Market Overview

Barstool's Dave Portnoy Perfectly Captures Day Trading This Market (Video)

Barstool's Dave Portnoy Perfectly Captures Day Trading This Market Video

With no sports in sight for the foreseeable future, Barstool Sports founder Dave Portnoy decided back in March to livestream himself trading a $3 million E-Trade account.

So far, Portnoy has had a rough go of it. But while his “Stock Central” podcast has lacked in profitability, it has delivered plenty of entertainment and education.

Highlights of Portnoy’s market missteps include him going long Lululemon Athletica Inc (NASDAQ: LULU) ahead of its earnings report only to see the company beat consensus expectations but still trade lower.

“LULU beats earnings and goes down? That is simply not fair. I can only control what I control,” Portnoy said at the time.

On April 3, a day the SPDR S&P 500 ETF Trust (NYSE: SPY) surged 6.7%, Portnoy was short Boeing Co (NYSE: BA), which gained 19.4%. He was also long Luckin Coffee (NASDAQ: LK), which dropped 18.4% on the day.

See Also: Why The Stock Market Is Performing Better In 2020 Than It Did In 2008

On Wednesday morning, Barstool tweeted a compilation video of Portnoy’s journey since jumping into the market:

Benzinga’s Take

Hopefully Portnoy’s venture in the market was mostly for entertainment’s sake while the sports and sports gambling world is on lockdown. While Portnoy’s followers have given him a hard time about his lackluster performance as Davey Day Trader up to this point, Portnoy’s experiences are not uncommon for brand new day traders.

In fact, Ritholtz Wealth Management CEO Josh Brown retweeted the video and said Portnoy's experience encapsulated "everyone’s first year of trading."

Do you agree with this take? Email with your thoughts.


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Posted-In: Barstool Sports Dave Portnoy Josh Brown Ritholtz Wealth ManagementPsychology Media Trading Ideas General Best of Benzinga