Dave Portnoy, Founder of Barstool Sports, is responding to the GameStop Congress hearing and individual dealer move.
Dave Portnoy, founder of Barstool Sports, believes there is an opportunity for so-called “Sin Stocks” and tells FOX Business Networks “Making Money with Charles Payne” that he is “heavily involved in gambling stocks like Penn National,” which last bought a minority stake in his company year.
“I’m very familiar with this room,” Portnoy said Friday. “It’s a legalized vice.”
Portnoy selected Toronto-based online gaming company Score Media and Gaming Inc. as an example of an “interesting” stock pick.
ROBINHOOD ‘FINISHED’ FOLLOWS GAMESTOP TRADING SAGA: BARSTOOL’S PORTNOY
|PENN||PENN NATIONAL GAMING||120.35||+4.69||+ 4.05%|
|TSCRD||SCORE MEDIA AND GAMES||36.70178||-4.25||-10.37%|
|BUSINESS||SHOPIFY INC||1,435.01||+50.44||+ 3.64%|
|PYPL||PAYPAL HOLDINGS INC.||286.92||-3.89||-1.34%|
Portnoy sees promising results in marijuana stocks too, describing the weed and gambling industry as “green and open”.
“People love to gamble and the retail sector shows it,” he said, adding that he also sticks to big names like Shopify, PayPal and “all the techies”.
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Portnoy also weighed on the rise of retail investors, saying they shouldn’t be discouraged by the GameStop trading frenzy or Thursday’s congressional hearing.
He stated that one of his Pet Peeve who appeared at the hearing are elected officials who believe that individuals cannot think for themselves.
“There is undoubtedly a risk in the stock market,” he said. “You should definitely not invest more than you can lose.”
However, politicians and commentators shouldn’t pretend that Reddit traders are leading people into their destiny.
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“Shut up and let people make decisions for themselves,” he said. “There is the internet. There is research. The Reddit boards are probably the fairest and most accurate representation of what is going on in the beginning. ”