Announcer: 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: How’s it going out there? It’s Thursday, June 16th. I’m Frank Curzio, host of the Wall Street Unplugged podcast, where I break down headlines and tell you what’s really moving these markets. Moving these markets. Holy shit. We’re now out at 11 out of 12 weeks that stocks have been down. Which makes me happy for one reason only, because I had an important conference to go to, Financial Marketing Summit, I’ll talk about it later. It’s great. Porter Stansberry was a speaker, spoke to him for half an hour afterwards, had a great one-on-one. Caught up with a lot of people in the industry. But usually when I go away, the market crashes every single time. And this time it doesn’t matter. If I go away, I drive my car, doesn’t matter what I do, the stocks are going down. It’s the only good news. But holy shit, this is getting crazy. It’s getting absolutely crazy.

Frank Curzio: I said, I’m aggressively buying stocks. And one guy actually pointed it out and said, “Oh, you’re aggressively buying stocks. You’re still doing it.” And it just caught my attention for a second. I was like for you to think that after a few days to come and say, it just shows how short-term oriented the market is. And it’s crazy. There’s no way you’re going to pick the bottom here. I’m not looking to pick the bottom here. What I am is buying stocks that are on the 10 times earnings. Insiders are buying at the fastest rate that they have ever bought. These are companies that trade at extreme low valuations, generating cash flow, above 2% yields, and have great growth profiles in the right industries. But they’re getting crushed, because it’s a whole liquidation profits, deleveraging. This process is painful, but that’s what happens when you have to take trillions, trillions, trillions of dollars out of this market.

Frank Curzio: Remember the only way to control this is, the Fed has to force a recession. So, when you’re on TV and they’re like, “Well, we’re not really in a recession. We’re in a recession. We’re not really in a…” Who gives a shit? It doesn’t matter. It feels like a recession. People are cutting back. You’re seeing Walmart, Target, they’re cutting back. The inflation numbers will moderate. They have to moderate. They will. And they’re going to moderate much faster than everyone believes. I know it’s hard to see now because you’re like, well, oil and food. That’s going to take a little bit of time. If you think people are going to spend these prices, continue to spend these prices, they’re not. They can’t afford it.

Frank Curzio: A lot of that money is coming out of the system. And it’s crazy right now. But for me having a two year plus, three, four, five year plus, I’m buying stocks down 50%, 60% down from their highs, getting an amazing discount in a period that sucks. But there were periods like this that sucked, that were terrible throughout the history of the S&P 500. Dating back to the ’50s, you go back to the Dow when it became 500 companies. If you look at a long term chart, things get better and things come back. I know it’s hard to see when it’s at the bottom. It was hard to see during COVID. Holy shit, everything’s locked down. How could you buy stocks? It’s crazy.

Frank Curzio: You don’t model for down 90% revenues, nobody does. Bear case, if we see a 15%, a 25% decline, this is what we need to cut. That’s how businesses need to look. They don’t look to cut. 90% decline in revenue usually means you going out of business. Of course, PPP loans and getting trillions filtered out to these economies, then we opened up, we kept pushing out trillions and trillions of dollars into the market, even when our asset prices hit record highs. We all know the story. But seeing where this market is, for me, picking away makes a lot of sense. I’m not saying just everybody should do it, but there are great, great industry leading names are down 50% plus from their highs. Great cash flow, great yields, the numbers have already come down significantly, and they’re still trading at less than 10 times forward earnings.

Frank Curzio: You don’t see this often and it’s hard to see. And again, it’s not like, “Hey, I’m calling the bottom here.” Absolutely not. But what I do see is, like I said earlier, 15% downside, we’re down another 5% in the market and more than 75% upside just over the next 24, 36 months. But it’s just interesting to see an email come in, and it was a tweet come in, “Oh, you’re still buying aggressively.” He goes, “The market fell a few days later.” But that was what my basis, my call was, because I was trying to make money in one day. And that’s how you have to look at it.

Frank Curzio: You look back and say, “What do you get wrong? What are the mistakes?” Nobody really thought it was going to be this bad. Yes, we’re stopping out of some names. Kirkland’s been disaster, but Kirkland’s been disaster across the board with everything going on, I’ll talk about that in a minute. But you’re looking at where stocks are. And when do you want to buy these things? And when is the best time to buy these things? It’s not easy. It’s not easy finding that bottom. So, you look at some of the names in our portfolio, and wishing what we got… The one thing I really do wish is, I wish I crammed, I actually took it and crammed it down your throat.

Frank Curzio: I wish I did this, because I did it in a year ago that I did in November when the Fed raised rates. Started saying, “Oh, it’s not transitory anymore, holy shit.” Well, they announced going to start raising rates. We were wrong. Is it a different market now, they got to force the recession? And I sold it three months ago, and it was Genia Turanova buying puts, Moneyflow Trader, and we should just close out whatever, six, seventh, 100% winner buy puts to protect yourself. That was the one thing that I wish I did cram down your throats because you know, nobody likes to see these kinds of losses, and yeah, we’ve had couple cold stocks, I won’t give them away. And fertilizer stocks and some stocks have done well, and we stopped out of a few. I feel like we’re doing good in this market, which is still down, but not down as significant as everything else. And that goes through our small-cap portfolio too. Where you look at as a whole, that was a way to protect yourself.

Frank Curzio: And again, right now I’m playing Monday morning quarterback, and we all do that. And it’s important to understand because now everyone’s criticizing the Fed. We’re looking at 11 losses in 12 weeks and the Fed was so behind, and then what did the Fed do? They raised by 75 basis points, we saw the market rise yesterday, now we’ve seen it crash. I’m doing this at 9.45. We open up over two and a half percent low S&P and NASDAQ. Sell off.

Frank Curzio: But they’re doubting the credibility of the Fed because they said, “Well, we’re not even thinking about 75 base point hikes.” Even I said, “I said, why do it again? Why take that off the table?” But now, the Fed is looking at the data and adjusting, and that I give them credit for. Are you going to have the naysayers? And it’s so easy to just rail on the Fed. I know, the Fed sucks, they don’t know what they’re doing, they cause this whole thing. Holy shit, whatever. I mean, it’s our politicians that really cause it. Just the trillions and trillions and trillions in spending. I mean, the Build Back Better Bill didn’t even go out, and they were pushing that. Thank Joe Manchin for that. I mean, if he voted for that, they pushed that through, holy shit. That’s more trillions of dollars going to bullshit. Bullshit projects to people that voted for the current party. And it doesn’t matter. Even if it’s Trump or whatever, I’m not destroying the party. I’m just saying, holy cow, if they passed that. Thank God they didn’t.

Frank Curzio: If you look at a 75 basis point, I give the Fed credit saying, okay, you got to look at the data. If there’s anything that you’ve learned over the decades and decades, it’s… Let the data dictate where you’re going. You got to be careful of perma-bulls or perma-bears, and all perma-bears are finally, after 12 years, they’re on their perch. I’m the greatest they told about inflation. Well, you told us about inflation since the seventies and eighties for the last 12 years, you revised your crash books and shit, and destroyed everyone. And you told us to buy gold for 12 years where the market out performed by five to one. Now, they’re right. That’s fine, but it’s very dangerous. And also perma-bulls, which you’re seeing throughout the market, the Tom Lees and stuff like that, no matter what happened. Bullish, bullish, bullish, bullish. You look like a genius until you don’t.

Frank Curzio: Because the last five times they had him on TV over the past three months that I saw, he’s been incredibly bullish. Got to buy, see the bottom here, Bitcoin going over 100 000, all this shit. Yeah, I think Bitcoin is going to go over 100 000. It’s probably not going to happen, it’s definitely not going to happen this year. It’s not going to happen next year, but it will with institutional money flowing in. And that’s real when it comes to crypto, Bitcoin’s not bullshit. Ethereum’s not bullshit. The ones in our portfolio are not bullshit, but 90% have been very, very, very, very clear on that point. Analyzing thousands of these, when you came to see that cash balance and all this shit again, I’ll cover that in a second, saying least 75, 80%, sometimes even higher. The industry is total fucking bullshit.

Frank Curzio: And you need to get a lot of that out of the market, which you’re seeing, especially with this deleveraging process. But what happened? What happened over the past few days? Let’s talk about it. Okay. Obviously the Fed, they’re in that quiet period, they leaked it out. It was going to be 75 base points in the Wall Street Journal. Good job for them. Wall Street Journal published, “They’re probably going to raise 75.” Everybody, all the firms, upgraded it. The Goldman Sachs and others, were pricing in a 75 basis points like a day before, which is meaningless. So good job by the Fed, leaking that out. And then bonds started to surge, that’s the bond yields, for 10 years now at 3.4%. It’s gone over 10% since Friday, and the bond market, that’s like the Dow or the S&P 500 falling 5% over the same timeframe. It’s insane. It’s an insane move. Something you don’t see, something you rarely see.

Frank Curzio: Bonds, the yields trade inversely to prices. So, that rise over 10% translates into a 10% plus decline in bonds, at the price of a 30-year treasury. But with rates surging, what do we have here? The 30-year mortgage, so you’re looking at a mortgage rate of 6.3%. It’s insane. You want to see how insane that is? Do this when you have five minutes, go to one of the calculators, just put up mortgage calculator, and put the interest rate from 3.5%, where it was six months ago for the loan, and then put it at 6.25%. And I don’t want you to just look at the monthly payment, which is going to be whatever, probably $700, $800 more. That’s the money coming out of your pocket.

Frank Curzio: And again, you could buy a house right now. Home prices are holding up, and refinance, rates goes low five years from now, whatever you want to do. Dave Ramsey suggested it’s the greatest time ever to buy a house right now. Right now, I want you to buy a house because you see prices going down. I don’t agree with that. Prices could come down. I wouldn’t tell everybody like this is the buying opportunity. I think you should have said that maybe a year ago, but regardless, it’s an interesting call because he’s like, “Look, if that ain’t straight, you can refinance.” It’s still low supply in the market regardless. But 6.25, who the hell is going to be able to borrow at that? It was hard enough to borrow at 4% to bank policies, I mean, they make it really freaking hard now. Now you’ve got to down 20% with your portfolio, you’re 401k down probably 35% across the board. How are you going to do that? You don’t own houses, maybe if you’re buying any second houses different.

Frank Curzio: But when you have that mortgage calculator, I want you to look at the interest over the life of the loan, and you are going to die when you say those numbers. Again, just go to mortgage calculator. Don’t just look at the monthly payment increase. You going to be like, “Holy shit, that’s a lot.” Look over the life of how much more interest you’re going to pay over a $400,000 loan, since the average price is around 500. So, you got to take out 400,000 on 6.25, and then look at what it does at 3.25, and look over the life of the loan how much you pay, and that’s just interest, and you are going to freak out. You’re be like, “Holy shit.” Now, you see what higher interest rates do. Be very clear about it.

Frank Curzio: The Fed has to force a recession, whether they want to call it a fucking recession or not, they have to force it. That’s the only way to get out of this. We’re very clear that for well over 12 months now. What’s your biggest fear? Inflation. Why? It’s the only thing that Fed can’t spend its way out of. They have to do the opposite, take money out of the system, deleverage, and force a recession.

Frank Curzio: If you look at how crazy these moves are, I mean, you look at the global bond market, which is around 60 trillion dollars. And put that in perspective, it’s down 15.6% this year. You might say, “Well that’s not too bad compared to stocks.” Forget about stocks, let’s compare it to past periods because you go back 20 years, and I want to thank Jim Bianco for his research, awesome. So, we went back to the start of the year for 20 years, and this is the worst performance in 20 years over the first six months, dating back, again, 20 years ago. Think about this for a minute because you might say, “Holy shit, that’s pretty crazy.” The second worst performance, remember we’re down 15.6%. The second worst performance was only down 5% in the global bond market. It’s down 15.6%.

Frank Curzio: Now, you look at inflation, and we’re looking at it for moderation or whatever. Listen, it’s important for it to moderate. I’m going to put in perspective for gasoline prices. So, if you look at gasoline prices, they’re five bucks. They at five bucks right now, exactly $5. If inflation starts moderating, they’re going to go down to $4.90, $4.75, $4.40 and go down slower. They’re still really, really high, especially just looking back six months ago, especially looking back a year ago. But moderation provides a picture, certainty that we’re heading in the right direction, and the Fed’s going to continue to raise, probably looking to get up to 3.5, 4% now based on where yields are, but it provides that certainty. And that’s important for you to understand, because right now we don’t have certainty with this shit going on. Bond yields all over the place, deleveraging in crypto. All is craziness where you don’t know what’s going on, and the uncertainty that’s the scary part. If we had certainty, we’d hit a bottom and go up, because we’re down so much on so many good names that it doesn’t make sense.

Frank Curzio: There’s a reason why we’re seeing the largest insider purchases, again, you’re not going to catch the bottom. But to buy here, if you have a two-year timeframe, is probably not a bad move. You might wait, maybe wait a little bit longer, and that’s fine if you want to wait a little bit longer, that’s fine. I get it. Maybe you don’t even want to come back into the market because you’re like, “Holy shit, I can’t take it.” That’s fine. Everybody’s different. Everyone has different goals.

Frank Curzio: But just to put things in perspective, and again, I’m not railing the Fed here, I’m not saying anything, but the last time we saw this type inflation, every knows is since the eighties, we covered that on this podcast. Another time dating back over 60 years, another time period. But both of those time periods, in order for the Fed to get a handle on it, because I were doing a lot of research on the past, looking at where interest rates were, what the stock market did during this time. How long did it go down? Trying to compare it to other periods, even though it’s so different, I’m trying to get it base. And I started doing a lot of research on this.

Frank Curzio: But, every time that they were able to control inflation, it only happened when this happened. You know what that is? When a Fed funds rate exceeded the inflation rate. Our inflation rate is over 8%. Our Fed’s fund rate is 1.75%. Holy shit. The Fed better hope that inflation moderates, and that what they were hoping for, for a long time. And now they’re like, “Holy shit, if this doesn’t happen, we got to get more aggressive.” So, expect 75, and they shouldn’t say, “75 next quarter,” they should say, “We’re going to do whatever it takes.” And I brought this up to 25 to 50 basis point hike, you could do that, and this is going to be longer and longer and longer drawn out, and you’re going to be behind the freaking curve and it’s going to be this uncertainty. Or, you could just take that freaking hammer and smash it, right over your head, and say, “Okay, we’re raising by 1%. We have to get ahead of this.” Get ahead of this. That provides certainty.

Frank Curzio: So, the Fed, now that they’re looking at data is a good sign. They’re not saying, “Well, we’re going to… 75 basis points hikes are off the table, we’re not even thinking about it.” Because now, you look like an idiot, and I can see why they’re getting so much blow back and it makes sense. But I love the fact that they’re not being stubborn now. Just like they were with transitory, “It’s transitory.” Trying to ease it. Get ahead of it. Control this. I mean, I don’t know back then, but if social media was around when Volcker was raising rates like this, I mean, he would’ve been like hung on a cross. “This guy’s an asshole. He doesn’t know what he’s doing. He’s crushed the markets. Recession. He’s responsible for deaths and hunger,” and this and that. Instead, he’s a hero. He’s a hero because he did what needed to be done. Significantly raised rates, controlled inflation, and boom. What do we see? Holy shit.

Frank Curzio: I mean, just sustained growth for such a long period through ’87, which by the way, ’87 market crash, people don’t know this, this is the data I’m going back looking at. But the ’87 market crash, the market finished that year up. And we were up a ton when it crashed, and then had rebounded pretty sharply. But then ’87, that was the big fallback, but look at past ’87 into the early ’90s, technology trend. You’ve got to get ahead of this because there’s so much innovation, brilliant companies. You need the wash out. We’re seeing it, that’s not a bad thing, but everything I just said with the rise in rates and the significance of it. I mean, these crazy, rare moves signify that there’re things under the hood that are cracking, and we’re seeing it with crypto. Celsius halting withdrawals. Why you’re halting withdrawals for? Lending firm? Interesting. Can I see a balance sheet? No.

Frank Curzio: We saw what happens to Luna. I mean you have these companies, and I try to figure out the model and you can’t, because you just can’t figure out the model. Like how are these companies able to yield farm, pay 10% plus in yields, sometimes pay 15, 20% in yields. How are they able to do this? Because now, you’re seeing massive withdrawals and you can’t see the balance sheet. I mean in crypto, you can’t see those. Paying for all this yield farming. And that’s a strategy where users, you can’t call them investors, you got to call them users. Not investors, investors in crypto. No, no. Where the users in crypto, they lend their crypto or borrow crypto, to earn cryptocurrency in return for their services. And they do that, and they earn high yields. So this yield, it’s in the double digit many times. As you know, that’s not sustainable. It’s not. It’s sustainable if you’re able to make a higher return on that to pay it, but no one’s making returns on anything right now.

Frank Curzio: So obviously, this whole market of deleveraging is going to blow up. All the lenders, all this shits coming out and you can’t look at the balance sheet to say, “Hey, are these companies generating cash flow that can still afford this?” Nope. I don’t know. You can’t look at them. And we avoided a lot of yield farming through the years and stuff. For me looking at yields, and you can’t understand where it’s coming from. I mean, offering five times treasury, much higher yields and junk bonds, which are at least backed by some sort of collateral cash flow. And you could liquid and trade them if you see a company’s not doing well. I mean, it’s the greatest term ever junk bonds, but you’re able to see the fundamentals in everything and the person lending the money, obviously that interest rate’s going to go higher, but it’s backed by some sort of collateral cash flows, where you could see it. Tangible. With crypto, you can’t see it.

Frank Curzio: So now, you’re seeing these massive outflows, where even Celsius, I mean, you’re seeing a lot of these things do have Bitcoin on the balance sheet and now they’re like, “Holy shit, we need to sell Bitcoin.” And Bitcoin’s coming down, and I told you about the institutional money that’s going to be pouring into this, where they’re finally opening it up to retirees, fidelity. There are people that want crypto. Could Bitcoin go to 17,000, 15,000? Absolutely it could. But I could tell you it’s going to go a lot, lot higher, long-term. And it’s hard to see that with some of these things, not all crypto, again 90% of this shit is garbage. I’m very upfront in that. The names in our portfolio are good names. They’re getting hit just like everybody else, and they’re getting nailed.

Frank Curzio: So, when I look at this, you say, “For all the terrible news, its horrible news,” but the positive is, you need to wash out in crypto. It’s similar to what we saw in the dot-com crash. And many of these companies went bankrupt over the next two to three years. Netflix was almost bankrupt. They went to Blockbuster, and Blockbuster laughed at them. Reed Hastings came out and said, “All right, we’re going to destroy this company.” They destroyed Blockbuster, and destroyed everybody, and became one of the greatest companies on earth in streaming.

Frank Curzio: Okay, people are going to say, “Well, it’s down 70%.” Yeah, this year, over the last 12 months, but holy shit. But they survived and look what happened. Apple survived, which traded, I think, under $2 split adjustment. I think even under a dollar maybe. In March 2000, Adobe, Intuit, Arm Holdings, Intel, Microsoft, Amazon, the survivors. There’s a reason why these companies have tens of millions, if not hundreds of millions at Apple and Google and whatever, and Short Term Notes and everything. Their balance sheets are stronger than they’ve ever been because they’ve been through that time. So, you see a whole washout of really good companies back then. They just didn’t know how to manage themselves. Good ideas. And these guys look what happened to them. That’s what’s going to happen in crypto.

Frank Curzio: The stock market itself, I mean tons of names now 50% plus from their highs. We talked earlier about great balance sheets, trading in single digit full PEs with their numbers lowered significantly now. Numbers are coming down. Names that generate tons of free cash flow. Insiders are buying aggressively, paying over 2% yields. There’s a lot of names you could look at and say, “Holy shit, these are really cool names.” There’s a reason why IBM is holding up well. The cash flows that it’s generating, and it’s a dirt cheap stock. That’s the new norm.

Frank Curzio: But you look at crypto, this is where the innovations coming from. So, we need to wash out all the shit, which is something I’m happy about. But the innovation includes DeFi, security tokens, which we are seeing with us. Now it makes even more sense, because a lot of these private companies that raise so many rounds and funding, their evaluations are down significantly, but their step is to go IPO. Now, your money’s locked up on these, guys. Wasn’t so bad because as you’re doing these capital raises, some of the insiders could get out, as you’re raising more money at a higher price in the private markets. That’s how you determine the valuation. The valuations are all down tremendously with these private companies, but now you’re stuck in this name and there’s no trading vehicle. Well security tokens provide that, provide it for us.

Frank Curzio: That’s why when we say, “Hey, we do deals with TCG, and we offer stock.” Our stock is tradable. Do we have a lot of volume on it? No, not yet, but it’s tradable, it’s a tradable security. That’s a big difference. And we know that a lot of this is going to go into security tokens. That’s why Coinbase has its license. That’s why Gemini has their licenses. They see it because these things aren’t going to be deemed securities eventually, they should, they’re securities. Don’t you think the securities right now? They’re paying you tons of yield, and you’re losing money on them with expectations that you’re going to make money. It’s the perfect exact definition of a security. It’s whether the SEC wants to enforce it or not, which you should enforce it because you would’ve saw a washout a lot sooner instead of doing it after, which is coming in the future, and then it’s going to create even more downsize.

Frank Curzio: A lot of these companies leave, but now, the cream’s going to rise at the top, the great companies. And this is why you’re seeing so much money being raised for Web3 in a market that’s terrible, that’s horrible. Andreessen Horowitz was in 4.5 billion with their eyes closed like three weeks ago. Look at the Dow, which is governance tokens, where you have a board of directors who works for themselves and everything happens, and it’s great for them and control most sort of voting power most of time, even through the funds that they know and stuff. So now, it’s governance, where it’s the majority of people who are invested can vote on this stuff.

Frank Curzio: Look at Andreessen Horowitz and type in Dao, D-A-O. Those guys are the smartest guys in a room. Read the paper that they wrote about this and how it’s a game changer. It’s a game changer in terms of structuring corporations. That’s what you want. Isn’t it nicer. You think you have voting power. You’re not voting power. The fund who you invested has voting power. Otherwise, these ESG projects wouldn’t pass through with a lot of these guys, you wouldn’t have the climate change guys sit on Exxon forcing them not to drill in a market where we need more drilling. You don’t have voting power. You think you do, but you don’t. Insiders creating a certain class of shares, this way they have more voting power and stuff. I mean, seriously.

Frank Curzio: I mean, votes matter, and you see it on TV. The voting matters when you have these massive companies that have been around for 30 years, where the insiders, most them sold out, and that they’re 20 billion, 50 billion, 100 billion dollar valuations. They’re not like Elon Musk who owns a massive percent of his stock. I mean, a lot of these guys there’s not large insider holdings. So then, you could see the votes, especially if some of the funds that own all this stuff, that’s where the votes come in. But most stocks outside the S&P 500, even if you go to like the bottom 200 or the Russell 3000, you really don’t have any voting power. You think you do. Everybody wants it. It’s like equity. Everybody wants equity in a company, but most people don’t know what equity is. I can tell you straight up, most people don’t know what equity is. “Oh, I’ve got, equity’s taken the company.” Well, it’s shadow equity, meaning if you leave, you get nothing. They don’t know the difference.

Frank Curzio: NFTs, which Bill Gates shit on, and then listening to him, I realize he has no clue what an NFT is. He’s like, “Oh, these art projects and shit.” Yeah, a lot of that’s garbage. A lot of it, most of it. The NFTs validates. It validates the stuff on the blockchain where it’s yours, it’s ownership. It’s more than just paintings. And I told you, I get given tickets where again, these billionaire owners are going to create NFTs around their tickets. That’s why you don’t have to sell them to Ticketmaster, StubHub, for $100. Now, you have NFTs tracking this, so every time they resell that ticket you get a royalty. You want special access through an NFT. That’s fascinating, especially when an internet with the metaverse. You’re going to be owning your own content in the metaverse, something you don’t have, something the internet was supposed to be. It’s the reason why this is an incredible trend.

Frank Curzio: And we raise money through our security token, similar private placement. Purchase of largest virtual real estate. It was the largest purchase on record of $5 million. So, the partnership with TCG World, the largest 4K. They say the largest 4K opened metaverse, but it’s the only truly open metaverse I know of where it’s a two-way street, where it’s open. If DEFY, you create whatever you want and then make your own money, where you’re looking at face… And these are great. They have a lot of money. And sometimes Frank say, “Well, you have some of these in your portfolio. What about Roblox? And you’re talking about the metaverse.” It’s not the true open metaverse. They’re calling in a metaverse, and they’re great companies and generate a shit load of revenue, and Facebook has three billion people that they are going to just force into the metaverse. But a company like that at 500, well, it’s probably like 400 billion, but it was a trillion dollar market cap, Facebook. More access algorithms to know the customer than anyone on the planet, with the exception of maybe Google.

Frank Curzio: And they’re changing the landscape of that company again into the metaverse, that’s the first good sign. Not to mention McKinsey just came out with report, which is remarkable. And they quoted Chipotle, I’m going to get this wrong, but they quoted Chipotle, and CEO was like, “Hey, it’s a metaverse, it’s confusing, whatever,” he’s like, “Am I going to put five, 10, 20 million to it?” He goes, “No, but I’m, I’m going to put a 100,000, 200,000, 300,000.” So, he created this thing, and I think you get a free burrito, whatever. And it led to like, like millions and millions of people going to the metaverse. And they were like, “Holy shit.” There’s a reason why.

Frank Curzio: Go to the Decentraland. You’re seeing the Decentraland’s a good company, but it’s just when you’re looking at the graphics, it’s not crap, I’m not saying that they’re going to go out a business or anything, it’s good. And you’re seeing the major companies, but sign up to their weekly newsletter, Decentraland’s. Look at all the events that are taking place. Every week, they send it out. There’s like 20 events on there that are going on. I mean, millennials aren’t young, you’re forties. It’s like 80% of them have purchased stuff in the metaverse, this trends for real. And McKinsey came out and said that it’s going to be a five trillion dollar plus market in 2030. And to put that in perspective, I think its last year, 900 billion was spent on AI. Think about that.

Frank Curzio: I mean, this is it. It’s here, it’s in front of you. So, for us doing this deal at perfect timing was great. Now it’s going to transform our company. I love it. It has so much direction in it. It keeps our core values, it’s going to add lots and lots of names, but you know, the bad news is we no longer hold that record for the largest virtual land purchase, which I told you, we weren’t going to hold it for long. Because two days ago, eSport’s platform, GGtoor, they followed our lead and just paid 102 million for land in TCG World. 102 million dollars. 20X over our record. And I could tell you, it’s not going to be the last one.

Frank Curzio: So, you look at GGtoor, it’s going to be named GGtoor City. That’s their virtual property. They’re going to build. It aims to become the virtual world gaming entertainment hub. This will be selling some of that real estate around them. Something that we are doing as well, to gamers and things like that, where they could build and innovate. Because when you’re building on these things, it’s only going to cost 5% compared to 50% for a lot of these other sites. That’s why it’s not… A true metaverse is open. You can make money; you own your content. It’s open. Everyone benefits. Everything else is a closed metaverse right now. And when they’re closed, that company makes the money, everything you do on there, they make the money. That’s not a true metaverse, that’s a great virtual online platform, but it’s not the definition of a metaverse.

Frank Curzio: And there’s going to be a bunch of these. They’re going to be viewed as streaming companies, but to see the amount of money being raised in this, and then this deal come out two days ago in this market. And for me, I’m expecting a ton more, even bigger names, especially with TCG, because as more people look at that and compare it, they say, “Holy shit.”

Frank Curzio: Again, I’m not crapping on Roblox, which I think is an absolute steal, which I thought was a steal at 80, 70, and it is 35. I mean, this is a company that got lumped in with a lot of bullshit. It’s not even that expensive, generating a shit load of cash flow. Yeah, they’ve seen a little bit slower growth in the people that use their site, but the people that use it are on there forever. My kids are on there forever. They buy shit. They spend all the time. A dollar here, $5 here, $3 there. And what do the parents do, like me? “Just buy it.” Because if I don’t, they’re going to be like, “Oh daddy, we want to do this.” And you’re working, and you’re doing that. And you know, I spent a ton of time with my kids, but you’re like, “Hey, you know what? Just do this for a little while, and leave me alone for a little bit.” You’ve just got home from working 14 hours a little bit. Give me some time. Yes. Have fun on it.

Frank Curzio: The amount of money that comes into that platform at Fortnite and stuff, it’s insane. And hopefully, you guys are watching this on my YouTube channel because our AC broke. I’m in Florida. It’s the hottest week. The hottest week of Florida, so I’m actually sweating right now, which is awesome. So, you could see me sweat, sweat, sweat. I’m actually wearing an Under Armour shirt. If you’re not watching, listening on iTunes, more and more problems. So, it was a way… I just got back anyway.

Frank Curzio: But getting to this deal. I mean, it was incredible for us, really incredible. You look at TCG, it’s already built the Alpha version, where you see YouTube videos, but they’re going to everyone before they launch and people are saying, “Hey, this is amazing, but let’s do this. Let’s do that.” All these developers helping them out, creating this whole gamified experience, that’s got to be cool to hang out and fun, and tell your friends about. And these guys are running a conference I’m going to be speaking at, and I’m probably going to be doing all the interviews with all the people who are going to be on this platform, who own commercial real estate. And most of these guys have access to names that are not only in the millions, but tens of millions. Many of them are investors.

Frank Curzio: That gives us access. We have credibility. We have a security token. We’re purchasing real estate in the metaverse. We’re not some shitty company, that’s like, “Oh, let’s get to the metaverse. Let’s get part of this trend.” No, when I talk about this, it’s I’m passionate about it. This is where I believe the future is. Could I be wrong? Of course. You could always be wrong, but I’ve been tracking trends my whole life. Telling you about trends before they happen and attending the right conferences, knowing the right people.

Frank Curzio: I mean, my problem is I got into a lot of these things early. I thought the metaverse was early until, again, McKinsey coming out saying how big of a market it’s going to be, at five trillion plus. And all these firms, I don’t care about what they say about how big it’s going to be, I know how big that is in trillions. It’s bigger than almost every technology trend I covered: EV, AI, Data Analytics, Cloud, combined. That’s how big this is. But you need to see the money pouring in and the amount of money that’s poured in and still pouring in, and people buying real estate in this market.

Frank Curzio: You’re saying, “Wow, the crypto market’s getting killed.” Well, the virtual real estate’s not. They have to find ways to sell things. And now, you’re seeing companies get creative and it’s working. For a company I can probably say, “Listen, I don’t really know that much about the metaverse. I’m not going to pour five million, 10 million into it, but you know what? We got to start with a 100 000.” So, he said he started with it, and massive… And Travis Scott, I mean, you probably up to 200 million views on YouTube, which he had a concert in the metaverse. The shit’s for real, guys. I know it’s hard to figure out. My job is to make it easier. Learn this stuff, learn everything I possibly can. It’s like saying you’re learning everything about the internet, when social media is what? 10 years old, 12 years old.

Frank Curzio: I mean, Cloud. Remember when Cloud came out. Nobody knew Cloud. You used to look up in the sky. What the hell is Cloud? Everyone knows what Cloud is. You have your phone, you better back it up on a Cloud if you’re getting a new phone. Everyone knows what Cloud is. But the Cloud was a very difficult term to tell people. It’s storage offline. With Cloud that created the boom in 5G. It created the boom in data analytics, and now you could store. And you can’t store, there was a limit to how much you could store, now you almost have unlimited storage, which means you could have faster internet speeds. Data analytics, you can analyze data quicker. AI takes off, everything takes off once Cloud took off. Now everyone knows what Cloud is. That’s the metaverse I know you’re like, well, this virtual thing, I’m going to play a game. It’s not that it’s much, much, much, much bigger.

Frank Curzio: And they’re having a conference at TCG, it’s going to be awesome. Yeah. And I think, I want to say thousands of people, tickets that they sold. It’s in Vegas. I’ll give you guys a scoop. All you guys are going to go for free who want to attend, and you can meet me there. Yeah. But we’re going to be speaking, we’re speakers there and yeah, we’re going to have access to everything across the board, and access to all these people. But if you’re a credit investor, still time to come into our land deal, we’re raising money. We’re done very, very well. It’s only open at Curzio Research file for the first three weeks, so I had deadline on it. And we saw amazing demand, had well over $2 million, close to two and a half million dollars in a capital raise. And now, I’m talking to funds and getting out there and partially with this trip that I just took, and very, very great talks right now. Especially now that this a hundred million dollar deal just came in now, it’s like, “Holy shit, wait a minute.”

Frank Curzio: So, we locked in our terms months ago, so if you’re still interested and people are saying, “Hey, can I still get in?” Yes you can. You absolutely can. You can go to curzioequityoffer.com. Watch the video pitch deck presentation first. It’s not that long. Watch it, and you’ll understand it. I don’t want you to say, “Wow, it sounds good, Frank. I’m in.” Just watch it. So for accredited investors… And if you want the paperwork or anything else, you can go to curzioequityoffer.com. Read everything, read everything. We’re a small cap company. We’re risky, but the direction we’re heading is pretty cool. If you want to subscribe, you do everything through that. And if you’re not an accredited investor, and I get that a lot, “Frank, I wish I was an accredited investor.” My job is to try to make you an accredited investor. I’m trying.

Frank Curzio: I know we’re getting set back a little bit here. You know, you have first bad market you saw in 12 years, we usually see them every five before the Fed went nuts and said, “Zero interest rates, we’re buying bonds forever.” Now it’s blown up in their face. But for those of you who’re not, you can go to tZERO. Your personal security code is CURZ. It’s like a stock. You have equity ownership in our company. Make sure you do your own research for buying our token, stock token. And again, it’s not marketing, but that’s a way. Like, “Oh, I wish I could participate.” You can participate in it. You can by doing that if you want. If not, no worries, but it’s much easier. It’d probably take us 24 hours to open up an account.

Frank Curzio: Now, real quick here, since I usually keep this 30 minutes and we’re up to 37 minutes, but I just came back from the Financial Media Summit. I spent three days there. A lot of companies, it’s big marketing summit for our industry. See the largest publishers, a lot of companies. Everyone’s struggling. The stocks are down. So, it’s hard to promote. Porter Stansberry spoke there. I had a great conversation with him for a half an hour. Yeah, I mean, he brought MarketWise out there, 3 billion dollar valuation. It’s down significantly now. It was a SPAC, and it’s come down. He was humble about everything.

Frank Curzio: Talking about the state of the industry, Aaron DeHoog, Banyan Hill, good friend, great guy, brilliant. Just amazing everywhere he goes. He just builds lists, builds companies, and doing a great job. He’s an Al Gore affiliate, Banyan Hill. And also Marin Svorinic, who’s Marin Katusa’s partner, who was there. And you know, he’s a great guy, young guy. And just to see how much that company’s developed and what they’re doing in terms of capital raising and stuff is awesome.

Frank Curzio: But a lot of industry heavyweights, but talking to Porter, even Aaron, it’s nice to see that these guys that are, like, we have to focus on the guru. We have to provide better services for the customers, and I’ve always said that. And it’s the reason why I started this company, because the last five years of financial industry have been a complete fucking shit show. It’s been disgusting. I mean, people not even writing their newsletters. And you don’t want to talk terrible about it. I know it sounds bad, but you need to because if I don’t, you’re going to purchase garbage and you’re going to get wrecked. And to see everyone saying, we need to focus on the customer… And I told you this. I’ve personally analyzed business for 30 years, and at analyzing businesses, I’ve never seen companies succeed. That don’t focus on a customer first.

Frank Curzio: I’m here. I’m telling my stocks are down. I’m helping you out. I’m letting you know exactly what to do. I’m busting my ass to provide the right research for you. I’m trying to find, “Hey, here’s the setup we want to get into. These are the names.” And you see me recommending names in our newsletter, taking very small stakes that we could add, because we know it’s not really the bottom, but we could be pretty close. I mean, stocks are down tremendously. I think we’ll look back a year from now and be like, “Holy shit, we could have bought here.” Absolutely. But we could go lower with everything going on. I get it.

Frank Curzio: Yeah, and just talk to them, saying, “Hey, well, we got to go back to focusing on the customer,” everything that they talked about, that they said they need to do, that built their businesses early on, and have kind of lost their way. We’re doing, we’re doing. And we have growth. I’ve never been more excited about my company since I started as right now. And a lot of that’s based on his TCG deal. It not only just a private asset on our balance sheet that has the potential to generate recurring revenue, to provide amazing services through the metaverse, I could lease out this real estate. I could sell it later. And you can say, “Well, Frank, what happens if it doesn’t amount to anything or TCG fucked up?” Which is a risk. I’m hoping TCG’s going to do what they do. And they’ve been so far great. And people are starting to come to this site like crazy and purchase real estate. And if they don’t do their job fine, but you know what? Now, even going to the conference, I’m having access to tens of millions of names. I mean, tens of millions of names.

Frank Curzio: And that’s pretty cool because you’re looking in this industry, advertising is getting more difficult and that’s a lot of the focus of this conference. I mean, budgets, advertising budgets are just shrinking. Everything is just coming down. So obviously, you’re going to spend less on ads, but ad prices, they’re not coming down. Not to mention the cracking down on shady markets practices where the FTC public called out, they warned over 1100 companies, listed publicly, saying, “Companies are going to come after you if you don’t change your practices.” Maybe our competitors are on that list. We’re not on that list.

Frank Curzio: So at TCG, we’re providing tens of millions of names at almost no cost. I mean, listen, are they all going to be crypto investors? Are they going to be stock investors? No, but I could tell you there’s about 15 million names right now on that site that are, that we’re going to be talking to and meeting with. And at that level with a list of 200,000 for us, I mean, you’re looking at signing a quarter of 1% is like a seven, eight X increase in paid subscribers, without going through the whole bullshit advertising channels, which are going to make it extremely difficult. Because the FTCs, not just coming out there, they’re saying, “We’ve got to make sure that you guys are doing this right. That there’s no bullshit.” So, I feel like we’re lightyears ahead of the industry right now, where we want to be, and we need help in certain areas. We want to be in the market a little bit more, but right now, we’re positioned well.

Frank Curzio: The amount of people that come up to me and ask me about the metaverse, and the fact they don’t understand it, yet was really cool. I’m glad. I know you’re there too. Trust me. I’m going to do everything I can to educate you, to make it as simple as possible. That’s why I’m giving you free real estate in our deal. That’s why even for crypto investors, you’ve got to get free real estate. Why? Because I want you to go in there and learn. And that’s how you learn when it’s given to you. “Hey, pay $1,000, you get the real estate. Mess around.” No, you can do whatever you want. I’ll hold it for you. It’s in your names on a blockchain. You could sell it. You could hold it. You could build on it. You could play around on it, but now, you’re going to get familiar. Now you are going to come up with your own imagination of how you can make money off of it. Anything you want to do, it’s yours. You own it. You own it. That’s the new version of the internet, guys, that’s here.

Frank Curzio: And I know it’s difficult to see with all the shit going on in the market. But trust me on this one. You guys trusted me for a long time. So much so that when you look at our industry statistics, and we’re a small company, but we have the highest average revenue per user, which may say we need to get more subscribers on it, lower prices or whatever. But what that does say is that when people come into our products, they buy more than one product.

Frank Curzio: And that’s a sign that you’re doing right by your customer, that creates long-term value. That’s why I’m able to raise $4 million security token with most people not even knowing on my list, what it was, holy shit. I mean, the trust you have to have, to do that is incredible. I mean, that’s what I’m thinking about. Like everybody that came into that and trusted and said, “Holy shit.” And now I was hearing like everyone, “Wow, this is an innovative idea. This is great.” So yeah, allow us to raise money to build our company. It’s good for investors, because if I don’t do my job you could trade the security you can get out of it. You’re not stuck in a private company that’s on series G of their fricking capital raise. That’s down 50, 60% now. Now, they’re not going public for another two, three years.

Frank Curzio: Cause most of those investors are underwater. Now, that money’s stuck. I mean, it holds accountability. It’s good for the investor. It’s good for you, and it’s good for me because I don’t have to pay the higher costs. And at less liquidity yeah, not so good, but it’s not so good for me. I own most of the stock, but I could tell you that low liquidity meant that we… I own 63% of the stock, I’m putting an extra $200,000 into this deal at the same price everyone else is coming in, at this current price, which a lot of people don’t do. They do finance the 25 cents, 50 cents, 75 cents, and $1.25. And they’re like, “Hey, you want to get in Frank?” I’m like, “Well will you come in?” “No.” “Oh well, you own stock at like a penny and 25 cents, and you’re not coming in at this. Why are you selling it to me then?” You know, “Stop fucking with me.”

Frank Curzio: That’s another thing that’s in this industry. I saw a lot of companies there, talk about deals and deal flow and providing individual investors, retail investors, talking about Reggae. Reggae’s shit, Reggae shit. I know I’m talking, and it’s probably friends that are listening to this podcast right now that are pitching it. Reggae’s garbage. I challenge you. Show me something about a Reggae that has worked out for their individual investors. And there’s going to be a couple of emails that come in and you might find four or five companies. Every company wants to raise money. You use a Reggae because the institutional investors are smart enough not to invest in it. Because it’s a shitty deal. That’s why you do Reggae. So, you sell it to people who don’t know better. That’s what Reggae is.

Frank Curzio: I’m not saying every Reggae deal, I’m saying about 98% is shit. I didn’t do a Reggae. I could have did a Reggae. You don’t do Reggaes. It creates a red flag right away from the regulatory front. They’re legal. But you know, you’re going to have people that are investing life savings in it, and that’s dangerous because this is a market where everyone’s looking to raise money. So, you’re going to have a million Reggae deals. The whole world’s looking to raise money right now. Struggling. Everyone’s looking to raise money. So Reggae, it’s very dangerous because the individual investor does not know how to look under the hood. They have no idea on the fundamentals, on the growth, what’s going on with this company.

Frank Curzio: What price are you doing this at? What’s the valuation of the company? I bet you, a lot of these guys that invest in Reggae, they don’t even know the valuation of the company. What you’re coming in at? You can get shares. Hey, you’re getting them at 10 cents. That’s cool. That valuation that you’re coming in at could be a hundred million. It could be 10 million or it could be 3 billion, based on how many shares are outstanding, which a lot of people won’t even look up, which is crazy. That’s why accredited investors, they know, they know better. And for the regulatory friends even better, because you check it off. You can’t be a credit investor and say, “Oh, I lost money in this.” You should know better. That’s what it says. That you have enough in assets, where you could take on a loss if you invest in this. But the Reggae deals are very dangerous. I’m not saying all of them are bad, but most of them are, and they’re dangerous.

Frank Curzio: But that’s some of the things that they’re looking for in terms of growth and for me, I just feel like we’re lightyears… I feel like where we are is where everyone’s going to be five years from now. And for me, it’s my job to continue to innovate. I’ve researched Emotion, The greatest thing ever. Invented the smartphone, non-existent anymore. Failed to innovate. Blockbuster, fail to innovate. AOL, failed to innovate. And there’re companies out there that are going to take your lunch and do everything they can. So to me, it’s always like, “Wow, this security token is great. Wow. This TCG is great.” When they started getting metaverse three years from now, where are we going to be getting to the next big thing? And that’s what we have to continue to do here. So glad to have all your support, even though it’s a crazy market, it’s nuts.

Frank Curzio: But the conference is really great catching up with friends, really, really just good conversations. And I learned a lot from them in terms of the marketing part of the business, the operations part of the business, of how they build. I mean, these companies are a hundred million dollar plus companies at one time or another, and much more than that. And we’re doing 3 million in sales. You could see why for us, it’s not hard to go for four or five million in sales, and then 10 million to 15 million, but a lot of these guys have been through that path already. Just to be there and learn from them, there’s a lot of great people at a conference. There’s shade players everywhere, but you know, at this conference, it’s really good.

Frank Curzio: I want to thank John Newton for, for inviting me. Just really cool, great networking, great people. And who knows I could end up… A lot of our partners are people that we may take over. Again, using our stock as currency. That’s why I did this with security token. So, just great catching up with friends. It was a great time. I wasn’t too concerned because when the market came down, I felt bad. Every time I go away, the market falls, but it falls every single day now almost. 11 to 12 weeks. Pretty crazy guys. So sorry for the longer podcast, I just keep this for 30 minutes. There’s a lot to talk about lot going on. I’m here for you. Questions, comments, frank@curzioresearch.com. Again, a lot of you guys are struggling. This is the time to ask a lot of questions.

Frank Curzio: This is the time to do some research. You stopped at a few names. You should have cash on the sidelines. Hopefully, you bought puts, which I did push tremendously. I said, “Even if you’re not going to buy our product, Moneyflow Trader and Genia is unbelievable.” I think in the past few weeks, it’s like six or 700% winner you locked in. Just buying puts. Very simple. You can do it through your account. Do a simple E-Trade account. Schwab, whatever account. But hopefully, you should have money on the sidelines, and you should be looking right now. This is what you do. Okay? This is really quick guys, really quick. I’m going to give you this advice, not because I’m a genius but because I’m an idiot. Okay? When you look at oil, oil was zero. Oil went to zero. Think about that for a minute. That’s how bad it got and look at the money that you could make in oil right now.

Frank Curzio: You see these ups and downs. You saw the 35, 40% decline during COVID. You saw it during the credit crisis, we figure it out. We’ll always figure it out. And we wash out a lot of the bullshit, we know, but we adjust. Companies adjust. We have a Fed that’s you know, pro markets. Yes, they’re forcing a recession right now, but they’re doing the good thing over the long-term. And now is the time to work your hardest. People want to take money out and say, “Okay, I lost some money. I’m down 20%, 30%.” Whatever. Now is the time that separates you from everyone else. Here’s where the next generation of millionaires. This is where it comes from, from people looking at stuff right now. Thousands of innovations have come out. Thousands of innovations. Amazing stuff have come out over the past 15 years, post dot com.

Frank Curzio: All the technology does come out post dot com after 2009, 2010. I mean, the first generation of the iPhone was what, 2007. I don’t think the iPad was… I mean, these innovations come out regardless of the market, but you have to be prepared. And that’s what I’m doing now. You have to work hard and find those ideas now that they’re down, now that nobody… This is the type of market that Warren Buffet lives by. Purchasing those warrants for Goldman. I mean, handing him money. This is what separates you from everyone else. It’s doing the homework during markets like this because nobody really is. Just institutions, little bit of smart money. But right now, this is where you want to buy assets, where you could buy at significant discount to where they were six months ago. And maybe you sit on them, and maybe it’s not going to be that good.

Frank Curzio: Just like housing with Fannie and Freddie, they made so much money on this freaking assets. They’re still in conservatorship but they didn’t even know what to do, the government doesn’t even know what to do with them. It took like a year and a half, two years before it started to rebound. Look where real estate prices are. Holy shit, owning every loan, not bad.

Frank Curzio: It could take a while. You might take some losses, but it should be money that you have on the sidelines that you’re like, “All right, it’s going to be bumpy over the next 12 months.” But if you have a three-, five-year time horizon, like buying Bitcoin here, with the institutional money coming, and it’s getting killed, because it’s being forced to sell. Because a lot of these guys have Bitcoin backing a lot of these loans, and you’re seeing them being forced to sell Bitcoin, you’re seeing it come down. It doesn’t mean crypto is bullshit. This is where the innovations coming from guys. There’s a lot of great companies who’re doing crypto. 90% is garbage. You’re going to see the washout, be prepared. Just like we saw with technology. I would say more like 50, 60% was garbage back then, the washout look what happened to those survivors. They took up all the fucking market share.

Frank Curzio: Why do you think our banks, which are too big to fail in 2000, 2009? Why do you think they’re three, four times the size now? Because, they took over all the assets of the little banks that failed. The government backstopped those and said, “Don’t worry about the losses, just hold these assets on your balance sheet.” And look what happened. Three, four X bigger. The whole 2008 crisis. The whole bailout, TARP, was so we don’t have to rely on these too big to fail banks anymore. And then, four times bigger than they were back then, because they were given assets for free, with no risk. You’re going to take on some risk. It’s going to be tough, but this is a time to start picking away at leads. I told you, I’m buying. I’m buying without worrying about what’s going to happen over the next couple months, because I know over the next two years, I’m going to be in good shape.

Frank Curzio: But a lot of the great, great names that are going to take… Remember in this market, a lot of companies go out, they lose market share and those bigger companies, industry leaders are going to take that market share and then come even bigger and bigger and bigger. That’s what Amazon did. Amazon put a lot of retailers, a ton of retailers out of business. We’re not going to see a decline in Big Box retailers, where there’s not going to be anymore. I just thought that conversation was funny. No more Big Box, everything online. That’s bullshit. But man, all the market share they took, and look how big they got. That’s what’s going to happen over the next 12 months. You can see industry leaders go crazy. They have cash on the balance sheets. They’re going to be buying stuff, dirt cheap.

Frank Curzio: And those are the names you want to be in for the next five years, 10 years. That’s how you invest. So, smart investors love these types of markets. If they’re prepared, this is how you make a fortune. And this is what I’m going to show you how to do over the next few months, and exactly what I’m doing through every one of my products. Again, questions, comments, send me an email at frank@curzioresearch.com. Sorry this took a little bit longer, but a lot going on. I was gone for a few days, had a lot to talk about today. And thank you Daniel for picking up the slack and taking over the last two podcasts for me. And Frankly Speaking, I will be doing tomorrow, which is great. So, you get that for your paid subscribers to Curzio Research. Subscribe to any of our products, you automatically get it. That’s not on iTunes. That’s an audio version only, but for those of you guys who are subscribers, you’ll see tomorrow. Everybody else, have a wonderful weekend. I’ll talk to you soon. Take care.

Announcer: Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decision solely on this broadcast. Remember, it’s your money and your responsibility.