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

Report 9 'Jael' Black Studded Vegan Leather sz Ankle Boot sz Report 9 M new e254fd7
Report 9 'Jael' Black Studded Vegan Leather sz Ankle Boot sz Report 9 M new e254fd7 -

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.

Crown Vintage Womens rena Leather Almond Toe Ankle Fashion, Black, Size 8.5 uTk7American Rag Womens Lorah Closed Toe Knee High Fashion, Chocolate, Size 7.5 pnmQ , Crown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 10.0 U1Bare Traps Womens Quivina Closed Toe Mid-Calf Fashion Boots, Black, Size 6.0 yIlCole Haan Womens Gabriella Closed Toe Ankle Fashion BootsVince Camuto Women's Armaceli Over The Knee Boot Tornado Size 6.5 , Steve Madden Womens Emotions Almond Toe Over Knee Fashion Boots Taupe Size 8.5INC Jessa Women's Boots Mushroom Size 9.5 Ppke , Crown Vintage Womens Tabitha Leather Almond Toe Ankle Fashion, Black, Size 7.0 XSTEVEN by Steve Madden Womens leina Pointed Toe Ankle Red suede Size 7.5 WRs6Naturalizer Womens demi Leather Almond Toe Knee Chocolate/Chocolate Size 6.5Evercreatures Women's Wellies Polka Shorts Boots 36 37 38 39 40 41 NEWVince Camuto Womens venica Leather Open Toe Ankle, whiskey barrel, Size 9.0 49qzLifeStride Womens Watchful Fabric Closed Toe Ankle Fashion BootsGUESS Womens Galle Peep Toe Over Knee Fashion Boots, Black, Size 8.0 , Dolce Vita Womens Gwen Suede Almond Toe Ankle Fashion, Anthracite, Size 9.5Easy B 'Canberra' Ladies Brown Leather 3/4 Length BootsGeorgia GB00084 Mid Calf Boot Black Size 12W US size 11.5 M pEzT , Crown Vintage Womens kamron Fabric Almond Toe Ankle Fashion, Taupe, Size 8.0 xzq , Carlos by Carlos Santana Womens Candace Closed Toe Mid-Calf, Brown, Size 6.5 o80 , Khombu Womens Jenna Closed Toe Mid-Calf Cold Weather Boots, Navy/Tan, Size 7.0 hEnzo Angiolini Womens Franses Leather Open Toe Ankle Fashion, Blue, Size 7.0 WAO , Naturalizer Womens zarie Fabric Pointed Toe Ankle Fashion, Taupe, Size 12.0 , SALE Clarks 'Luminere Spin' Ladies Taupe Suede Ankle BootsCrown Vintage Womens Khlowi Almond Toe Ankle Fashion Boots, Grey, Size 7.5 fO3jBar III Womens Dove Closed Toe Ankle Fashion Boots, Black, Size 10.0 zebp , Crown Vintage Womens carly Leather Closed Toe Ankle, sparrow taupe, Size 9.5 rJC , RELATIVITY WOMEN'S AVALANCHE FAUX-FLEECE-LINED COMFORT BOOTS BLACK US SZ 6.5 MED , Crown Vintage Womens Tabby Leather Pointed Toe Ankle Fashion, Grey, Size 8.0 ZNG

More Stories

Dolce Vita Womens Brown Leather Sued Buckle Slouch Ankle Boots Size 8 #F74Tommy Hilfiger Black Slip On Clogs, Size 7.5Super cute GAP Rain Booties/galoshes/ankle boots, sz 7 , VTG Guess Georges Marciano Boots Western Ankle Cowboy Boots Size 6-CAMEL-SPAINMarc Albert Knee High Dark Brown Leather Fashion Boots Low Heels Near Flat , Donald J. Pliner Lola Brown Black Leopard Print Zip Ankle Boots Size 7 M , ED Ellen Degeneres Leather Booties Ankle Boots Susumu Green Olive Sz 8.5 M NewVince Camuto Womens Chantel Fur Closed Toe Ankle Fashion, Dark garnet, Size 5.5 , SEYCHELLES LIGHT BROWN SUEDE PREOWNED BOOTS 8.5 M 3" HEELSNine West Nicolah Wide Calf Riding Boots 447, Cognac, 6 US , Women's Redneck Riviera Cowgirl Western Boots Sz 10 , New Reba KC SBrown Pointed Toe Buckled Boots Cut Out Size 8.5 $130 , crocs 203404 Womens Lina W Ballet Flat- Choose SZ/Color. , Sam Edelman Rae Flats - Black - Size 6 - BNIBStuart Weitzman Women's Leather Loafers Slip On Shoes Size 8 M Brown , New Francesco V. Orange Suede Made in Italy shoes Size 37 US 7Hispanitas Itaca moccasins sale hv86842 star/soho black , Tory Burch Womens 11 M Snakeskin Leather Ballet Flats ShoesNaturalizer Women's Jaye Ankle-High Leather Flat ShoeTod's Black Suede Driving Loafer Moccasin (35) , women's shoes MBT 5 / 5,5 () sllip on loafers black suede textile BT99-36Unisa Europa Patent Leather Women Shoes Size 7 Euro 37.5 Black , Alegria Paloma Mary Jane Peacock Feathers Leather EU Size 42 PAL-215 PurpleRieker-Antistress Women's Mirjam 80 Mary Jane Clous/Fango-Silver , PUMA Women's Blaze Of Glory Metallic ShoesNew Balance Women's Wstro Running Shoe - Choose SZ/Color , Under Armour Charged Bandit 3 Ombre Womens Black/Anthracite/Tile Blue 20120001NIB NIKE DUAL FUSION TR 2 PRINT WOMEN'S SHOES~6~PURPLE~AWESOME SHOES , Skechers Women's Go Walk Joy-15615 Sneaker - Choose SZ/Color , Skechers 14941 Performance Womens Go Outdoors- Walking Shoe- Choose SZ/Color.

Report 9 'Jael' Black Studded Vegan Leather sz Ankle Boot sz Report 9 M new e254fd7 -