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

Salvatore Ferragamo Bronze Two Tone Shoe Toe Metal 3620 Buckle Toe Ballet Shoe Flats Size 9 e9a36ce
Salvatore Ferragamo Bronze Two Tone Shoe Toe Metal 3620 Buckle Toe Ballet Shoe Flats Size 9 e9a36ce -

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.

Womens 2010 Nike Le Titia Ballet Cushion Casual Flats Shoes | Dark Pink | Size 6 , Frye Ivy Slip-On Ice Grey Size 9.5Eileen Fisher Marlow Black Suede Mary Jane Wedge Shoes 6, 6.5Diana Ferrari Supersoft Farrier Ankle Boot in Black, Red , PRADA Black Leather Toggle Tie Moc Loafers Women Size 7.5 US Made in Italy EUC , Cole Haan Air Monica Ballet Flats Tango Red/Patent - 5.5CWomen's Tory Burch 'Silver/Metallic Quilted Leather Ballet Flats Sz 10MSalvatore Ferragamo Sport Leather Womens Loafer Flat Buckle Logo Shoes Sz 8 DNAOT Rahina Black Madras Leather Suede Mary Jane Loafer Shoe US 11 Euro 42Dansko Women's Loafers US 7.5- 8 M Slip on Shoes Black Patent Leather , Cole Haan Grand.Os "Zerogrand" Metallic Leather Sneakers Sz 10.5 BTory Burch Ryder Black Womens Shoes Size 8 M Flats MSRP $295 , Nike Studio Wrap 605763-001 Black White Pr Pltnm US Size M 8-9 FREE SHIPPING NEW , Pedro Garcia Brown Velour Suede Ruffle Point Toe Flat Anais Style Size 7 37 , Ladies Brook Brothers Leather Penny Loafers slip on shoes blue 9 M NEW , Kickers Women's Black Loafers Size 9 1/2 NWOT , Women’s Jeffrey Campbell Civil Pearly Heeled Tassel Loafer Black Suede Size 7.5KUBO Nellie Orthotic Mary Jane Shoes Size 41 Teal 10 US Leather Walking Comfort , New Womens Frye Dylan Slip On Loafer Leather Cognac Brown Sz 7.5New Women's Dansko "Valerie" green Hawaii canvas Mary Jane Shoes 37 (US 7) , Taryn Rose Cara Black Easy Knit Sneaker 7.5 New , SAS Viva Teak Leather Ladies Loafer Made in USAWomen's Dansko Professional Oiled Brown Casual Dress Pro Clogs 206780202 Size 42Tory Burch Minnie Ballet Flat Travel Black Leather/Gold Logo Medium Comfort 7Trinculo by Born SZ 8 M BlackTORY BURCH Espadrilles off White Leather Ankle Strap Size 11(3808) $275Auth Tory Burch Reva Flats Brown Snake Patent SZ 5 , Salvatore Ferragamo Nappa Flex Ballerina Flat, Women's Size 8.5 M, Alpaca , New Bed/Stu Las Cruces in Nector wash color size 7.5US

More Stories

Journee Collection Womens SANA Almond Toe Over Knee Fashion Black Size 6.0 18I , Rampage Ivelia Riding Boots - Women's Size 7.5W, Brown/BlackLiliana Woman's Brown Ankle Boots Brown Pull On Size 7.5Womens Columbia Audacity Plus Omni-Grip Shoes - Size 5.5 USA - Good ConditionB35 Emiko Platform Open Heel Ankle Boots, Taupe Grey, 9.5 USGenuine Brown Leather / Suede Boots, Size 8.5 Triple Strap & Buckle Ralph LaurenEnzo Angioloni Brown Leather Biker Boot SZ 8.5 410 , WANTED SHOES WOMEN'S HAMPTON KNEE-HIGH FASHION BOOTS Size 8 BROWN NICE CONDITION , Charles By Charles Gunter Wide Calf Women US 6.5 Black w/box WORN ONCE. , Cole Haan Women’s Size 6.5 Black Suede Leather Slip On Ankle Heels Bootie , NEW Torrid - Chelsea Knee Boot -  Gray - Size 8.5w with Box - Perfect for FallNEW in BOX EASY SPIRIT ENDURA FAUX FUR TRIM GRAY BOOTS size 7,5 WZARA NEW WOMAN CUT-OUT ANKLE BOOTS HIGH-HEEL BLACK 35-42 REF.7142/301 , Pajar Canada Winter Snow Boots Waterproof All Weather US 6 / 6.5 NWT $199 RetailLanvin Womens Flats Size 38 8 Black Leather Pleated Applique BalletDemonia Rival-303 Black Vegan Leather Biker Boots - Size 6 (US Women's) - Gothic , THINK! Womens 37 US 6 Slip On Loafer Black Leather COMFORT Shoes Slip-ons EUCNWOB BRUNO MAGLI Blue Patent Leather croc with buckle Flat Shoes Sz 38.5 , Max&Co oxford patent leather shoes with applique size EU37/US7Tory Burch Kaitlin Ballet Flats Shoes Gold Clay Beige Leather 7.5 , Miu Miu Metal Cap Toe Platform Sneaker, Black Leather, Womens Various SizesKendall + Kylie Womens Reese Leather Flatforms Fashion Sneakers Shoes BHFO 4693Nine West Women's Xalan Flats Natural Gold Metallic Size 7.5 MAnne Klein AK Sport Women's Ulisa Fabric Ballet Flat, Black/Multi Fabric, 6 M USNike Air Max 1 PRM Women's Running Training Shoes Anthracite Black 454746 016 , New Nike In Season 8 Casual Trainers Sneakers black white all sizesWomen Size 8 Asics Gel Cirrus 33 2 Gray Purple Trail Running Shoes T364N A2008Women's NEW CHIARA FERRAGNI WOMENS MULES FlatsWomen's BALENCIAGA Shoes 950145 Black 39 Flats , Women's henry ferrera shoes Boots

Salvatore Ferragamo Bronze Two Tone Shoe Toe Metal 3620 Buckle Toe Ballet Shoe Flats Size 9 e9a36ce -