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

Women's White/Blue New Shoes 24334 Balance Women's 608v4 White/Blue Athletic Shoes 4a71b58
Women's White/Blue New Shoes 24334 Balance Women's 608v4 White/Blue Athletic Shoes 4a71b58 - digitalcraftmedia.com

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.


Women's Ash Women's AS-Dazed bis Sneaker Athletic Shoes , Women's Arnaldo Toscani - 1099K210 Athletic Shoes , Women's adidas Women's Courtset W Athletic ShoesWomen's Onitsuka Tiger California 78 Ex Athletic Shoes , Women's Versace Jeans - E3VRBPC2_70034 Athletic ShoesWomen's Aldo Romeu - Choose SZ/Color Athletic ShoesWomen's U.S. Polo - SADIE4157W8 Athletic Shoes , Women's Laura Biagiotti - 2042 Athletic ShoesWomen's Versace Jeans - E3VRBPV1_70053 Athletic ShoesWomen's Laura Biagiotti - 2048 Athletic Shoes , Women's Versace Jeans - E3VRBPK1_70044 Athletic Shoes , Women's Saucony Women's Cohesion 11 Sneaker Athletic ShoesWomen's Versace Jeans - E3VRBPM1_70046 Athletic ShoesWomen's Versace Jeans - E3VRBPQ1_70050 Athletic ShoesWomen's Puma - 365859 Athletic ShoesWomen's Ana Lublin - EWA Athletic ShoesWomen's New Balance Women's 574v1 Sneaker Athletic ShoesWomen's Versace Jeans - E3VRBPC1_70034 Athletic Shoes , Women's Mizuno Wave Kazan Women's Shoes Athletic Shoes , Women's WMNS NIKE DUNK HIGH PREMIUM Athletic ShoesWomen's Steve Madden Women's Graant Boot Athletic ShoesWomen's Adidas EQT Support Athletic Shoes , Women's ASICS Women's Dynaflyte Running Shoe Athletic ShoesWomen's Nike Roshe Waffle Racer Athletic ShoesWomen's Chaco Women'sKanarra Casual Shoe Athletic ShoesWomen's Guess Baskets Femme Sunny Rose Athletic ShoesWomen's BEARPAW Women's Lea Fashion Boot Athletic Shoes , Women's Dr. Scholl's Women's Flyer Sneaker Athletic Shoes , Women's NEW REEBOK WOMENS CLASSIC LEATHER Athletic Shoes


More Stories



Tags
Rampage Women’s Black-Verranda- Ankle Boots Booties Heels Shoes Size 9Dakota Mid-Cut AT Composite Plate Women's Black/Pink Work Boots 9.5 EENEW! dv by Dolce Vita Creola Zipper Block Booties, Black - Size 6 - RETAILS $38New Oboz Womens Moonlight Bdry Insulated Waterproof Winter Snow Boots Size 11CAMPER WOMEN’S BLACK MID CALF BOOTS WITH ZIPPER, Leather Combat Boots Size 38Vince Camuto Black Leather Winchell Moto Boots Size 10 (40)Fly London Tram Black Gold Womens Leather Slingback Sandals ShoesIsaac Mizrahi Medium Calf Leather Riding Boots Side Zip Bordeaux 12M NEW A267123 , Columbia Women's Heavenly Slip II Omni-Heat Winter Boots Black 1753381 BL2754Lucky Brand Daria Navy Blue Almond Studded Rain Snow Boots Womens 7 NEW IN BOX , Original SAS Easier Antique Wine 0128-153 W Wide Women , Finn Comfort Women's 10.5 US/ 8 UK Sacramento Mary Jane Cigar Luxory GermanyEileen Fisher Women's Shoes Tan Pointed Toe Flat Vero Cuoio Slip On Size 7.5 , New Francesco V. Black Perforated Leather Flats Size 38 US 8 , Charles Philip NWOB Beige Teal Suede Tassel Accent Loafer Flat Shoe Size 38 8Ecco Footwear Womens Chase Tie Sneaker Moon Rock 36 EU/5-5.5 M US , NIB TORY BURCH GEMINI CHAIN BLUE PRINT CANVAS GOLD LINK GROSGRAIN BOW FLATS 9.5MERRELL Mykos Jet Women's Hiking Trail Running Shoes size 8 Vibram Mesh AquaUnder Armour Women's Favorite Cotton Print Everyday Bra - Choose SZ/ColorNEW! NIB! MATT BERNSON Gunmetal Sequin GITANES Smoking Shoes Loafers 8 9.5 $168Cole Haan Womens Jagger Wingtip Oxford Closed Toe Oxfords, CH Argento, Size 6.0Louise Et Cie Womens andres Pointed Toe Mules, Gravel Grey, Size 7.0NIKE Hyperdiamond 2 Keystone 856434-616 UNIVERSITY RED Size 10Reebok Z Pump Fusion Geo Running Women's ShoesWomen Rivets Studs Platform Wedge Fashion Sneakers Sport Ankle Boots High Heels , Women's Malone Souliers Pointed Toe Flats Flats , Talbots Womens Boots Ankle Chelsea US 6.5 B Black Leather Pull On Wear to Work , Franco Sarto Womens Size 7 M Linden 2 Boots Ankle Heeled Leather Buckled Brown , Sugar TAKEDOWN Booties 334612 Women's Zip Up Heel Shoes Natural Tumbled Sz 7.5M , New Balance 997 Women Made Usa Running Lifestyle Shoes Gym Limited W997ER Sz 8

Women's White/Blue New Shoes 24334 Balance Women's 608v4 White/Blue Athletic Shoes 4a71b58 - digitalcraftmedia.com




Athletic Shoes
2887591
5427423
5528611
6950478
7391625
10778911
12983930
14522288
16649413