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

Womens Vagabond localjoes-19941 Jessie Metallic Leather Vagabond Leather Festival Fashion Platform Trainer 8197fe3
Womens Vagabond localjoes-19941 Jessie Metallic Leather Vagabond Leather Festival Fashion Platform Trainer 8197fe3 - 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.


Merrell Petunia Wedge Shoes Vibram Moxie Outsole Shoes Brown or Black Sz 9.5 BNBareTraps Vanassa Slip-on Casual Shoes BlackSteven By Steve Madden Womens Adee Slide ShoesNIB $195 Eileen Fisher Ale Suede Loafer Shoes (US 10 ) , $159 NEW Zara Black Authentic Real Leather black Cowboy Boots Ankle US 8, Eu 39JA*VIE BALLERINE BLACK CAP BEIGE JELY FLATS MACHINE WASHABLE SIZE 38 , NAOT FOOTWEAR WOMAN SHOES MARY JANES BROWN SIZE / US 8 , $157 NAOT 41 BLACK CLOGS Black Patent Leather Womens Mules *EXCELLENT* sz 10 , New Balance Shoes Mens Aria 1 Mesh MARIALB1 Black Running SneakersAdidas Point Court Womens Flatform / Platform Shoes S81475 Black Trainers , FitFlop Womens Anna Sui Pineapple Print Ballerina Flat Shoes, Aqua, US 10 , Cole Haan Women's Grand Tour OxfordFitFlop Women Uberknit Slip On Ballerina With Bow Shoe, Neon Blush/White, US 8WOMEN'S SHOES SNEAKERS CROCS EVE FLAT W [203433 PLUM] , Walking Cradles Womens Bounce Leather Leather Pointed Toe Ballet Flats , Dansko Women's/Men Blue Patent Leather Clogs size 41 Beautiful Color From Italy , CELINE Royal Blue 39 Pony Hair Distressed Skater Slip On Platform Sneakers ShoesSKECHERS RELAX FIT SHOES - MEMORY FOAM - SZ 7 - NWOB - B-SHO-3 , 35.5 / 5.5 - Prada Cipria Eyelet Perforated Patent Leather Bow Flat Shoes 1014MMAttilio Giusti Leombruni AGL 39 Black Suede Grommet Ballet Flats Pointed Toe$148 NEW Jack Rogers RORY Pointy Flats Slingback Cork Natural Beige Shoes 6 , Cole Haan Women's Tali Bow Ballet Flat , ED by Ellen DeGeneres Woven Slip On Sneakers Daichi 9 MDansko woman gals shoes / US 6.5 brown oiled leather pumps studs/stappledJslides - Sage Platform Slip-On Sneaker - BlackClarks Women's Tealia Elva Casual ShoeVaneli Womens Sidony Cap Toe Ballet Flat Shoes, Bronze Cipria, US 6 , NIB $190 Baldinini Women's Light Slippers White 6.5 US (37 Eu) 768811 ItalyItalian designer everyOne women's black leather loafer ankle boot size 37 NEW


More Stories



Tags
Journee Collection Womens Rimi Closed Toe Ankle Fashion Boots Stone Size 6.0 J2 pair ladies boots 6 1/2 m , WOMEN'S LUCKY BRAND COGNAC WEDGE BOOTIES WITH BUCKLE SIZE 7.5M SUEDE "SUMARAH" , NIB Sporto Lemier Womens Faux Leather Combat Boots 9 Black MSRP$80$145 NEW Naughty Monkey Stomper - Tan Boots Suede US 6.0 M () , Curfew Womens US size 6.5 Chunky Heel Ankle Boots Booties Black Gothic Shoes 90sVIA SPIGA italian leather short cowboy boots leopard print calf hair size 6 , Michael Antonio Womens Size 8.5 Pink Shimmer Cage Studded Booties Stacked Heelwomen's shoes OLGA RUBINI 11 () ankle boots elegant black leather BX782-41DONALD J. PLINER Gray Leather "Cissy" Ankle Bootie Size 7.5 , NEW Bar III Chunky heel Fringe black suede shoes SIZE 9.5 , Ralph Lauren dark blue velvet shoes womanNavy Blue TORY BURCH Leather Logo MELINDA Ballet FLATS Women's Shoes sz 7Ladies Clarks Formal Shoes Busby JazzSalvatore Ferragamo Varina Black Studded Ballerina Flats 40/10 Retail $930 , TOD'S TWO TONE LOAFERS PATENT LEATHER MOCCASINS FRINGE TASSEL NUDE BLACK 39 9 , Naot Women's Rahina Mary Jane Flat - Choose SZ/Color , Loeffler Randall Dru Calf Hair Beige Calf Hair Zebra Geometric CutOut Loafer 8.5Nine West Women's Hidrate Pony Fashion Sneaker - Choose SZ/Color , BROOKS Womens Addiction 12 Gray Running Training Athletic Shoes Size 9 IP-78 , Minnetonka Women's Double Deerskin Softsole MoccasinDonald J Pliner Women's Danie python Embossed leather embelished Loafer SZ 8.5M , Vince Camuto Women's Disti Perforated Flat Espadrille Black Multi Leather 6 MNIKE Hyperdiamond 2 Pro Mcs 856493-018 WOLF GREY Size 5.5Converse CTAS Chuck Taylor All Star OX Premium Suede Burnished Lilac Rose... 8 , Skechers Women's Flex Appeal 2.0 Newsmaker Sneaker,, Red, Size 9.5 90JoJeffrey Campbell Ruched Grey Suede Womens Zip Ankle Boot 10/40Dansko Women's Pammy Clog - Choose SZ/ColorASICS Tiger GEL-Lyte III Women's Vanilla Cream/Vanilla Cream L7D50202 , NIKE WOMENS DUNK SKY HI ESSENTIAL 644877-011 BLACK/GUM SIZE 10.5 WEDGE **NEW** ,

Womens Vagabond localjoes-19941 Jessie Metallic Leather Vagabond Leather Festival Fashion Platform Trainer 8197fe3 - digitalcraftmedia.com




Flats
2227145
6649260
9435478
9849172
14798916
16137955
16310118
16692807
17177849