After President Donald Trump took some critical lumps in his contentious interview with Fox Information host Chris Wallace earlier this month, it was in all probability time for a friendlier chat.
Enter David Portnoy, the outspoken founding father of Barstool Sports activities, who got here to the White Home on Friday armed with the type of softballs that had the president saying “I like this interview” inside a few minute of sitting down. Sure, it didn’t take lengthy for the 2 to turn out to be fairly chummy.
Finally the wide-ranging dialog turned away from Dr. Anthony Fauci and nationwide protests to the stock market. When Portnoy, who made a social-media spectacle of his buying and selling sport within the absence of stay sports activities, broached the topic, right here’s what Trump needed to say:
“You got in at the right time. A lot of people with the 401(k)s are doing phenomenally, but a lot of people sold stock and now they’re saying, ‘I missed it,’ and I said to people, ‘Don’t sell because the foundation is so strong’… But the people that really lost in terms of economic are the people that got out. The people that stayed in… they stayed with me. They’re doing great.”
It’s true that these buyers who dumped the tech-heavy Nasdaq Composite
on the lows again in March have missed out on a the market’s resilient 51% rebound. The S&P 500
and Dow Jones Industrial Common
have moved equally increased because the coronavirus despatched buyers fleeing the market in a rush.
As for Fauci, Trump’s sidelined process pressure member, Portnoy stated that he’s not a fan as a result of his “stocks tank” at any time when the concept of extra lockdowns is usually recommended.
Trump provided reward for Fauci, but in addition some hesitation. “He’d like it to see it closed up for a couple of years, but that’s OK because I’m president, I appreciate your opinion, now give me another opinion, someone please,” Trump stated. “We’re open and we’re doing well. And I just had a press conference about opening the schools. You’ve got to open the schools.”
We’ll get a gauge of simply how a lot financial harm the pandemic has precipitated later this week, when the Commerce Division on Thursday releases the second-quarter GDP report.
How ugly will it’s? “We’re looking for the worst postwar economic contraction in 62 years,” stated Sal Guatieri, senior economist at BMO Capital Markets.
Right here’s the total interview (the stock market stuff begins at across the 18:45 mark):
In the meantime, Portnoy continues to draw consideration together with his buying and selling antics. Final month, he grabbed loads of clicks when he ripped Berkshire Hathaway’s
Warren Buffett for unloading airline stocks because the coronavirus epidemic took its preliminary toll.
“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.”