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Bailey McCann, Opalesque New York: Presentations are underway at the Sohn Conference in New York, which is celebrating its 20th anniversary. The opening presentations included picks from Greenlight’s David Einhorn; JANA Partners' Rosenstein; Corvex's Keith Meister, and Omega Advisors' Leon Cooperman.
Einhorn’s presentation focused on fracking - he cited out Pioneer Natural Resources which he called a "mother-fracker." As he spoke Pioneer’s stock price dropped more than 3%. Einhorn says the company is quoting estimates based on "stale pricing" that doesn’t take current market realities into account.
JANA Partners Barry Rosenstein shifted the focus to consumer brands, speaking about his recent position in Walgreens Boots Alliance, noting that the company still had further to go to unlock shareholder value. Rosenstein is also invested in Qualcomm, which he says still has strong fundamentals despite changes in the chip market.
Speaking more broadly on activism in general, Rosenstein said that too many pundits "oversimplify" activist investing by focusing on stock price and the "horse race" aspects of a campaign. "It makes more sense to focus on the substance of what the activist is saying," he added. "If they have good ideas, they can unlock long term value."
Corvex’s Keith Meister made headlines at the conference when he announced the firm’s position in YUM! Brands - the second largest position ever taken by the firm. He cited the potential growt...................... To view our full article Click here
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