Barstool’s Portnoy supports the new BUZZ ETF

Barstool Sports founder Dave Portnoy told a press conference on Wednesday that he supports a new exchange-traded fund that will debut on the New York Stock Exchange on Thursday.
The BUZZ ETF uses artificial intelligence to track the top 75 large-cap stocks each month based on positive discussions on social media. The fund will hold stocks with market capitalizations of over $ 5 billion.
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Buzz Holdings founder Jamie Wise said the Buzz Index appeared around seven years ago when the company launched a research project related to the growing prevalence of online communities and individual investors looking for a forum for sharing and collaborating ideas.
âThe feeling has always been something that has fascinated me personally,â Wise said. âSo my thought at the time was, ‘Well if more and more people go online and share their investment ideas and empower themselves to make better investment decisions, there definitely needs to be. have some value in this information and not great to understand the collective conversation ‘. “
From there, Buzz Holdings saw massive growth in data where the company could measure sentiment based on the social media posts it observed.
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Portnoy said he was approached by Buzz Holdings five years ago after the company’s algorithm scratched positive social media discussions around PENN National Gaming. Portnoy noted that Buzz’s algorithm, which was licensed to investment firm VanEck’s Vectors Social Sentiment ETF, outperformed the S&P 500 by 40% in 2020.
Teleprinter | security | Last | Switch | Switch % |
---|---|---|---|---|
PENN | NATIONAL PENN GAME | 76.09 | -0.41 | -0.54% |
Last year, Penn National paid $ 163 million for a 36% stake in Barstool Sports de Portnoy. Penn National’s sports betting app goes by the name Barstool. The deal also called for Penn National Casino sports betting across the country to be renamed “Barstool” and in a post-pandemic world, casinos would feature Barstool stars hosting pre-game parties and games. post-game in these sports betting whenever big sporting events come back normal for sports fans
Currently the ten main titles in BUZZ include DraftKings, Twitter, Ford, Facebook, Amazon, American Airlines, Apple, Advanced Micro Devices, Netflix, and Tesla.
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Teleprinter | security | Last | Switch | Switch % |
---|---|---|---|---|
DKNG | DRAWINGS | 51.67 | +0.61 | + 1.19% |
TWTR | TWITTER, INC. | 67.93 | -0.32 | -0.47% |
F | FORD MOTOR CO. | 15.19 | -0.07 | -0.46% |
FB | FACEBOOK, INC. | 341.37 | -1.81 | -0.53% |
AMZN | AMAZON.COM, INC. | 3,401.46 | -47.62 | -1.38% |
AAL | AMERICAN AIRLINES GROUP, INC. | 22.22 | -0.13 | -0.58% |
AAPL | APPLE INC. | 133.11 | -0.30 | -0.22% |
AMD | MICRO ADVANCED DEVICES, INC. | 85.62 | -0.48 | -0.56% |
NFLX | NETFLIX, INC. | 527.07 | +9.01 | + 1.74% |
TSLA | TESLA, INC. | 671.87 | -7.95 | -1.17% |
In a second video posted to Twitter on Wednesday, Portnoy dispelled misconceptions surrounding the initial announcement.
âFirst of all, I don’t get paid to market it, I don’t get paid to talk about it,â Portnoy said. “I was given a stake in BUZZ, then this license to VanEck, the ETF folks.”
The move comes after a recent stock market boosted by a group of retail traders and amateur investors on Reddit’s speculative investing discussion board, WallStreetBets. Investors banded together to buy options to call struggling video game retailer GameStop, causing the company’s shares to soar, hurting short sellers in the market.
Volatility has prompted brokerage apps like Robinhood to restrict trading on GameStop and other titles targeted by retail and amateur investors. The restrictions were slammed by Wall Street and Main Street – with Portnoy leading the charge. The sports media mogul-turned-day trader slammed Robinhood in January for changing the rules “overnight without telling anyone.”
Robinhood and others’ decision was later overturned, but Portnoy criticized Robinhood co-founder Vlad Tenev, arguing that he should be thrown in jail and that the investment platform is “over” for what. ‘she did. Robinhood’s action sparked a hearing with the House Financial Services Committee and opened a Justice Department investigation into possible market manipulation.
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Portnoy explained that BUZZ was not going to chase after volatile stocks like GameStop or AMC. Neither with the ETF try to manipulate the market. But he added that the “suits” who are worried about a possible stock market bubble due to recent volatility must realize that the internet talk about Wall Street and the stock market is not going to go away.
âIt’s only getting bigger, COVID brought it in, I pushed it around, but it’s not going anywhere,â he said. “Just because you’re talking about corporate stocks on social media doesn’t mean you’re not talking about good companies that are going to be around for years and like, you buy and keep that portfolio for months and months. and months. “
He said there is a misconception that those who “talk” about stocks on social platforms like Reddit are strictly talking about a “buzzword” when they are not.
âYou can talk about real companies and the real things they do and why you love them,â Portnoy said. “We take the discussion where it all goes, using that, which is a huge pool of information, to find the top 75 the algorithm finds.”
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Portnoy said he believes in the algorithm and someone needs to harness the power of social media to make better investment decisions. He noted that he previously only trusted three people he worked with: Mike Kerns of Chernin Group, Erika Nardini, CEO of Barstool Sports, and Jay Snowden, CEO of Penn National Gaming.
“If the person sitting across from me isn’t someone I trust, and I mean I have to trust him instantly, like instinctive trust, the vibe first, yes, I trust you, then every step of the way, yes I trust you, yes I trust you, yes I trust you, I won’t do business with you, “Portnoy said. “Not in a million years.”
While acknowledging that the ETF will be different from investing in a stock like Penn National Gaming, he explained that he wouldn’t put his reputation on the line if he didn’t think BUZZ could be successful.
âThe biggest thing I have is credibility,â Portnoy said, so when he puts his âname on something⦠people believe me and know I’m telling the truth. So I wouldn’t sacrifice never do this for something that I don’t I don’t think it will work. I have to trust people. “
Noting that there are “no guarantees in life,” Portnoy said he believes BUZZ will make investors money. âI’m going to put my own money into it… But the only thing I can guarantee is that you get good people going to work their ass off and that’s a good idea and I believe in the internet. “
On Wednesday, the ETF had a cumulative rate of return of 15.53% and a one-year return of 78.88%.