Trump and Barstool Sports founder Portnoy talk stock market rebound
Trump and Portnoy are on same page when it comes to stocks
President Trump doled out some stock market investing advice to Barstool Sports founder David Portnoy, who is relatively new to the game of Wall Street.
Portnoy, who turned to day trading when major league sports got sidelined due to the coronavirus, scored an interview with Trump on Friday and mentioned he got into the market just as it started to rebound from the March lows.
“You got in at the right time” Trump responded. “A lot of people with the 401(k)s are doing phenomenally, but a lot of people sold stock and now they’re saying, 'I missed it,' and I said to people, 'Don’t sell because the foundation is so strong'...But the people that really lost in terms of economic are the people that got out. The people that stayed in. They stayed with me. They're doing great. And we're almost at record highs.”
The Nasdaq Composite, which has had 155 record closes under Trump, is up 51 percent from the March lows, while the S&P 500 has gained 44 percent over the same time frame and the Dow Jones Industrial Average about 42 percent, as tracked by Dow Jones Market Data Group.
Both are just shy of joining the tech-heavy Nasdaq in record territory despite posting weekly losses.
Portnoy, who also carries a president title via his Twitter handle @stoolpresidente, is well known for his “one bite, everyone knows the rules” pizza reviews, told FOX Business how he funds his trading account.
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“I'm trading my own money and lots of it,” Portnoy told FOX Business. “I'm having fun. As long as we're still kind of with nothing else to do, I'll keep day trading.”
Portnoy fancies himself as a stock picker, for better or worse, and pounced on airlines and cruise stocks as the sectors got decimated when the global economy came to a screeching halt on the view these industries would be able to rebound.
He also learned about “shorting the market," betting a stock will fall, and admittedly got burned.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 162.33 | -2.01 | -1.22% |
| LULU | LULULEMON ATHLETICA INC. | 359.52 | -5.07 | -1.39% |
“I bet against Boeing a little bit, I bet against Lululemon and I got my butt kicked,” he told FOX Business.
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With Major League Baseball celebrating opening day this week, and NFL training camps set to begin in a few days, it’s unclear if Portnoy will continue his side hustle as a day trader as his own business reboots post-corona.
In January, Penn National Gaming took a 36 percent stake in Barstool Sports in a deal valued at $163 million, with future tiered ownership plans, which sets both companies on the road to becoming partners in the next generation of online and retail sports betting.
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FOX Business' Jonathan Garber contributed to this report.