This article is not financial advice and I am not a financial advisor.
— Dave Portnoy (@stoolpresidente) March 2, 2021
Whatever Dave Portnoy seems to touch, it goes straight to the moon. The founder of Barstool Sports has turned a newspaper into a giant multimedia company and Penn National Gaming has been an impressive stock over the last year. On Tuesday, Portnoy announced a new business venture with VanEck Associates Corp that will be publicly traded called BUZZ.
— NYSE 🏛 (@NYSE) March 4, 2021
The new ticker, BUZZ, launched today with a lot of hype and hoopla.
So what is BUZZ?
The Van Eck Vectors Social Sentiment ETF or BUZZ, selects 75 stocks with the most bullish social media sentiment. It’ll then package them into an ETF.
For the beginner investors out there, an ETF is an exchange traded fund (ETF) and is a security that tracks an index, sector, commodity or other assets. An ETF can be purchased or sold on a stock exchange the same as a regular stock. Which is how BUZZ was born.
BUZZ will track social media hype on top 75 stocks that will be getting huge social media hype.
The Face of BUZZ
There is no better face to have lead the social media marketing campaign for BUZZ than Portnoy. Ever since the Barstool Sports earned the $163 million investment from Penn National Gaming (PENN), Stoolies began to ride the investment wave.
Portnoy jumped into the stock market world feet first during the sports shutdown last year. He would create “Davey Day Trader Global” or DDTG and used the stock market to replace his gambling void.
Whether you love him or you hate him, Portnoy is bringing a new generation of investors to Wall Street. Through his Barstool platform, DDTG, Penn National Gaming or the Barstool Fund he has gotten Stoolies laser focused on the market.
BUZZ–now this is an ETF that fascinates me; algorithmically chosen; endorsed by someone loved by many: @stoolpresidente .. if people blitz this etf today it will move 75 stocks that the algos say are the most compelling stocks today… https://t.co/tqzvhkAaSW
— Jim Cramer (@jimcramer) March 4, 2021
This new stock is not a Reddit meme stock, so if investors are looking at this stock like GameStop, you could be left feeling empty.
“This is not a Reddit meme stock ETF,” said Jamie Wise, CEO of Buzz Holdings and the originator of the index. “This is about the broader conversation around stocks mentioned on social media platforms. We are using broad social media sources, principally Twitter and StockTwits.”
However the determine “social media buzz” to find the information on the top 75 stocks through their algorithm, in time it should yield positive results. “We are aggregating the collective sentiment of the community” that comments on stocks on social media, Wise said.
CNBC’s Jim Cramer says he’s fascinated by the new VanEck Social Sentiment ETF. “Social media and mobile technology have fundamentally changed the way we engage with stocks,” the ETF’s website said. “There’s a ton of online chatter every day. Changing sentiment and our collective views clearly impact their value.”
The Closing Bell
In conclusion, Portnoy has buzz which is why he makes sense for BUZZ and to drive this new ETF. Whether or not this EFT will be the bee’s knees is still up for debate, the power or Portnoy will definitely comply people.
This ETF has social media buzzing, seriously, I not pollen your leg, casual investors will surely feel the vibrations and look to shake a little pollen off the flower. It’s up to you whether or not you want to make that Honey Money.
Bee-Jesus, let the chaos begin.
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– Chris Henrique (@ChrisHenrique on Twitter)