Cias, chief US equities strategist Tobias Levkovich predicts future market forecasts amid positive COVID news.
Dave Portnoy, founder of Barstool Sports, said at 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 down the top 75 large-cap stocks each month, based on positive social media conversations. The fund has shares with more than $ 5 billion in market capitalization.
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Buzz Holdings founder Jamie Wise said the Buzz Index took place 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 to share ideas and collaborate.
“The sentiment has always been something that fascinated me personally,” Wise said. “My thinking back then was’ Well, if more and more people are going online and sharing their investment ideas and empowering themselves to make better investment decisions, there should definitely be some value in this information, or would it be great to understand collective conversation. ‘
From there, Buzz Holdings saw significant 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 positive social media chats around PENN National Gaming. Portnoy noted that Buzz’s algorithm, licensed to the investment firm VanEck’s Vectors Social Sentiment ETF, was 40% better than the S&P 500 in 2020.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| PENN | PEN NATIONAL 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 is named after Barstool. The agreement also requires Penn National casino sportsbooks across the country to re-label ‘Barstool’, and in a post-pandemic world, the casinos will hold Barstool’s stars held before and after parties at the sportsbooks when major sporting events take place. return to normal for sports fans
Currently, the top ten are owned in BUZZ DraftKings, Twitter, Ford, Facebook, Amazon, American Airlines, Apple, Advanced Micro Devices, Netflix and Tesla.
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| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| DKNG | CONCEPTS | 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 on Twitter on Wednesday, Portnoy dispelled misconceptions surrounding the initial announcement.
“First, I’m not paid to market it, I’m not paid to talk about it,” Portnoy said. “I got an ownership in BUZZ and then this license to VanEck, the ETF people.”
The move comes after a recent stock market was spurred on by Reddit’s discussion forum WallStreetBets by a group of retailers and amateur investors. Investors have teamed up to buy a struggling video game retailer GameStop’s stock options, raising the company’s shares, hurting market sellers.
The volatility has led to brokerage programs such as Robinhood restricting trading on GameStop and other securities targeted by retail and amateur investors. The restrictions were lifted by Wall Street and Main Street – with Portnoy leading the charge. The sports media magnate criticized a day trader in January for changing the rules ‘overnight’ without telling anyone. ‘
The decision by Robinhood and others was later overturned, but Portnoy sued Robinhood co-founder Vlad Tenev, arguing that he should be jailed and that the investment platform was ‘ready’ for what it did. Robinhood’s actions sparked a hearing with the Financial Services Committee and opened an investigation into the Justice Department investigating potential market manipulation.
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Portnoy explained that BUZZ is not going to chase volatile stocks like GameStop or AMC. Also, do not try to manipulate the market with the ETF. But he added that the ‘costumes’ that are worried about a potential market bubble due to the recent volatility should realize that the internet chats about Wall Street and the stock market are not going to disappear.
“It’s just getting bigger, COVID has penetrated it, I have penetrated it, but it’s not going anywhere,” he said. ‘Just because you talk about stocks in companies on social media does not mean that you are not talking about good companies that will exist for years, and you want to buy, and you keep it in this portfolio for months and months and months. . “
He stated that there is a misconception that those who “talk” about shares on social platforms like Reddit, are strictly talking about a “hype share” if this is not the case.
“You can talk about real companies and the right things they do and why you like them,” Portnoy said. “We take the discussion where it all takes place, and use it, which is a huge amount of information, to find the 75 best that the algorithm finds.”
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Portnoy said he believes in the algorithm and that someone should harness the power of social media to make better investment decisions. He noted that he previously trusted only three people he worked with: Mike Kerns of the Chernin Group, CEO of Barstool Sports, Erika Nardini, and Jay Snowden, CEO of Penn National Gaming.
“If the person sitting across from me is not someone I trust, and I mean I should trust them right away, like the guts trust, first atmosphere, yes, I trust you, and then every step of the way, “Yes, I trust you, yes, I trust you, yes, I trust you, I will not do business with you,” Portnoy said. “Not in a million years.”
While recognizing the ETF would be different from investing in a stock like Penn National Gaming, he explained that he would not put his reputation at stake if he did not think BUZZ could be successful.
“The biggest thing I have is credibility,” Portnoy said. If he puts his name on something … people believe me and know I’m telling the truth. So I will never sacrifice it for something I do not wear. i do not think is going to work. I have to trust the people. ‘
Portnoy noted that there are “no guarantees in life” and believes that BUZZ investors will make money. “I’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 and that’s a good idea and I believe in the internet.”
As of Wednesday, the ETF has an annual rate of return of 15.53% and an annual rate of return of 78.88%