“Right now is an awesome time to invest in the stock market,” Barstool Sports founder Dave Portnoy says. Here's why.
Barstool Sports founder Dave Portnoy can’t tell you precisely the moment to venture into stocks, amid the carnage taking shape in U.S. equity indexes this year, but says he maintains one belief on investing now: Suppress the urge to be fearful.
It is, perhaps, ironic that Portnoy appears to be borrowing from an adage most closely associated with Warren Buffett: Be “fearful when others are greedy, and greedy when others are fearful.” Back then, worries about the economic impact of the COVID-19 pandemic gave way to a full-throttle burst higher in markets, underwritten by government stimulus checks and endorsed by central bankers who were intent on keeping interest rates low.
But what a difference a year — or two — can make: Investors now are suffering through a bona fide bear market, with the S&P 500 index SPX, -0.20% down more than 20% year to date, the once high-flying Nasdaq Composite Index COMP, -3.04% off more than 28% this year and the Dow Jones Industrial Average DJIA, -0.14% down 17% so far in 2022.
Portnoy said he has spent some of his day-trading proceeds, which he estimates at around $2 million, on real estate, notably a pair of houses.That said, he still challenges the belief held by some that trading should be the sole remit of experts and professionals.
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