Well there are very few people trending more right now in the trading world than
Barstool Sports founder Dave Portnoy he's taking the stock market by storm
and having some fun along the way joining us now is Davey Daytrader
himself Dave thanks so much for joining us today
thanks for having me. You've not been shy to point out
the so-called wall street establishment not taking you very seriously calling
you and your followers things like willfully ignorant saying you're just
gambling and that you're going to get humbled
but we've also had at the same time this elimination of commissions
no sports for a couple of months and a lot of people being forced to stay
inside because of the pandemic and many are crediting you with a huge
boost in retail trading we've seen this year do you think that this
movement that you've been leading would even be
happening if you weren't so enthusiastic and outspoken about what you've been
doing you know I think it's kind of a
self-fulfilling prophecy because if I was just doing this in my
own bubble and the financial community didn't kind of latch on to it
and start making me headline news literally every single day and if you
turn on you know Fox Business or CNBC they're talking
about me every single day so more people are finding out
it kind of became a snowball you know going downhill
So I think I would have had an effect
I don't actually know how big of an effect I have
it it's hard to tell smoke and mirrors it seems like
everything that the financial community can't explain they blame on me and
whenever the stock market is down they'll I see he has no effect
so I really can't tell I don't know how much of an effect I'm having
I just know a lot of people are talking about me. Yeah
and even though you have bought stocks that you've said
you have no idea what the company does like recent IPO Lemonade for example
does that just underscore the level of bullishness that
you have about this market in general or are you just having fun with those
kinds of trades well no i'm bullish I mean so when I first got involved in
the stock market I was shorting stocks and I was looking at the world to me
like I don't know how things can go up and I was getting murdered
and then I came to the conclusion or assumption at some point
the stock market was fairly disconnected from the real world or maybe
just hit the lows and since I basically adopted the mantra if stocks only go up
I do believe all stocks go up there's very few as far as buying like Lemonade
which was a mistake I think I don't know how I got that one
or stocks that I actually don't know what they are when I stream live we have
a live like um comment section or board and I
pay pretty close attention to what those people are saying
now for whatever the motives may be whether they're trying to pump up their
own stocks or whether these are the stocks that are
already being talked about they've had a pretty good hit rate when
one or two stocks pop that multiple people are saying hey buy
novan buy whatever it may be I may not know what it is I look into it
but I do listen to them because they've been pretty good
like the stocks that they're mentioning whether I know them whether they're
penny stocks whatever they may be the hit rate the money that's been made
there has been very good now I don't like amazon right now I have three and a
half million dollars of my own money in that one like the the
smaller stocks I'll never do more than 150 or 200 grand they're smaller plays
and they're super volatile but they've been right
a lot more than they've been wrong all right well
as you've been alluding to you've been dabbling in some day trading
calling yourself Davey Daytrader but you're doing more than that
so could you walk us through your most successful trade that you've
had thus far so yeah it had to be the airlines
and that's kind of what launched the entire like debut day trader movement
is when I was losing and I was shorting stocks
I decided at one point I think I said I'm gonna just buy
the most depressed things I can find at the time there are airlines
so I think I bought spirit at like seven dollars and I went on a big soliloquy
and rant like the airlines are coming back we fly
in this country and I did that rant and maybe 10 minutes
later Warren Buffett came out and said Berkshire Hathaway is
out of the airline so it literally I did my thing saying go all in on the
airlines five minutes later Warren Buffett
said I'm out on the airlines and from that moment the airlines
basically skyrocketed I think I sold a decent amount of spirit at 21.
so I went from 7 to 21 pretty quickly and I started
you know grabbing on that be like look I'm smarter than Warren Buffett he's
done and that quote got taken from my stream
and went everywhere and then I just started beating it beating it beating it
and the other old school investors they all started basically being like how can
you call out warren buffett well since i've been trading which has
been about March 23rd my portfolio is up like a
gazillion percent so i'm talking about when i've been
doing it and spirit kinda and norwegian
those are the two big ones that I made a lot of noise about
all right well on the other side something that's also helpful
for investors I mean you mentioned at first you were shorting stocks you kind
of pivoted your strategy learning from mistakes is important so
what has been your worst trade that you've made in this trading
endeavor so there's been a couple bad ones boeing
crushed me and this was shorting I was shorting
Boeing and that's kind of when I started to be like there's no rhyme or reason
because one day boeing would be down like 20
the next day would be up 30 I couldn't get a handle on it so I got killed on
Boeing Lululemon killed me i was going all in
on Lululemon at earnings and I think I bought it at 200. they
beat earnings but the guidance which I didn't really know much about from the
CEO of Lululemon was negative so it went from 200 to 180
I panicked and sold it i think it's was up over 300 now
Lululemon so I missed that entire ride the CEO of
Lululemon did me no favors because like two days after the guidance
he reversed course and basically said we'll be fine and that's when it start
going up that also is when I started my you know stocks only go up I also got
killed on amazon's earnings which are coming up
again Dallagan was due to bad guidance from
Bezos and again they went back up so I panicked
and sold it so as much as people want to be like
he's just saying stocks go up since i've been doing it if I didn't
sell anything I'd always be in a better place because everything has eventually
gone up I mean Penn which is a company that bought Barstool
you know that was at four dollars it's at 33 right now so
yeah stock always go up that's been the mantra for me
so has your strategy now that earning season is back
has your strategy changed you said you have a lot in
Amazon Shopify as well what are you going to do
if those stocks drop on earnings are you going are you going to sell again or are
you going to try to hold and wait for a bounce yeah
that's a million dollar question I don't even know that I'm going to hold
them into earnings earnings I readily admit I can't figure out
because I it's seemingly you can crush earnings have good guidance and the
stock still goes down or you can miss earnings have bad
guidance it goes up so the earnings is one thing I've not
wrapped my head around at all I think Amazon is gonna have great
earnings and I think the guidance will be good
but I just don't know I haven't decided whether I'm going to sell
right before earnings call or if I keep it i'm not selling on it
it's just whether I sell before earnings got it
well in addition to stocks like Amazon and Shopify you've also
talked about other high quality growth stocks like Tesla
even Domino's Pizza but you are also dabbling in
you know let's just call them some of those cruddier stocks maybe those are
smaller positions but why not just focus on those high quality growth names
well it's simple if you can get on the right side they're one of these little
guys this where it is like a gambling game they're up like
30 like what Novan NOVN that was up 80 i think on Thursday it was down like 30
percent the day after and last night I saw it today it was up like 20.
so those wild swings for the most part are not happening on the blue chip
stocks the more you know the more well named the lower
ones right now it's crazy it's literally like
going to a casino but the casino's very hot so I
continue to do that because there's money to be made
those are the stocks i'm not holding long term at all like if I get a 30
bump a 50 bump I'll buy I'll sell I'll be out of that
so that's why I'm involved in those and what if one moves against you like
remark that ha that had a big gap down all not too long ago
what what's kind of your line in the sand if i'm you know down ten percent
i'm out what's what are kind of no lie I won't sell something that's going down
right now I call mark the woke the worst of all
time that stock has continued to go down still down but even mark will have the
day like it did the other day when it will jump 10
15 um so that one's been that I like I said on my stream they know if I
say the what I am referring to mark but I still have it i'm waiting for
it to come back and I think it will just when i don't know because it did do
that like mark missed earnings and I got smoked and then it comes back so right
now everything eventually still has come
back gotcha and how often are you looking
at charts or dissecting those because you
kind of see more of like the big picture kind of guy who you know you're thinking
about the story aspect or you know just looking at the
numbers like with the penny stocks and the big potential there
so what's a chart
okay good to know so you're focusing on the numbers
and for the bigger names like the stories yeah
the numbers the names I'll read some articles prior to earning
what they do like what the what the whispers are is it a covid stock it's a
nautical stock things like that but charts people keep sending me
look at this inverted v or what I don't know what the hell they're talking about
when they say that i just the charts look like mumbo jumbo do you
think though as it seems like you are
becoming a more serious trader you've said in the recent past that
this is you know one of the most lucrative ventures you've ever
undertaken is that something that you might be
interested in doing in order to you know kind of up your game and
and improve your skills as a trader no i have no i mean i'm interested in the
company the people running the company and what they do in the future
charts like i'll look at what's their 52-week high or low
where where am I buying it at I don't you know if that counts as a truck great
I think there's a lot more to it like I see all these space program
looking things I won't do that but if I believe in a
company then that's more of a long term like I do have
besides the day trading I do have my own personal account
which I just have stocks i'm not buying in trading like I have a Paypal I have
an Amazon and things like that in there that are more long-term you know
investments gotcha well speaking of the long-term
something you've said is once sports are back in full force
that you would go back to that back to sports gambling now do you feel like
you've kind of gotten bit by the investing bugs say you know one
day the pandemic's over everything is you know with sports is
back to normal will you still be devoting some time
to investing like you are now yeah I I don't know it's really hard so my life
is generally pretty busy when you know we're not in
quarantine and light in everything is going 24 7. we just did
a big deal bar still did with penn and there's a lot of plans we have for
that to get their gambling app off the ground
so i'm going to be traveling on working a lot on that i'd like to
but i don't know how much time i'll have to afford to it now there's one school
of thought out there that says with so many people now off of
the sidelines and in the market and you know quote-unquote pushing around
these penny stocks that were in a bubble but there's another school of thought
that recognizes that the stock market is one of the greatest
systems ever created for generating wealth and we have nearly half of adults
that aren't even saving for retirement so what say you about thatIi don't
think we're in a bubble I mean long-term stock market always goes up one of the
things that I've been saying as well you hear a lot of these um
previously very successful investors whether it be the Howard Marx or
I think the cop and wrath dude whatever his name is being like I've been through
this before and this is a bubble that reminds me of a
you know 1987 or whatever it may be the facts are
I have as much experience in this market as do those guys there has never been a
worldwide pandemic like this that has caused what it did
with the stock market so I think it'll continue I think the
stock market can continue to go up but it's hard to predict i mean the only
thing we generally have if you look long term
stocks always do go up so if you're in it and
you don't have to take your money out anytime soon because you're not retiring
or need it if you hold tight long term you'll be
fine I believe that what happens when we are back to
normal I mean I think it's still a lot of ways
to go up and they by the way the bubble people
the bubble people have been saying this is going to end in tears and I'm wrong
and what am I going to do when all the people follow me lose money
they have literally been saying that every day for four months now
so I mean unless an asteroid hits the world people will end up above
where they started they've been following me for four months because
they're so far above where we got in even if you go down like penn today is
down seven percent it's at 33 guess what it was at four so
I mean you at some point you can't just say
he's gonna be wrong it's gonna end in tears for four months straight and if it
happens eight months straight later be like I told you
like the and I know they will that's what they will say if the stock market
has three or four bad days they'll be aha
Portnoy is wrong it's like no no you've been wrong for four months
yeah well there are those out there who are saying you got lucky to get in at
the right time with this unprecedented rally but you've had the conviction to
stay in and not everyone on wall street can stay
the same so thanks so much for your time today Dave
we really appreciate it thanks for having me I had fun