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June 13, 2020, 8:00 a.m. EDT

Barstool Sports founder believes he’s a better investor than Warren Buffett and has determined day trading is ‘the easiest game’ there is

‘That’s a fact’

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By Shawn Langlois, MarketWatch


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Watch out, Warren. There's "a new breed" of investor coming for you.

Did we just witness “an epic signal of a blow-off top” ... ?

Yes, says Gary Evans of the Global Macro Monitor blog , who pointed to the recent action on Barstool Sports founder Dave Portnoy’s Twitter feed as the reason.

On Monday, Portnoy slammed Berkshire Hathaway’s /zigman2/quotes/208872451/composite BRK.A +0.37% /zigman2/quotes/200060694/composite BRK.B +0.07%  Warren Buffett for unloading airline stocks as the coronavirus epidemic took its initial toll. He also went off on how he made almost $300,000 on the day but missed out on an even bigger number by getting out too soon.

“I’m just printing money,” Portnoy said. “Why take profits when every airline goes up 20% every day. Losers take profits. Winners push the chips to the middle. ... I should be up a billion dollars.”

Watch the clip:

Evans compared Portnoy’s rant Monday to one of the most-quoted market-top signals in history.

Back in the fall of 1929, Yale economist Irving Fisher famously said “Stock prices have reached what looks like a permanently high plateau.” We all know what happened in October of that year.

“Frame it,” Evans said of Portnoy’s take. “Then run like hell.”

After Portnoy’s tweet spread across Finance Twitter /zigman2/quotes/203180645/composite TWTR +2.03% , he doubled down on his Buffett bashing on Tuesday, calling him a “washed up” investor who’s no longer relevant.

“I’m not saying I had a better career. ... He’s one of the best ever to do it,” he said. “I’m the new breed. I’m the new generation. There’s nobody who can argue that Warren Buffett is better at the stock market than I am right now. I’m better than he is. That’s a fact.”

Look out below?

Meanwhile, the stock market is taking a breather. On Tuesday, the Dow Jones Industrial Average’s /zigman2/quotes/210598065/realtime DJIA -0.88% saw its six-day winning streak end at six. It’s down again early Wednesday. The S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% was also lower Wednesday while the tech-heavy Nasdaq /zigman2/quotes/210598365/realtime COMP -1.07% parted ways to post an early gain.

Need to Know (May 28): Hedge-fund manager Bill Ackman says he dumped Berkshire Hathaway but held on to these winners

/zigman2/quotes/208872451/composite
US : U.S.: NYSE
$ 327,601
+1,200 +0.37%
Volume: 753.00
Sept. 18, 2020 4:04p
P/E Ratio
23.93
Dividend Yield
N/A
Market Cap
$521.32 billion
Rev. per Employee
$637,113
loading...
/zigman2/quotes/200060694/composite
US : U.S.: NYSE
$ 218.21
+0.16 +0.07%
Volume: 11.86M
Sept. 18, 2020 4:02p
P/E Ratio
23.90
Dividend Yield
N/A
Market Cap
$521.32 billion
Rev. per Employee
$637,113
loading...
/zigman2/quotes/203180645/composite
US : U.S.: NYSE
$ 40.15
+0.80 +2.03%
Volume: 19.49M
Sept. 18, 2020 4:05p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$31.76 billion
Rev. per Employee
$776,112
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,657.42
-244.56 -0.88%
Volume: 703.89M
Sept. 18, 2020 5:15p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,319.47
-37.54 -1.12%
Volume: 4.09B
Sept. 18, 2020 5:15p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,793.28
-116.99 -1.07%
Volume: 5.26M
Sept. 18, 2020 5:16p
loading...

Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.

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