Barstool Sports founder Portnoy urges amateur investors to trust their gut, ignore Wall Street 'suits'
'You’ve got to invest in what you believe in and people you believe in' Portnoy tells FBN
Inexperienced investors should be willing to trust their instincts rather than relying solely on advice from Wall Street, Barstool Sports founder Dave Portnoy told “Making Money” Monday.
“You’ve got to invest in what you believe in and people you believe in,” Portnoy said. “And that’s what I do. You can’t be scared off. You’ve got to believe, in your heart.”
Portnoy explained that he has held on to both market losers and winners because of his belief in their potential. By contrast, he said, the “suits” of Wall Street love to sow doubt among investors by claiming their intellectual superiority.
“That’s garbage,” he said. “They just want your fees. If you do the research and you trust your gut, stick with it. Don’t let them scare you away. They probably want to drive the price down so they can buy more of it themselves.”
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Portnoy said this is why he’s backing the BUZZ ETF, which tracks stocks hyped on social media, and believes in its benefit as a "new age" long-term investment.
“The internet has proven that you can aggregate information and get very good information from it,” he said. “So using artificial intelligence and algorithms and science and all this stuff – every industry’s doing it, it’s only natural it’s going to come to Wall Street.”
The Barstool head described Wall Street’s disdain towards internet-based tools as a “misconception” and claimed the ETF has already proven more successful than the S&P. The BUZZ algorithm tracks the 75 most hyped stocks on social media with market caps over $5 billion and is updated monthly.