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 -

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 3205AC462 MBT shoes gray suede women ballet flatsnew 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 1165Stuart Weitzman Women's Brown Slipin Flats 1237 Size 7MNIB TORY BURCH CHERRY BROWN SNAKE PRINT LEATHER GOLD REVA YORK BALLET FLATS 7Gianni Renzi 0006h Black Leather Loafer Fold-Down Heel / Flats 36 / US 6AD93 MOMA shoes white leather women moccasinsREED 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 6Punchmoc Ale Stuart Weitzman Loafer FlatImagine Vince Camuto Women's Garyn Ballet Flat, Inkwell Blue, Size 6.0Mephisto Women's Laser Dark Brown Leather Comfort FlatAquatalia White/Brown Seude Women Sneakers Size 6 5052NIB 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 9GIUSEPPE ZANITTI DESIGN Gold Leather Silver Cap Toe Studs Ballet Flats 38.5 8M , Manolo 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

Mango-51 Mid Calf Synthetic Zipper Low Heel Women's Casual Boots Tan 7.5^-Splendid Dale Ankle Boots - Women's Size 9, Oat (REPAIR)Black 1" Low Heel Round Toe Sexy Knee Boot Side Buckle Size 9.5 , BASS BLIZZARD BLACK COLOR LEATHER FUR LINED BOOTS SIZE 9 THICK RUBBER SOLE , Romika Cassie 07 Distressed Leather Shooties, Women's Size 5-5.5, BrandyJustin L9968 Gypsy Black Brown Leather Square Toe Cowgirl Western Boots size 7 BSkechers Women’s 8.5 Brown Leather Zip Up Block Heel Platform 10” Boots 91250 , Women Back Foldable Ankle Boots Pointd Toe Zipper High Block Heel Leisure Shoes , Reba NWOB Womens Reba Stand Brown Boots Shoes 6 Medium NEWLifeStride Womens able Closed Toe Ankle Fashion Boots Taupe Size 6.0 , LADIES SHOES/FOOTWEAR - Cabello sandal Jovie black size 39/8NEW Womens Bronx EMBELLESHMENTS Leather Western Boot Black Size 6 retail $229 , Prada Shoe Cream Woven Gray/Black Trim Espadrille Size 38 1/2 , NEW J. CREW CLEO WOVEN LEATHER LOAFERS NAVY RED SIZE 7 Retail $258 ITALYSkechers Women's Career-Interview Flat - Choose SZ/ColorNEW $621 NewbarK Ink sz 6 Blue Leather Snakeskin Print Loafer Flats In Box , CLARKS Women's Rosalyn Nicole Slip-On Loafer Black Leather 11 N USTory Burch Gold Reva Metallic Snake Embossed Ballet Flats Shoes.Sz 9 , Twisted X Ladies Dust & Teal ECO Recycled Driving Moccasins WDM0085 , Birkenstock Black Women's Leather Clog Size 36R US L5 M3 * , New See By Chloe Black Leather Studded Ballet Flats Women’s Size 37.5 M* , Stuart Weitzman Metallic Flippy Pointy Toe Mirror Flats Sx 5.5 New $398Puma Alexander McQueen McQ Brace Low Slip On Womens Black White Trainers , Propet Women's Washable Walker Walking Shoe, SR Bone/White, 6 2E USNWB-Skechers Skech-Air Extreme Awaken Women's Athletic Shoes-Navy/Light Blue 7.5 , Vibram Women's VI-B Fitness and Yoga Shoe , Women Sweet Faux Suede Bowknot Warm Winter Snow Girl Winter Mid Calf Boots shoesNATURALIZER Kaitlyn Comfort Wedge Shoe Dark Brown Suede Size 6M ~ NIBINC International Concepts Hadli Women Shoes Black Suede Over Knee Boots Sz 9 M , Dansko Womens Professional Clogs Black Patent Leather Nurse Shoes Size 39 US 8.5

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