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Update: We have published Portnoy’s Complaint - June 1, 2020 Newsletter !

Portnoy’s Complaint

Barstool’s Dave Portnoy is trolling the entire market with his day trading antics. Using Scrabble pieces and other antics to pick stocks, he captures the essence of modern day equity investing where fundamentals are irrelevant. Wall Street doesn’t even pretend to be anything more than a casino where the Fed plays the role of the house – and we all know what happens when you bet against the house. The market only cares about one thing: whether the Fed is easing or tightening (and 90% of the time it is easing). With ETFs and other passive vehicles hoovering huge amounts of capital into a relatively small group of stocks, a Fed-fueled market can only go higher – for now. Mr. Portnoy is a perfect emblem of the intellectual void on which the stock market rally is based.

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