Here's David Einhorn's full 'Motherfrackers' presentation on the major problems he sees in the fracking industry

On Monday David Einhorn kicked off the Sohn Investment Conference with his short thesis on the fracking industry.

"We object to oil fracking because the investment can contaminate returns," he said.

The way he sees it, fracking is simply way to expensive a business. Companies have raised funds to finish projects that have no hope of paying themselves back. This was happening even when oil prices were high,and the situation has gotten worse since the price of oil collapsed at the end of 2014.

Einhorn zeroed in on one company specifically, Pioneer (PXD), and the company's stock fell on that news.

Perhaps just as importantly, Einhorn's slide deck was filled with funny anecdotes and great illustrations. It's a fun read. His script is at the bottom of the slides. Enjoy.