Buffett: ‘Personally, I am very afraid of what havoc Portnoy can wreak’

With entertainment companies faced with content shortages, many are drawing closer to becoming investment moguls, and the Berkshire Hathaway executive is worried

0

NEW YORK (AP) – Online social media influencers and entertainers have driven themselves crazy trying to hold on to their relevance, caught between having no ideas for content as well as the ironic other hand of being bored and having nothing to do. Some have floundered and some have fallen flat on their face like former High School Musical star Vanessa Hudgens has:

And, alternatively, some have soared to fame that they have never known before as they have successfully caught the attention of all of us bored nine to fivers, confined to our houses and searching for any reason to avoid work. One such example of this is social media starlet Dave Portnoy, founder of the online publication Barstool Sports.

Portnoy is no stranger to the success that can come from simple yet unexplored ideas. His ‘One Bite’ pizza reviews have taken Instagram by storm and have continued to fueled his meteoric rise. Dave is always on the lookout for new ways to edge the media. Recently, Portnoy took advantage of culminating ideas in his company of covering the investment markets. Only he took this idea and ratcheted it up to the extreme, streaming himself day trading from his computer, with as much prior investment knowledge as any investing outsider would have.

Dave’s volatility works in such a brilliant way that even when he loses hundreds of thousands of dollars, the entertainment value generates enough revenue to put Portnoy relatively back on par. This “Davey Day Trader” movement is gaining real traction and is generating real change in the way that companies trade.

“Oh my God. Literally everything has changed about the way people trade now,” Buffett said when asked about new competitors in the investing world. “I mean look at the people on the floor who are out there, hustling and bustling for seventeen hours a day, looking for any kind of edge they can get. I, for one, am in great fear of what this will do to the markets. Personally, I am very afraid of what havoc people like Dave Portnoy can wreak.”

Certainly a strong statement from the Dalai Llama of investing. In these uncertain times, there’s no telling what may happen from one day to the next. Though there may be incremental effects to what individuals of large influence may do, it’s hard for someone to fully alter the way that the entire economy performs. That said, given the reputation of the Berkshire Hathaway genius, this idea should be taken into account.

Processing…
Success! You're on the list.



Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.