Barstool Sports founder Dave Portnoy was a much friendlier interview for President Trump than Chris Wallace’s grilling earlier in the week, but Thursday’s chat featured a number of newsworthy notes, despite Portnoy’s irreverent style.
Calling himself Dave “Walter Cronkite” Portnoy, he noted that he invested heavily in the March market low.
“You got in at the right time” Trump responded. “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. And we’re almost at record highs.”
The president mentioned the strength of the economy and stock market numerous times throughout the 21 minute interview, claiming “we were there” on employment and overall household wealth among all demographics and ethnic groups prior to the widespread effects of the COVID-19 pandemic, which he called the “China virus.”
As Fox Business noted, the Nasdaq Composite, which has had 155 record closes under Trump, is up 51 percent from the March lows, while the S&P 500 has gained 44 percent over the same time frame and the Dow Jones Industrial Average about 42 percent.
Trump tweets
He routinely uses the 401(k) as a proxy for the nation’s overall economic health, telling supporters at a rally in New Hampshire in February, “Up 90%, up 104%. Is there anybody doing badly with the 401(k)? Don’t put up your hand, I don’t believe you. The 401(k)s, they’re up 90%, 95%.”
Early in July, Trump warned of a retirement savings slump should Joe Biden win the election.
“If you want your 401(k)’s and Stocks, which are getting close to an all-time high (NASDAQ is already there), to disintegrate and disappear, vote for the Radical Left Do Nothing Democrats and Corrupt Joe Biden,” Trump tweeted Monday. “Massive Tax Hikes – They will make you very poor, FAST!”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
