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 -

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 bootsLiz Claiborne Anika Ankle Boots Sz 7.5 Brown Leather Snip Toe Heel Booties-5391 , I35 Tacy Knee-High Heel Boots, Black, 7.5 USQuest Womens Pac QCWBW004 Insulate Faux Fur Trim Size 6 Winter Boots (A025) , Womens cowboy western style boots Size 9.5 SO brand Brown Good used , Guess Womens Black Suede Booties Size 8 , Women's SPERRY TOP SIDER Hikerfish Sneakers Boots Boat Shoes 6.5 MNew 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 -6665 , NEW 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 SolesJustfab Women's Kora Cold Weather Boot w/ Buckle Strap Detail TW4 Black Size 7.5 , womans Rain Boots - MST-7093 Lady Rubber Rain Boot fuschia with white foot print , Vulcan Sz Eur 35 Sz US 6 Blue Gray Leather Western Cowboy Boots Ropers , Sam And Libby Womens Brown Leather Ankle Heel Booties Size 9.5M , Baretraps TONYA Womens Multi Color Light Weight Boots Size 10 , WILD DIVA Women's Lounge Western Fringe Flat Boots BLACK Shoes SIZE 5.5 , Hot In Hollywood HSN QVC Tan suede python derail slouch high heel boots Size 7Bata Womens Gray Leather Ankle Boots Size 38/7.5 , LIZ CLAIBORNE Astrid Women Block Heel Ankle Boots Size 6M Black LeatherHolly Black suede three bows back short boots size 9Truffle Collection Piper Block Heel Boots Black Satin MM1 Size UK:7/EU:40/US:9 , Aerosoles Women US Size 6B Black Mid Calf Boot Zip Side Block Heel , Civico 10 Ladies Boots, Size 8M , Kensie Girl knee high brown distressed boots size 8.5VINCE CAMUTO Taupe Distressed Suede Leather DONATO Stud Ankle Boots 6.5 ,

More Stories

LANDS END Blue womens SNOW Suede ANKLE Booties Boots winter Sz 8BEnzo Angiolini Black Knee High Zip Fashion Boots Size 7.5 M , Ankle Chunky Womens Casual Rounded Toe Block Heeled Faux Leather Boots US 2-10New Womens Winter Boots Fur Warm Insulated Waterproof Ski Snow Duck Shoes, SizesFRYE Vintage Western Cowboy Boots Tan Brown Leather Style WOMENS SZ 7 AA$395 BCBG BCBGMAXAZRIA Womens Madison Rubber Rain Boot Shoe, Sand, US 10 , NAUGHTY MONKEY US 8 Dark Brown Suede Mid Calf Boots Zip Up 3.25" Block Heel , REEBOK WOMEN'S FS HI AK FASHION BOOTS , Michael Antonio Womens lilith Closed Toe Mid-Calf Fashion Boots Moss Size 9.0 , Vince Camuto Kellisi Stretch Suede Women Burgundy Black Boots Size 6M/36M NWOBNIOB Women's Justin Brown Leather Chukka Western Boots Size 6 M L0991 -lSplendid Roxana Boots - Women's Size 9, Taupe , Hunter Women's 5 Men's 4 Original Tall Rain Boot Black Glossy $150MINNETONKA Shoes 043955 Brown 7 , Women's Nine West Binnie Black Heeled Ankle Boots Size 9 MKisses Notify Womens Booties Wedge Black Size 9.5MNine West Womens 8 M Noriko Knee High Leather Riding Boots Brown Almond Toe Tall , Easy Street Women's Sportster Slingback Mule,Black,11 W US , JIL SANDER WHT PATENT LEATHER BALLET FLAT SZ 7Church's Shoes 549117 White 37Lemaré Grey Laminated Women'S Moccasin With Velvet Band FW 2017-2018 , Fendi Tan & Navy Monogram Pointed Studded Toe Flats Size 8 - Made in ItalyTory Burch Abbey Reva Leather Toe Ballet Flats Black Anthracite Size 6Adidas aSMC Barricade Tennis Shoes - Women's Size 6 - White , 2017 Spring Women Round Toe Pull On Thick Heel Plus Size Sneakers Athletic Shoes$225+ Tory Burch CAROLINE Sz 6.5 BLACK Patent Leather Ballet Flat Shoes , J.CREW Navy Foulard-Print Tassel Flats Navy US 9.5 NWBKenneth Cole New York Womens Kinsley Leather Low Top Slip On, White, Size 6.0 NXCONVERSE WOMEN'S ONE STAR OX 160585C OCEAN BLISS/NAVY/EGRET (msrp: $75) , Reebok Traintone Slimm Sports Conditioning Shoes Black White Women's Size 5.5

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