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Dave Portnoy sounded off on the stock market Wednesday, calling it the “world's biggest casino.”
What Happened: The Barstool Sports founder revisited the meme-stock trade earlier in the week, buying $250,000 worth of AMC Entertainment (NYSE:AMC) and GameStop Corp (NYSE:GME) on Monday.
At one point, Portnoy was up more than 100% on each position in Tuesday's pre-market trading, which he shared with his followers on his ‘Davey Day Trader' stream on X (Portnoy live-streams his trades under the Davey Day Trader alias).
Since then, GameStop and AMC's share prices have retreated, failing to sustain the rally like they did back in 2021.
Read Also: Jim Cramer Greets GameStop Sellers As Stock Nosedives Over 16% In Premarket Hours: ‘Top Of The Mornin’ Fellas!’
Portnoy proceeded to rant about modern-day trading algorithms. High-frequency trading, he says, make it harder for smaller traders and investors to profit in the stock market.
"My problem with the stock market is it's just one big casino where the people in charge rig it to f*** over the little guy and make all the money for themselves," Portnoy said on X.
Portnoy then called out the “suits” on Wall Street that make money at the expense of smaller retail investors.
Why It Matters: Portnoy was an outspoken supporter of the meme-stock rally in 2021, when Keith Gill and other retail investors sparked a short-squeeze rally in GameStop that wiped short sellers out of billions of dollars. Portnoy wasn't afraid to call out brokerages like WeBull that cut off access to the stocks during the rally.
Portnoy also made waves earlier this year through his day-trading persona by buying the dip on Spirit Airlines Inc (NYSE:SAVE) turning a quick profit after the stock turned around from a 40% drop.
But, Portnoy was not advising viewers to ‘diamond-hands' GameStop's stock, and said that at some point ‘you need to take profit'. To Portnoy's point, most retail traders end up losing money in the markets, with more than 90% of people who try their hand in day trading losing money, according to some studies.
