Sports gambling, day trading are ‘not very different’: Barstool Sports founder
Barstool Sports founder Dave Portnoy weighs in on taking up day trading, the return of sports following coronavirus delays and sports gambling.
Howard Marks is mad. Ron Insana is mad. Dennis Gartman is mad. In fact, it seems like all the Wall Street suits are mad.
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Who are they mad at? Me.
Why are they mad? Because when COVID-19 caused sports to be postponed indefinitely a few months ago, I turned from sports gambling to day trading and founded my own fictional firm called Davey Day Trader Global Global.
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Yes, that’s two globals because one global isn’t enough to describe how global we are.
I have livestreamed my trading exploits every single day for millions of people to watch.
In the beginning, I struggled. I was down $2 million before I could blink, and all the self-proclaimed pundits and talking heads on Wall Street treated me as a lovable loser.
All I hear is old-timers say that the retail bros are going to get crushed. Yet I ask them, how many global pandemics have they actually lived through?
The finance community welcomed me with open arms. But then something funny happened along the way. I started winning and they started losing.
The more I won, the more mad they got.
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While Warren Buffett told people to get out of the airlines and cruises, I told my clients to dive headfirst into both industries.
I bought Spirit at $7.70. Within months, it had tripled. I openly wondered whether I was better than some of the legendary (albeit geriatric) traders of past generations.
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Suddenly, I became the most talked about person on Wall Street. Every time I turned on the TV, my name was being mentioned, usually in an unflattering light.
It culminated with Dennis Gartman (who is that?) going on FOX Business Network's "Varney & Co." Thursday and essentially saying it’s unfair that the public is allowed to invest in the stock market.
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He thinks it’s unfair that I’m leading an army of day traders who treat stocks like a game and am making it more difficult for Wall Street veterans to navigate.
Gartman was mad that for the first time in history, retail investors, or the “retail bros” as they call them, don’t need them to invest our money for us. They no longer get a fat commission check every single time the public wants to make a trade.
They want the public’s money, but they want to be the only ones allowed to spend it. They want to get paid whether they win or lose.
The pure arrogance of guys like Gartman, Insana and Marks is surreal. They somehow think trading is their birthright and that they alone should have a monopoly on making money.
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They don’t think Joe Public can be smart enough or trusted enough to invest our own, hard-earned money. Only they have that knowledge and insight on what is best for us.
Yet here I am. Beating them like a drum for the past three months at their own game. While they have been slow to react to the changing markets, I’ve adapted on the fly.
All I hear is old-timers say that the retail bros are going to get crushed. That they’ve lived through this before. That the pride comes before the fall.
Yet I ask them, how many global pandemics have they actually lived through? The answer is zero.
I have as much experience in this trading climate as they do. And maybe the very fact that I’m not burdened with their history has allowed me to see this market for what it is, while they have failed miserably.
Whatever the case may be, I’m just glad I can make trades for myself and make money for myself instead of paying commissions for bad advice from talking heads.
Dave Portnoy is the founder of Barstool Sports.
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