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

Madden Girl Womens destory Closed Womens Toe Girl Ankle Fashion, Black localjoes-27627 Fabric, Size 8.5 OF0r 1d500dc
Madden Girl Womens destory Closed Womens Toe Girl Ankle Fashion, Black localjoes-27627 Fabric, Size 8.5 OF0r 1d500dc -

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.

Journee Collection Womens Henley Peep Toe Ankle Fashion Boots, Grey, Size 6.5 lMJoules Womens FieldWelly Rubber Closed Toe Mid-Calf Rainboots, Grey, Size 4.0 g8NIB! Baci Master Womens Size 7.5 Brown Boots Ankle Textile Fashion Ankle Boots , Womens Faux Suede Chunky High Block Heel Boots Ankle Side Zip Closed Toe ShoesDizzy Womens P-Picabow Rubber Almond Toe Ankle Rainboots, Black, Size 8.0 XHzlQupid Women's Static-17 Boot, Black, Size 8.5Madden Girl Womens destory Closed Toe Ankle Fashion, Black Fabric, Size 7.0 WmzZNIB! Baci Master Womens Brown Boots Ankle Textile Fashion Ankle Boots - 8.5 , Rampage Womens Hansel Closed Toe Mid-Calf Riding Boots, Black/Smooth, Size 6.0$89 size 8 Giani Bernini Angye Black Peep Toe Heel Ankle Booties Shoes , ELLEMENNO BEIGE KLONDIKE WOMEN'S BOOTS SIZE 8 , Itasca Women's Tahoe Black/Gray Winter Boots Size 6nine west bradley taupe leather ankle boots size 7 , Anne Klein Women's Bayrose Ankle Bootie, Camel, Size 8.0 , Dizzy Womens P-Picabow Rubber Almond Toe Ankle Rainboots, Black, Size 8.0 z7UJAerosoles Womens double trouble 2 Closed Toe Ankle Fashion, Navy Suede, Size 5.5Bare Traps Womens kelyn Closed Toe Ankle Fashion Boots, Brown, Size 6.0 qphV , Generic Women’s Fur Boots 235 D07 , Restricted Womens pablo Closed Toe Ankle Fashion Boots, Black, Size 6.5 1pmY , Bamboo Womens lepord boot Closed Toe Mid-Calf Combat, leoped skin, Size 7.5 FCrSAldo Gillum brown Ankle Leather Rocker scrunch heel Booties Cowgirl Boots Sz 8Lands End Women’s Tan Fur Booties 6B D13White Mountain Dia' Women's Boot, Black, Size 7.0 1d5C , Black 0" Microfiber Boot Shoes Boots Adult Women Ellie Halloween Sexy , BC Footwear NB03250 Womens Shoes/Ankle Boots Rainbow Brown Upper Leather 6 1/2New Women Fashion Sparkle Crystal Gem/Pearl Rhinestone Glitter Pumps Heels Sexy , LADIES WOMENS RIDING BOOTS MID CALF UNDER KNEE ELASTICATED PAT ZIP BUCKLE SHOESMadden Girl Womens Blaiine Closed Toe Ankle Fashion Boots, Black Paris, Size 6.5 , 73494 Womens CLARKS Black Leather Zip Comfort Heels Boots Shoes Sz 6-1/2 xss ,

More Stories

Bare Traps Dolly Waterproof Quilted Rainboots Womens Boots 6 M Brown/Black ~ , Bass Women's 7 1/2 M Leather Burgundy Ankle Boot Side Zipper 2 1/2" heel , NEW DURANGO WOMEN'S CHEYENNE SANDAL (DCRD167) PINK BROWN 9 MEDIUM $60 NIB , Rampage Venice 10-M Women's Mid-Calf Boots Black Faux Suede Boots Size 10M , Vintage Kelly Green w Navy Trim Preppy EDDIE BAUER Rubber Snow Rain DUCK BOOTS 7Bernie Mev Black Woven Stretchy Ankle Booties Size 40 EU (Size 10 US) , Ralph Lauren Size 9.5 Boots Roselle Black Leather Moto Made in Brazil , NEW Sofft Gable Ankle Boot Brown Ruched Leather, Double Zip Women Size 8.5 $129 , Bottines Fourrées Cuir Bleu Nuit T 37 ETAT NEUF , Miss Sixty Black Boots Size 38 - Convertible / Over The KneeNew Women Qupid Rosswood-02 Leatherette Square Toe Block Heel Platform Boot SizePremier western wear fringe boots Womens Cowgirl Leather Boot Dark BrownWomen's USA Justin made cowboy bootsAK Anne Klein Strahan Knee High Fashion Boots 464, Black Leather, 6.5 USEvercreatures UK Brand Rain boot Purple Women's Rain Boots Ankle Wellies , AVEC MODERATION Shoes 308274 Brown 37 , Merrell - Encore Ballet - Women's size 6 - J66680FitFlop Womens F-Sporty Foil-Printed Suede Mary Jane Flat- Select SZ/Color. , Bar III Womens Hint Low Top Slip On Fashion Sneakers White Size 8.5 ciIQ , Sam Edelman Platform Sneakers Size 9 Womens Pink Rose Satin Slip On Frayed Trim , Kallistè - Shoes - Female - Grey - 2289112A183639VALENTINO Love Latch Black Leather Eyelet Embellish Wrap Ballet Flats 40/10 , NEW Alegria Leather Slip on Shoes Goring Eryn EURO 37 US 7 - 7.5 Chestnut LusterKenneth Cole New York Women's Kaleb Fashion Sneaker, Cloud, Size 7.5Reebok Les Mills Ultra 4.0 Women's Crossfit Gym Workout Studio Fitness Trainers , Skechers BOBS Womens Squad-Twinning Fashion Sneaker- Select SZ/Color. , Women's NEW PEDRO GARCÍA WOMENS MULES FlatsBlack Boots Women's Shoes Size 8 8M , BCBGeneration SANDRA Brown Suede Leather Ankle Boot Stiletto Heels Size 7.5B , Trotters Women's Penelope Blush Glazed Kid Comfort Shoes

Madden Girl Womens destory Closed Womens Toe Girl Ankle Fashion, Black localjoes-27627 Fabric, Size 8.5 OF0r 1d500dc -