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

Women's localjoes-27760 Pewter 27761 Women's Booties Boots e735680
Women's localjoes-27760 Pewter 27761 Women's Booties Boots e735680 - 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.


Women's Ash Women's Combat Boots BootsWomen's blondo womens bootie 7 BootsWomen's NWOB~Dolce Vita~Jeneva Riding Boots~Buckle~Tan~Brown~8.5~$298 BootsWomen's Lifestride Women's Marvel Ankle-High Boot BootsWomen's Blue & Short Wellies BootsWomen's White & Short Wellies Boots , Women's Pink & Black High Wellies Boots , Women's Bailey - Transparent BootsWomen's MUSTANG Chelsea Boots Beige BootsWomen's INC Black Heeled Boots BootsWomen's AR35 Lauraine Over-The-Knee Boots, Black BootsWomen's Easy Spirit Women's Pabla Mule Boots , Women's Boot Blowfish Dahl Whiskey Lonestar/Dyecut Boots , Women's Boot Blowfish Demma Whiskey Lonestar/Dyecut Boots , Women's Boot Blowfish Dundee Black Lonestar BootsWomen's Helen's Heart Black SHOES BootsWomen's Boot Nine West Kinda Black/Black Boots , Women's 2nd Amendment Women's-Canvas-Shoes-Free-Shipping BootsWomen's Boot JBU Mesa Brown BootsWomen's Barneys New York Rider Boots BootsWomen's Pullman JB15 Brown Jambu Boot Boots , Women's jack rogers Marianne Suade Booties Boots , Women's frye boots 8 womens Boots , Women's womens boots size 6.5 leather Boots , Women's Romika Romi-Tex Boots Boots , Women's Manchester Black Jambu Weather Boots , Women's Boot JBU Mesa Black Boots , Women's Brand New Rockport Ankle Boots BootsWomen's Nonna Black Wingtip Ankle Boot Boots ,


More Stories



Tags
Z-Line by ZODIAC WESTERN BROWN LEATHER BOOTS "MARLA" WOMENS 7.5 M , Faded Glory Women's Two-Tone Boots 11 Black/Brown NewWomen's block over higjh heel faux suede metal decor side zipper ankle bootsOld Navy Women's Brown Block Heel Ankle Boots Size 6 , Sugar Women's Brooke Slouched Flat Ankle Boot Bootie 7.5 Black Micro , Liliana Vista-1 Suede Thigh High Over The Knee Round Toe Flat Women's Boots NEW , Khombu Bella Waterproof Winter Boots 569, Black, 7.5 US , Marc Fisher Womens Aysha Leather Round Toe Knee High Dark Brown Size 5.0 EVxt , Fabulous DR MARTENS U.K.3/EURO.36 "HALEY" amazing cond.gorgeous colour,see pics.Women Ankle Boots Leather Pointed Toe Stiletto High Heel Plus Size Booties Shoes , 37.5 TARYN ROSE TALL BLACK BOOTS STRETCH/LEATHER ZIPPER WOMENSSteve Madden Womens Jaden Black Tall Calf Pull On Strap Zipper Wedges Bootssteve madden boots 7 Brown Boots , NaturalSoul by Naturalizer "Rotunda" Cold Weather Boots - Women's Size 9M, Black , Size 9 (/ ) Womens Taupe Leather Point Toe Ballet Flats MADE IN SPAINTory Burch Powder Coated Melinda Leather Flats Shoes - poppy redNew Flex & Go Olivia Womens Comfortable Leather Shoes Made In Portugal$570 PRADA Black Canvas Gold Embroidered Logo Espadrille Loafer Flats SZ 40 SALENew Ellen Degeneres Women’s Black Sneaker “Gillen” , Puma Complete Vectana 3 Grey Violet/Steel-Ceramic 185777 02 Women's SZ 5.5New Balance Women's WT510RS3 Trail Running Shoes - Choose SZ/ColorRoxy Womens Chica Slip On Shoe Sneaker- Pick SZ/Color. , Women's Fashion Hollow Out Star Synthetic Leather Casual Shoes Board Shoes HotNew Balance LD500v4 Long Distance Spike Track Shoes-Women's size 8 B White , Nike LunarGlide 8 Running Shoes, Women's Size 7, Purple/Pink/GreenWomen's Ariat women's cowgirl boots-Brand New! BootsWomen's Salomon women boots 8.5 Boots , Sbicca Vintage Collection Black Ankle Boots Women's Shoes Size 7 .5 M , New Balance Pro Court Flower Red Yellow Women Sneakers Casual ShoesMizuno Wave Sky Navy Pink Lightweight Women Running Shoes J1GD170263 ,

Women's localjoes-27760 Pewter 27761 Women's Booties Boots e735680 - digitalcraftmedia.com




Boots
167272
4233701
6383945
7921874
9673479
9865242
13452765
16969477
19060461