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

NEW Women's APT 9 MABIL BROWN Slouch Heel APT 18780 Boots Slouch Shoes SZ 9 3c92ced
NEW Women's APT 9 MABIL BROWN Slouch Heel APT 18780 Boots Slouch Shoes SZ 9 3c92ced - 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.


Cole Haan Black Leather Zip Up High Slim Heel Pointed Toe Booties Size 6.52 Lips Too Women's Too Lexia Fashion BootNICE! womens shoes CHARLIE HORSE western cowboy boots sz 7.5 B square toe , NEW Women's RAMPAGE SHIREEN Black Knee High Wedge Boots Shoes SZ 8 , Chinese Laundry Tremendous, Over-the-Knee Leather Boot, Elastic Back PanelLiz Claiborne Brown Ankle Boots Side Zipper Size 7.5M Heel 2.5 inches , NWOT H&M Black Quilted Leather Ankle Booties - Women's 9.5 , RARES BOTTILLONS BOCAGE NOIRS T 38 TBE A ACH IMM FP RED MOND RELAY A VOIRVera Gomma Cristina US 6.5 Black Suede Calf Heel Fashion Boots ITALY , NEW Womens SODA LODE BROWN Knee High Riding Dress Boots Shoes SZ 6.5WOMENS LADIES ANKLE WELLIES WELLINGTON SNOW WINTER RAIN WATERPROOF CHELSEA BOOTSNew Women's Knee High Brown Fashion Boots Winter Snow Shoes Ladies size 6 , Dolce Vita Black Leather Side Zipper Fringe Ankle Round Toe Boots Size 7 M , Nina Womens Keely Pointed Toe Knee High Fashion Boots, True Black, Size 9.5 D4CTDark Brown Croc Embossed TALBOTS Side Zip Ankle Boots Worn Once 8 BDBDK Fidelia-1 Womens Side Zip Chunky Heel Knee High Leather Riding Boots WINE 6 , 7856102 LO LSPBTS50 Women's Shoes Size 7 M Tan Leather Boots Johnston & Murphy , Women's Dream Out Loud Riley Ankle Fashion Boots Black Faux Suede Zip Up Size 7 , CANYON RIVER BLUES WINTER ZIPPER BOOTS WOMENS SIZE 5 M SHELLY PEACE SIGNSRealtree Girl Women's Ms. Gi Gi Rain Boots Snow Camo 7 M7851312 LSPBTS50 Women's Shoes Size 7 M Brown Leather Boots Johnston & MurphyDon Diego Sheepskin Shearling Lined Leather Womens Boots SZ 7 SRAMERICAN APPAREL Black Chelsea Jelly Ankle High Boots Size 5 Made In USA , Circa Joan & David Adine Women's Black Leather Round Toe Ankle Boots US Size 7 MKaren Scott New Womens Lonnie Brown Boots 10 M Shoesjj CLARKS ARTISAN BROWN LEATHER WESTERN STYLE BOOTS WOMENS 5.5 MBAMBOO Saber 03 Cut Out Detailed Ankle Bootie Black , Cape Robbin Fay-1 Nude Suede No Frontin Crystal Glass Heel Stretch Ankle Boots , Rampage Womens ivelia Almond Toe Knee High Riding Boots


More Stories



Tags
NINE WEST Women Mid-Calf Heel Boots Size 6.5M Brown Suede LeatherWrangler Women's sz 6 Burgundy Leather Shoes Casual Sporty Western Cowboy BootsNew Women's Black Faux Fur Lined Low Warm Boots Bootie Side buckle Size 7Nine West Orynne Dark Brown Fur Hiking Ankle Boots Size 8 M New In Box , Vintage 70s Brazilian Leather Burgundy Brass Western Womens Calf Boots 7.5M 38Leopard Faux Suede Studded Buckle Shield Platform Ankle Boots Size 9 NEW NWT , Cabelas Tan/Brn Leather Shearling Lining Zip Up Winter Boots Women's Sz 9M , BareTraps Bonah Boot - Women's Size 7.5M BlackUnisa Womens Ressie Fabric Almond Toe Ankle Fashion Boots, Black, Size 7.5 C838H by Hudson Women's Kiver Boot, Beige, 10 M US , Sperry Womens saltwater brook Closed Toe Ankle Rainboots Black Size 8.0 8MW2 , Ono Womens murray Suede Square Toe Ankle Fashion Boots , Red Patent Lust Knee High Womens BootsDIAMOND J RED & BLACK Leather ROPER Cowboy WOMENS Boots Sz 8.5B , Bare Traps Womens DRENNAN Closed Toe Ankle Fashion Boots, Dark Grey, Size 5.5 , *SO IN LOVE WITH THESE!* Ferca 81 Black Leather Pom Pom Ballet Flats sz 38.5 8.5TORY BURCH Black 6 Martha Flannel With Gold Chain & Patent Details With Box FlatTony Lama Cowboy Boots Size 6 D Black Narrow Round Toe Deep Scallop Shoe WomensMephisto 100% Leather Upper (Women's) S 9 B Brown Flat Slip On Walking ShoesShellys London Platform Mule Womens Size 8.5-Black-Pre OwnedALL BLACK WOMEN'S MORE SEQUINS BALLET FLAT PURPLE SATIN US SIZE 8 MEDIUM (B)M , $190 JOAN & DAVID GOLDA Black Leather Designer Casual COMFORT Flats Loafers 9L'AUTRE CHOSE FOREST GREEN MID PUMP , Josef Seibel Caspian Beige Leather Comfort Sneakers Womens Sz /9-9.5 USLacoste LT Spirit Elite Women's Sneakers SZ 6 , adidas Run Lux Clima Women's Grey Two/Carbon/Ash Pearl B44962 , J Slides Angelica Crushed Velvet Slip-On Sneaker - Black Velvet Size US 7.5 , Winter Womens Lady Mid-Calf Bowknot Boot Faux Suede Wedge Heel Slouch Shoes NewWomens DANSKO PRO 226057 oiled black leather clogs / shoes sz. 41 , NATURAL SOLE | KASTA | BLACK | WOMENS BOOTIE | SIZE 7 ,

NEW Women's APT 9 MABIL BROWN Slouch Heel APT 18780 Boots Slouch Shoes SZ 9 3c92ced - digitalcraftmedia.com




Boots
2070939
2205317
3745254
6496431
6773447
8330477
11945490
12619606
15648138