- A sports gambling podcaster-turned-day trader is canceling Warren Buffett.
- The millionaire internet celebrity gloated over airline stock gains Tuesday.
- But a gut-check correction to stock prices, poor decision-making by an amateur day trader, or even just bad luck could cancel Dave Portnoy’s gains.
Move over, Eminem. Day traders are killing people in their lyrics too. Barstool Sports founder Dave Portnoy just killed Warren Buffett while playing some strange Wall Street version of the dozens.
You know what I find funny though. The people on the internet who are debating who the better investor is right now. Myself or Warren Buffett. It’s no debate. I mean, it’s no debate. I killed him. He’s dead. He’s dead.
Portnoy gave Buffett his proper respect before continuing with the bluster:
He’s a hall of famer. One of the best ever to do it. No doubt. He’s old and he’s washed up. I’m the new breed. I’m the new generation.
Okay, cool it there, AOC.
A Celebrity Sports Betting Blogger Turned Day Trader
Bashing Warren Buffett isn’t the first time he’s made waves this year.
You may have heard of Portnoy recently after he sold Barstool Sports for $450 million to a casino company in January. The sports blog, which started in 2003, reportedly generated $90 million in revenue last year. Most of it came from podcasts, merch, and gambling deals.
Warren Buffett has long advised investing in the underlying businesses for the long term rather than gambling on stocks.
Even more recently, Portnoy made a viral video going ballistic at suggestions that lockdowns should remain in place until a virus cure is found.
He earned the praise of Elon Musk, and an informal nomination for the sports podcaster to run for public office. Incidentally, Musk recently told Joe Rogan he isn’t the biggest fan of Warren Buffett.
But instead of running for mayor of Los Angeles, Dave Portnoy jumped into day trading in a stock market that hasn’t been so volatile in a decade. He was looking to stay in business with the lockdown blocking his way in sports gambling.
But he wasn’t beating his chest in April. He was down $647,000, he said at the time.
Now he’s trash-talking the indisputable all-time historical heavyweight investing champion Warren Buffett.
Just soak in that euphoria. Do you feel that woo woo energy? That’s a sign of an equities bubble right there. Every day trader feels like a genius when the stock market gets this glutted.
Portnoy went on to say:
There’s nobody who’s going to argue that Warren Buffett is better at the stock market than I am, right now.
The pause and then the qualification, “right now,” give this part a surreal, unintentional mockumentary quality, as if Portnoy is clowning on himself and other traders. That clip could age disastrously for Portnoy. We’ll see how the future unfolds.