Barstool Sports announced it has accepted Warren Buffet's application as an intern this year. He will be joining Bill Ackman and David Einhorn in this year's first Barstool Sports investing internship class.
"A lot of people thought I was annoyed at Mr Portnoy given some of his comments towards me. Nothing could be farther from the truth. I respect Barstool, having looked at the site....for the articles....for a number of years," stated Warren after questioned by reporters.
Dave Portnoy, founder of Barstool Sports, detailed how it came about, "Warren's people reached out to me a few weeks ago. I took a look at his portfolio and made some adjustments. They started making money right away. Warren recognized he could learn something and applied."
The first week was apparently rough for Warren. After Warren pushed back on several trade ideas that did not meet his criteria as a value investor, Portnoy apparently grew angry. "Hey...Warren, do you want to be a value investor or do you want to make money? How about we make some money Warren!" Both parties have apparently gotten over this spat and the relationship has improved.
Portnoy is considering extending a fulltime offer at the end of the program but reportedly has concerns if Buffett is the right cultural fit.
What you can learn from this fake news
Barstool Sports has >60 million visitors each month and recently sold a 36% interest for $163 million.
Value investing, a style made popular in part due to Warren Buffett has struggled to perform well over the past decade.