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 6Frye 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 42 , Dansko 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 B , Tory Burch Ryder Black Womens Shoes Size 8 M Flats MSRP $295Nike Studio Wrap 605763-001 Black White Pr Pltnm US Size M 8-9 FREE SHIPPING NEWPedro 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 NEWKickers Women's Black Loafers Size 9 1/2 NWOT , Women’s Jeffrey Campbell Civil Pearly Heeled Tassel Loafer Black Suede Size 7.5 , KUBO Nellie Orthotic Mary Jane Shoes Size 41 Teal 10 US Leather Walking ComfortNew 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 NewSAS Viva Teak Leather Ladies Loafer Made in USA , Women's Dansko Professional Oiled Brown Casual Dress Pro Clogs 206780202 Size 42Tory Burch Minnie Ballet Flat Travel Black Leather/Gold Logo Medium Comfort 7 , Trinculo 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 5Salvatore 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

Stuart Weitzman Black Ankle Boots -- Size 9MMango-51 Mid Calf Synthetic Zipper Low Heel Women's Casual Boots Black 5.5- , Clarks Originals Wallabee Tan Sand Suede Ankle Boots 35385 Womens Size 9.5 M , EXC Justin Ropers Cowboy Boots Womens Black Kipskin Leather 7 1/2 AAQUPID Blush Scalloped V Cut Boots Bootie 5.5-10 PRENTON-31Ankle Booties Aerosoles Fortunate Black Snake 086Khombu Lisa Women's All Weather Winter Boots Size 9Tony Lama Brown Leather Square Toe Cowboy Boots Womens Size 9.5 B Style RR2100L , Vince Camuto Tall Brown Knee Length Gold Button Embellished Boots 9M , Brown Tsubo Boots with Stretch Fit Rear 6.5 37Born women's brown shearling bootsSize 8In very good conditionWarm , Rebecca Minkoff Stacey Studded pebbled Leather Black Lamba Sneaker SZ 6 NEW $150Twisted X Casual Shoes Womens Hooey Graphic 7.5 M Multi-Color WHYC001 , Authentic Tods Gommini Mocassino Loafers Size Eu 35 (rrp$545) Like NewSabrinas Atenas V17 Pink Nubuck Leather Wedge Flat Comfort Shoe 41New , Vince Womens Warren Velvet Flatform Lightweight Casual Shoes BHFO 6337Steve Madden Womens Finola Metallic Fashion Sneakers 6.5 Medium (B,M) BHFO 7088 , Badgley Mischka Women's Malena Ballet Flat - Choose SZ/ColorChinese Laundry Women's Gavin Pointed Toe Flat, Silver Sequins, Size 8.5Ladies Remonte Casual Everyday Shoes R3427 , Teva Ember Moc W Burnt Olive Womens Slip-On Size 10M , Puma McQ Alexander McQueen Move Mid Womens Trainers Black Leather 359350 01 D34PUMA Womens Ignite Ultimate Running Shoe- Pick SZ/Color.Nike BLAZER MID QS Womens Sneakers 637990-001 "DISCO BALL" SIZE 6.5 PARTY PACK , Fila Prompt Running Shoe - Grey/Green/Neon Pink (Womens) - 6Women's Loafer Nine West Xan Cashmere FlatsWomen's report signature boots 7 Boots , WOMEN'S WESTERN POINTY TOE RODEO COWGIRL COWBOY BOOTS, SODA RENO , Enzo Angiolini Women's Easaylem 6 M Black Leather Harness Riding Tall BootTredsafe HELEN, Black Leather Slip Resistant Shoes size Womens 9 ,

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