Announcer: 00:02 Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street, right to you on Main Street.

Frank Curzio: 00:16 How’s it goin’ out there? It’s Friday, April 5th. I’m Frank Curzio, host of the Frankly Speaking podcast. We’re gonna answer all your questions. Market, stocks, economy, sports. Anything else you wanna throw at me. Created this podcast to answer some of your questions that you would send into my Wall Street Unplugged podcast, which I host every Wednesday. You want any questions answered, just send me an email at frank@curzioresearch.com. That’s frank@curzioresearch.com. Be sure to put Frankly Speaking in the headline. You never know. Your question may be the one I read on this podcast.

Frank Curzio: 00:49 Good questions, really good questions coming in. First one’s from Tyler. He says, “Hey Frank. Tyler here from Bedford, Texas. Also a lifetime subscriber. I’ve noticed this company making a lot of crypto-type moves and its name pops up on a lot of cryptocurrency blogs I read. I was wondering if you’ve done any research on this company or know anything about them. Thanks again.”

Frank Curzio: 01:10 And the company he asked, Tyler, was Fidelity National Information. FIS. Fidelity National Information Services. Very, very big company. 36 billion dollar market cap. Trade over $100 a share, about $150 a share. Just had a major … going through a major acquisition of World Pay for 43 billion. Right? Pretty crazy seeing as the market cap’s at 36 billion. So this is more like a merger. This company has a history of doing lots of acquisitions. Paid nine billion to acquire Sun Guard in 2015. Basically, a digital payment processor. 20,000 clients. There’s a huge business. My sister who works with us was in this business for most of her career at First Data. Very familiar. And lot of consolidation.

Frank Curzio: 02:00 Look, I mean the company if you look at it, if you’re asking me if I like it or not, I’m familiar with it. So it’s up 15% year to date, about 20% over the past 12 months. They are really big into block chain. Partnering with numerous companies and should be no surprise. And thank you for, you know, people send me articles all the time, one person sent me an article highlighting how six of the top 10 high profile digital companies are investing in block chain. I mean, block chain is here. Investing in it, banks investing in it. I mean, it’s really huge. Not to mention that if you look at bitcoin this week, right? What a major move. Trading over 5,000 now. And you might say, “Oh, 5,000. It was 19,000.” Yeah, but it 33, 3400. And you’re looking at most cryptos really surging over the past week. And not a lot of news or anything. Nothing crazy.

Frank Curzio: 02:50 There’s some speculation of whatever out there but we do have a lot of those … not a lot, but certain positions. I thought we did a fantastic job at our crypto intelligence newsletter where, you know, we got nailed on three or four of them, but had very small positions. I think we had about 16% of total capital exposure. And we didn’t recommend cryptos every month. Remember, we started this middle of 2018. And now, we’re seeing a lot of these things bounce back. Where we had bitcoin cash, which was down initially, we added to that position. It’s one of our biggest positions in the portfolio. And bitcoin cash surged 100% in a month. A lot of these things really bouncing back now. I don’t know if you’re paying attention. Not a lot of people talking about it. People talk about bitcoin. People have Litecoin, Ethereum. I mean, these things are really surging right now. Especially in the past few months and last week especially.

Frank Curzio: 03:38 But crypto investing, look, it’s a lot safer than it was 12 months ago. You have so many things going on, two step authentications. You have to submit more data to these brokerage firms. Even in our Curzio Equity Owners offering, which is still going on, guys. Getting a lot of demand from institutions. Very exciting stuff right now. Talk about a little bit later. But every one of our investors who came in had to go through a KYC/AML compliance. Which is know your customer, anti-laundering. And they also had to show proof of being an accredited investor. And you had to be an accredited investor to invest in Curzio Equity Owners. Getting an equity stake in our company. First time I think, in the history of the industry that you’re actually able to get an equity stake in a financial newsletter publisher. Which lot of people don’t know this, because it is mostly private industry, one of the most scalable, high margin businesses on the planet.

Frank Curzio: 04:27 And all the investors came in, I talked to almost every one of them individually. Really fantastic stuff. But the reason why all these checks, at least we had to do them, is because now we have a great chance of trading on the major security platforms, the compliant platforms like tZERO, OpenFinance, which is really exciting stuff. Get to talk more about that maybe in a month or two. But a lot of stuff going on behind the scenes, which I’m really really excited about right now.

Frank Curzio: 04:52 But getting back to Fidelity National Information, they are. They’re involved in a lot of cryptocurrencies. They’re involved in a lot of deals. I wouldn’t buy the stock based on that. I mean, it’s a payment … it’s almost like I think Square, I think I actually recommended Square and said, “Hey, you know what, these guys have exposure to bitcoin, they have exposure to cryptocurrencies. It’s not big right now, but it has the chance to be 10, 15% of their sales going forward. Which provides a growth component to them.” And we recommended Square really, really early and did very, very well. We’re still doing well on it. Here’s another company. I wouldn’t really buy it because of that. ‘Cause they’re really, really big. But it is interesting to keep your eye on it. You talk about big companies here. Publicly traded companies that are investing in different cryptos. Investing in block chain. You should have some kind of exposure to this.

Frank Curzio: 05:37 We have a crypto intelligence newsletter, which we’re doing a very good job there. I mean, look, it was a little rough, but we’re really smart to take very, very small positions and be honest. You have people saying, “Frank, you know, I bought this newsletter, I thought you were going to recommend stuff.” And a couple people canceled. And listen, the reason I’ve been doing this 25 years is because I’m credible. And I told them, I said, “Listen, if you wanna go out there and buy 10, 20, 30 of these things. Which 90% of ’em are shit, right? ‘Cause I analyze over 500 of these things. The ones that are coming back are the survivors.”

Frank Curzio: 06:11 The ones that actually … we talk about utility tokens here, not what I’m doing, which is security token. Actually getting an equity stake in our business and we intend on paying a dividend to our investors as well. But when you look at the whole industry and how crappy it all is, look, my job is to protect you guys when things aren’t good. That’s what you pay me for. Yeah it’s nice. You want to get a pick every month and updates, stuff like that. And there was like three months there out of six or five that we didn’t recommend anything.

Frank Curzio: 06:40 And we provided great issues. I wrote a lot of these issues myself and really great detail in ’em. Showing exactly what we’re going to do. How we’ll position ourselves. But that’s what a good editor does. Is it gonna result in people canceling? Yes, it is. I get it. You subscribe, you want ideas. But when I see a market that’s crashing I’m not going to throw you into the fire, man. Come on. My name’s on the door here. There’s a lot of other people out there that recommended so many of these things through all of 2018 and murdered people. Destroyed them. They don’t care. Keep selling that product. No.

Frank Curzio: 07:15 I mean, think about crypto intelligence guys. If you’re on our list you see when we promote, when we’re selling something, we’ll promote it for two, three weeks. You’re not getting a million emails that you get from our competitors and stuff like that. Every single day you have the pick of a lifetime every day, right? No. We’re not like that. When have you seen us have an advertisement for crypto intelligence? I can tell you in September we were advertising Michael Alkin’s product. In mid 2018, great timing, right? Market crash. He has a sure product. Great product. Teach you how to bet against stocks. Being very safe through options. Not taking on full exposure. Not taking on full short positions. We have unlimited risk. So I’m very conscious of that. ‘Cause we get you in at the right time and you make money, you’re going to be a subscriber for life. If you throw someone in the fire, and it’s just, you’re gonna get crushed, what’s gonna happen? You’re gonna tell a hundred people how terrible: “Curzio’s an idiot. We got killed.”

Frank Curzio: 08:10 But right now, that product, it’s position, one of our best products going forward. Not only are we getting a lots of looks at security token offerings, more than a dozen companies have come to us now that we launched this thing. And basically successful so far. And every investor got in it no problem. Able to talk to us. It’s funny, ’cause a lot of my friends all have these companies. And some of them have very big companies that wanna do security tokens now. And that were just saying, “Well let’s see if Curzio falls flat on his face first. If he doesn’t, maybe this is a good idea.” And now we’ve been through the process, people are coming to us and saying, “How do you do it? Who’s the lawyers that you use? Who’s the platform providers that you use? How did you get everything done? What did you need to do?”

Frank Curzio: 08:54 It’s a lot of work and we’re kind of first to the party on it, but it’s very, very exciting and that’s why we’re seeing a lot of interest from institutions. That’s a process that takes a few months. Back and forth and different meetings and presentations. But there’s a lot of people that are interested and it’s exciting and I say, “Hey. If you’re interested, cool. If not, no worries. Let us know what you didn’t like.” This way we can present it better, maybe. So far so good and I have a feeling we’re going to start seeing lots of institutions come into this thing. We’re about a four and a half million capital raise. Looking to raise 12. And I think we’re going to hit that 12, I really do. Maybe we do, maybe we don’t. But so far so good.

Frank Curzio: 09:30 Looking at FIS, I wouldn’t buy it here, Tyler. It’s a little crazy with how much they’re paying for World Pay. 43 billion dollars. The market seems to like it though. But I don’t know. That’s a pretty big acquisition and what we know with acquisitions is they never go as planned. They say, 500 million in synergies and all this stuff. But it doesn’t even matter if there’s overlapping businesses and it’s easy to get rid of the facilities. And what they’re going to do is fire employees. That’s what they usually do. ‘Cause everything’s overlapping.

Frank Curzio: 10:02 But you always have different cultures with these businesses. Even if it’s in the same industries. Maybe the healthcare benefits are different, maybe the expenses are different, maybe company could expense and take their clients out and another one can’t. There’s a lot of different things. That integration is difficult. It’s very hard to do. There’s great companies like Oracle that can integrate. They have a whole formula and do it very quickly and acquire companies and roll ’em up and stuff like that. With this, this is a really, really big deal for them. So I wouldn’t go out and buy it and I don’t think that crypto is going to be that big of a growth catalyst for them, at least right now. But it is an interesting company. Way to look out, because you will see this name on a lot of deals. I’ve been seeing it as well.

Frank Curzio: 10:44 Moving on. To Scott. Scott says, “Hey Frank. Any future thoughts for creating a conference in the Curzio Research ecosystem? I’d be interested in coming to that and meeting you. And some of your usual guests.” Or should you say unusual guests? “Just keep up the good work. Scott.” I wanna launch it. I really wanna have our own conference. I think it’s gonna be cool. I think that’s a 2020 thing. There’s a lot going on right now where we’re talking to institutions right now. We’re looking to raise 12 million through our security token offering. Curzio Equity Owners. In negotiations talking to editors as well to bring them over. We are in the middle of launching three major, major projects. So if you’re an investor in our company, you’ll be happy. One of them I’m actually going … I’m leaving Monday to film on Tuesday. And we’re going to finish the filming of this and then we’re going to launch this thing, probably a couple weeks afterwards. And there’s two other major projects in the works that are going to come out over the next couple months.

Frank Curzio: 11:47 So we’re very, very busy here. Looking to add tons of new names to our list. Also get the educational platform started. There’s just a lot of stuff in the works right now and I have to say, it’s really great. Everyone’s excited. We’re bringing in money for the company, which now allows us to scale our ideas. It allows us to get our brand out there in front of more people, which we really want to do. ‘Cause we really feel like we have good content. We have good performance with the newsletters. Of course everything can always be better. And we want it to be better.

Frank Curzio: 12:15 But it’s exciting times. I mean, it’s not often when you’re in a position with a company where, “Well we don’t have enough money.” Or “We don’t have the right employees in place.” Or “We don’t have the right IT in place.” We have everything in place. Now it’s up to us to execute. So there’s no excuses. And I love that. Because you’re not always in that position as a business. Sometimes, “Oh, well we don’t have the money to scale this idea. I wish we could hire that employee but we can’t give ’em enough.” No. We can hire anyone we want right now. Anyone in the business that we wanted to. We’re able to put together an offer because we could offer tokens, which are almost like options now. We can offer competitive pay packages. We’re small enough where a percentage of sales makes sense, if we’re talking about someone who’s really great in this industry that wants to come over. We’re in a position to really, if one of our ideas hit really well we could really scale it and bring on so many new names to our list and then put ’em in our ecosystem. Some really exciting times here.

Frank Curzio: 13:10 So I think once that happens, and we really build this thing up, I would love to do a conference. And I’ve thought about this, because man, most conferences suck, right? They do. I go there, I attend these things. I’m being honest with ya. Especially you get the guys that go up there and they just read their PowerPoint presentation. The bullets on it: “And this has got a 10% growth.” And it’s like, “Ugh. Just send me the presentation! I can read it myself.” Whenever I speak I try to make it entertaining as much as I can. Original. Try not to give you stock ideas. And if I have a conference, that’s what it’s gonna be about. I’m gonna bring the most exciting people to the table.

Frank Curzio: 13:51 I’m fortunate where we have the podcast, I’ve interviewed so many people. Man, these guys owe me big time. Nah. I’m just saying, I’ve given them a lot of exposure, they’ve always come on the podcast. But they would love to get there. They would love to present. Even Stephanie Link would probably go. Rich Suttmeier, I think would be great. He’s controversial. Mike Alkin would be up there. There’s just so many people. Rick Rules. Marin Katusa’s we can get out there. So many people that I’ve interviewed that I think would be so exciting and I would make sure that they … it’s more like a, how can I say this? It’s like a laid back format, right? Really cool. ‘Cause a lot of times, sometimes people go over the top and it’s really high end. I just wanna be really cool. It’s like, “Hey, everybody’s together here. We’re all friends.” It’s not just I’m getting people up there on stage and they’re leaving through the back door. No. Hang out, eat dinner with everybody. Just mingle with everybody and talk. These guys are all fans of yours.

Frank Curzio: 14:51 That’s how I always dream of having a really great conference like that. Making it entertaining. Making it fun. Making it educational. Having lots of ideas. Challenging them. Having great panels. I’ve been to so many conferences that I see so many people get it wrong that I think I know how to get it right. And I understand that entertainment component, and making it fun. But more important, interactive. Being able to talk to … I always love that, being able to talk to the Rick Rules, who are just wandering around after their speeches and having access to these people. That’s important. If I have a conference with my name, that says Curzio Research, that’s really what I want. I want it to be really cool for you guys.

Frank Curzio: 15:34 But I would look, 2020 we’d probably do something like that. It’ll probably be a disaster ’cause it’s our first conference. Who knows. You guys will probably go there, get a nice hotel and your room might not be there and stuff like that but who cares? I’ll bring tents, we’ll sleep on a … whatever. Golf and hang out, it’ll be a lot of fun. But I have to get someone to plan that very, very well. But I would love to do that because I love people. I love meeting you guys. You guys have been huge supporters of mine, listening to this podcast. And I would love to do that and meet you guys personally. So I would look 2020 before we do something like that. I really appreciate that, I think that’d be really cool.

Frank Curzio: 16:06 Let’s take one more here. And it’s gonna get interesting here. ‘Cause this one is from Joe. Joe says, “Hey Frank. Thank you for continued hard work on making Curzio Research great.” Thanks so much, I appreciate that. He says, “I’m just curious about AT&T. You used to talk about the stock a lot. It’s kinda been stagnant. With big market moves. They had that big acquisition of Time Warner. I would think that they’re ready to grow. Do you think that [inaudible 00:16:39] do you feel like this is still a long term play? Your thoughts are always appreciated. Your continued listener and subscriber, Joe.”

Frank Curzio: 16:48 Thanks Joe. I appreciate it. Joe’s been emailing in for a long time. And yeah guys, listen, frank@curzioresearch.com. It’s funny when I say at the beginning, “You never know your question may be the one I read in this podcast.” But, you know, it’s true. I’ve answered a few of Joe’s questions here and I’m gonna answer this one on AT&T.

Frank Curzio: 17:07 AT&T it’s been, you could say stagnant over the last year or so. But it’s actually, it’s not doing too bad. Now this is a company that I’ve liked for a while. It’s one of my largest holdings in my portfolio. And you could say, “Oh, well, it’s kind of flat on the year.” But it’s basically, it was 28, 29 in March. Really starting to pick up. It’s like 32 now. Here’s why I like AT&T so much. One, you have a six and a half percent yield. And when you see a six and a half percent yield you’re like, “Holy you-know-what.” Because, wow, that’s really high for a conservative company. What’s going on? Should I be worried?

Frank Curzio: 17:45 And people are worried. They’re worried about the massive debt, which is 179 billion dollars. A lot, considering the market cap is 230 billion. You have some analysts, and some I mean analysts that are kind of meaningless and know very little about fundamentals, they would say, “Oh, AT&T’s gonna go bankrupt.” That’s always nice. Get a nice headline out there and get some attention ’cause you’re like an actor that needs attention. Which is fine, I get it. But when you really look at the bigger picture here, and you look at AT&T expected to earn $3.60 this year. 2019. Their dividend payment is about two bucks a share, right? So look, you look at a dividend payout ratio anywhere around about 55%. So, you say dividend payout ratio, if you get close to 100% you should worry, ’cause that means you’re paying almost all your earnings to that dividend. But if you look at 55%, it’s much lower than most utilities. ConEd is 65% payout. You have American Electrical Power’s at 67% payout. So it’s fun to see and say it and say, “Wow this is really crazy. And AT&T is in trouble.” And stuff like that.

Frank Curzio: 18:57 But look, here’s the deal with AT&T and why I like it. Okay. Took over Time Warner. It was a game changer. Now you look and say, “Okay, AT&T maybe they shouldn’t ‘a did that. Maybe they should … the DirecTV thing. Maybe they should …” Okay great. Otherwise, if they don’t do this they’re in the wireless industry. The domestic wireless industry. That’s it. Like Verizon. Where 80, 90% of your sales are generated. Which is the most highly competitive market that has zero pricing power. Just look at any commercial. Watch TV for five minutes. Any single channel: you’re going to see Cricket, which I get is owned by AT&T, but you’re gonna see T-Mobile now, a hundred bucks for this line, Sprint, it’s … these companies are losing so much money. And I love this industry. ‘Cause even T-Mobile wanted to merge, I think, was it with AT&T at the time? A long time ago? And I remember that the CEO going up there and saying, “We cannot compete unless we have this merger. We’re not going to be able to compete.” And now they’re like, “We’re better than AT&T!” They’ll say anything to merge and make some money. But it’s kinda funny.

Frank Curzio: 20:01 But you’re looking at a wireless industry. It’s a horrible industry. It’s a horrible industry to be in. You’re going to lose subscribers to everybody. They’re paying 50 bucks for lines, and yeah, they don’t have the broadband and stuff like that, but people don’t care. Unlimited data for $75. Where you can’t charge $130 anymore. So seeing the decline, the secular declining industry that’s saturated. Everybody has a cell phone. I don’t know anyone under 16 that doesn’t have a wireless phone, right? So now what do AT&T do? They said, “Okay, let’s get into other industries.” Which I like. I mean, it’s that or die. Right? That’s the choices? So what do they do? They bought Time Warner. DirecTV. All this stuff.

Frank Curzio: 20:37 Now let’s dig into this a little bit. ‘Cause Time Warner is one of the biggest content providers in the world. LEGO movies, Wonder Woman, Harry Potter, Batman, Superman, Lord of the Rings, keep going and going and going. Now you look at AT&T. AT&T’s gonna bring that content to basically every single home in America, since we all have exposure to AT&T in one form or another. You might say, “Nah, I don’t have exposure to AT&T. No way.” Well, do you have DirecTV? Alright, maybe you don’t have DirecTV. Do you use ’em for wireless? Eh, maybe there’s Verizon, T-Mobile, okay. Well, do you watch HBO? Do you watch CNN? Do you watch TNT? Oh yeah. I’m sure you do.

Frank Curzio: 21:16 So to me, it’s funny when investors are concerned with the losses. Describe a loss as DirecTV and wireless. Which, again, is crazy competitive markets. In the meantime, AT&T is about to be one of the biggest advertising networks in the world. They’re gonna have over one trillion impressions per year. An impression is simply a person looking at an ad. Over a trillion a year. I mean, you can go any numbers with these. Where Facebook gets around $7 per thousand impressions. Broadcast television gets $10 per thousand. Yeah, number’s gonna be a little bit less on smaller things. But you’ll get billions and billions and billions in ad revenue coupled with the oh, yeah. Since people think AT&T’s going out of business, 170 billion dollars in sales they generate from media, entertainment, wireless, broadband.

Frank Curzio: 22:07 Which, by the way, broadband, they’re laying fiber everywhere. Pretty much secretly. You’re seeing AT&T laying fiber everywhere right now. Everywhere. Which is what? It’s gonna destroy the cable companies. Why do you have a cable subscription anyway? The only reason why you would ever have a cable subscription is because they have a monopoly on the internet. And there’s no other place for you to go. Now they’re putting fiber. Now AT&T’s an alternative. Hey, let me use AT&T for my internet. Yeah, I’ll pay 60 bucks, whatever it is, high speed internet. And then you can go, how many, the billion online packages that you could buy now, you can stream anything anywhere. You do whatever. But now AT&T has access to you. Now they’re gonna offer a good, “Hey, here’s a good package for you where you get HBO, you get this, hey maybe 20, $30 a month.” And now they have access to your home and they’ll sell you advertising. And not to mention they’re going to throw AI, big data, cloud, and all that [inaudible 00:23:10] know exactly what you’re gonna do every minute of the day like Facebook, like all these other guys.

Frank Curzio: 23:14 Throw in that they’re the leader in 5G, basically. Next to Qualcomm. And also that small 26 billion dollars in free cash flow that they’re gonna generate this year. 26 billion in free cash flow. So people are worried about the dividend: “Oh, it’s six and a half percent.” The dividend’s safe. It’s fine. This company generates cash flow hand over fist. People don’t talk about that. They see a big debt number. Look at the massive amount of revenue this company’s generating. Then they go after them, “Oh, well look how many subscribers losing DirecTV.” They’re just transferring their business model over. And they had to do it. It’s that or die in the wireless, right? So you gotta give these guys credit.

Frank Curzio: 23:53 And yes, it costs money to do that. But at the end of the day here’s what I see: you have a company that’s gonna pay you over a 6% yield that’s not at risk of being lowered any time soon, yeah, their payout ratio is low, they’re generating 26 billion dollars in free cash flow. I mean, I don’t know where you’re gonna earn 6% from. Alright? I don’t know. Maybe you get 6% dividend these days. If you do, you’re gonna probably take on a lot more risk than AT&T. And yeah, hey, look, it may take two years for AT&T to figure the entertainment thing out. You have deal with crazy actors, actresses, the Netflix thing, all this nonsense. Kind of a new business for them. I get it. So say, they don’t figure it out. Maybe their stock falls 20% over the next two years. So subtract the 6% yield over two years, again, that yield’s gonna fluctuate with the price. But you’re looking at an 8% loss over two years. Not too bad. Alright, fine. I’ll take that loss.

Frank Curzio: 24:54 But. It’s a big but here. If AT&T figures this out, since they’re basically the largest content provider with the largest distribution platform in America, the company has a shot to be bigger than Amazon. We’re looking at more than 200% plus upside from these levels. Not tomorrow. Not three years, not five years. But over the next 10 years. While you’re generating a massive dividend. So for me, that’s why it’s one of the largest holdings in my portfolio. Has it gone up tremendously? No, but it’s been fluctuating. I’ve been collecting that dividend. Which is great. You own AT&T the last three or four years, you’re fine. You’re sitting there, you’re making money. You’re okay. Compared to what? Keep it in the bank? That’s not too bad. It depends where you bought it. I bought it … probably, my cost space is around 27, 28 over long term? Around there? But it’s been as high as 40 in a five year period. It’s been as low as … low in the 20s.

Frank Curzio: 25:58 But at this level right, here, I’m happy. I think the dividend’s safe and I’m a believer that these guys are gonna find a way to do it. They’re gonna hire the right people. But again, they put themselves in a great position to grow the company over the next 10 years. And that’s what great companies do. That’s what great companies do. That’s what Exxon does. Exxon looks 10 years out when they buy something. They’re not looking, “Oh, we need to generate this right away in the next two years. This is gonna make us grow for the next couple …” No. AT&T knows the wireless market is a dead market. It’s a non-growth market that they were highly leveraged to and they started purchasing a lot of assets, paid some money for it. But they are in a position, like I mentioned earlier, I like being in a position for Curzio Research where we’re in a position to execute. We have everything we need: our IT system’s set up, we have an amazing team in place, we could hire new employees, launch more products, we have everything in the works, and we have the money now to scale our ideas and really build our business. It’s a great position to be in.

Frank Curzio: 26:58 AT&T’s in the same position. They have to execute. If they don’t, the stock’s gonna go lower. If they do … and if it does go lower, I don’t think you’re gonna get killed, you’re getting that 6% dividend, you’ll know over the next couple years. But if they are able to execute, this stock is really gonna take off from here. And you can agree with that, not agree with that. That’s cool, but I’m just showing you what I see and why this is such a large position in my holdings. Not a monster position, because I am diversified, but it is one of the largest in my portfolio right now.

Frank Curzio: 27:27 So, man. Covered a lot. Crazy here. Guys, feel free to email me anytime frank@curzioresearch.com. I’m here for you. Any questions, comments, anything like that. Again, frank@curzioresearch.com. That’s it for me. I always say this, but I always mean it, thanks for all your support. Really appreciate it. I’ll see you again in seven days. Take care.

Announcer: 27:50 The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decisions solely on this broadcast. Remember, it’s your money and your responsibility. Wall Street Unplugged: produced by the Choose Yourself Podcast Network. The leader in podcasts produced to help you choose yourself.