Barstool’s Portnoy reveals stocks he invests in
Barstool Sports founder Dave Portnoy tells ‘Varney & Co.’ what stocks he has been invested in during the pandemic.
Barstool Sports founder Dave Portnoy provided insight into what stocks he owns and has invested in during the coronavirus pandemic.
Speaking on "Varney & Co." on Thursday he explained that he "rode that original ride in the beginning of COVID."
"I didn’t miss it, but right now I’m not as invested as I was earlier in the pandemic," Portnoy, who is a bullish crypto investor, told host Stuart Varney.
Stocks have been on a wild ride since the onset of the coronavirus pandemic in March 2020.
On March 16, 2020, U.S. equity markets tumbled with selling accelerating during the final hours of trading over COVID concerns. The Dow Jones Industrial Average dropped 2,997 points, or nearly 13 percent. The worst point drop on record.
The S&P 500 and Nasdaq Composite also lost around 12 percent. Trading was halted for 15 minutes shortly after the opening bell due to the S&P 500's decline of more than 7 percent.
Fast forward to today, and the major averages have been consistently breaking records. All three of the major averages gained in August with the S&P extending its monthly winning streak to seven.
On Thursday, Portnoy revealed he invests in Big Tech, including Facebook, Amazon, Google and Microsoft, arguing that "you would have to be an idiot not to have those because all they do is go up."
|I:DJI||DOW JONES AVERAGES||35393.1||+80.57||+0.23%|
|I:COMP||NASDAQ COMPOSITE INDEX||15317.048787||+7.67||+0.05%|
On Wednesday, mega-cap tech companies Facebook Inc. and Alphabet Inc. closed at all-time highs. Apple Inc. hit an intraday peak but was unable to close in record territory.
Portnoy also revealed he owns shares of the fast-food chain Shake Shack and e-commerce company Shopify.
"The ones I was trading back and forth I’ve stopped," he told Varney. "I haven’t done that for a while."
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Speaking with Varney in June, Portnoy discussed his cryptocurrency investments, noting that he has money invested in Bitcoin and SafeMoon.
Portnoy on Koepka charity golf match, stock market, Jake Paul fight
Barstool Sports founder Dave Portnoy on competing with golfer Brooks Koepka in a charity match, where he is invested and Jake Paul’s first fight.
In May, Portnoy discussed his bullish views on the cryptocurrency SafeMoon with Varney. He stated in a video that he had purchased $40,000 worth of the coin and told Varney then, and reiterated on Thursday, that he planned on holding on to the cryptocurrency for years.
|BITQ||EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E||26.60||+0.39||+1.49%|
|COIN||COINBASE GLOBAL, INC.||267.52||+1.62||+0.61%|
He said on Thursday that his $40,000 investment dropped to $7,000, but "made a little bit of a comeback about a week-and-a-half ago" rising to $16,000.
He noted that when he had checked on Wednesday, he was back down to $11,000. Portnoy acknowledged that SafeMoon is "not doing great," but said he was going to "hold it until it goes bust or I am going to see it come all the way back."
"I am not going to sell it," he stressed.
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Portnoy said in May that he'd done a bit of research and liked the "concept of SafeMoon" before purchasing the crypto. He noted that, since then, it has been "a wild ride."
The next month Portnoy stressed that "crypto isn’t going anywhere," although he admitted that, "it’s hard to brag about how great everything is going" while he is losing money on his investment.
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FOX Business’ Jonathan Garber and Suzanne O’Halloran contributed to this report.
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