"Just spent a day with a friend with zero investing experience. Says he is up 60% on airlines stocks with 50% of his net worth. Claims this Wall Street stuff is easy and he should just quit his good medical job to day trade.". You know what this signals.
Looking at a specific example, Dave Portnoy runs a website and was on the news for making a coronavirus rant a few weeks ago.
On January 29th, 2020 it was announced that Penn Gaming Inc. ( PENN - Get Rating) had purchased a 36% stake in Barstool worth $163 million in cash and stock.
He saw the big price fluctuations of PENN . Going from $26 to $39. By March 18th it hit a low of $3.75.
So he started day trading in early April or late March. 2 months ago.
"Quickly up 100k" or something like that. He's been advising people since he started lmao.
Then in a few days he reaches +150k and commands people to take a knee and bow to the new king of day trading (this was back in April).
He shorted a stock by misclicking and discovered what short selling was.
He got rekt, raged, but later came back.
He got invited to CNBC fast money. "I am the king of the stock market"
"I am smarter than Warren Buffet" "The old man lost his fastball. Tell him to get off the tracks or he’ll get run over. I don’t want to hurt him."
"Say it with me... Stocks only go up. Only losers take profits. This is so easy. All you do is buy and you're rich like Scrooge Mc Duck."
June 5: "I’m being modest when I say I’m the world’s greatest day trader. My unlimited money has upgraded to infinity money."
He's a 43 yo man that became a millionaire with this site he created. Proving you don't need to be very smart to make it.
Who knows, with enough FED intervention an idiot like him can make it, but the country won't.
Some people to him:
"@stoolpresidente my trading strategy is buy after you lose money in hopes that you sell and the price goes back up. Worked on $SAVE , $BABA next . Please sell your BABAs around $195. 10% commish coming your way when I’m a millionaire."
His answer: "Brilliant"
Hard to think this is not a parody.
The stock market will probably rally higher on positive hopes for the rebuilding of destroyed us cities. Very rational.
This will age beautifully. Can't wait.