Did we simply witness “an epic signal of a blow-off top”… ?
Yes, says Gary Evans of the Global Macro Monitor blog, who pointed to the current motion on Barstool Sports founder Dave Portnoy’s Twitter feed as the explanation why.
On Monday, Portnoy slammed Berkshire Hathaway’s
Warren Buffett for unloading airline shares because the coronavirus epidemic took its toll. He additionally went off on how he made nearly $300,000 on the day however missed out on an excellent greater quantity by getting out too quickly.
“I’m just printing money,” Portnoy stated. “Why take profits when every airline goes up 20% every day. Losers take profits. Winners push the chips to the middle… I should be up a billion dollars.”
Watch the clip:
Evans in contrast Portnoy’s rant Monday to one of many most-quoted market high alerts in historical past.
Back within the fall of 1929, Yale economist Irving Fisher famously stated “Stock prices have reached what looks like a permanently high plateau.” We all know what occurred in October of that yr.
“Frame it,” Evans stated of Portnoy’s take. “Then run like hell.”
After Portnoy’s tweet unfold throughout Finance Twitter
, he doubled down on his Buffett-bashing on Tuesday, calling him a “washed up” investor who’s not related.
“I’m not saying I had a better career… He’s one of the best ever to do it,” he stated. “I’m the new breed. I’m the new generation. There’s nobody who can argue that Warren Buffett is better at the stock market than I am right now. I’m better than he is. That’s a fact.”
Look out, under?
Meanwhile, the inventory market is taking a breather on Tuesday, with the Dow Jones Industrial Average’s
six-day profitable streak in danger. The S&P 500
was additionally decrease whereas the tech-heavy Nasdaq
managed to interrupt into constructive territory.