David Einhorn of Greenlight Capital fame didn’t hold back today at the 20th annual Sohn Investment Conference. Einhorn took aim at fracking companies during his presentation in front of a packed audience, taking particular aim at Pioneer Natural Resources (NYSE:PXD), declaring it a “motherfracker” and deriding its wasteful spending and cash burning operations, which includes a loss of $12 for every barrel of oil equivalent that it produces. Einhorn added that such companies have a “nearly infinite supply of negative return opportunities.”
If you don’t know Mr. Einhorn or doubt his clout in the investing world, you need only look at the reaction that his presentation had on Pioneer Natural Resources (NYSE:PXD)’s stock today: shares nosedived $8 within minutes of Einhorn verbally decimating the company. Einhorn said Pioneer should be trading around $78 per share, less than half of its current trading rate of over $168. Read all about Einhorn’s newest short play in his full presentation from the conference below and on the following pages.