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

NEW MERRELL Encore Leather Slide Brown Pro Studio US Slip-On Brown Nubuck Leather Shoes US 7/37.5 2b725ff
NEW MERRELL Encore Leather Slide Brown Pro Studio US Slip-On Brown Nubuck Leather Shoes US 7/37.5 2b725ff -

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.

FENDI White Patent Leather Double Buckle Accent Front Flats. Wm Sz 39 M. Italy. , EXC MEPHISTO Cool-Air Dark Brown Suede Leather Loafers Comfort Shoes 10 , Cole Haan Women's Beige Flats 6.5 B , Orthofeet Chelsea Women's Slip-On In Brown Leather 9 1/2 Wide $139 , French Sole Quench Ballet Flats 679, Black, 9.5 USWomen's Lewit Italian nude suede mule shoes Sz 38 Ret$195J/Slides 'Adelynn' Leather Platform Sneakers, Metalic Silver SIZE 8.5 (E57)CAT Footwear P308599 Caterpillar Women's Casual Shoes Size US 8 1/2 , SAM EDELMAN Fallon Nude Leather Wrap Around Ballet Flats Size 6 , J Crew Coraline Patent Flats 9 Apricot MistNEW IN BOX VANELI BLACK SUEDE DRIVING MOCASSIN 'RAE' STYLE - SIZE 8 1/2M , Twisted X Driving Moccasins Womans Turquoise Fish ScalesTory Burch Elizabeth Pointy Toe Leather Flats Women's Size 6 M Cream And Orange , OTBT Women's Scamper Shoes (10.0 B(M) US Womens, Burgundy) , Dolce Vita Henlee Sandals size 7 new in box , Salvatore Ferragamo Boutique Made in Italy Moccasin Loafers Women Shoes 6 C , J Crew Women's Studded Black Leather Flats 7 , AGL Attilio Giusti Leombruni 37 US 7 Navy Cap Toe Blue Shimmer Ballet Flats A7 , Hot Fashion Women Classics TOM Loafers Canvas Slip-On Flats shoes Size 6-10 New , SAS Traveler $125 Beige Leather Orthopedic Comfort Shoes Womens Size 5.5 MATTILIO GIUSTI LEOMBRUNI $325 Textured Wedge, 41 (9) , Salvatore Ferragamo Womens Slip On Fabric Low Heel 9 Black Square Toe Shoes*1008Birkenstock Ramses 50R M 17 StoneWomens Cole Haan Cameo Shoes Beige Patent Leather Loafer Flats Size 10 M NEW!rag & bone Taupe Slippers Size 35 Mules FlatsKeen Kaci Magnet Womens Slip On Shoe 10.5 Cute And comfortable Very New , $139 New DR COMFORT LAURA Brown leather SHOES Therapeutic Diabetic Women's 5.5 WBirkenstock Gizeh 38R L 7 M 5 Metellic Stones SilverAGL Womens Black Leather Flats 38.5 ,

More Stories

Restricted Womens ALICE Closed Toe Ankle Fashion Boots Black Size 6.0 23MsSporto Women's Zany Waterproof Boots - Black - Size 9 M , alisia-03 Ankle zipper Synthetic Casual Low Heel Women's Winter Boots Brown 7.5- , Women's New & Trendy Tan Faux Suede Moccasins with Front flap with Tassel KnotWomen's Flat Knee High Suede Boots, Coffee 6.5US/37EUVintage Etienne Aigner Bootie Women size 9.5 Brown Leather , Vasque Breeze 2.0 Women's Gargoyle/African Violet Hiking Boot 9M , Unisa Womens dedrll Almond Toe Knee High Fashion Boots, Black fabric, Size 8.5 WBandolino Women's Juniors Tuvo Black Ankle Boots Size 5.5MWomen Dr Martens Cherry Red 6Madison Womens Brown Leather Zip Up Ankle Booties Size 39 9 , Sarah Flint Bennet Loafers Black Suede Leather Flats Size 41 $495 Meghan MarkleSam Edelman Karissa Black Booties with White Trim Size 10 M # , NEW! Sam Edelman Cambell Heeled Bootie Golden Caramel SZ 8.5Tory Burch Minnie Travel Ballet Flat Shoe Navy Floral 10.5 New , Cole Haan W07784 Womens Zerogrand Stitch Lite Oxford- sz 8.5 B , WOMENS Vince Calf Skin Black and White Slip On Loafers SIZE 6MNEW Kelsi Dagger Brooklyn KDB Silver Lakes Flats Size 6NIB 100% AUTH Tod's Dark Red Glitter Moccasins Flats Shoes Sz 38 $475new $595 Giuseppe ZANOTTI dark silver GLITTER ballet flats shoes - super cute , Giambattista Valli Black Pony Hair Loafer Size 39TORY BURCH REVA ROYAL TAN TUMBLED LEATHER GOLD LOGO BALLET FLATS SZ 6.5C , Camper Women's 21595-018 Ballet Flat, Black Sella Negro, 40 EU/10 M US , Easy Works Women's Assist Health Care Professional ShoeMint PUMA Ecoortholite Sneakers Slant heel Women Shoes Size 8 Cream Color , Merrell Women's Riveter E-Mesh Sneaker - Choose SZ/ColorNike Air Huarache Run Print Black Khaki 725076-007 Women's Size 5.5 New , Sutton Plaza Heather Black Leather Mid Calf Boots Womens Size 8.5 M , Fashion Womens casual faux Suede side Zip Platform Wedge Heels Ankle Boots Shoes , NIKE AIR REVOLUTION SKY HI SAIL/RED SZ 6.5 Dunk Lunarwavy 599410-100 Elite ,

NEW MERRELL Encore Leather Slide Brown Pro Studio US Slip-On Brown Nubuck Leather Shoes US 7/37.5 2b725ff -