Toe Ankle Boots Front Strap Size 10 , Ethnic Womens Round Toe High Top Hollow Out Holes Breathable Ankle Boots SandalsCusica Dusica Womens Shoes Size 38 8 Black Solid Mid Calf Winter Boots Casual , Brand new Gorgeous Pleaser Purple Patent Stiletto Knee high boots size 10Kenneth Cole Reaction Womens Brown Tall Zip Up Gina Riding Boots Size 7 NIB , OLD NAVY FAUX SUEDE BLACK PERFORATED PEEP TOE 3 IN HEEL LOW BOOTS BOOTIES 9Columbia Women’s Brown Leather Fleece Lined Winter Boots Size Sz 9 M$99 size 11 Baretraps Addye Taupe Suede Ankle Booties Womens Winter Shoes , LUCKY Brand Joelle Western Bootie Size 8 Women's Slip On Boot Brown Pointed Shoe , new Brown Womens 1.5 Low Hidden Wedge Heel Side Bow Knee Sexy Boot Size 9 , Plenty by Tracy Reese Hurley Suede Mid Calf Boots Date Brown 40M 10 NIB $240 , Dingo 17694 Brown Scroll on Black Shaft Western Boots Womens 7 1/2 M Very GoodMinnetonka Womens Venice Brown Moccasin Boots Shoes 6 Medium (B,M) BHFO 8530Black High Knee Leather Boots Size 37 EU Vero Cuolo , Oscar Sport Cristina Black Hair Boots Size 39 Made in Italy , Connie-10 Pointy Toe Thigh High Over the Knee Chunky stacked Heel Boots , Vince Camuto gray leather platform ankle boots side zipper sz 6 B , DailyShoes Western Womens Slouch Mid Calf Ankle Strap Buckle Cowboy BootsANIMAL PLATFORM CASUAL CREEPER SHOE FUNKY TABBY CAT COMFORT FLAT WALKING GREENB Makowsky Nellie Brown Suede Oxford Wedge Boot Booties NewWomens Over the Knee Toe Thigh High Stiletto Heels Boots Breckelles Beverly-15 , Knee High Boot | Faux Suede Slouch Upper | Pointy Toe | Thin Stiletto Heel Boots , Totes Women's Joni Snow Black Waterproof Boot - Size 9 Wide - WNBWomen Knee High Boots Zip Stilettos Heels Patent Leather Platfrom Fashion Shoes , NEW LEOPARD ANIMAL PRINT WEDGE BOOTIE SIZE 5.5, 6, 6.5, 7, 7.5, 8, 8.5, 9, 10 , Torrid Trendy Brown Knee High Riding Style Boots Size 13 Wide Width NEW , Qupid Side Cut Oil Distressed Low Stacked ankle boots bootie PH-09 ,

More Stories

NEW Womens Ladies SEVEN DIAL Black Faux Suede Tall Over the Knee Boots 8 , NEW Women's Shoes Ankle Boots Slouch Comfort Flat Casual Strap Buckle Round Toe , BCBGeneration Black Leather &Fabric Pointed Toe Bootie Heels - Wmns US Size 8.5 , ALFREDO GIANTIN BLACK LEATHER KNEE HIGH BOOTS WOMEN'S SIZE 38 US , David Tate Knee High Boots Saddle Zip Brown Leather Women Size 8.5 WCOLE HAAN Short Black Platform Boots Air technology sz 7.5New w/Box Merona Kasia Genuine Black Leather Riding Boots Sz 9.5 *Free Shipping* , Kenneth Cole Reaction Women's Youngstir Black Suede Knee High Boots 6 M Defects , Kickers Kick Hi Patent Leather Girls - Youth Black School Boots , Stuart Weitzman Copper Leather Mid Calf Boots Size 9 M , Born Diamond Heeled Knee High Boots, 6, 36.5 , ROCKPORT SCHROK TALL SHAFT BOOT WOMENS US Size 5 , Lucky Maldeev Block Heel Ankle Boots 675, Taupe, 7.5 US / 37.5 EUJoie Womens Haddie Fabric Open Toe Ballet Flats Platino Size 6.5Womens Kenneth Cole Reaction Size 8.5 Gwen Riding Boots Color brown NIB.Corso Como Women's Harvest Ankle Bootie, Black Split Suede, 9 M US , Kirkland Sheepskin Black Ladies' Boots Size 10Anne Klein Women's Jules Open Toe Pump Medium Brown Size 9 M , Tod's blue suede ballet flats 8.5 flat shoesL@@K CLOSE-OUT SALE!! PUMA COMPLETE TFX MILER 2 Women's 11 Track & Field SPIKESJosef Seibel Black Leather Mules Clogs sz 41 , Rag & Bone Colby Leather Loafer-Style Sneaker in Light Gray Size - 7.5B, runs sm , Womens Adidas Grey Prime Knit Shoes Sz 8.5 , Skechers Men's Go Run Mojo-Verve Sneaker - Choose SZ/ColorWomens Korean Breathable Wedge Heel Platform Mesh Rhinestone Shoes Sneaker HotAsics Gel Nimbus 16 T485N Womens Size 6.5 M Silver Blue Running Shoes J2Women's SNEAKER HEART PATENT WHITE Athletic ShoesWomen's Manoush Flats Flats , Womens Ankle Boot GIANI BERNINI Black Leather "LORCA" Bootie 9 1/2 M 3" heel , Adidas Performance Women's Yvori Cross-Trainer Shoe - Choose SZ/Color

Western Boots Justin L4210, Justin Vintage Saddle Doeskin, Womens Western L4210, 5-1/2B 759e5c9 -