Investing.com – Barstool Sports founder Dave Portnoy has become the poster child of the day-trading craze that has helped push stocks to record highs in recent weeks, much to the chagrin of Wall Street’s veteran investors.
Portnoy, who live-streams his experience under the moniker ‘Davey Day Trader Global’ (DDTG) to his 1.5 million Twitter followers, shifted his focus to day-trading when the coronavirus pandemic brought sporting events to a halt earlier this year.
The sports-bettor-turned-investor has drawn the ire of institutional investors thanks to his unrivaled bullishness and loud statements about how easy investing is and that stocks only go up.
Portnoy also has a willing army of compatriots diving into stocks – bored sports bettors.
The trading platform Robinhood added three million new accounts in the first four months of this year. Half of their new customers said they were first-time investors.
Billionaire Leon Cooperman recently warned that the rise in Robinhood trading will “end in tears” as according to him many of these day-traders are unaware of the risks.
But Portnoy, who has already poked fun at the likes of veteran investors such as Warren Buffett and Howard Marks, dismissed those comments.
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Source: Economy - investing.com
