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Citi chief U.S. equities strategist Tobias Levkovich is forecasting future market trends amid positive news about COVID.
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 on a monthly basis based on positive social media chat. The fund will hold stocks with a market capitalization of over $ 5 billion.
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Buzz Holdings founder Jamie Wise said the Buzz Index emerged about 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.
“The feeling has always been something that has fascinated me personally,” said Wise. “So at the time, I was thinking, ‘Well, if more and more people go online and share their investing ideas and empower themselves to make better investment decisions, there sure has to be some value in that information and wouldn’t it be great for understanding 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 scraped off positive social media threads around PENN National Gaming. Portnoy noted that Buzz’s algorithm, which was licensed to investment firm VanEck’s Vectors Social Sentiment ETF, topped the S&P 500 by 40% in 2020.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| PENN | NATIONAL PENN GAMES | 117.73 | -7.40 | -5.91% |
Last year, Penn National paid $ 163 million for a 36% stake in Portnoy’s Barstool Sports. Penn National’s sports betting app goes by the name Barstool. The deal also calls for sports betting at Penn National casinos across the country to be rebranded as “Barstool” and in a post-pandemic world, casinos would feature Barstool stars hosting pre-game parties and games. post-game on these sports betting whenever major sporting events return to normal for sports fans
Currently, BUZZ’s top ten titles include DraftKings, Twitter, Ford, Facebook, Amazon, American Airlines, Apple, Advanced Micro Devices, Netflix, and Tesla.
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| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| DKNG | PROJECTS | 65.75 | -2.83 | -4.13% |
| TWTR | TWITTER, INC. | 70.86 | -2.81 | -3.81% |
| F | FORD MOTOR CO. | 12.17 | -0.38 | -3.03% |
| FB | FACEBOOK, INC. | 255.41 | -3.59 | -1.39% |
| AMZN | AMAZON.COM, INC. | 3,005.00 | -89.53 | -2.89% |
| AAL | AMERICAN AIRLINES GROUP, INC. | 22.17 | +0.73 | + 3.40% |
| AAPL | APPLE INC. | 122.06 | -3.06 | -2.45% |
| AMD | ADVANCED MICRO DEVICES, INC. | 80.86 | -3.27 | -3.89% |
| NFLX | NETFLIX, INC. | 520.70 | -27.12 | -4.95% |
| TSLA | TESLA, INC. | 653.20 | -33.24 | -4.84% |
In a second video posted to Twitter on Wednesday, Portnoy dispelled misconceptions surrounding the initial announcement.
“First of all, I don’t get paid to market it, I don’t get paid to talk about it,” Portnoy said. “I got a stake in BUZZ, then this license to VanEck, the ETF staff.”
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 the call options of struggling video game retailer GameStop, which caused 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 hobby investors. The restrictions have been criticized by both Wall Street and Main Street – Portnoy leading the charge. The sports media mogul turned day trader criticized 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 he should be thrown in jail and 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 to investigate 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 “suits” who are worried about a possible 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.
“It’s just getting bigger, COVID pushed it, I pushed it, but it’s not going anywhere,” he said. “Just because you talk about corporate stocks on social media doesn’t mean you’re not talking about good companies that are going to last for years and you buy and stay in that portfolio for months and months and months. . “
He said there was a misconception that those who “talk” about stocks on social platforms like Reddit are strictly talking about “stock hype” when they are not.
“You can talk about real companies and the real things they do and why you love them,” Portnoy said. “We take the discussion where it all goes, using that, which is a huge store 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 them like instantly, like gut trust, the first vibe, yes I trust you , and then every step of the way, yeah I trust you, yeah, I trust you, yeah 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.
“The biggest thing I have is credibility,” Portnoy said, so when he puts his “name on something… people believe me and know I’m telling the truth. So I would never sacrifice that for something that I don’t I don’t think it’s going to work. I have to trust people. “
Noting that there are “no guarantees in life,” Portnoy said he believes BUZZ will make money for investors. “I’m going to put my own money into it … But the only thing I can guarantee you is that you have good people going to work their shit out and the internet is a good idea.”
On Wednesday, the ETF had a cumulative rate of return of 15.53% and a one-year return of 78.88%.
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