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

MUK MUK LUKS A A LA MODE Women's Tall 7 Cable Knit Boot Slipper Size 7 2bb00bd
MUK MUK LUKS A A LA MODE Women's Tall 7 Cable Knit Boot Slipper Size 7 2bb00bd - 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.


NEW WOMENS ASHRO TAN ALKALINE BOOTS SIZE 8.5M 8.5 M , Sam Edelman Circus Size 9.5 Harley Moss Green suede 3 buckle pointed boots , Liz Claiborne Anika Ankle Boots Sz 7.5 Brown Leather Snip Toe Heel Booties-5391I35 Tacy Knee-High Heel Boots, Black, 7.5 US , Quest Womens Pac QCWBW004 Insulate Faux Fur Trim Size 6 Winter Boots (A025)Womens cowboy western style boots Size 9.5 SO brand Brown Good usedGuess Womens Black Suede Booties Size 8Women's SPERRY TOP SIDER Hikerfish Sneakers Boots Boat Shoes 6.5 M , New Womens Faux Suede Fur Half Calf Stiletto Boots Size 8.5 , White Mountain Red/Burgundy Suede Ankle Bootie Wedge 8M Lightly LovedVasque GT 2160Womens Hiking Boots Sz 11M Brown Gray Leather Gore-Tex -6665NEW Kirkland Signature Women's Shearling Grey SheepSkin Zipper Boots Size 6Women's Capelli New York Floral Print Black/Pink Rain Boots Size 10 MBare Traps Size 7.5 Tommy Womens Riding Boots Buckles Tan Goring Padded Soles , Justfab Women's Kora Cold Weather Boot w/ Buckle Strap Detail TW4 Black Size 7.5womans Rain Boots - MST-7093 Lady Rubber Rain Boot fuschia with white foot printVulcan Sz Eur 35 Sz US 6 Blue Gray Leather Western Cowboy Boots Ropers , Sam And Libby Womens Brown Leather Ankle Heel Booties Size 9.5MBaretraps TONYA Womens Multi Color Light Weight Boots Size 10WILD DIVA Women's Lounge Western Fringe Flat Boots BLACK Shoes SIZE 5.5Hot In Hollywood HSN QVC Tan suede python derail slouch high heel boots Size 7 , Bata Womens Gray Leather Ankle Boots Size 38/7.5 , LIZ CLAIBORNE Astrid Women Block Heel Ankle Boots Size 6M Black Leather , Holly Black suede three bows back short boots size 9Truffle Collection Piper Block Heel Boots Black Satin MM1 Size UK:7/EU:40/US:9Aerosoles Women US Size 6B Black Mid Calf Boot Zip Side Block Heel , Civico 10 Ladies Boots, Size 8MKensie Girl knee high brown distressed boots size 8.5 , VINCE CAMUTO Taupe Distressed Suede Leather DONATO Stud Ankle Boots 6.5 ,


More Stories



Tags
Nine West- Harper Boots, Women's Size 9 M, Brown DAMAGED , Ladies low heel embroidered western style cowboy ankle bootsLaura Ashley Womens Gray Suede Fabric Embroidered Knee High Boots 9 M Low HeelWOMEN'S SIZE 7.5 RED LEATHER WESTERN BOOT **WORK BOOTS** , *UNLISTED by KENNETH COLE Black Side Zip Knee High Boots Sz 6M EUC CUTE , Northside Bishop Boots - Women's Size 10 - CharcoalBCBGeneration Distressed Rustic Brown Leather Fold Down Zip Boots 6.5 , $295 VanEli Welle Riding Boots Fashion Knee-High Olive Suede Size 6.0 M , Clarks Burgundy Wine Suede Meera Yew Buckle Detail Ankle Boots NEW , Cole Haan Womens Size 6 B Black Leather Studded Mules D18358 , (SALE) BCBGMAXAZRIA suede heel boots Size US 6.5(K-22208)Alexandre Birman Women's 7/37 Brown Suede Zip Ankle Boots Booties Heels ChicNocona LDBSU22 Womens Boise State Blue/Tan Vintage Cowhide Branded College BootsMattea Agra-03 Goat Nubuck Rose Women's Shoes LoafersJoie Womens Lacole Suede Almond Toe Ankle Fashion Boots, Gravel, Size 8.5 6q35DR. MARTENS WOMEN BLACK JEMIMA TEMPERLEY BOOTS SIZE 8 NWOB MSRP 159.99$+TAX , New With Box DR. DOC MARTENS 8 EYE PASCAL SHOES BOOTS SZ 6 BLACK W/ PINK SOLESTory Burch Colorblock Womens Gold/Brown Cap Toe Slip On Espadrille Flat Shoes 9M , Tod’s Brown & Lavender Driving Loafers Mocs Shoes Gorgeous Italy 8MUNRO KIERA NATURAL PYTHON PRINT BEIGE 7.5 M $210 NIB WOMEN LOAFER M206771Lady Couture Rock Round Toe Flat Dress Sneakers Choose Sz/Color , PRADA Green Teal Real Crocodile Skin Classic Ballet Flats Bows 37EU ITALY Rare!! , Cougar Women's Freddy Bootie In Black , Badgley Mischka - Women's Shayla Slingback Flat - Grape Fruit , Women's J.crew Bow Loafer, Size 8.5 M - White 1116Bella-Vita Eden Slip On - Women's Size 8.5M Black , Women's Tod's ladies ballerina XXW0HI04070DB7452B Flats , Womens Mid-high Heels Pointed Toe Side Zipper Suede Embroidery Chic Boots B897New Nike Women’s AIR MAX 98 Sz 6 PINK BARELY ROSE ELEMENTAL AH6799 600Converse Women CTAS Sloane Monochrome 553377C Sneakers Black US10 RRP $120 BCF74 ,

MUK MUK LUKS A A LA MODE Women's Tall 7 Cable Knit Boot Slipper Size 7 2bb00bd - digitalcraftmedia.com




Boots
3761446
5898361
6735881
8945662
10297771
10346323
11230992
11503050
12755431