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

ARRAY Womens Womens breeze Cap Toe Size Ankle nvy, Strap Mary Jane Flats, nvy, Size 9.0 f83ff44
ARRAY Womens Womens breeze Cap Toe Size Ankle nvy, Strap Mary Jane Flats, nvy, Size 9.0 f83ff44 -

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.

DEMONIA Womens Gothic Punk Low Platform White Leather Creepers Shoes CRE602/W/LE , BCBGeneration Women's Black Weston Quilt Stitch Flat Size 6.5M , Naturalizer Women's August Slip-on Loafer Beige Size 6.5Ladies Rieker Antistress Hook & Loop Mary Jane Shoes 413G4 , 2017 fasion women men casual shoes flat for women menBeverly Feldman Bronze Leather Zipper Bow Vamp Brown Suede Loafer Ballet Flat 8M , Très belles ballerines Repetto violet, lilas, T 37 très bon état, valeur , Red Valentino sz 38 US sz 7.5 Navy Blue Red Poppy Canvas Espadrilles , ADIDAS WOMEN'S ORIGINALS SUPERSTAR SLIP-ON SHOES B37193 BLACK/WHITEJ.CREW GEMMA FLATS IN PAISLEY PRINT SIZE 7M BRIGHT PINK MULTI F5520MARCIANO Medium Red Suede Flat Sandals Sz 5.5Versace 19.69 C01 LAMINATO ARGENTO Classic Shoes Women's Silver US , Calvin Klein Womens Fiana Leather Cap Toe Ballet FlatsEscada Silver Leather Logo Loafers Shoes Moccasins, Size 36.5, 6.5 USSPERRY TOP SIDER LEOPARD BOAT SHOE ANGEL FISH SHEEP SKIN FUR 7MSPERRY TOP-SIDER Shoes Gray Silver Woven Leather Flats Women's US 6 M $95 , PRADA BLACK MARY JANE LOAFERS SPORTY WALKS 6.5 36.5 MIU TOP FLATS AUTUMN 7 37 , AGL Attilio Giusti Leombruni NWOB Red Suede Pointed Toe Flat Shoe 37.5 US 7.5 , Vince Camuto Size 10 M Beige Open Toe Heels New Womens ShoesVersace 19.69 B1670 VELOUR BROWN Brogue Women's Brown USNaturalizer Emiline Flats Grey Multi Brocade Fabric Women's Loafer Slip On Shoe , Propét Womens Olivia Leather Closed Toe Ankle Strap Oxfords, Black, Size 10.5 , L'Artiste by Spring Step Womens Talulla 41 Closed Toe Ballet, Bordeaux, Size 9.5FRYE DYLAN SLIP ON LEATHER WOMENS SHOES LOAFERS 3479264 NEW SIZE 9.5M , ETRO women shoes sz 8.5 Europe 39.5 multi color rubber S7273MERRELL VERANDA TIE SHOES WOMEN'S 8 M RTL $150 HEELNWOB Vince Blue Satin Platform Sneakers Shoes Size 7M-Beautiful New Condition , WOMEN'S DREW NEW VILLAGER TAUPE SOFT PEBBLE size XWW diabetic shoes 10676-73JCrew $118 Lea Ballet Flats in Suede Sz 6 Black Shoes G0971 AVL ,

More Stories

Nine West Womens Brown Leather Ankle Boot Shoe - Size 7M , HOT TOPIC WOMENS SHOES (SIZE 9) GOTHIC SKULL CREEPERS DEMONIA PLATFORM BOOT RAREROCKET DOG LADIES BROWN PLAID ANKLE BOOTS GREAT CONDITION 7M ADORABLE! , Bare Traps Womens Stiller Leather Almond Toe Knee High Riding, Black, Size 7.0Casual Womens Tassel Faux Suede Zip Ankle Boots Hidden Wedge Heels Shoes FashionWomen's Trendy Winter Faux Suede Pointy Toe Fur Furry Mules Slip On Boots Y366 , Nine West Deep Snow Women's Cognac Knee-High Boot , Womens's 7M Durango Brown with Gold Leather Western Cowboy Boots , Propet Women's Dayna Ankle Bootie, Navy, 10 W USBEARPAW Women's Emma Tall Fashion Boot Black 8 B(M) US , MIISTA Blue Pom Pom Paisley Oxford Shoes Size 36 NWBAK Anne Klein Sport Women's Able Fabric Ballet Flat - Choose SZ/Color , 195$ Charles Philip Olimpia Skull Loafers Size US6, UK3,5 EU36 New in BoxSarah Flint Jilliana Black Boot size 40 , Women's VALENTINO GARAVANI Rockstud Flatform Sandal Leather Sz 39 1/2/ 9.5 US , Casual Ballet Shoes Women's Square Toe Slip On Faux Suede Flats Loafers US 4.5-9Salvatore Ferragamo Ivory Beige Snake Textured Leather Slip On Flats Womens 9 2A , Vince Camuto Women's Lupe Orange Multi Leather Ballerina FlatsSummit by White Mountain Andrea Mary Janes-Women's size 8.5 M Black , Rockport Womens K74556 Ashika Scooped Ballet- Choose SZ/Color. , L'Artiste by Spring Step Women's Tomee Mary Jane , PUMA Womens Soleil V2 Comfort Fun Classic Sneaker- Pick SZ/Color. , nike womens juvenate print running trainers 749552 004 sneakers shoes , Women's CoSTUME NATIONAL Womens Grey Flats FlatsWomen's Tory Burch Flats 10.5 Flats , Women's Eliza Black Leather Via Spiga Flats , New Block Heels Pointy Toe Fur Lined Ankle Boots Buckle Ladies Casual Shoes Fall , Womens Retro Fashion Ladies Pull On Wedge Heel Fur Lining Ankle Boots Shoes SizeCole Haan D38501 Martina Black Ankle Wedge Boots Women's Size 8B EUCHot Sale New Womens Mesh Hollow Hidden Wedge Heels Peep Toe Summer Sandals Shoes ,

ARRAY Womens Womens breeze Cap Toe Size Ankle nvy, Strap Mary Jane Flats, nvy, Size 9.0 f83ff44 -