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

$109 Tesori Size Bianca Brown Suede Knee Women’s High Boots Women’s 7 Size 7 M* 014a945
$109 Tesori Size Bianca Brown Suede Knee Women’s High Boots Women’s 7 Size 7 M* 014a945 - 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.


Cliffs White Mountain Felisa Flat Knee-High Boots 735, Brown, 8.5 USIndiana Black Leather Round Toe Boots Size 6.5 , Latigo Womens Mila Red Brown Leather Buckle Ankle Boots 7CHAPS Nevina Dark Brown Womens Shoes Ankle Boots US 7 High Heels Embossed Croc , TS35 Brisa Slouch Platform Knee High Tassel Tie Dress Boots 658, Black, 7.5 US , Women's Jennifer Lopez Myra Taupe Ankle Boots Heels Sz 10 Point Toe Bling FancyXOXO Women's Belina Braided Peep-Toe Booties Taupe Size 7 M , B35 Daphne Over The Knee Riding Boots 672, Banana Bread, 8 US , TORRID Womens Gray Faux Leather Boots W/ Wide Calf Knee High Zip US 7W $79Nine West NEW 6.5 M Black crinkled Leather Truman Slip on Boots round toe $179SHOEDAZZLE FAUXSUEDE OTK STILETTO 4.75" HEEL CRISSCROSS STRAPS OPEN TOE BACK ZIP , White Mountain Raymond Knit Cuff Ankle Booties 786, Black, 6 US , Jeffrey Campbell Stevie-LTD Platform Boot Snake 8.0M Leather Used RARESofft 11 M Lovely 18" Tall 3.5" Heel Brown Leather Suede Lined Boots Zip Up sk , Steven By Steve Madden Leather Tall Distressed Boots Black Size 7Nine West Womens Matchmel Soft Suede Like Material Wedge Ankle Boots Size 8M EUCSC35 Hadleyy Over The Knee Boots 703, Black, 8 US , Stuart Weitzman Black Buttery Soft Leather Booties Size 9 BClarks Emslie Katy Short Ankle Booties 495, Black Leather, 8.5 US / 39.5 EUSHOE DAZZLE THIGH HI FAUX LEATHER 1.25" HEEL INNER ZIP SKIN TIGHT MESH DETAIL , SHOE DAZZLE FAUX LEATHER FLAT 1" HEEL OVER THE KNEE 23" SHAFT WRAPAROUND STRAPS , Tommy Hilfiger Oranda2 Cuffed Combat Boots 710, Brown Multi, 8.5 US , ECCO Brown Smooth Leather 16.5"T Mid Calf Boots Sz 39 or US 8-8.5M , Tommy Hilfiger Oranda2 Cuffed Combat Boots 706, Black Multi, 9.5 US , Style & Co. Beana2 Flat Ankle Boots 602, Black/Natural, 8 US , Boutique 9 Women's Conspire Bootie, Light Taupe, Size 7.0Bearpaw Womens Emma Tall Shearling Boot OliveB35 Daphne Over The Knee Riding Boots 317, Banana Bread, 6 USJoe's Jeans Star II Chestnut Brown Short Boots Women's Size 6.5 M* ,


More Stories



Tags
Bamboo Synthetic Medium B,M Red\White Mary Janes 8.5Sporto womens brown suede ankle boots size 6.5 , KEEN Brighton Low Slate Leather Winter Insulated Waterproof Boot Women 6 GreenPLEASER Delight-2049 Series 6" Heel Sexy Exotic Knee-High Leather BootsSTYLE & CO. VENESA Women Riding Boots (7.5 M, BLACK/BARREL)Women Floral Upper Heel Mid-calf Boots Zipper High Block Heel Pointed Toe ShoesVANFLi Black Calf Women's 2" High Heel Boot 7 1/2 M w/Zipper sides , New Nine West Adderley Womens Black Leather Heels Bootie sz 10ARIAT16230 Brown Flower Suede Doll Baby Boots Women's Cowgirl 5 1/2 square toe , Minka design cuissarde cuir velour noir NEUVE Valeur 189EPointures36,37,38,39 , ECCO LEATHER BROWN GORETEX GORE-TEX LADIES HIKING TRAIL BOOTS 37 6.5 M , NEW Madewell The Ava Slingbacks Flats in Suede antique purple 7 H6686 , TORY BURCH REVA SNAKE BALLET FLATS NWOB SZ 6.5 M , RARE Osborn Black White Handmade Guatemala Oxfords -37- La Garconne $150Tory Burch Melody Pointy Toe Flat Womens Size 7M Black , Womens Keddo Knee High Camel Suede BootsNina Womens Marielle Leather Cap Toe Ballet Flats , Preowned Tahari Cream Colored Shoes; Size 8.5; 2" Heels; $65Lanvin Shoe Brown Snake Flat Size 40 Fits Size 9 , AUTHENTIC Tods Gray Lizard Effect Leather Loafers 99% NEWWW , NIB Tory Burch Caroline Woven Ballet Flats Shoes Oatmeal White 11 M , BY974 MBT shoes brown nabuk suede women slip on , Tory Burch Asher Smoking Slipper Tan Sz 7 Flat Reva Leopard Animal Print Brown , Naot Leah Women Sandals Shoes Leather Ankle Strap Open Toe Flat Gladiator NewFRANCO SARTO MILLICENT BRIGHT GREEN PATENT LEATHER DRIVING MOC WOMENS Size 6LADIES SHOES/FOOTWEAR -Remonte dorndorf 7308 shoe red , Creative Recreation Shoes Cesario lo Perforated Green Sneakers Womens 6 , NEW Reebok Easytone Fly II Womens Walking Sneaker Athletic Shoes Size 6.5 - Bin7 , Women's Sbicca Women's Percussion Boot Boots , NIB Women's Hush Puppies Dark Brown Leather Slip On Loafers Size 8.5 ,

$109 Tesori Size Bianca Brown Suede Knee Women’s High Boots Women’s 7 Size 7 M* 014a945 - digitalcraftmedia.com




Boots
844883
2282041
2762565
5147688
7874281
8591119
9697088
14133598
16026917