Barstool’s Dave Portnoy: Retail investors shouldn’t be discouraged by GameStop hearing
Barstool Sports founder Dave Portnoy reacts to the GameStop congressional hearing and the individual trader movement.
Barstool Sports founder Dave Portnoy believes there is opportunity in so-called "sin stocks," telling FOX Business Network's "Making Money with Charles Payne" he’s “heavily involved” in gambling stocks like Penn National, which bought a minority stake in his company last year.
“I'm very familiar with that space,” Portnoy said Friday. “It's a legalized vice.”
Portnoy singled out Toronto-based online gambling company, Score Media and Gaming Inc., as an example of an “interesting” stock pick.
ROBINHOOD 'FINISHED' FOLLOWING GAMESTOP TRADING SAGA: BARSTOOL'S PORTNOY
|PENN||PENN NATIONAL GAMING||120.35||+4.69||+4.05%|
|TSCRD||SCORE MEDIA AND GAMING||36.70178||-4.25||-10.37%|
|PYPL||PAYPAL HOLDINGS INC.||286.92||-3.89||-1.34%|
Portnoy also sees promise in marijuana stocks, labeling the weed and gambling industries as “green and open.”
“People love to gamble and the retail trading shows it,” he said, adding that he is also holding on to big names like Shopify, PayPal and “all the tech guys.”
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Portnoy also weighed in on the rise of retail investors and said they should not be discouraged by the GameStop trading frenzy or Thursday's Congressional hearing.
He explained a pet peeve of his, which came up in the hearing, is elected officials believing individuals can’t think for themselves.
“There is risk in the stock market, no doubt,” he said. “You shouldn't invest more than you can lose, no doubt.”
However, he went on, politicians and commentators shouldn’t pretend that Reddit traders are leading people to their dooms.
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“Shut up and let people make decisions for themselves,” he said. “There's the Internet. There's research. The Reddit boards are probably the most fair, accurate representation of what's going on to begin with.”
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