Transcript was automatically generated.

0:00:02 – 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.

0:00:16 – Frank Curzio

How’s it going out there?

I’m Frank Curzio. This is the Wall Street Unplugged podcast where I break down the headlines and tell you what’s really moving these markets, joined once again by Mr Daniel Creech, senior analyst at Curzio Research. I hear your boss is a pretty cool guy. I mean, that’s what I hear.

0:00:40 – Daniel Creech

Great guy. Is he really Great guy? We’ll talk about him like he’s not even here. Frank, let me ask a question. Tomorrow Are we dressing up for Halloween?

0:00:47 – Frank Curzio

Yeah, we could probably do something you can tell.

0:00:50 – Daniel Creech

Frank has not thought about this at all until today.

0:00:52 – Frank Curzio

You know what? You’d be surprised, because when you have two daughters and they’re playing at parties, believe me, I’ve thought about it, so I don’t know. I don’t know what.

0:01:03 – Daniel Creech

I’ve seen I don’t have any costumes, so I’m going to have to come. I could come as a golfer. I could dress up like a golfer.

0:01:09 – Frank Curzio

There you go, you’re already there.

0:01:10 – Daniel Creech

You were a day early. It is funny. You know so many people because I basically wear a golf shirt almost every day, or a t-shirt, and you know we live in Florida, obviously, but it’s hilarious how people you know will see me at a cigar lounge or bar or whatever. Hey, did you play golf today? Yeah, I’m like. No, I dress like this every day, every day. I wish I played golf every day, but no, I just look like one. Okay, every single day, absolutely no. Hey, one more thing I wanted to ask you. I’m getting older because I actually watched some of the World Series baseball game. It. It was on. I was at a cigar lounge last night and one of the guys that worked there is a huge Yankee fan and you’re not a Yankee fan. I know you’re a Mets fan, but do you pull for the Yankees during the World Series?

0:01:51 – Frank Curzio

because of the whole New York thing. Yeah, not all the time, I just like them, probably better than the Dodgers. I mean the amount of money that they spent on the Dodgers to get this team. What Otani? Well, uh, Japan.

0:02:01 – Daniel Creech

So it’s been crazy, but um, well, that’s fine Cause I figured you were. But what I wanted to ask you is I actually saw, did you see the play where the outfielder goes into right field. So all I want to ask you I laughed out loud. I almost texted you last night. So whoever that outfielder was catches a ball and when he catches it, his glove is, you know, in the stands. He’s right next to a guy, yeah, and the New York fan. One of them looks like he’s holding his arm, his wrist, right where his hand goes in his glove. The other guy is trying to pry open his glove and get the ball.

0:02:37 – Frank Curzio

He looked like he was smashed. He looked like he was smashed, yeah.

0:02:40 – Daniel Creech

I know that profiling gets a lot of people, but I’m just saying you don’t have to know I’m the perfect guy to say this. I have no idea about baseball, I don’t follow baseball. I could care less about baseball. It’s a sport, it’s an athlete. I’m not anti-baseball. You look at that guy. That guy is a Yankee fan. Like there is no way you can pull. You’re an outer space guy. You could pull a Martian off of Mars and show you a picture of that guy without even knowing they’re going to be like well, he’s a baseball fan. He’s a New York baseball fan.

Yeah, so I wanted your thoughts on the guy grabbing the guy’s glove and trying to pry the ball out.

0:03:15 – Frank Curzio

It was funny, predictable and just the guy’s face, right. It looked like he was all loaded. But I I tell you that guy I got tickets for one of my friends To that game and the game before which, by the way, he paid I think $2,200 each took a son.

0:03:32 – Daniel Creech

Not that I got him, I just found tickets, good season, good tickets, or like just nosebleeds.

0:03:35 – Frank Curzio

In the back like by you know where the crazies hang out $2,200 a piece or a pair, $2,200 a piece right, and he 22 apiece or a pair, 2,200 apiece right. So and he went. They took his son and I was thinking and I said, man, sorry, but he had a great experience with his son. But they didn’t score a run until like the bottom of the ninth two outs eight home run. You know which was meaningless then. But I mean there was like nobody on base right. They had like one guy two, three, five grand for those seats and got kicked out after the first inning.

I mean did he get kicked out?

0:04:08 – Daniel Creech

Oh yeah, yeah, they threw him out. I figured he’d be like moved up to the box.

0:04:10 – Frank Curzio

I wish they put him on a little bit, but they threw both of those guys out so they’re gone. But congrats to the Yankees man. They showed heart yesterday, which never happened in the World Series ever. I think it was a stat like maybe it was 50 times that there was a 3-0 lead and something like I think it was 46 times it was a sweep and four times they finished it and they ended up winning the next game. I mean, if you look at Boston, Boston beat the Yankees. That was in the championship series.

But I’m excited about baseball, because you guys know that I’ve never been excited about baseball. Of course I’m a course my Mets fans, so that helped and I love what they do this year, which is great. So, uh, but it’s been pretty exciting the playoffs all the way through, other than the world series, because the yankees just stopped hitting and stopped getting on base. But I will say this that they there was something there in that win where it didn’t come from the top four guys from the lineup, which always do great, and the bottom half that lineup always do shit, and you really had a hometown hero that hit a grand slam. That’s you know, grew up as a Yankee fan.

They have, you know, pictures in 2008 at the Yankees parade when they won the World Series, derek Gita fan and you know it was other guys that were producing and at the end of the game, finally, judge got like a base hit when it was meaningless, when they were up, but the guy hasn’t been able to hit him. He wouldn’t be hitting softball if you do it on him right now, but I just when you see the other guys picking up the main players. If those main players get hot because the pitching for the Dodgers is not good and that was the thing and all of a sudden they were like lights out, yankee stopped hitting. It’s gonna be if they win this game and the Dodgers need to end it now because when’s the next game?

today yankee stadium yeah, so this is yes, if they win this game. There’s a lot of pressure on the Dodgers to win and plus, the big thing too is Otani’s hurt. He got hurt, His shoulder was separated. He’s still playing, but you can tell he’s a different player. Okay, and you know when the Yankees got their heart pulled out or ripped out of their freaking chest with the two-out home run by what’s his name? I forgot his name. The guy hits home run every fucking game. Oh yeah, freddie, holy cow, freddie freeman, geez that guy just to walk him or hit him or something.

Don’t pitch to the guy.

0:06:08 – Daniel Creech

The guy’s like hitting a home run, just incredible but I don’t have to be a fan to understand and respect that six games in a row in the world series. He said oh, did you see? The other coolest fan in the new york stadium was the guy that held up a sign that said freddie, please, please, stop they showed him on tv after he hit a home run.

0:06:23 – Frank Curzio

Yeah, Freddie, please stop. Yeah, listen, it’s a big game If they win today and, who knows, I don’t know if Cole’s pitching tonight Again, I’ve been watching all the games because it’s New York on both sides, so it’s a lot of fun. But I just wish the World Series was a little bit better. But if the Yankees win this game look out man, they got a great team one.

0:06:40 – Daniel Creech

I just remember it’s all fixed. You got to get the ratings up.

0:06:44 – Frank Curzio

Yeah, yeah, no, you got to get the ratings up. So so now, speaking of ratings, I mean, holy cow, we said that it’s going to be crazy in terms of the election and you know, expect a lot of craziness and man, both sides. Just you know, I mean I found out that, um, I’m linked to Hitler because I’m a Republican, right, I’m a Hitler, I’m a Hitler, I’m a Nazi. On the other side, too, it hasn’t been good. I mean you’re just watching these news channels. I try to watch both of them. I try to watch a little bit of Fox, and CNN, believe it or not, has been a little bit more neutral lately.

But MSNBC is out there. I mean that’s like total entertainment. I mean they’re like Trump wins, he’s putting us all in jail. I mean they got people and they don’t care what they say. They’re just like whatever, just say whatever you want. But yeah, listen, a week left to voting and it’s a little craziness right now, which is so funny, how the polls, when you look at the paying sites, having Trump ahead by a lot in almost every of what, the five or six states that are up for grabs, the swing states, the swing states, but I think Michigan, they’re saying he’s down by like 6% in a poll. And you’re looking at the polls on TV and Today Show and they’re saying that Kamala’s winning, but they have it at 63% right now. If you’re looking at some of the states.

0:07:59 – Daniel Creech

Yeah, the betting polls are really favored.

0:08:00 – Frank Curzio

So we’ll see what happens, but I understand that.

0:08:09 – Daniel Creech

I think you did you vote. Did you vote yet? Early voting? Early voting. I did vote. Yeah, I voted. I’m the garbage that voted as President Biden just said. Yeah, I voted early because I wanted to give him a chance to either lose my vote or change my vote you know, and then I also figured I could vote next week again. You know, we’ll see how that works. We’ll see how that works I think it’s even better.

0:08:23 – Frank Curzio

I think what you did is you now they know exactly how many votes they’re going to need to count, like the day after the election, in order to, yeah, which we? You can’t say that, though. Right, the election was, but yet you know they shut it down. Did you see the place? They put the boards up. They actually put boards up right at night, like after they closed, and said, okay, we’re going to count this tomorrow.

0:08:40 – Daniel Creech

They put boards up and people were talking about last election last year. There’s a lot of that craziness, you know there’s no election.

0:08:45 – Frank Curzio

If it was certified, it was certified, it was just uh, it’s crazy. There’s a lot of stuff going on under the hood. If you really look at how the courts are going back and forth with and making it like you know, you don’t have to show id and the supreme court’s getting involved, of course, in the swing states there’s a lot of nonsense going on. There’s so much power guys you have. I mean, if you’re looking at Bloomberg just donated $50 million. I mean the guy’s donating hundreds of millions of dollars. You had Bill Gates $50 million. This is in the past couple of weeks. Elon Musk, elon Musk, I mean they say I don’t even know how much it is.

It could be 60, 70. But you look at these billionaires donate and the amount of money that they’re donating. It’s just ridiculous of how we allow this. If you’re a politician, you’re going to follow the money, no matter what. That’s why even some of the crypto companies that hated Kamala are like oh, it doesn’t matter who gets elected, because she’s definitely going to be pro-crypto, because she saw the money coming in. So let’s see, that’s still yet to be determined because somebody, some billionaire, had an agenda against the crypto industry where they closed the banks illegally. And this is early 2023 and impacted know, impacted so many uh, you know so many people’s, and especially the industry. But now you’re looking at bitcoin we’ll talk about that in a little while. Is is now all-time high yes you know.

0:09:52 – Daniel Creech

Last question, though do you think we’ll have a president on our?

0:09:56 – Frank Curzio

Next week podcast? No, no, no, I don’t think so you don’t think it’ll be announced yet.

0:09:59 – Daniel Creech

So this is the last podcast before the election, but not necessarily with the new president, I don don’t think.

0:10:03 – Frank Curzio

I mean, look, they’re going to do everything they can with the amount and a lot of money. You know what a lot of money is going to. I don’t know if they think, cause you’ve seen the momentum clearly in Trump’s favor, right, even though the polls if you look at some of the liberal media organizations that they’re all saying that you know Kamala’s winning Again. The betting sites are not saying that. But a lot of the money is going into the House and the Senate races where I don’t. Did you see the numbers on the Senate? No, so basically they have, I think, 49 Senate seats, pretty much locked in, and the Democrats only have 43. So they have a lot of seats to defend, a lot of seats to defend, right. So you know they’re trying to see what they. That’s why they put so much money to Texas, which I don’t think they have a shot in Texas against Cruz, but maybe they do. But I think the Senate is definitely Republican. The House is up in the air, although it’s leaning Republican. So it’s the last thing that they want and I think you want, even as an investor is a total sweep in each direction. I don’t think you want that as investors, but some people might think that’s great for the markets. If it’s a Republican sweep, I don’t know, because just the full power and we’re going to do whatever we want.

I know the filibuster and stuff like that, but yeah, it’s going to get crazy next week and I don’t think so. I don’t think so Because you’re seeing, unless he just, if you look at the betting sites, they have him at over 60, at over 70 percent in I think it’s arizona, nevada, I think it’s pennsylvania, georgia, over 70, not 60, and then they have them at, I think, 55 in michigan. So they haven’t went in all those, uh, swing states. So we’ll see what happens. It should be interesting. But yeah, get out and vote, you know, of course, but Go vote, you lazy buggers.

It’s going to be a little craziness, and speaking of craziness, I mean the market’s holy shit. You know, it’s all over the place. Earnings you know we’re seeing earnings.

0:11:54 – Daniel Creech

Well, real quick, you said it. I mean Bitcoin’s at an all-time high. That’s obviously showing I would say it’s pro. I wanted to share a couple of stories with you here real quick on Bitcoin. So Bitcoin is near its all time high 70 and change. But Ripple CEO, brad Darlinghouse Good job, thank you.

He talked about how Citibank debanked him in this move of what did we call it, the shadow operation, operation, choke point 2.0. So here’s a very wealthy guy, very powerful guy, said he was with Citigroup for two decades or whatever. They kicked him out. He also said that he believes no matter who wins, trump or Harris, it will be better for crypto. Now I tend to agree with him a little bit on that. I think that and we’ve talked about this because of the adoption, because so many people own it, it’s been good for so many people. It’s gotten a lot of politicians in the House and Senate and some favorable. There. I do agree with him. I clearly think that Trump would be more pro-crypto than Harris, but I thought that Garlinghouse was interested on that. And then I wanted to say one more thing about him being debanked. And then Coinbase. Frank, this made me laugh out loud. I wanted to know what you give a flying Florida about more. This XRP CEO or Coinbase’s CEO says the next SEC chair should apologize to the crypto industry.

Now before I make fun of this guy and have some fun with it, because I literally laughed out loud when I read this. I get the idea you know saying you’re sorry sucks.

0:13:32 – Frank Curzio

Armstrong, right Armstrong, you talk about? Yeah, brian Armstrong.

0:13:35 – Daniel Creech

Coinbase CEO and his point here is listen, you guys have done a lot of damage, you’ve inflicted a lot of pain, you push people overseas. Garlinghouse admits with that as well, and I get it. But man Frank expecting I mean, you got to remember the context of who we’re talking about. Politicians are not good people and so you’re not dealing with a bright, wonderful group. And to expect an apology, I guess A. Do you care about either one of these stories and do you think I’m nuts for laughing about this Because do think that that’s hilarious?

0:14:08 – Frank Curzio

I think I get his point, but I think it’s absolutely hilarious if, if the ripple ceo really believes that it has to be there, has to be, on the contingency that if kamala wins, that ginsler and elizabeth warren are just off the committees, they’re gone, because I don’t know who paid them. You got to find out the lobbying dollars that went by, because this happened all of a sudden. It didn’t happen when Biden was in office for the first couple of years, right. This happened in January 23. And out of nowhere.

I mean you’re talking about Barney Frank and Dodd Frank, right? This is the guy whose name’s on that bill with bank regulation. He’s on the board of Signature and had no fucking idea this was going to. He’s like, what the hell? How come I don’t notice? I mean, there was billionaires that pushed this issue, which is probably the lobbying dollars from the banking industry, because this is the industry that’s going to get disrupted the most from crypto and they’re going to try to do everything to prevent it. It’s nice that they’re actually. Did you see that story that it’s starting to go after the criminals and all the fraud and stuff like that? And and within banking? You see that story? That’s kind of funny, yeah, just like they’re trying to crack down a little bit or whatever, and and I think the uh, I don’t know if it was the sec or whoever, but I’m like you know, maybe if you put one of these fucking guys in jail it would be nice, just one just one right.

Just one like did anyone go to jail for the credit crisis? No, I mean the amount of fraud that was there. You can’t find these guys because it means nothing to them. They fined them literally hundreds of billions of dollars and they were still fining them, I think, up to four years ago for the credit crisis. They make so much money. They’re making $30 billion collectively in profits. Last quarter, over $30 billion to four major banks, over $105 million in sales.

But stop with the fines and stop putting these assholes in jail. I mean it was fraudulent activity. It’s off-balance sheet shit that no one knew about. That almost destroyed our entire world if the fed didn’t go there and bail us out and nobody wants to hear that they hate the fed, but, man, it would be at 40 unemployment if they didn’t do that freaking housing market. It was horrible. But you know, just put some of these guys in jail when they do things that are wrong. I mean this industry promotes corruption because you, even when you get caught, you’ll make 20 million and say, okay, you get a $5 million fine. Even sometimes they might put a guy in jail, maybe for a little while, but they get out.

Who’s the guy with Business Insider, the guy who worked at Merrill Lynch. You find that freaking guy and threw him out of the industry when he made millions and millions of dollars man, remember the dot-com era and stuff. Then he starts a business and makes a fortune. That guy, it’s just. There’s just, you know, there’s no consequences in our industry, which sucks, which is why I love doing this. This is why I do this. Right, we’re trying to disrupt Wall Street because it’s a fucking game that they just and they just pray. You know they pretend they’re like, they’re pretending to protect investors. Bitcoin is up 600,000 X, not percent X since 2008. And they shit on this and say, oh, you got to watch out and be careful. Yes, there’s a lot of fraud. There’s fraud in every single industry corruption. You know percentages, but you know this is an industry where regular investors, the average investors, the retail investors, mom and pop investors beat Wall Street for the first time. You don’t see that ever. Right, you get wrecked at SPACs. All the shit gets dumped to you guys with all this stuff, even ipos and stuff, but it’s crazy, but anyway, uh, it is interesting and you’ve seen crypto push high, which should be no surprise.

Anyone else’s podcast we said was going to happen for a while. We’ve been calling out for many years. Uh, you know and I was, you know the time frame I said, look, I don’t know what the time frame is. I said I know it’s going 100 000. It could take a year, could take two years, three years, and you know, we see the ups and downs. But if you own it and you hold it huddle, then uh, you know you’re doing well. But it’s no surprise to see that in gold. I mean, look at the one of the biggest things is we’re gonna get to earnings in a minute.

But I want to start with economics, because this is really important. I know when you say economics, you’re gonna fall asleep. I promise you I can fall asleep because oU.S. GDP for Q3 came out and it came out 2.8%, slightly lower than what was expected, but mostly in line. You have our US economy growing at 2.8% with an inflation rate of, say, 2.5% right now I’m not talking about the core, but just 2.5%. Just say that’s what it is.

And I think you really need to understand this if you’re on that camp which I see all over my Twitter feed at Frank Curzio that rates are going up, 10 years going up, we’re going to see this massive crisis again and it’s going to be ugly and the US dollar is going to lose its reserve currency status, even though it’s surging right now, and you’re expecting this huge market crash that everybody is calling for right now and I’ve been doing this for 30 years. Markets don’t crash when everyone’s calling for it, it just doesn’t. It doesn’t. I mean, you see the risk coming and they’re there. It’s the ones where you don’t see the risk coming, like the dot-com era and stuff like that. It’s just out of nowhere. Boom, credit crisis, boom. We just saw one recently with the carry trade in Japan. Right, holy shit, where’d that come from? But you need to put this in perspective. The US growing at than inflation.

Did you take a look at Europe lately? I mean, Daniel, you look at the European Union Q3, and all these GDP numbers come out relatively the same time. For the quarter, it grew at 0.3 percent. Germany 0.2 percent last quarter. France 0.4 percent, Italy, zero growth. Yet inflation is over 2 percent of these nations. So you have higher inflation with economies that aren’t growing, which is the worst environment for investors, for people. It crushes them, right? Then you look at China, which is an absolute disaster. Right, they’re dying for inflation, so much so they’ve been trying to inflate that market for well over a year, two years now.

Right, everyone’s talking about the latest and oh my God, it’s the sledgehammer and this is the big one, right? And we saw what happened. It turn out to be a trade. Most of their wealth is tied to real estate. In China, guys, we get great information from great people and they are not spending money. No matter what you do, they don’t want to spend money right now. So they’re trying to inflate the markets because they’re going through a massive debt crisis, especially to real estate, and they can’t inflate the market even with this latest round of stimulus, lowering the reserve requirement ratios for banks. So the government needs to do that in China in order to get out of this debt crisis. They need to grow somehow. So look at China, look at Asia, you’re looking at Japan, you’re looking at Europe, and what I see is dog shit. Okay, it’s dog shit out there. So then you have this US market, which is the envy of the world. It’s why global inflows listen to this stat from Europe and Asia Pacific region are at record highs 145 billion as of last week. Okay, and we’re still in October. Okay, that is a record. It’s 10 billion higher than the record that we had in 2021, early 2021. And again, we still have months to go Now maybe this unwinds in a Harris win.

I don’t know, Maybe that could happen. If you think that could happen, maybe you see more money coming out. But the biggest takeaway here is the US markets is now the world’s largest safe haven, because everything else is really terrible right now. There’s nothing, really, even the BRICS nations. They’re not doing well. Now you throw in this we have strong earnings, Daniel, I’ll get to that in a minute. The Fed easing what is it they’re going to cut? Is it next week? They’re meeting? It’s supposed to cut again.

Yeah, after the president, our government is still spending, which you love to highlight, right, like it’s not going to stop. It’s still spending, no matter who’s going to win. Which is leading to what? Gdp going higher? Yes, we see our deficits going higher. I get it. But you throw in the trillions on balance sheets, on corporations, over 1 trillion buybacks coming next year. You have the rest of the world going.

Why the hell are we going to invest in anything related to Europe, Asia and this massive amount of inflows coming into our market? You could see why stocks, home prices, gold, bitcoin all at all time highs. It makes sense. So I’m not sure what stops this Again. It could be a Harris win. Maybe that unwinds it, because people think it’s gonna be bad for the markets. I think that’s why you saw this nice push higher, right, as momentum has been going for Trump past month, three weeks or so, you could see more inflation coming to this market, right, so we have the Fed easing and the 10 years going higher and that’s why everyone’s like holy shit, it’s something we never see. We never, ever see, right? So it’s an indication like, should the Fed really be cutting it even when they meet next? Ever since they cut, what was it? 3.6%, the 10 year no-transcript. You stop it where you have all these positive currents.

I’m not saying we can’t pull back, but it’s just when we pull back, there’s a lot of money guys on the sideline waiting to come in. And we’ve seen that because every time big tech pulled back, if it was 2022, we pulled back, I think in 2023, a little bit towards the end of that year, and then we just recently pulled back where NVIDIA really sold off to the 100 level boom right back to its high. It’s being used as this money on the sideline pouring into it. There’s trillions on the sidelines guys, trillions waiting to come into this market. I’m not telling you, I’m not this permable, as you know.

I’m just saying betting against this market has not been a good strategy and Daniel and I have been on this for a while, saying it’s hard to bet against this and we’ll see what happens into next year, after whoever wins the election, and different policies and everything, because in order to lower our deficits, it’s going to come at the expense of slower growth, less spending, and right now we don’t see that. But if we are really going to cut these deficits and we’re not gonna be able to grow away out of it. It’s going to mean the difference in us, you know, almost pushing for a recession to slow, slow down spending. But we’ll see what happens. But right now that everything’s rocking and rolling.

0:23:15 – Daniel Creech

Yeah, and to your point. What ends this? You know some news. We’ll we’ll look for more inflation data. We’ll wait for that. What the Fed does, this will all unfold. But you’re right, there’s a lot of momentum, which is why we’re at all-time high. Just don’t fight that to the point where you’re completely sitting out and missing on it and listening to doomsdayers. There’s always reason to find an idea to sell everything, but just look at a long-term chart. That’s not the way to do it.

0:23:39 – Frank Curzio

Yeah, okay, guys, before we get into all these earnings of new sponsor great guys, bridge Tower right. So we have sponsorships now on our podcast. I think everyone has done this forever, except for us, at least those who have more than a million downloads. I think we’re well over 15 million total downloads. Thank you so much for all that. But yeah, I want to put good companies and things that I would invest in personally or products that I’m using and stuff like that.

But Bridge Tower is run by two sharp hedge fund guys. One happens to be a close friend of mine. His name is George Wong. I work with him at Stansberry Research. He was in charge of with another friend of phase one newsletter and then when they left, he actually lobbied for me to get that newsletter. He’s an unbelievable analyst. He’s really incredible.

Phd, cfa, former analyst at Goldman, ceo analyst at Sabertooth Capital, which is a billion dollar tiger cub, again known for a very, very long time. He’s made my subscribers money because he shares lots of ideas and he’s just been part of this circle, especially when it comes to Curzio equity owners, or basically the CEO membership, right. So when we have our membership the Curzio One membership, I should say it’s based on getting private placements and deals that I get into and doing this for such a long time. That’s where I created most of my wealth, and George is one of those guys that I trust to share ideas, and there’s about three or four others in that circle. After going through 30 different people. There’s people that really helped out my subscribers and myself. Where I generated, again, the most wealth in my life in these private placements and different private deals, which is really cool. But George is one of those guys and, with Stansberry, when he left in 2013, he helped start this real estate fund called Bridge Tower and they built or acquired over 4,500 homes, deployed over $1.5 billion in capital, and now they’re launching a new fund and this is why I wanted to say, hey, you know what this might work for you A new fund which is targeting, for the first time, accredited investors in the retail space, which is a lot of people that listen to this podcast and our demographic.

So if you worry about real estate, I get it, because rates are moving higher, affordability issues these risks actually play into British Tower’s strategy and what they’re doing, because they’re focusing on the residential rental market. Right, it’s called Single Family for Rent, sfr and Build to Rent Homes Massive demographic, because home supply is still limited and we’re in the most unaffordable housing market in history for ownership, which means people need to live someplace and they’re going to rent. And these guys focus on the best growth markets Florida, texas, tennessee, north Carolina, georgia. The best demographic in those areas, which is 25 to 54 years old prime renters. These guys have absolutely killed it. Since they started this, they’ve successfully stabilized exited rental homes for an average of 37.3% an eternal rate of turn eternal rate of turn which is really, really incredible.

So this isn’t the bogus real estate stuff that you hear all over the place. This has been vetted. This is a fantastic deal. They have a pitch deck and everything. This is another fund that they’re opening and these guys have been doing it for a while. They partnered with guys like KKR, Walton Street Capital, New York listed Reed as well.

Rare to see a firm like this open a new fund to a retail audience. Again, you have to be a credit investor. For example, when you see BlackRock open up all these real estate funds, they just raised $5 billion or $7 billion or $10 billion. Or even if you see Anthropic raise money or OpenAI raise whatever $6.5 billion. That’s institutional money. You really, as a retail investor, as a credit investor, who’s a retail investor you don’t really get the opportunity to invest in these deals. So they’re opening up a new fund with great, great turns. They’re targeting 7% preferred return with a 70% 30% split on proceeds, where they expect at least 20% total annualized returns on that.

So if you’re interested, these are the guys that I trust. It’s Bridge Tower is the company. It’s bridgetowerinvest.com. You can email them or call them directly at 469-963-2550. They’ll send you the pitch deck, do all your research and you can hop on a call with them, answer any questions you have.

These guys are really good. You don’t see deals like this happen often and these are some of the deals and the sponsors and things like that that I want to pass along to you. So even a lot of you, if you want to be a sponsor of this podcast, people that I know, a lot of the subscribers I talk to a lot, especially investors, encourage your research and stuff like that. Please let me know, because guys that I know in good businesses are what I want to get out in front of you. That’s why I started this company to really disrupt Wall Street, which we’ve done with the token. We’ve done even in financial newsletter industry, and now we’re doing it even on the marketing consulting side and building that business, since a lot of that is just all fluff and companies pay these guys to pump their stock and stuff like that.

But, man, there’s a great 5%, 10% of companies across every single industry that are really good names that just don’t know how to tell a story, and telling a story is key. We know that better than anyone. I mean you guys invested in our token, you see the future, you see what’s going on with fractional ownership and that’s what we do here. So really, really cool stuff. But, guys, once again, if you want, go take a look at Bridget Howe. It’s a really good deal, and George is a guy that I trust very, very much in this industry. So, with that said, let’s get to the fun part here, daniel, which is earnings. And if we’re going to earnings, I think we kind of have to start with the small company named Google.

Yeah good idea. You know, I mean Google blew out the numbers right. Amazing, amazing stuff.

0:28:53 – Daniel Creech

Yeah, big, boring company A lot of headlines around if AI was going to be more of a threat than a boost to them. But across the board, google clouds up, you know, growing crazy again. I love how expectations you hit on this all the time, Frank. You know they’ll say, hey, this quarter we grew 27% or 22%, but that was down from 27. Not that 22 is bad, but you want to look at the direction of that. That all turned around. It was just across the board. I don’t actually have it pulled up here, but Google Cloud I mean.

I saw this stock going up 5%. I was like, oh good, cra members are happy, they don’t care. They probably rolled their eyes and we put it in there. You hit it out of the park with this. But my big takeaway is, as you’ve been saying, ai isn’t going to show up as a line item, but these CEOs and it’s a selective one. It’s not just a broad brush painting over everything in tech world and AI is doing well. We saw ASML say that not everybody is riding this tech wave. But really my takeaway, Frank, is Google the big bad Google they are is using and they’re actually seeing it benefit them, not as a line item, but across the board showing growth. Do you think that this puts the bears in the AI bubble to bed? Or do you think that this is just a one-off, because Google’s Google and all that?

0:30:05 – Frank Curzio

It’s not a one-off. This company’s back, ooh, I like that Google’s back.

I don’t really personally, on a personal level, what they do and suppress. I hate it. I really do hate it. But some of the things that they said on the call were remarkable. They said investments in AI, ai this is what people worry about. All these ai investments are they’re going to pay off? And I love how a lot of these big guys put it where they’re like there’s more of a risk not going all in and spending a ton of money on this than going the other way and not spending money. Because if you’re looking at, say, if google signed on its hands, I mean search business right, search business fine, it’s doing good. But you’re looking at AI, where you can find a lot of search through AI. Right Now you’re seeing actually Bing, which was the worst search engine in the history of the world, is actually, you know, gaining market share a little bit. So you know not meaningful, but they are. So you know AI when you see a technology that’s disruptive, you could either adjust or just sit there, like Research in Motion did, like AOL did, and you’re done right, better technologies come out. But they said investments in AI are paying off and believe companies best positioned to lead the AI era which is going to be. Microsoft’s going to say the same thing. So is everybody else in the industry.

Now, amazon, yeah, notes that there are over 2 billion monthly users on Gemini models across its seven products and platforms. So they’re analyzing the data on 2 million people. And I got to tell you, when it comes to AI, they actually mentioned a stat if you’re watching the World Series, and I think it was Google AI that they’re using of how they have something like 100 million data points in like 0.3 seconds. It’s not the large language models, guys, that you’re seeing, whether it’s Anthropic, which is Claude you’re using, or the Gemini’s, or OpenAI, right, chatgpt it’s now. The next phase of this is the inference, the predictability, and that’s where this company is when you’re monitoring 2 billion monthly users. This AI overview was rolled out this week, the AI overview product. It’s now reaching more than 1 billion users on a monthly basis. So they actually say this.

The momentum across the company is extraordinary. If you’re a CEO and say that, holy shit, right, I mean usually you want to be a little bit conservative and say, hey, things are good, but we still have work to do. You know, it’s not these guys are. No, it’s extraordinary. It’s a commitment to innovation as well as long-term focused investment investment AI paying off, with consumers and partners benefiting from our AI tools. The more people guys that go into AI with all these companies, the more they make in cloud services, and that’s what they said. In cloud, our AI solutions are helping drive deeper product adoption.

So once you’re in these clouds, you really don’t get out, right, you have a lot of this. Think about if you have all your storage of pictures and movies and whatever, and videos on the iPhone, right, apple’s cloud. You’re not really going to go to Samsung, right? So once you’re in there, you’re in there. But not only that. They’re getting new customers. They’re winning much larger deals.

So one thing that I thought was amazing out of all this stuff by the way, just to review this, Daniel, because I had some of the numbers here so this revenue rose 15%. We’re talking about $88 billion in sales he generated for the quarter. For the quarter. That’s insane. That’s insane, right. Google search revenue up 12%. Youtube ads up 12%. Google Cloud up 35%, led by everything within AI.

Operating margin expanded by 4.5 percentage points yeah. Operating margin expanded by four and a half percentage points yeah, again, they. They don’t say percentage points when they they quote margins and basis points, because usually just a tiny three percent for for basis point move, it is really 4.5 percentage points at 32. These guys are rocking and rolling, uh. But what I find fascinating? Why Google? No joke, I mean, you could call them a piece of company if you want, but we have in the portfolio because my job is to make you money and this is a company that’s going to take your information no matter what you do, and even if you cite no, every place they’re going to take it. There’s nothing you can do to stop them and the laws aren’t going to prevent that at all, because they just have a lot of money and pay the right people. But I will tell you this I don’t know no Reddit, do you have it there? How much is Reddit up right now? Reddit?

0:34:03 – Daniel Creech

40% 40%.

0:34:05 – Frank Curzio

This stock is up Reddit right. So Reddit blew out the numbers and when this company first came out, I’m like I hate it because they were in business for 18 years as an internet company Only company I know that’s been around for 18 years on internet and never generated a profit. Here’s what Reddit did, which is unbelievable Turning the page on Reddit. So listen, revenue surge 68 year over year. They turned profitable 30 million net income. Last year lost 7 million daily.

Active users grew nearly 50 percent to 97 million, what I thought was very low. If you look at streaming services or other services, they’re going to find ways to extract more money out of their user base. At these 97 million people, the average revenue per user is just 33.58. That’s it. It makes sense because you’re going on Reddit, these boards and stuff like that, but still they’re going to find ways and they found the way. And while they say the average revenue per user is $3.58 and the estimate was $3.24, which is a very, very, very, very big beat, the craziest thing is in February and I feel like nobody paid attention to this news, including myself, or I wouldn’t have said listen, I don’t like Reddit Because, even up 40%, I think Reddit could triple from here. I’m not kidding you, I don’t say that lightly. I’m going to tell you why. So in February, this story fell under the radar.

Reddit announced a $60 million deal with Google. Maybe you saw it, but if you looked under the hood, right, it involved Google’s AI and also a new cloud partnership and holy shit. So here’s the details. Reddit basically handed Google the keys to its kingdom, or total access to its data API. Why is that a big deal? Now Google is using their AI systems and these models on every single one of the people posting, where Reddit averages 1.2 million posts a day and over 430 million per year, while also having over 100,000 communities.

Now, think about that. So in almost every search you do on Google and give me a second, I’m going to do it here. Uh, let’s see, let’s type in give me a second Best places to learn about flying a plane. Best places to learn about flying a plane. Okay, let me bring this up. So if I put that in Google, right and okay, click there. So best places again. I’m just typing anything in Google, right, and okay, click there. So best places again. I’m just typing anything in it, right? So when you go down, it’s going to tell you they have their AI engine right up front in the search and then they’re going to have probably these paid things. They’ll have a couple paid sponsorships.

Look what comes up first Reddit. Reddit is at the top, at least for me, and I know searches could be different it’s at the top search every single time. Now, why is that a big deal? When you look at Reddit and they continue to have all these names, their content is incredible. It’s not like social media I mean Twitter. You have discussion these guys are talking about real discussions in depth, and a lot of time there’s trolling on the internet or whatever, and maybe you might see a little bit right, but you have these really in-depth conversations in these message boards and as you’re doing that, google is analyzing everything about these people every single second, right? So now you have access to all of this, which is worth a fortune for Google, and it’s worth a fortune for that. I think it was a core.

If I’m saying that, wrong is another one. You know signing partnerships, where data is the king and we talked about that where anyone that says they’re big in AI it’s all about the data. If they have the data, these names maybe used to be worth $4, $5. They’re worth like $20, $30, maybe even more than that, because now you can predict and when you have access to hundreds of millions of these people who are posting every single day, right, and that’s coming up and Reddit was like, hey, this is good for us. You know, we’re seeing great results from this, which they actually said in their call, daniel. They actually mentioned that. They said that their partnership with Google has brought them a flood of new users.

So Reddit’s benefiting tremendously because they’re on a top search of every single Google that you do now, every single. Every time you post, you’re looking for a search top result, top three results. You’re going to see Reddit. So they’re getting more clicks, they’re getting more new users. And now what do they do? Is they’re using their cloud, right? So Google’s benefiting tremendously as well. They’re using their cloud and now Google has this data that basically was handed over to them.

And I wonder, if you’re a Reddit user, if you really wanted that, did you know that? Hey, you had your data from? It’s like me right now, with all the data from my subscribers and me deciding to hand it over to whatever AI company to run models, run everything all over to basically predict every single thing that you’re going to do. That’s what the whole internet is about. So, anyone that has a list. If you’re looking at Snap, snap came out. Results were okay. They have a massive again, massive base and they also have good AI tools. They announced a buyback. That’s doing well, but any of these companies that have even Peloton has a massive user base and maybe that’s why David Einhorn’s getting into it, because the value of that list is going up 5x to 10x and your list is your whole company.

If someone comes in and purchases me guys, I’m going to tell you this If you start your own company, please emails, get emails of all your customers this way, because that’s what they’re really buying, right, they have you, they have the access. But anyone that you’re going to do deals with, or if you sell your company, they’re basically buying your names, they’re buying access to the data. If you don’t have that data, then basically you’re worthless to them. So, having this data. If you’re looking at companies, you have to evaluate a lot of these things and man, it’s just the deal at Reddit signed with them. You’re looking at what? A hundred million dollar, a hundred billion dollar market cap what’s the market cap on Reddit? Do you have it up?

0:39:36 – Daniel Creech

I do. It is 19 billion market cap 19 billion.

0:39:42 – Frank Curzio

I’m looking at this company not being a $100 billion market cap having access to all those names and AI and everything. You’ve got to be kidding me. Yeah, I mean so so.

0:39:49 – Daniel Creech

Google paid them $60 million for access to the data and they generated an additional $33 million from it. Yes, just in the quarter.

0:39:57 – Frank Curzio

And not only have they done great on it. Now you’re looking at Google doing 10 times better, right? So all for $60 million, but it’s benefiting both of these companies. And now you’re looking at where Reddit is. These are guys that are on fire because they have access to a list of names that a lot of people may not have access to. And now you’re getting to run all this stuff through the data, which is going to be great for searches, going to be great for advertisers. You’re going to know your clients exactly who wants what, and you guys, it’s really really deep what’s going on in this market. And I just wanted to share that part with you because, holy cow, it’s truly amazing, right. Just that one deal of how Google. It worked perfectly for Google. It’s definitely worked for Reddit and Reddit. Man oh man, one a quarter, it’s up tremendously, tremendously 40% in a day.

I mean, I don’t know how many people would short that name, but holy cow.

0:40:40 – Daniel Creech

Finviz has it under 10% short, so that’s a hell of a move for.

0:40:43 – Frank Curzio

But still it’s a high short position for a company in that market cap. Even anything over. Probably six or seven could be.

0:40:48 – Daniel Creech

But yeah, so then you also have, yeah, switching gears to Calix, who I’ve talked about several times for a while Broadband provider. They reported earnings on the 28th, or no, I’m sorry. Yeah, so just two days ago they beat earnings four cents better than expected. Revenue fell 23 24% a year but and also missed expectations. But the stock traded basically flat and I really like it here.

And what I’ve been talking about, just to catch everybody up, the bead project, which is is hilarious because it was a 40 plus billion dollar government sponsored program and Brendan Carr, who is one of the five member commissions on the Federal Communications Commission, has been very outspoken about this. He keeps posting on Twitter. I’m looking at a post from 16 hours ago. It’s been 1079 days since a 42 billion dollar program to expand Internet services to millions of Americans was passed by the Biden administration and Kamala Harris. Zero people have been connected, zero dollars have been spent building Internet infrastructure and zero projects are underway. However, this bead project is big Talking on the Calix conference call and I have to say this gentleman the CEO and his name is Michael Weaning Listening to his conference call the other day was amazing and I think this company is finally a buy because they basically said we had a trough last quarter.

They said that these orders, they’re waiting on one more state to get part of this bead thing, and what they said was they’re going to see deals and contracts from Louisiana, Nevada and West Virginia first, and then over the next nine to 12 months. And what I like about is their transparency. Listen, over a year ago they warned and said listen, this is going to get kicked down the road, this is you know, our providers are waiting on what they’re going to do and apply for this government money or not, so it’s a next year story and the stock has gotten actually tanked. I don’t know if you’re pulling it up?

0:42:43 – Frank Curzio

I haven’t tried it up yet, so it’s well off its highs.

0:42:45 – Daniel Creech

But now this company is telling you hey, we’re going to start seeing orders in Q1 of next year. Are?

0:42:51 – Frank Curzio

They saying that? They said that Because I think I’ve been on this saying that.

0:42:53 – Daniel Creech

We’re going to finally get Q1 orders and then it’s going to really go and they just go through how. What you just said earlier about Google and Reddit Once you get into their platform, it’s a sticky cloud. You’re not going to leave somebody else. And that was very powerful. And so they’ve basically called hey, this is the bottom of the trough. We’re going to get better from here. They’ve signaled in Q1. Now you can hold them accountable to that, but I think you can add some here. It’s going to be a longer trade. This is more of an investment. This is going to be a long turnaround story.

But the CEO, Frank what I really liked about him and you invest in people when you’re looking at different companies, when you get right down to it, and he’s talking about providers, internet providers and all that like Verizon’s a big customer of theirs, but he’s talking about providers and competitors have to take a different mindset and look at building an entire platform, not just a product. And he referred he used the word dumb four or five times on a conference call and he kept saying you can’t just be a dumb fiber provider and 5G turned out just to be a big dumb cable. And he’s talking about his customers and his providers really buying in and providing the entire community. And he’s saying, listen, it’s not enough to give high speed internet. High speed by itself is just a game and you can get price wars. And he talks about building out a community and servicing clients. He’s honestly just being old school and saying, listen, provide a great service at a great price and a great for your customers and take care of them, build it and they will come, type thing. And then, Frank, he made me laugh out loud. You know I have a man crush on the CEO of ServiceNow the coolest CEO.

But this guy said something, Frank. He was talking about helping his providers sell and he talked about Amazon. I love how this guy says, listen, I use Amazon all the time, I order from them, but they’re the enemy. And he talked about Amazon buying other competitors in the broadband space and saying how they don’t care. He’s just getting really personal and it was refreshing to see.

Then, at the end of the conference call, he said this he said he’s excited about this transition and everything going out to help people get out and sell. He said because most providers and I’d never heard this, Frank, you can’t sell a brick at a riot and if you don’t think that’s funny, then you have. You’re having a rough day and I’ll pray for you because, Frank, I’ve heard you can’t. You can’t what Tommy boys say. Your dad could sell a ketchup popsicle to a woman in white gloves saying how good Tommy’s father, Tommy Sr, whoever was good. This guy is saying you couldn’t sell a brick at a riot. I tell you what. I just think that’s Florida. Hilarious, Frank. I think that’s a mic drop moment. So look at Calix. Definitely, turning it around, the stock is holding in there from a trading standpoint moving averages there’s a lot to like about this stock right now, but it’s a longer term stock.

0:45:31 – Frank Curzio

Yeah, definitely longer term, and I like that. You’ve been on that too, which is really cool, you know it’s just you know names that we look at.

0:45:36 – Daniel Creech

Yeah, you got to follow these things.

0:45:37 – Frank Curzio

You got to follow and say listen yeah, I mean the stock, and especially in today’s environment, right, because everybody wants now, tomorrow, we’ve got to see this tomorrow and if you just delay a little bit, you’re going to see this stuff Because people just I’m not holding the stock, it’s a waste, it’s dead money, they come out of it and that’s where you see a disconnect. I mean, I think you see big disconnects in gold as well. We just had a great gold recommendation Iranian. But Daniel and I follow these stories and we keep on them and some of the things that we mentioned, you know, and we do a lot of that, and we’ll revisit some of these names and some of them make their name into, you know, dollar Stock Club portfolio, which is, you know, which is offered right now as part of our Wall Street Unplugged premium podcast, which is really cool. So, yeah, following these names, that’s what we do.

It’s not just seeing what companies are reporting and the data on the companies. It’s much more than that, right. It’s following them and saying, okay, let’s see the follow-up, and a good one, I think, which we’ll cover, is AMD, which is down 10%. Yeah, so AMD has gotten nailed and we’ve been on this for a while saying, listen, amd is not a pure play AI name that everybody believes it is, and because they got other divisions that really suck. And I’ll be very honest with you, this isn’t NVIDIA, which is the pure play right. It’s not like Microsoft where, okay, it’s AI, filters to everything, just like we saw with Google. It’s filtering into their cloud divisions, it’s filtering into almost everything. And when I look at AMD, they report inline numbers, inline guidance, which is no good Because this company is trading at 35, 37 times forward earnings If you believe those earnings, those earnings that may come down a little bit. People are lowering their estimates in terms of their target price. On AMD, finally, I just thought the expectations were too high for this name.

But, yeah, the streets looking for a, b and raise, especially if you’re an expensive company, if you don’t offer that, especially being in the most biggest and you could say it’s hype. But so far it’s lived up to the hype industry that we’ve seen since maybe decades in AI. If you don’t meet up to that, you get nailed. So the positives, with data center growth, which is great. Data centers, we know right, it’s part of the AI. It grew 120% to 3.5 billion. That’s their biggest segment by far. That’s great their client segment, which is PCs. Pcs are on fire right now. They’re selling like crazy. It’s just like it’s going to be a replacement cycle where Apple might not be seeing it now when they report their next quarter, which I’m not too sure what it is. Isn’t it this week or is it next week? I know Microsoft reports after the bell today.

0:47:55 – Daniel Creech

Yeah, I’ll check, I’m not. I think they.

0:47:58 – Frank Curzio

I thought they were all. This week it’s going to a lot of these things and just, you know, PCs, laptops, their client segment, PCs up 29% to $1.9 billion. That’s their second largest. Now my biggest problem was 50% of this company was like garbage, and the reason why I knew this is because, you know, I think eventually we did very well on IBM but we actually trade IBM pretty well, but IBM always had this legacy business that sucked that they had to get out of and when they did, now focus more on AI, more on blockchain, more on the software, data analytics and things like that. And then you saw that growth take place and it took a long time for that transition, right? So revenue growth negative revenue growth for whatever having a year, six, seven, eight years, whatever it was, whatever having a year, six, seven, eight years, whatever it was.

When I look at AMD, it was 50% of this business which the other two parts that haven’t done well is their gaming segment and their embedded segment. The gaming segment. The gaming industry has not really been doing that well lately across the board. When I look at this, it used to be 50%. It’s not 50%, no more. It’s 25% of sales, which means that they’re heading in the right direction. They have to find a way to spin off these divisions or get rid of them. You could easily sell them to other companies who do those things in those divisions, which, again, they’re valuable, but they’re basically pulling back your growth in AI. When you look at AI, they raise their guidance within the AI and the data centers and also the client segment. If they’re able to do that somehow, that makes them a true competitor in NVIDIA.

0:49:26 – Daniel Creech

Now, Now you’re 100% pure.

0:49:27 – Frank Curzio

1. Otherwise you have this drag where that’s why you’re not meeting your numbers. You’re not meeting your numbers because everyone expects your AI to really kick ass and it’s doing it. And even with NVIDIA, like, look at the expectations for NVIDIA, they’re hard to meet and they still meet them, but with these other divisions pulling you back, it hurts them.

I think AMD I’m going to take another look at it. There’s negative in AMD and I’m going to say this really quick. I say this daily, every day that every stock that trades I would say 98% of the stocks that trade on New York Stock Exchange or the NASDAQ are buys. It’s just a matter of what price. There’s probably 2% of those companies that may go out of business, but all those companies should be a buy at a certain price. I mean, you could hate them, but don’t hate them forever. That’s why you got these gold bugs and say I hate Bitcoin. I hate Bitcoin forever, forever, forever. Or I hate the markets forever. There’s times where you’re going to get good pricing and disconnects, where you should be able to be flexible, go into different divisions.

0:50:23 – Daniel Creech

Don’t have hate in your heart and you’re right. You don’t get on the NASDAQ just by a-.

0:50:26 – Frank Curzio

Yeah, we’re not talking about crappy stocks. We’re not talking about over-the-counter stocks?

Yeah, we’re not talking about over-the-counter, so when you look at these companies like AMD I wasn’t crazy about because of these two divisions and they went from 50% to 25% and I think even a little bit less divisions. It’s going to become less because that’s how fast AI is growing. But if they could find a way to just shed some of that or limit the damage, cut costs as much as you can, again, there’s a lot of companies out there that will buy these two divisions that are just pure plays in those areas. But man, now you have this massive trend that everyone’s going all in on. There’s no signs of slowing anywhere. No matter what you tell you, everyone’s full of shit. Who tells you that? Again, we have no agenda here. There’s nobody that’s slowing spending on AI. There’s nobody, unless they’re struggling and they can’t benefit. But all the big companies? None of them. You look at Taiwan, semi. I mean the writing will be on the wall. We’ll let you know. People will say it’s ramping up and it’s getting bigger and bigger and bigger and it’s not going to stop for several years. It’s just based on the orders of the Blackwell chip and NVIDIA. It’s not going to stop anytime soon. So just seeing the demand here with AMD, I want to take another look at it, but this is a name that might be coming into buy territory because they are growing and finally they’re in the right direction.

I don’t want to be early to this, which we’ll talk about tomorrow, because I was early on Eli Lilly reporting a bad quarter and I saw that happening because basically they didn’t have three months of sales. I thought it would happen last quarter, which is interesting in the way their accounting is and how they account, which I always say. Any company can manipulate their earnings legally and push orders out whenever they want to to fill in the quarters and fill in the gaps. But now they saw it and I think it’s probably a one-off. Again, we’ll cover Eli Lilly because it was a big surprise that they missed and lower guidance. But they did that because there was a good three to four-month stretch where Zetbound you couldn’t get anywhere and I thought it would hit the quarter. Before it didn’t, the stock went up a little bit and now it hit. Now it’s down. I think it was 10%. We’ll cover that in detail tomorrow.

But AMD, it’s taken its lumps and I think you’re going to see some buying come in, especially now that analyst estimates which you want to see guys Real quick. This is why Newmont missed its estimates. They grew revenue by 85% and I guess everybody wanted them to grow by 95%. They didn’t. They missed their number. Their costs were a little bit higher and that stock got nailed. Expectations were sky high for AMD and I’m seeing a lot of analysts lower their estimates now, which is what you. It makes next quarter an easy beat. So if they outperform, especially on AI, you’re going to see this stock really maybe push it at 200 level.

That everyone thought it would be no-transcript nvidia other than these guys that there ever is going to be one, and it really isn’t. You can say broadcom, but not really. It’s totally different. You, you know, nvidia is just on an island by itself. Amd did this before with Intel and just shot right past them. I’m not saying it’s going to happen with NVIDIA, but that’s one of the names that has the possibility to do it if they get this right and they got a good management team to do it. So we’ll see that’s right, all right.

What else do we have here? Oh, the wonderful car company called Ford Ford, ford, ford. So you know what I like in markets like this. You see the difference Like sometimes you have everything at every sector going higher. Now you saw GM really knock it out of the park and do great, just profit machine, where Ford fell 9% yesterday and we warned you on this. I mean Ford is really, really bad. And even when we said with GM, look, the buyback was so huge, right, daniel? I mean it was a big percentage of that float, which always helps out, especially when it comes to earnings, and puts a floor under it. So if the stock goes down 10, 15%, they’re there to buy a lot of that stock back. That’s when they want to buy it when it’s a little bit cheaper.

With Ford, the numbers were in line. Guidance was weak. They lowered, adjusted EBITDA. Just know that’s the metric that everybody looks at for Ford, just like it would be same-store sales for retailers or average revenue per user for some companies. For streaming, they lowered their outlook by $2 billion. Now for Google or Microsoft, that’s not a lot For this company. It’s $12 billion to $10 billion. That’s a big deal. That’s a real big deal. That’s a big deal, right. And 12 billion to 10 billion that’s a big deal. That’s a real big deal. That’s a big deal, right. And still seeing higher costs. They’re still seeing recalls on a lot of their cars because they don’t make them well.

I never like management either. I hate the management team because they’re full of shit. They never tell you, they always try to sugarcoat everything and I hate that. I understand you want to be optimistic, but there’s times when you say, hey, you know what, we spent too much on this, we’re transitioning, we have to do this, we have to do. It’s okay, as long as you’re addressing it. But they always sugarcoat it like hey, we’re good, now we’re seeing strong demand. They always come out with these positives. I’m looking at them and going your whole EV division sucks and you spent tens of billions on it. I mean it just kind of wasted.

It’s a company that I don’t think you could invest in right now Until you see a turnaround.

This is a company that doesn’t deserve the benefit of the doubt.

This is a company that you need to see maybe put together two good quarters, and they haven’t for a while. And I just think every time I look at the numbers and I look at this company, it’s more going on under the hood and it’s just fishy. You don’t get straight answers out of management. Again, it’s okay to miss a quarter. It’s okay to say, hey, this is what happened in cost, just like Eli Lilly, this is what we’re going to do to make it up. That’s fine, but Forbes is just all over the place and again, that’s a name that we told you to avoid. And yeah, it was at 14. I still think, you know, on my analysis last time I looked at this it was seven it’s probably probably around a $7 stock. Don’t short it. It’s hard to short stocks in this market with so much money pouring in. But you know, just be careful there, cause it’s just not a good name. You’re not seeing the strong growth that you want to see with so many names out there right now. So just be careful with Ford. Continue.

0:56:22 – Daniel Creech

Yeah, just a couple of comments here about the transparency and sugarcoat and everything. When you go through their conference call, what they open with is about how they’ve revamped their Europe, South America and India and China divisions. They actually say, hey, we blew through $2.2 billion in losses, burned $3.4 billion in cash, but now these are collectively profitable. Not sure what the hell that means. So if I’m not smart enough to read your conference transcript, I don’t know what to tell you. Frank, they did say 150 new EV nameplates hit North America in 2026. By the end of that, that means competition.

You’ve been right on this, this stock. Listen, you said you’d avoid it. It’s not won you over yet. This is just like everything. Don’t ignore and hate everything forever, but we’ve been following this story. Frank’s been following this story and been spot on since 2022. Since COVID, actually, it’s been thing in a free fall and then sideways, but it’s a $10.50 stock. So good, call on that one boss. But yeah, I just I don’t know why unless you had a gun to your head and you had to have exposure to the auto industry, I don’t know why you’d mess with this yet. But hey, not saying it can’t turn around or it can’t be a tradable thing but not worth our time here at.

0:57:26 – Frank Curzio

Curzio and just I guess, like you know who would be buying retail stocks? Us we bought VF Corp, right? So VF Corp is another one where it came down to levels that were an absolute joke and we were up a lot more and into the quarter, JP Morgan put out a bad report or whatever and they beat the number of profitability and it went up while like 20, 20, 20% plus, and I think we might be up like 40, 50% of that name in a few months. But again, don’t look at a stock that you automatically hate. Hate where it’s trading, and I think that’s why I made the biggest mistakes early on in my career.

0:57:58 – Daniel Creech

Don’t hate the player, Hate the game. Frank Don’t hate the stock, hate where it’s trading.

0:58:01 – Frank Curzio

You hate it, you hate it, you hate it, for example, like AMD. You know I told you I didn’t like it, I didn’t like it and now I’m seeing signs where the reason why I didn’t like it are starting to disappear. These two divisions sucked, okay. Now you’re seeing it, it was 50%, 55% a couple quarters ago. Now it’s 25%, and that it’s not so much that they’re, you know, shedding. A part of that business is that AI is really starting to grow to have a compensate for it.

But you know, as long as streaming is their model, it’s shit and it’s garbage. And they haven’t changed that, right, because they just can’t compete in streaming. The best content comes out in the movies. You know it just doesn’t make sense. They can’t compete with Netflix. They never will be able to. However, amd, you know a little bit different and you know, and Ford, ford, I haven’t seen anything to change my mind on. But you know we flip on stocks. When I see things change, when the data changes, be able to be flexible. I see it become a great analyst, right. Look at Peloton. Peloton, it’s garbage. It’s garbage, it’s shitty, it’s terrible. It’s a $20 billion valuation. I don’t know where it is. It might be a billion now, but Einhorn’s seeing you have to look at stocks.

And another one too, which we’ll cover tomorrow, is Chipotle, a name that I told you I didn’t like and I was like. But, Frank, they’re going to split and stuff like that. This is a name that’s down off its highs. They reported numbers. I did not like their numbers. They did issue a buyback to sugarcoat it a little bit, so it was down. I think it might’ve came back. We’ll cover that more in detail. But, yeah, this is a company that’s raising prices tremendously and the service at these stores continues to get worse. It’s a different experience. They continue to raise prices and they’re still really having trouble making their numbers. Now, for the first time and I didn’t really get good vibes from that new CEO, interim CEO it’s a big difference in that company, so we’ll see what happens.

So we’ll cover that tomorrow, right, daniel? We’ll cover Eli Lilly tomorrow. We’re going to cover Microsoft tomorrow, again, that’s on our paid podcast, right. And we’ll have a recommendation for Dollar Stock Club. So Wall Street Unplugged premiums tomorrow. You guys, it’s $10 a month to subscribe to that. You probably get more value out of that than any single product you’ll ever invest in in the history of our industry because of the amount of stocks that we cover and names and you really dig into the details. It’s really really good, so much so that I may be pulling it out and charging a lot more, so you might get a good discount if you subscribe now. But yeah, you can go to Curzio Research if you’re interested. That’s a really good podcast, Daniel, I have fun with, and it’s also linked to our Dollar Stock Club portfolio, which is a trading portfolio. We try to come up with a recommendation almost every week and this week we have one in mind right now. And the last thing, Daniel, I don’t know before we came on, I don’t know if you saw this before we go.

1:00:38 – Daniel Creech

Is Caterpillar reported? I saw no.

1:00:40 – Frank Curzio

I mean, I saw they reported, but I did not look into it. Caterpillar is a name that I want to teach you tomorrow of how to look at it, where it was down, and now it came back a little bit. I don’t think it’s down that much last time I looked, but they said a lot of things in their call and I’m going to show you why it’s so important for so many different industries. Because they talk about farming and the farmers are not doing well. They talk about the oil industry, which they’re linked to. They talk about China. I mean, this is a global company. It’s linked to so many different markets and if you really want to see if China’s turning around, this is a name that you look at and it didn’t appear that like it was. So I’m going to break down that quarter fee and tell you how you could find ideas or avoid different places to be in, because it’s not just Calipil. What is it? Marriott? What is it? Triple? What is it? M&m Marriott? What is it called? Marietta or something? I forgot the name of it, but it’s a construction company.

They reported they didn’t have good results. You look at Terex is another one that reported decent results. So why is that? Why is some saying who has leverage to some commercial state real estate? To building what areas? Geographies? That’s how you really find lots of ideas and I want to try to teach you guys on the educational front because it’s really important. It’s led to some great ideas and we be making a lot of money personally by looking at the conference calls where people look at Caterpillar and say, okay, should I buy Caterpillar? Should I sell it? I’m not even going to touch Caterpillar, but there’s a wealth of information in there where it can lead to 20 different ideas, maybe if it’s on the short side or long side or whatever, and we’ll break that down tomorrow again, along with CMG and Eli Lilly. And also a lot of good earnings on Slate, which includes Microsoft, I think. Apple you said after the bell Lemonade, I think reports today after the close, which you’ll probably see a massive move in that, and then crypto tomorrow MicroStrategy, riot, coinbase I think they’re tonight so we’ll be able to talk about them tomorrow MGM so a lot of names.

Reporting the rest of this weekend into next week should be a lot of fun and you should get lots and lots of ideas, especially from our Wall Street Unplugged premium podcast man, that was a lot. Daniel, that was a lot. A little tired. Well said, past the hour mark too, Pretty cool. All right guys. Questions, comments email me at Frank@curzioresearch.com. Daniel.

1:02:38 – Daniel Creech

Daniel@curzioresearch.com.

1:02:39 – Frank Curzio

Okay, I don’t believe I’m going to say this, but I am Hope they win tonight to make the series really, really enjoyable. But it will be an interesting series if they go back to Dodgers and go back to LA, so we’ll see what happens. So good luck to the Yankees, even though I’m a diehard Mets fan, and great job by the Mets this year. Man, holy cow, great, great job. All right, guys, see you tomorrow, take care. Love this episode of Wall Street Unplugged. I think. Triple Up Premium is my members-only podcast where I dive even deeper into this week’s events, where I’ll do even more than tell you what’s moving these markets. I’ll tell you specifically what moves you can make today. So this is going to be about trading. Put big money in your pocket right away due to the inconsistencies I see daily in the market.

I’m talking about specific investment ideas. I’m recommending and tracking each week that I believe will be impacted directly by everything I just talked about today. Plus, you’re going to get the chance to go even further down the rabbit hole with me and my co-host, Daniel Creech, as we discuss which of these week’s trends could turn into massive windfalls. Turn into massive windfalls the big trends that we see lurking on the horizon. Also, the news we’re picking up from our network of insiders, which has gotten bigger and bigger thanks to you and so many people listening to this podcast in over 100 countries, and you get a chance to talk to me directly in my special Ask Me Anything Q&A session. All that and a lot more like premium interviews with world leaders in finance, technology, industry and politics. This is all part of Wall Street Unplugged Premium and becoming a member is super simple and super cheap, so head on over to WSUoffer.com to check it all out. Sign up today and you won’t miss a thing. That’s WSUoffer.com.

1:04:25 – 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 decisions solely on this broadcast. Remember, it’s your money and your responsibility.