Dave Portnoy is shaking his fist at the stock market, daring it to give him a bigger pounding than it already has — telling his gambling fans how the $700 million he lost on Thursday, and the four-million he’s lost “in a f—ing blink” over the week is just a flesh wound, a mere scratch.
If it’s “just a scratch,” he’s soon going to look like he took a naked marathon run through the blackberry patch. So, it’s a good thing he doesn’t appear to be too sober. He’s going to need a lot more anesthesia before his downhill run is over.
Potnoy is the big-mouth braggart who has led the Robinhood investing pack to gain billions in the insanity run that the stock market made against the backdrop of a shattered economy. Out of the ashes of the economic Covidcrash, Portnoy managed to establish the baloney mantra that “stocks only go up,” and he was fool enough to believe his barstool wisdom.
Yeah, stocks only go up in a meltup, and Portnoy got into the day trading gig just in time to ride the most insane melt-up in history … and help create it with his braggadocios cheerleading. The broader truth is that “stocks only go up … until they don’t.” He could have learned that just by drinking a little less during the market’s March madness. (As opposed to April’s fool run.)