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

Torrid 15001 10W women Gray Leather Faux Leather Calf Knee High Boot Wide Width Calf heel SCHOOL 4bc93b7
Torrid 15001 10W women Gray Leather Faux Leather Calf Knee High Boot Wide Width Calf heel SCHOOL 4bc93b7 - 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.


Palladium Women Pamba Black Canvas High Tops Ankle Boots Sneakers Shoes 10 M 42NWOB COLE HAAN BROWN LEATHER BOOTS Sz 8.5 , Geox Riding Boots Style size 8 1/2 Black , KAMIK WOMENS SNOWFLING ORANGE WINTER SNOW BOOTS SIZE 9CORDERO GENUINE EEL BOOTS SIZE 8 B WOMENS RED IN PRISTINE CONDITION (MEN'S 6 D) , Modern vice bolt black leather booties 6 , Nine West Jatoba Black Suede OTK Boots Size 9.5M E304 , Calvin Klein Cranberry Suede Adriana Ankle Booties - Size 6.5 M - Lightly WornSam Edelman Hannah Motorcycle Black Booties Boots suede zip up Size 9.5 M , Jessica Simpson - Addey Grey Suede Ankle Boots , Dolce Vita Inara Black Suede Pointed Toe OTK Fashion Boots. Size 9.5Sporto Lori Faux Fur Comfort Ankle Booties, WineWomens Kentucky's Western Cowboy Harness Boots Brown US Size 8/EU38 LeatherFranco Sarto Square Toe Ankle Boot, 9.5, NWOT/NWOB , NEW BASKE CALIFORNIA Roscoe Triple buckle Bootie, Steel, Women Size 10, $220 , UNBRANDED Leather Harness Womens Size 10 M Brown BootsArturo Chiang leather boots size 10 NWOBClarks Women's Brown Ankle Boots 6 MWomen Dingo Boots Size 7.5M Faux Suede Brown Chains Studs Rhinestones 2.25" HeelCarlos Santana 11 M NEW Castillo Black Boot New $119 mid calf , Kenneth Cole Reaction NEW Size 10M Time To Step Knee-High Microfiber Riding Boot , VTG 80s Hipoppotamus Mens Caramel Brown Leather Western Boots Size 9 , Chinese Laundry Berlin Thigh High Dress Boots, Black, 6.5 US / 37 EUSAM EDELMAN black leather penny riding boot sz 7.5 GUC , White Mountain Women's Topaz Cold-Weather Boots Hazel Size 6 M , Cynthia Vincent Boots Black Leather w/Patent Cap Toe Size 7M NWOB , NEW Enzo Angiolini Eero Women's Brown Leather Knee Boots US Size 7 M Shoesnaturalizer Neebo Low Rise Booties, Doe, 7.5 US / 37.5 EUSam Edelman Maddox Bootie Espresso Bean Boot Buckle Dark Brown Leather heels NEW


More Stories



Tags
RAICHLE Brown Leather Trail Hiking Boots US Women’s Size 8.5WOMENS DIAMOND J COWBOY LEATHER RED BOOTS SIZE 6.5 B , madden girl Zavier Deep Cut Ankle Booties 503, Cognac, 10 USdennisa-3 Mid Calf Synthetic Zipper Low Heel Women's Casual Boots Cognac 6- , Capezio Womens Vintage 1980s Gray Blue Distressed Leather Cowboy Ranch Boots 5.5new Brown 5.5"Stiletto High Heel 1.5 Platform Round Toe sexy Ankle Boot Size 7Merrell Women's 1SIX8 Slice Fashion Sneaker Blue Surf Size 10 Y42 , KAMIK Beaconhill Size 8 Purple Suede Waterproof Fabric Thinsulate Winter Boots , Baby Phat Women's Marianela Cage-Y Gladiator Shootie Sandals Size 6Ralph Lauren Size 7 Black Leather Mid-Calf Boots Great Condition Pre-OwnedAldo Womens Elinna. Riding Boot- Pick SZ/Color.Style & Co. Womens Rainne Closed Toe Mid-Calf Fashion Boots, Black, Size 5.5 FaXSteve Madden Women's Naomi Ankle Bootie, Taupe Suede, Size 9.5 ATpZ , Born Nisida Cuffed Combat Boots 733, Black, 9 US / 40.5 EU , Report Signature shoes Caleb Ankle Boots Booties high heels stilettoes Size 8.5 , The North Face Thermoball Micro Baffle Bootie Boots Shiny Astral Aura Blue IrisGuess Womens Mallay Back Zip High Pull On Buckle Strap Slouch Heels Boots ShoesVintage Women's BATES FLOATERS Wool Lined Chukka Boots Shoes Made in USA Sz 7 , Alegria Womens Essence Licorice Soft Serve Sneaker 40 US Womens 10 Regular , Donald Pliner Italy Snakeskin and Suede Leather Zip Ankle Boots Sz 7M SAXE 106 , Rare Gold Authentic Pour La Victoire Leather Oxfords Women's Size 8.5 , Elie Tahari Carey Leopard D'orsay ShoesJCrew $288 Biella Leather Tassel Loafers Sz 10 Violet Ash Gray Shoes A9861 AVLTod's Womens Suede Patent Ballet Flats Ballerina Shoes Gray 38.5 / 8.5NEW Cole Haan Women’s Cream Leather Penny Loafers Moccasin Slip On Shoes 8.5 BFrye Women's Rust Ray Mule Shoes - Pointed Toe - 75886-RDD , NEW MIU MIU by Prada Denim Ribbon Ankle Wrap Slide Flats Mules Shoe 36.5 6.5 , New Balance WT561 Women's Black/White Sneaker 9.5M , Reebok Womens Nano 7.0 Yellow Running Shoes Size 9.5 (413630)Women's Frye Women's Carson Ballet Flats Flats

Torrid 15001 10W women Gray Leather Faux Leather Calf Knee High Boot Wide Width Calf heel SCHOOL 4bc93b7 - digitalcraftmedia.com




Boots
613750
704546
3048307
3375997
5249066
9604514
14865991
15386406
16226547