With Dave Portnoy’s Barstool Fund achieving so much success and raising over $37 million to date for struggling small businesses all over the country, reports are coming out that he’s starting another fund to cover the mountains of losses from his bad stock market advice.
Portnoy is best known to investors as the guy that says ‘stocks only go up’ and the guy that bought $200,000 worth of Raytheon shares after picking random scrabble tiles out of a bag last June. And his followers have lost many millions which is why he hopes to give back.
“I still believe stocks only go up,” says Portnoy from a yacht in Miami. “But I also understand that some people following me into some of these plays with paper hands accumulated massive losses. So I’m starting a new Barstool Fund aimed solely at helping these people. So far we’ve received $50,000 from those bastards at Robinhood and I’ve personally put in 200k. It’s not much but it’s a start.”
One such person hoping to benefit from this new fund is recent investor Mark Diamond. “I started trading like a lot of people right when the Rona’ hit,” says Diamond over the phone. “I guess you could say I’m a Stoolie and I love Portnoy so I watched his streams and followed some of his picks. But I didn’t realize how volatile the markets could be and I lost everything.”
After a few more questions ‘everything’ was revealed to be $1770 which he lost after some confusion where he went short Penn Gaming not realizing this meant betting against the stock and his idol Portnoy.