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/LEBCBGeneration Women's Black Weston Quilt Stitch Flat Size 6.5MNaturalizer Women's August Slip-on Loafer Beige Size 6.5 , Ladies 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 EspadrillesADIDAS WOMEN'S ORIGINALS SUPERSTAR SLIP-ON SHOES B37193 BLACK/WHITE , J.CREW GEMMA FLATS IN PAISLEY PRINT SIZE 7M BRIGHT PINK MULTI F5520 , MARCIANO Medium Red Suede Flat Sandals Sz 5.5 , Versace 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 US , SPERRY TOP SIDER LEOPARD BOAT SHOE ANGEL FISH SHEEP SKIN FUR 7M , SPERRY 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 7.5Vince 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 ShoePropét 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 S7273 , MERRELL VERANDA TIE SHOES WOMEN'S 8 M RTL $150 HEELNWOB Vince Blue Satin Platform Sneakers Shoes Size 7M-Beautiful New ConditionWOMEN'S DREW NEW VILLAGER TAUPE SOFT PEBBLE size XWW diabetic shoes 10676-73 , JCrew $118 Lea Ballet Flats in Suede Sz 6 Black Shoes G0971 AVL ,

More Stories

Women's 10 Black Suede Leather Bearpaw Ankle Boots Shearling LiningShoes by Folk Brown Alice Pebbled Ruffle Leather Boots Shoes Booties - SZ 37 6.5 , Carlos by Carlos Santana Charcoal Knee High Boots Size 7.5 , I35 Laini Multi Buckle Strap Block Heel Ankl Boots 800, Black, 8 USWomens Chunky High Heel Black Chukka Pointed Toe High Top Ankle Boots ShoesBrown 1" Low Heel Side Belt/Buckles Faux Leather Sexy Knee Boot Size 8.5Earth Origins Women's Derby Leather Shooties w/ Stitch Details Bark Brown Sz 7 , Fahrenheit Red Suede-like Platform Thigh high over the knee Boots size 7.5 , Chelsea High Heels Womens Combat Vintage Ankle Boots US 4-7.5 , Natural Soul COLTRANE Boots - (Doe Fabric)*New Women Wild Diva Sasa-01 Leatherette Oxford Chunky Heel Platform Bootie , Born Size 8.5 Taupe Leather Ankle Boots New Womens Shoes , Women Leather Rivet Boots Buckle Fashion Martin Leather Ankle Booties ShoesHELLY HANSEN Waterproof Womens Leather Long High Winter Boots Size 5 EU , Rampage Womens Ram-Saddie Closed Toe Ankle Fashion, Camel/Navy Fabric, Size 6.0SOFFT Womens Leather Boots Sz 6 Zipper Suede Shaft BlackWhite Mountain 'DAYTONA' Women's Bootie, Black, Size 9.5 M2eLALDO Leopard Print Pony Hair 5" Stiletto Ankle Booties, Size /US 8.5MSAM EDELMAN Booties block heel Boots Black Suede 7 MSam Edelman Womens Felicia Ballet Flat, Molten Gold Leather, 10 M US , Donald J Pliner Beth Leather Flat, 6, Brown , Laura Bellariva 9200 Gray Pebbled Leather / Fringe / Bow Shoes 38.5 / US 8.5NEW CHARLOTTE OLYMPIA Kitty Embroidered PINK Suede Slippers Flat Shoe 38 / 8Burberry Avonwick Women's Heritage Gold Flat Shoes 1017 Size US 10 , NEW AGL ATTILIO GIUSTI LEOMBRUNI WOMENS LOAFER , Tod’s Women Shoes Size 39 NIB Silver Suede Sneakers , AGL ATTILIO GIUSTI LEOMBRUNI Loafer Flat Beige 9.5 Leather KEEPER Moccasin taupeRockport Cobb Hill Collection Ch Judson X Pump Black Leather Womens Pumps 10MWomen's Skechers Shoes – Microburst-Made-You-Look white/silver Athletic Shoes78-52001 Johnston Murphy Women's Black Leather Riding Boots Size 7 M

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