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

Rag Size & Bone Kent Blue Slip On Shoes Navy Blue & Women Size 11 2989 f2d6d82
Rag Size & Bone Kent Blue Slip On Shoes Navy Blue & Women Size 11 2989 f2d6d82 - 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.


Stuart Weitzman Geek Women's Adobe Aniline Patent Leather Loafer Sz 7.5 3205 , AC462 MBT shoes gray suede women ballet flats , new RRP $476 AVEC MODERATION PRINT SCARF ANKLE WRAP LEATHER SANDALS SHOES 39Luca Grossi 6060 Comfort Bronze Leather Wedge Pumps Shoes 36.5 / US 6.5Diane Von Furstenberg Slip On Patent Leather Flats Green Women Sz 9 M 1165 , Stuart Weitzman Women's Brown Slipin Flats 1237 Size 7MNIB TORY BURCH CHERRY BROWN SNAKE PRINT LEATHER GOLD REVA YORK BALLET FLATS 7 , Gianni Renzi 0006h Black Leather Loafer Fold-Down Heel / Flats 36 / US 6AD93 MOMA shoes white leather women moccasins , REED KRAKOFF Mushroom Snakeskin/Lizard Fashion Oxfords - 39.5/US9.5 - Mint w/BoxIsabel Marant Etoile Cana Printed Canvas-twill Espadrilles SZ 39 =US 8.5 -9 -NIBGianni Renzi 0006i Red Leather Loafer Fold-Down Heel / Flats 36 / US 6 , Super glamorous Belgian Shoes Black Velvet Smoking Slippers Loafer ShoesMally 6265a Green Stamped Leather Pointy Toe Ballet Flats Moccasins 36 / US 6 , Punchmoc Ale Stuart Weitzman Loafer Flat , Imagine Vince Camuto Women's Garyn Ballet Flat, Inkwell Blue, Size 6.0 , Mephisto Women's Laser Dark Brown Leather Comfort FlatAquatalia White/Brown Seude Women Sneakers Size 6 5052 , NIB J Crew Lucie Tartan Plaid Pumps w/ Star Embellishment Sz 7.5 Red SOLD OUT!Aquatalia Women's Perla Metallic Ballet Flat, Black, Size 6.5 , Lanvin Ballet Flats Burgundy Leather Shoes 37 France , women's shoes MBT 7 / 7,5 () flats black leather dynamic BT134-38Sperry Top Sider 6.5m Female Shoes , Aquazzura New With Tags Belgravia Flat Espadrille CognacWomens Moncler 'Josette' Calfskin Leather Espadrilles - Black - 5US / 35 (Z13)Donna Piu 53101 Antique Beige Gold Leather Suede Zip Ankle Booties 39 / US 9 , GIUSEPPE ZANITTI DESIGN Gold Leather Silver Cap Toe Studs Ballet Flats 38.5 8MManolo Blahnik Women's Ballet Flats 7 1/2M//2 Brown Suede Solid NWOB$225+ Tory Burch GABBY Sz 8 Elastic Trim Ballet Flat Shoes Black Patent Cap ,


More Stories



Tags
Arizona- Absolute Womens Fashion Boots , Size : 11 M ,color: Chocolatewomens wild rose brown puffy fabric below the knee boots size 11 , La Canadienne womens black suede lined Gollum sole wedge winter boots 6 M VGUCBaffin Tundra Womens 8 Winter Boots Black Purple , Bigger Sizes/Waterproof/Warm/Fashion / Joggers Boots Snow Boots Women's BootsBronze 4 Inch Womens Thigh High Boot Shoes Boots Adult Women Ellie Sexy , ZiGi Soho Oreta Tall Riding Boots, Black , WOMEN'S FOLD OVER SODA COMBAT BOOTS, ORALEE BLACK WITH PLAID INSIDE, SIZE 10New $140 FRANCO SARTO Womens Size 6.5 Suede Booties Ankle Boots Shoes 1" HeelsBlowfish Women's Sill Ankle Bootie, Grey, Size 11.0IVANKA TRUMP Sharon High Heel Booties Size 6 MSRP $150 D6 8 New , BooRoo Women's Jules Ankle Boots (1391,1392,1394) Black Oiled Suede Ret. $125 , Marc Fisher Light Natural Taupe Suede Novice Peep-toe Ankle Bootie 9.5 NewBass Womens Bridgit Leather Chic Double Gore Sided Ankle Bootie Black Size 6 MSalvatore Ferragamo Sport Womens Black Fabric Loafers (MADE IN ITALY) Size:6.5 B , Manolo Blahnik Size 37 Giungla Quilted Cork Black Patent Cap FlatsWomens Retro British Wing Tip Carved Leather Shoes Brogue Block Heels OxfordAUTHENTIC LUXURY PRADA SAFFIANO LOAFER SHOES 1D530B PINK US 8.5Jimmy Choo Gamble Flats Black Patent-Trim Leopard Print Calf Hair Size 36Alegria Women's Paloma Flat Sweetie Pie Suede 36 M EU / 6-6.5 C/D US , Lacoste LT Spirit Elite Women's Sneakers SZ 6 , Magnolia Pearl Distressed Red Leather Stella Toe Ballet Flats Size 40 VHTF Shoes , $169 size 5- 5.5 ECCO Soft VII Black Leather Hi Top Sneakers Womens Shoes , Keen Dry Sneakers - Walking Hiking Trailing Waterproof Shoes Women's 11 BlackTEVA 6154 Omnium Womens Size 9.5 Closed Toe Sport Water Sandal Shoes GUCSkechers Sport Valeris Air Cooled Relaxed Fit Memory Foam Shoes Sneakers 8.5Puma Basket Future Minimal - Yellow - WomensWomen's NEW Naturalizer Boots 8.5 Black BootsNEW Womens SOLESENSEABILITY SELINA Black Casual Fashion Tall Knee High Boot Shoe , WMNS NIKE LUNAREPIC FLYKNIT 2 ID "MULTI COLOR" SZ 8.5 [AA1494-994]

Rag Size & Bone Kent Blue Slip On Shoes Navy Blue & Women Size 11 2989 f2d6d82 - digitalcraftmedia.com




Flats
5292044
5831155
11597703
14712028
14749882
16300328
16915194
17768086
18920499