Barstool Sports creator Dave Portnoy called endeavor capital investor Chris Sacca “an idiot” after Sacca shared “a little hard reality” for brand-new investors.
“To everybody who got into trading stocks this year, I have a little hard truth for you,” Sacca, who has a net worth of $1.2 billion, tweeted Thursday. “You’re not in fact that good at it. You simply caught a wild booming market. Take some cash off the table.”
Portnoy, who used up day trading this year and has seen some favorable results, told FOX Company that “he’s never become aware of Chris Sacca” however added, ” He sounds like a sour loser and an idiot.”
The sports media figure live streams his daily trading sessions on Twitter to offer his followers a glimpse into both his successes and failures as he slings positions worth numerous countless dollars.
Dennis Gartman, University of Akron Endowment Committee chair and previous publisher of the Gartman Letter, formerly criticized Portnoy in a June 26 op-ed for FOX Business.
“Portnoy and his legion are having their proverbial day in the sun. But eventually, that sun will set, or eventually, darker clouds will eclipse that sun. You can count on that as a fact,” Gartman wrote. “Quickly the music these ‘investors’ are dancing to will either stop or turn atonal; quickly he and they will find out that investing is extremely, extremely effort.”
The exact same day, Portnoy wrote an op-ed for FOX Business pushing back versus Gartman’s claims.
” [Gartman] believes it’s unreasonable that I’m leading an army of day traders who deal with stocks like a video game and am making it harder for Wall Street veterans to browse,” Portnoy composed. “Gartman seethed that for the first time in history, retail financiers, or the ‘retail bros’ as they call them, don’t need them to invest our money for us.”
He continued: “I have as much experience in this trading environment as they do. And perhaps the extremely truth that I’m not strained with their history has enabled me to see this market for what it is, while they have failed badly.”
Almost 800,000 people opened new accounts at the 3 most significant online brokers in March and April in the middle of the heart of the COVID-19 lockdowns, according to the Financial Times. That wave of new accounts has infused life into a market that had been left for dead.