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

BEARPAW [2123W/Black] Womens Solstice Black Black Suede Booties BEARPAW [2123W/Black] 3380d60
BEARPAW [2123W/Black] Womens Solstice Black Black Suede Booties BEARPAW [2123W/Black] 3380d60 -

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.

NEW LANE BRYANT BLUE OVER THE KNEE WITH LOW BLOCK HEEL BOOTS SIZE 8WStylish Women Suede Chunky High Heels Bling Rhinestone Pointy Toe Stars BootsMarco Tozzi Borderline Combi Womens Taupe Textile Chelsea Boots , So Me Open Toe Stretch Stocking OTK Thigh Boot 4" Chunky Heel 5.5-10 Olive Green , women elegant PU leather side zipper geometric heels square toe ankle boots , BNWT ZARA RETRO HIGH HEEL LEATHER ANKLE BOOT GREEN s.40 REF.7114/001AQUATALIA Brown Suede Wedge Booties Womens Sz 6 Adjustable Strap Round Toe ShoesPunk Rock Goth Spike Studded Ankle Cuff Extreme Platform Boots Shoes Adult WomenH by Halston Brown Leather Caroline Faux Fur Trim Ankle Boot NEWSTEVE MADDEN - BRADI - Women's Ankle Boots Bootie - BLACK Leather - Size 5.5 , Isaac Mizrahi Alysa Burgundy & Black Leather Riding Boots 6.5 W NEWCrocs Rainfloe Waterproof Tall Rain Boots Espresso Brown Womens 7 NEW , NEW ZARA WOMAN OVER KNEE XL BLACK HIGH HEEL BOOTS PRINTED FABRIC SHOES 5013/201NWT Women's Simply Vera Vera Wang New York High Heels Choose Size BlkNYLA Blinder Cog / Orange Women's Wedge Ankle Shoes Sizes: 6-10 , Enzo Angiolini Womens Boots Ankle Booties Suede Black Heel Size 9 M , New BORN W12163 Bronze Leather Harness Biker Boots 36.5 - US 67851732 LSPBTS50 Womens Shoe Size 7 M Tan Leather Zip Up Boots Johnston & Murphy , Ladies Clarks Boots - Money WhistleSuede Embroidery Women Vogue Ankle Boots Side Zip Shoes Floral Dress Block Heels , Bottes MOVE ON Confort Cuir Noir T / 39,5 TTBE , Marc Fisher New Womens Sunshine Black 10 M Heels Boots Shoes , HOUSE OF HARLOW SHEARLING SADIE PULL-ON ALPINE ANKLE BOOTIES, SIZE 7.5 BURGUNDY , Hush Puppies Lena Womens Comfortable Ankle Boots/Shoes/CushionedSteve Madden Austin Booties- Black- Size 6- $99 , MIA Women's George Boot NWB NEW , KENDALL and KYLIE Women's Spencer Block Heel Combat Booties Size 9.5 WhiteBottines Boots MINELLI Cuir Noir Métal Doré T 35 TBEWomens High Block Chunky Heels Ankle Boots Shoes Zip Fashion Platform Booties ,

More Stories

Mark New York Black/Beige Leather Cuffed Wedge Heeled Ankle Boots Sz 8M , Brinley Co Women's Avita Ankle Boot, Tan, Size 7.5 yrYh , Mia Girl "Amy" Synthetic Vegan Women US 8 Brown Western Heel Ankle Boots , ROS HOMMERSON Womens ADRIAN Dark Brown Heeled Ankle Boots Size 6.5 MIvanka Trump Sirra Size 10 Ankle Boots Black Leather Shoes Pointed Booties HeelsNWOT or Box- Shoedazzle Black Sarly Winter Sneaker Boots- Size 7Penny Loves Kenny Brown Tall Platform Cuffed Top Boots Heels Size 7BCBG BCBGeneration Womens BG-Flashy Knee High High Heel Boot Shoe, Black, US 5 , TEVA Womens Foxy Mid Black Leather Ankle Boots US 11 NEW!Over the Knee Tall Women's Red Wine Gray Black Suede Winter Boots-Size 6-10AD748 INUOVO shoes black leather women ankle bootsNew Seychelles Quake Ruffle Suede Slip-On Sneaker Womens 8.5 Burgundy ShoesBareTraps Rhapsody Cross Strap Ankle Boots, Mushroom , Naturalizer Women's Cynergy Ankle Boot,Black,6.5 M US , NIB JCrew $138 Lily Ballet Flats in Crackled Leather Size 8 Gold Black G7845 , London Fog Womens Chelsea Demi-Wedge Dress Shoe Navy 6 , Women's Genuine Leather Oxfords Front V Flat Heel Mules Slides Ankle Boots ShoesAerosoles Out Of Sight Slip On Flat Loafer Flats, Dark Tan, 7 US , YSL Yves Saint Laurent Paris 10 Patent Ballerina Flats Shoes 39 9 , STUART WEITZMAN BEADYBOW Black Suede Designer Flats Comfort 8.0 MEarth Angelica Womens Maryjane Flat Prune Size - 7.5NSalvatore Ferragamo Shoes 237003 Orange 6 , LFL by Lust for Life Women's Trinti SneakerWomens Genuine Leather Flats Round Toe Oxfords Pearls Chic Shoes Rhinestone NewNEW CLARKS WOMENS EVERLAY KENNON - WOMENS SHOES - BROWN LEATHERWomen's MBT Blue Leather Mesh Upper Tone Shape Ups Sneakers Shoes Size 7.5 USNike Air "Women's Training" Shoes, Sz 7M, White/Gray with BlueSteve Madden shoes size 6 1/2Remonte Dorndorf Women's Fleur Black Ankle Boot, Size 9.5Northside MILLA MID - Beige - Womens

BEARPAW [2123W/Black] Womens Solstice Black Black Suede Booties BEARPAW [2123W/Black] 3380d60 -