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: What’s going on there? It’s March 3rd. I’m Frank Curio, host of the Wall Street Unplugged podcast, where I break down the headlines and tell you what’s really moving these markets. Just when I turned the corner… It took 10 years, but just as I turned the corner, started talking positively about Florida: It’s amazing COVID response, they’re keeping businesses open, it’s super low tax rate, great weather… I’m proud of living here. After moving here from New York, the place I lived for over 35 years. it was a big change. But just when I turned the corner, saw the impossible, bam, Florida goes back to being Florida again. Now, if you’re new to this podcast, for years, I talked about the transition of a New Yorker moving to Florida, how everything is super, super slow here. Super slow. I mean, if the speed limit is 55, they do 45. The work ethic down here is much different.

Frank Curzio: People don’t like to work down here. It’s not that they’re relaxing on islands. No, they just don’t like to work, don’t show up to places, whatever. It bothered me. You’re conditioned a certain way in New York, where everything’s quick. If you’re at a light and it turns green, if it’s a quarter of a second, there’s a horn. Here, if you beep the horn, they yell at you, they get mad. I can’t tell you how many people gave me the finger that I drive by them, because we have a lot of construction going on and we live on the coastline of Florida, as close to Georgia as you could be, right in the East Coast. And once you get off 295, it’s a good 12, 15 miles.

Frank Curzio: And it’s a two-lane… I wouldn’t call it a highway, but they do a lot of construction on it. And when it opens up a little bit, left lane is for passing and it’s a 55 mile an hour speed limit. And people will do 35 in the left lane. And I’m riding, I’m going, “Come on, move over.” And as I pass and they get angry and they give it a F… I’m the idiot, that you’re doing 35 in a 55, no one in front of you, and I’m… Anyway, so I told a bunch of stories, but then I started coming around to Florida because New York has been absolutely horrible. All my New York friends are starting to move down here and the hedge fund world and things like that. And even close friends… But Florida is still Florida.

Frank Curzio: And for me, it took 10 years to find something simple. I’m looking for a Landscaper that does everything, sprinklers, mows the lawn, blows the leaves, trims the bushes, while treating the grass. And during those 10 years, I would say I went through about 15 people. I did find one older guy, really nice guy, great to my family, but all he does is mow. He doesn’t trim the bushes or treat the grass, just does sprinklers. He doesn’t do everything; he just mows the grass. So, I wound up letting him go to hire a full-service firm. Because this full-service firm said, “Hey, you know what? We’re going to come in and install the grass. But in order to get to everything, we want to make sure we’re mowing your lawn.” And I told him about it and ended up just… I wouldn’t say firing him, but I said, sorry.

Frank Curzio: And gave him a nice little package and everything and said, “But I really need this because we’re so busy. My wife and I, we’re really busy.” So, I hired the full-service firm. They said, it’s everything or nothing. So I said, “You know what? F- it. Let’s hire them.” So, they started out by installing all new grass in my front yard, which is a few thousand dollars to anyone knows who does this. Then, I signed a contract with them in November, not long ago, for every one of their services, their full package, checked off everything. The coming January, I noticed that no one’s coming to treat my grass, cut my lawn, do anything. They just stop showing up. And in January, November, December, by me, it’s cool in Northern Florida, believe it or not, in those months. It’s seasonal.

Frank Curzio: It’s not as high, like Miami and Orlando. That’s what people think of Florida. I’m 45 minutes North of Jacksonville. So, we’re literally right on the Georgia border, the first town. So, you really don’t need maintenance during those months, very little maintenance. It’s not like it’s crazy; it rains a lot, or the grass going to grow out of control, it’s chilly. So I was like, okay, maybe they just take a couple of weeks off. Then we roll into February; still, nobody’s showing up to take care of my lawn, which is insane because I actually paid them. This is late January, which is the last payment, I said, maybe they’re going to cut… I don’t know. I was just like, okay, maybe… Again, it’s not that busy, whatever. Now, the lawn started to look really bad. And it looks terrible.

Frank Curzio: And by the way, I’ve got to throw this out there. If you want to make a hundred thousand dollars plus, become a landscaper in Florida. Because nobody, 0%, of these guys show up consistently. I’ve never seen anything like it. I mean, it’s happens in a lot of business. But landscaping particularly, I just cannot get a guy to service my lawn for more than three months. They are never going to show up, ever. I don’t know what the hiring processes. And what questions… Are you on probation? Yes. Do you do drugs? Yes. Will you promised to stop showing up to work after two months? Yes. Great, you’re hired. I mean, what is going on? It’s insane. It actually pisses you off. Just say what you’re going to do. I guess not just landscaping. So, it was every company I hired to do a job in my house since I’ve been here.

Frank Curzio: And I know, I’ve gotten used to it. That’s the way it is. You’re not going to change it. It’s the culture. You’ve got to get screwed in the end. They’ve really nice at the beginning. They’re not going to show up. I still can’t comprehend it though. It doesn’t go in my brain where, hey, you’re going to get screwed no matter what. And these guys are going to stop showing up. For me, it still bothers shit the out of me. If you say you going to do something, if you make a commitment, then do it. Just show up. Anyway, so these guys have not treated my lawn or cut my lawn for two months now. And I call them, say, “Hey, you guys alive over there? What’s going on? Did your building catch fire? Can’t work anymore? Anyone have a serious accident?”

Frank Curzio: What are you talking about? So, you’re supposed to come take care of my landscaping. And my house went from really looking nice… ‘Cause we needed it. We didn’t do the grass and everything. So, now it’s one of the worst in the neighborhood. It’s embarrassing almost, where I’m going to get a letter from the HOA… And everyone who has HOA and those housing people… It’s funny because those are usually the people I think that were picked on when they were younger. Now, they’re older and they want to have some kind of power. So, they just take pictures and bust your chops. You don’t want to get a letter from them because it’s always annoying.

Frank Curzio: So, the guy texts me and he says, the landscaping guy, we don’t have a contract with you right now. So, I sent them the actual contract from November that I signed and said, ” Here, I checked off all the boxes. Here it is.” He says, “Yeah, but every contract ends at the end of the year.” Magically, it ends at the end of the year. Imagine if Netflix did that? Sorry, you don’t have Netflix. Oh, why not? Well, just it’s December 31st. We canceled the contract. I mean, do you hate money? I don’t know, maybe. But I asked them, why is that?

Frank Curzio: I mean, do you really think that I signed a contract, I told him this, in November and checked off all the boxes for your full suite of services just for the month of November, December, when nobody really needs maintenance at all on their lawn? Do you really think that’s what my intentions were? You ever think about sending out a renewal contract, or maybe calling me? So, I just installed new grass. I’m a good client, I’m looking to hire a good landscaper long-term, right? But I had this conversation with you. He just said, “Sir, all I know is that there’s no contract.” That’s all he said. The contract ended, and then it points to like two small clauses in his contract that he sends me, like pictures and circles, how they’re not liable all those BS. And I’m like, you’re going to have a landscaper.

Frank Curzio: I mean, my contracts here with analysts are 15 pages less than theirs. And they just cutting my grass. This is crazy. If you ever see companies with long contracts, crazy contracts, it usually means because they’re screwing somebody, they are screwing you, right? They’ve learned… They put all this garbage in there. Every firm that I wanted to get hired at that they’re going to throw everything in there. When you go to lawyer, then it’d be like, “Oh, okay, we’ll take this out. We’re not going to give you a pay package. We can fire you whenever we want. You can’t work in this industry for 15 years.” All this stuff they’re going to put in, a non-compete, everything. You got to get a lawyer, look at it, right? So, a long contract should have been a dead giveaway, but I’m… It’s landscaping!

Frank Curzio: Let me just sign this thing. The guy’s going come. It shouldn’t be a problem. So now, I’m flipping out at the guy, because my lawn shot, the grass is dead. I had no idea that they’re just going to suddenly turn away business and never show up again. Actually, I should have had an idea. Yeah. Maybe I should have known better. Since again, landscapers, they don’t show up. That’s part of… I don’t know. It’s part of the process. You have to learn it. It’s crazy. It’s like they broke out of jail or are on the run and can’t come back anymore. I’ve never seen anything like it. But to make things worse… Now, I go back to my previous guy. The older gentleman, greatest man in the world, really. In the crisis, letters and everything. It’s just really cool. But he only mowed the grass, and I needed a full-suite service, and my wife and I are very busy.

Frank Curzio: And before I hired this firm, he knew of them, and he warned me. And then, after they installed the grass, he said they did a really shitty job, since the grass they installed, weeds started growing through the grass, through the brand new grass in weeks, which means they didn’t treat it before, which they should have done. I don’t know anything about landscaping, but apparently, you’re not supposed to have weeds coming through your brand new grass inside in a couple of weeks. And he warned me. So now, Monday, I pull up and this person is mowing my lawn, right? The older guy. I guess my wife spoke to him about the situation, and now he’s mowing our lawn. He cleaned a couple of things for us; did a great job. And the first thing he says is, and keep in mind, when I get out of the car, the mower’s loud.

Frank Curzio: And then he shuts it off and walked towards me and says, “Hey, I told you so. I told you about these guys. But hey, you still fired me.” Like, great. So, I’ve got to listen to him tell me that I fired him all the time now, because now we’ve hired him back. But I guess I deserve that, right? He’s going to remind me all the time that I fired him and how I should’ve kept him. And I felt really bad, but he is a great guy. And again, it’s just the landscaping thing. I just don’t get it. And again, not just landscaping, but the Florida culture. Everyone I hired to do a job on my house… So far, everyone, I’d say maybe 2% of the people did a great job. I pay them. Everything worked out.

Frank Curzio: But most of them show up for a few days and disappear, and they only do a half-ass job. But yet, they say, you know what? I’m going to be there Tuesday, 1:00 PM. Like, nobody works. No one in the world works. I’m going to be there at Tuesday, 1:00 PM. I’m like, how about like five or six? Or, maybe early, before… Tuesday, 1:00 PM. And then, I’m like, I leave work for an hour and go home. And they don’t even show up. They don’t show up. It’s the best… They come two days later, knock on the door like nothing happened, “Hey, I’m here. You want to talk about landscaping?” I’m from New York. I’m like, are you effing kidding me? I slammed the door in his face because I was so… You’re wasting my time. but I don’t get it. I’m still trying to figure out the culture in Florida.

Frank Curzio: I love it here. It’s great. Everybody’s moving here. And this is a shout out to everyone that’s moving here. Just expect that. Expect it. Expect things to go very slow. Expect people not to work hard. You’re going to call people, and they don’t call you back. And you’ll leave messages for businesses… They’ll never call you back here. I don’t know. It’s just crazy. Don’t I get used to? I was trying to get used to it, but I guess not. So, a mini rant there. Anyway, hopefully, they improve their work ethic. And there’s a lot of newcomers coming from the Northeast down here and migrating from a lot of the crazy states, where they’re going to have lockdowns probably for another year. Cool, for Texas, for saying, “Hey, you know what? We’re going a hundred percent open now. No mask mandate, which you get is optional.”

Frank Curzio: If you’re going to wear masks, wear a mask, whatever, but it’s not mandated. Everybody’s ripping them apart. But hey, I mean, I think Florida is going to be next to do that. And you get to see a lot of states follow suit because, what does that do? Its people are going to lose control, right? Politicians lose control. They want to close the businesses have control over you. Now that they lose that, you can see all the backlash. But we’re opening up. Things are getting better. Anyway, it’s not going to stop the migration coming down to Florida, Texas, no income states. Just remember, it is different. The culture is different. The weather’s great. It’s awesome. You’ll be making more money, almost like a raise, ’cause of the tax structure. But remember, there are also negatives, not just positives, to every situation.

Frank Curzio: Anyway. So, I’m bringing in Joe Davide, who’s my nephew. And Joe, I want to say thank you so much for coming on. First of all, because I wanted to segment into this because I know that you moved here. I’m sure you saw it. I tell everybody this and everybody thinks I’m exaggerating. Funny thing: My sister came here and my brother came here and my friends come here… Even my workers, who we had last week, my partners at the firm, we had meetings all last week and I flew them all down here. The same thing; they were like, “Holy cow man!” I said, “I know. I’m not exaggerating. But I’m sure you saw some of this stuff, right?”

Joe Davide: Yeah. Thanks for having me on. And yes, right when I got here, the landscapers clipped a sprinkler head.

Frank Curzio: Did they let you know?

Joe Davide: No, they didn’t even tell us. They put a plastic bag on top of the head and just drove away. I was sitting there and I’m like, the water’s… Wonder why they put a plastic bag… So the water doesn’t shoot up in the air. I didn’t find out for like two weeks later.

Frank Curzio: I’m telling you. It’s crazy. And then, so my daughter had a birthday, right? And we ordered, I think donuts, because she loves donuts. So, we had donuts and we ordered, I think, three dozen chocolate frosted donuts or whatever. It was a Dunkin Donuts. So, Joe was coming by, I said, “Joe could do me a favor? We’re so busy. Can you pick them up?” What happened?

Joe Davide: So we… I drove over to pick them up. And next thing, the order, they didn’t receive the order. And I’m standing there and I’m… What do you mean? The order was sent. You were given the order 30 minutes ago. I’m here. It’s pretty simple concept: I place the order, pay, you give me the donuts. They didn’t even have the order ready yet. Then, next, they gave me the order and they forgot one of the key pieces of the order, which was at the time, in the fall, was… What was it? A pumpkin spice type of donut. They didn’t even include it. So, I was like, all right, you’ve got to go find one. They go, “Oh, we’re out of stock.” I said, that’s the order, I’m not going to leave until you find it. And go, okay. Five minutes later, they brought me one in a bag. I was like, thank you.

Frank Curzio: What were they going to do with those donuts anyway? I don’t understand.

Joe Davide: Eat them.

Frank Curzio: Anyway, listen, that’s not the reason why I brought you. I had you on… Because Joe was on a couple of weeks ago, and he was talking about his portfolio, maybe about a month or two ago. We had him on this segment. And he’s a young investor. He works for Curzio Research. He also has his Phone Rescue shirt on because it’s my other business, which he helps run. But he does a lot of the social media. He books a lot of the guests for me. He’s always looking at ways to improve our social media presence and videos and things like that. And just watches the biggest influencers out there. But just a tremendous help because that’s what I want to do in our businesses, is really get young people to… That’s how you really grow your audience, right? And in this market, where you have to see what attracts the younger generation… Of why they’re listening to certain people, or not others.

Frank Curzio: But anyway, we talked about your portfolio, Joe, and it was interesting because you said that you did have a lot of winners. Things were going good. You were buying call options. This is when the GameStop frenzy was going on at the beginning, and you were doing pretty well, but I actually talked about your portfolio this week. And it’s so cool that you’re coming on to talk about this. It’s important because it’s for young investors out there, and I get a lot of emails about this. And one of the things I said is, I can’t teach young investors right now because they have to go through the emotions. They have to get their ass handed to them. And that’s something I can’t teach you because I can’t tell you, “Hey, here’s how you make 10%, 20% annually or whatever, depending on what the market conditions are.” And when you’re making a hundred, 200%, in a week or so just on options and trades. So, tell me what’s going on with your portfolio because I know it was doing really well. But when I spoke to you, yeah… Tell us what’s going on now.

Joe Davide: Yeah. So, I guess, a portfolio update from last time: A couple weeks ago, I was more into options. And then, now, I totally shifted gears, and I’m more invested in shares. And right now, I’m in 11 companies. My entire portfolio is red. The market took a dive last week, and now, it’s a little… And my portfolio is steeped again. At that time, I had $10,000 in this portfolio. I made another two grand, took a chunk out ’cause I had a big purchase, so I had five grand in here. And now, my account value is at $2,500. So, pretty much half of it is wiped, just with the losses, which I don’t plan on taking a loss on of these stocks. I’m not going to take the money out. I’m planning just to wait ’till it’s green. Like, even if it’s a dollar of profit, take it out. And then, you know, shift gears back to maybe a mix of options and stocks. But everything’s red currently. So…

Frank Curzio: Now, it’s interesting because there’s a lot of things that you said there that I want to cover here. And one of those things is, you’re not going to sell any of these things. Why aren’t you going to sell them?

Joe Davide: Am not taking a loss? I’m not going to just shave off half my portfolio for just because of the timing of it. Now, I’ll just wait an extra… Hey, if it takes a month, two months, a week, a day, an hour, whatever it is, I’ll wait ’till it’s green or somewhat where it’s not 50% loss. If it’s like 10%, I’d be… Right now, I can allocate that money somewhere better and see where that goes.

Frank Curzio: Now, what happens if they go lower?

Joe Davide: I mean, they’re not options; they’re just regular shares. If it goes lower, I can wait. But most of these already have a 30% loss or a 10% loss. One of them is like around 60%. If it’s really damaging, where for instance, like Ajax is back, it’s run by a lot of big names. There’s the Chipotle founder, the Square founder, Jack Dorsey’s in too. It was a pretty good mix. I bought that at 11, like 50. I put a grand in, and I’m only down like 22 bucks, whatever, where that is back. So, I’m not worried, but I’m like, that’s where it’s a whole other SPAC that I’m down over 200 bucks. If that’s SPAC, it doesn’t follow through, then that’s it; that’s gone.

Frank Curzio: And a lot of these stocks here that you own are all really aggressive stocks, right? These are all aggressive names, ESG Holdings and stuff like that… Like Plug Power. And I said, what are some of the stocks that you would like today? Because you really can’t purchase anything today.

Joe Davide: Even like last week, I was looking. It’s a great opportunity to buy, but I’m not going to take a loss and use that money, then risk that money again. So yeah, really I loved even Apple’s too. I thought it was great. Last week, Apple, I would’ve put a call option on that, and AMD, same with that. I would personally buy Neo shares if I had the money. So, a plug in CCIV, the Lucid Merger, although I think that’s a great price, even though it was just a 60 bucks. I think it nicked almost pretty much almost $70. And now it’s at… It’s trading at what? 25, 20, 30, somewhere around there.

Frank Curzio: So, when you’re looking at all these names, Joe, and I want to go… ‘Cause I just want you to explain everything because you were listening to me and you said that because you’re in… You’re listening to the podcast all the time. You come here and listen to them as we’re taping. We tape mid-Wednesday afternoon. This gets published at the end of the day. So, if we’re talking about Bitcoin, it could be $10,000 or higher, right, in five hours or whatever. But you’re in here because you listen, because we blast it out to the social media networks and cut it and cut different things, or whatever. And one of the things you said is, “Hey, you know what? I was listening to you, Frank, and I talked about the past couple of weeks, and I said why you need to diversify.” And you were funny, because what did you say?

Joe Davide: I got molested. I never made them… I was molested last week. But it’s true because I’m really only in tech stocks or EV stocks, like SIRC, that was a part of a Tesla, for solar panels on route. All those type of, kind of small-cap stocks, I’m into. I’m not in any other sectors. So, pretty much when the tech stocks crumbled, that’s pretty much… My whole portfolio is tech. I don’t have anything outside of… So, I didn’t really understand the whole meaning of diversify. Everyone was talking about. I didn’t put into an account when I was kind of researching the stocks, and now, it’s hurting me. So, it’s definitely a valuable lesson to learn.

Frank Curzio: So, what would you do differently now? Because when I told you that it’s hard to teach you… Like, I want you to learn about stocks. It’s really hard to teach you, actually. It’s not the easiest thing to teach. So, I’m if you really want to learn about them, you have to go through the emotions of… It’s not just having losing positions and learning and risking because options are extremely dangerous. Because a lot of them can… You could hedge yourself, but it’s all or none. And if it doesn’t work out, you could have a thesis on a stock that’s $10 and say, “Hey, I think it’s going to 15 and whatever,” you’re pricing options at three months. And they come out with a bad quarter, and then it goes down to six, seven… You’re done.

Frank Curzio: And six months from now, it could be 40. So, you like a stock and you love it. You want to try to realize those cows, but you never know what’s going to happen in the short-term because now, you bring it in market conditions. You bringing so many risks, right? Tons of risk. You bring it in. What do you do? All these risks, what do you do? I mean, it’s crazy. For me, when I look at this show, I see a lot of the mistakes. But what are some of the lessons that you learned the most? Because one of the things I’m going to say and critique, I don’t want to say criticize, is you’re holding losers, which is the worst that you can possibly do. Why do you think that is?

Joe Davide: It’s definitely a bad feeling. These were not losers a month ago. Everything was green. Just, the market took a turn, and I can’t control that. I didn’t foresee this. Nothing’s going to stay green forever. The options trading… I usually try to put a stop loss on it, where… Because after I lost big on one of those option calls, I’d set a stop-loss like 5%. So, even though I’m risking… So, that the premium was like 6,000 bucks. Now, 5% of that for an infinite gain or where I’m looking for a 50% gain. So, I’m really managing my risk, but I kind of got out of the option game for a little bit to try investing. And then, everything’s red for now, but in the future, I think everything’s going to come back. I’m not too worried. But psychologically, it’s a little messy, a little bit. But this is what the stock market is.

Frank Curzio: So, are you familiar with stop-losses?

Joe Davide: Mm-hmm.

Frank Curzio: Okay. One of the things with stop-loss is, there’s no perfect system, right? I feel like for me, my greatest thing is being able to find discounts. Sometimes, I’ll be a little early on them, but selling them is always tough, right? Because you never really know when to sell. You can’t really sell based on valuation. You want to let that momentum go. But what the greatest investors do, they always maximize the upside potential. So, if it doubles, maybe they sell half and they still own it, right? And they lower that cost basis to zero, which basically means that, you bought the stock at 10 and it went to 20, you sold half, you took all your original money out, and you’re good outside, not including tax purposes. So now, if it comes down, you don’t mind ’cause you have it long-term and you’re keeping it.

Frank Curzio: And now, you sell half of your liquid. You can get into another stock, but having stops on it, that’s the most important thing because I’ve seen stocks come down, trigger. And one of the examples was Delta Airlines for our portfolio. We do very, very well across all of our portfolios, but Delta, that’s a little bit early on in like April, May, and I said, “Listen, it’s going to bounce back.” And everyone said I was crazy, and it did come down to grant a 25% stop on it and it hit… It went a little bit lower. And I think that was in… We might’ve got stopped at like 29.

Joe Davide: And then it jumped, right?

Frank Curzio: Oh yeah. It’s $5.47 now. But that’s the worst case scenario, but let’s look at it from a bigger perspective. You’re going to be wrong. The only person who’s not wrong is me. I’m joking, as you guys know, I cover my losers more. Everyone’s going to be wrong. If it’s Buffett, and we both talked about with Precision Parts, how much he lost. I mean, you look at Ackman with Target and all that stuff and just… JC penny. There’s just so many different… Every single person has losses, but the best investors limit their losses. And when you put in stop-loss as a joke, one of the things is, it takes the emotions out. It goes, once you hit that stop-loss, you’re out. We just stopped that about first stop, probably like a year, in one of our portfolios, in Curio Venture… It’s a name that I like a lot, and I think it’s going to go higher. And, I also add more to personal position of mine. Again, I handle a lot of the stocks that I’m recommending, right?

Frank Curzio: And now that it hit our stop, we’re out of it. Now, I am okay, right? So, okay we’re out of it, it’s fine. The rest of the portfolio is doing great. But now, we have money on the side that we could put into the market. Maybe this thing declines another 30, 40% from here. Nobody knows how far, how much higher, how much lower, you’re going to go; or, if the market conditions change. But now, you have some powder there, where you could add to whatever positions you want, or build new positions for the next idea, whatever it is.

Frank Curzio: But that’s one positive feature on stop losses. Yet, another thing is, it removes the emotions when it hits it, you’re gone.

Joe Davide: That’s it.

Frank Curzio: And now, you’re moving up because right now, what are you thinking about? It’s the worst, most unproductive thing, because you could have 20 stocks… If you have one loser in your portfolio and it keeps going lower and lower and you don’t have a stop on it, that’s the one you’re going to focus on every single day. That’s the one you’re going to look at every single day. And you’re just… It’s slower. And you might buy as it goes low and buy a little bit more ’cause sometimes, they don’t always come back. We’re in a market where young investors are used to everything coming back, just keep buying the dips, buy the dips. The Fed’s going to be there buying the dips.

Frank Curzio: It’s not always like that. As you could see, right, ESG stocks, a lot of people getting in… Like even marijuana stocks. People don’t know most marijuana stocks are down 25 to 30% in a couple of weeks, right? Yeah. Look it… So, right, it went from like 17 to 35, and then went to 65. But I know a lot of people bought at 50 40, and now, it crashed all the way down, which we got hurt. And they’re actually merging with a company where the ratio would… The split and shares showed that this stock has to come down a ton based on where the company, the margin, is trading at. So, it was an easy short, really a no-risk short, for investors, and it pushed all the way lower. I wouldn’t say no-risk ’cause maybe they could push up higher. They could with rocket companies and stuff. Rocket Mortgage, you saw that it’s up 40%. Now, it’s down 20%. It’s pushing around short stocks.

Frank Curzio: But one of the things I would suggest, Joe, is definitely use stop losses. Use them because it takes the emotion out. That’s the biggest thing. You’re out, and that’s it. And trust me, you’re going to be really wrong on a stock, where it triggers your stop loss. There’re stocks that triggered… My thesis didn’t work out, took a 25%, 35% hit. And I’ve seen those stocks decline by another 50, 60%. Because management just wasn’t getting done and whatever. And instead of me being in that stock the whole time and look and go “What the hell, management sucks…” Just complaining and going crazy, I’m buying the next idea that I like. Which, I’m fortunate to be in a position where in my network, I get lots and lots of really new ideas, and get into trends early, and travel around the world. But that allows me to invest in new situations.

Joe Davide: Right.

Frank Curzio: Which is cool. Another thing, too, is don’t be afraid to take a loss. You don’t know if they’re going to come back, and if they don’t, you’re screwed. You look at it and go, “It’s going to come back, it’s going to come back.” Maybe you’re right. Maybe it does come back tremendously. But what happens if it doesn’t? Now, you’re sitting in your portfolio. There’re a lot of things that are working. Travel-related stocks are working, cyclicals are working, energy is working, financials are working. And you’re in a sector that you bought near the top, that’s coming down. Another thing, Joe, is the options part. Options… I’m not going to say this and put an age on it, but really, if you’re under 25, or if you’re a new investor with less than five years’ experience, don’t buy options.

Frank Curzio: You could buy covered calls or whatever. But options, I mean, you’re playing against Wall Street elite. And they are going to take you and throw you out, spit you out. You’ll have one sock left, and they’ll take the sock off too. Nope. That’s Wall Street. I worked there; that’s how they are. They kill you. They crush you. And they have a lot of money. And I know we have the Reddit crowd going, “Wow, look what we did to Melvin Capital!” 12 and a half billion… It’s a trillion dollar industry, man. It’s a huge industry. So, a lot of lessons there, a lot going on, but I really, really appreciate you coming on and telling me this. ‘Cause I know there’re a lot of younger investors that have the same problem. But the only way I could teach this, Joe, is by you going through the emotions of losing that money, having your tail between your legs and understanding the risk because those mistakes, what you don’t realize, is that it’s the best thing that could happen to you.

Frank Curzio: You’re in a great position. I mean, the greatest lessons that you could learn is, you learn them from your mistakes when you’re in them. That’s with life, that’s with investing, that’s with everything. ‘Cause then, you get better, you get smarter, and that’s the goal. We’re still going to make mistakes investing. I’m still learning something new every day. That’s why I love what I do. It’s always a challenge. It’s like golf. If you shoot a 59, you’re going to try to shoot a 58. You can’t be a 100% right. And that’s why it’s the most competitive sport ever. But, learning from your mistakes, Joe, and just understanding that you have tons of working power… Hopefully, you’re going to be an analyst here and learn a ton. But at this stage now, it allows me to teach you a little bit more.

Frank Curzio: Now that you went through that process, and I know a lot of people… I went through the process, major hedge fund managers have went through this process, everybody went through this process. It happens to everybody, and you learn from it. You know there’s not a billionaire investor that’s going to tell you that at the beginning, they didn’t get crushed. That’s how you learn; that’s how you smarten up. That’s how you invest. And learning this at such a young age… Guys, don’t get discouraged. If your portfolio is down and you’re getting… Use it as, hey, this is what I learned. But stay in the markets; try to stay in the markets. Try to learn from your mistakes. Don’t get discouraged and say, “Stocks suck, I’m never going to go into it again,” because they don’t if you invest right.

Frank Curzio: And that’s something I could teach young investors. But I can only teach them after they go through this process. So, not that I’m happy that you lost money, but you see the impact of it, right? And it’s something that now, we can go back and say, “Here’s what you’re doing wrong.” Put stops on it; big deal. If you hit a stop, you have your money. Now, you could buy it whatever you want, or if it comes lower, it’s just… Especially with the options and putting a time value. You don’t know what’s going on with the markets. Say, the stimulus doesn’t go through. Say, interest rates rise tremendously, long-term rates, and push the market down. Or else they continue, right? You don’t know what’s going to happen. You don’t know if we’re going to go to a war. You don’t know.

Frank Curzio: If North Korea launches a missile that comes close to us, whatever. But when you have options, you bring all that into play, when really, it’s not a long-term concern. As long as that nuclear missile doesn’t hit us, it’s not a long-term concern. But that’s the biggest lesson I could teach about that. But I want to thank you for coming on, Joe. It means a lot because I’m not bringing you on to criticize. I’m trying to bring you on to help you. And I told you beforehand, I said, “Are you okay with this?” You said, “Absolutely, because I want to learn.” And I think this message resonates with so many young investors out there. If you young investors, listen: The best thing I could do to try to help you out is, listen to this podcast.

Frank Curzio: It is absolutely for free. You listen to our podcast. We have it on iTunes for free. We have it on the Curzio Research YouTube page, all the videos and everything for free. You’re going to learn a ton. I cover my losers more than my winners. And I also have great guests who I vet, which it’s my job to make sure I’m putting good people in front of you.

Frank Curzio: And then, if you want to starter package, you would go to The Dollar Stock Club, which is $4 a month, where we take a pick from each week from an investor. And it’s cool because these are picks that might be new to my audience because these are from my guests, not specifically from me. And I cover all sectors, but sometimes, they’ll come up with stocks… I’m like, wow, this is pretty cool. We’ll do a one-page report, provide a stop-loss on it, a buy-up-to price, and it’s $4 a month. And you can cancel in one month if you hate it. But you’re getting new ideas. You’re seeing how the research goes.

Frank Curzio: That’s our goal: To try to teach you to get you into very low priced products, that’s not going to hurt you. You also have free trading with so many apps, but that whole process, that’s how you become a better investor. And again, Joe, I just want to thank you for coming on because it means a lot, man. You’ve got to be humble.

Joe Davide: Thank you.

Frank Curzio: I really think for any young investor listening to this is, they’ll make sense out of it because they feel the same way. I’m holding these forever, no stop-losses, options… This is a long-term gain. When you’re 50, 60, you want to have a massive portfolio, where you’re just earning whatever returns, 7, 8, 9… 8%. People don’t know 8% returns, Joe.

Frank Curzio: If you bought the S&P 500 in the 50s, when it first came 500 companies, annually, those returns with dividends are 8%. That is unbelievable. You try putting 20 grand or 10 grand and just put it in a compound calculator for 20, 30 years… How old are you?

Joe Davide: 21.

Frank Curzio: All right, 21. In 30 years, you’ll be 51. I’m 47. You’re going to look like me, which is bad. That’s going to be bad for you, because you kind of look a little like me. It did get a little worse, but that’s the best way. And again, guys, if you want The Dollar Stock Club, or if you want to learn more, listen to the podcast. The Dollar Stock Club, it’s on our website, curzioresearch.com. And again, that’s where we take a pick from all the guests. And Joe, I want to thank you for coming on. Thank you so much, bud.

Joe Davide: Thank you. Yeah.

Frank Curzio: Great stuff. And speaking of guests, let’s move on to my interview.

Frank Curzio: Just my buddy, Frank Holmes, who’s the founder of U.S. Global Investors, where he launched a bunch of ETFs, mutual funds, great ETFs. Jets, J.E.T.S. JETS, the largest airline ETF in the world… Amazing how big it’s gotten. And he’s going to come on and talk about the travel-related stocks. GOLD is another ETF that went public about three years ago in the New York Stock Exchange. I happened to be in New York City at the time, traveling. Frank said, “Why don’t you come by for our ceremony?” And I wound up ringing the bell with his team at the New York Stock Exchange. Amazing experience; I’ll never forget it. Frank’s also the non-executive chairman of HIVE Blockchain Technologies. They are one of the largest crypto miners operations in Canada, Iceland, Sweden. His company mines for Bitcoin and Ethereum. They just reported earnings… Record profits. Pretty obvious with everything going up in crypto right now: record cashflow, record sales, everything.

Frank Curzio: He’s a guy that looks at analytics and does tons and tons of research. Will he change his mind on a dime? I love Frank. He’s not your typical resource guy, where he invests in gold, cryptos, Bitcoin, and also ETFs and travel-related stocks. So, we’re going to have a lot of fun with this talk. His page views are going through the roof because he’s been everywhere lately. I’m very excited to have him on. Guys, get your pen and paper out because you’re going to have lots of ideas. And of course, I’m going to take one of those ideas, which no one knows, which is idea that… And put in The Dollar Stock Club. But let’s get to my interview with Frank right now. Frank Holmes, thanks so much for joining us on Wall Street Unplugged again.

Frank Holmes: Great to be with you. The Frank and Frank show.

Frank Curzio: The Frank and Frank show, you got it. So, you are in the perfect industry right now, right?

Frank Curzio: I mean, you’ve got the travel-related stock, with the JETS ETF. GOLD, I think, is fantastic right now. It has sold off one of the cheap sectors around, I think, with everything going on. We’ll talk about GOLD later. But more important is HIVE Technologies, right? Which, you are the non-executive chairman, I believe, for HIVE Technologies. And you have been involved in crypto for a long time, which is awesome. And you even taught me a lot about this. And we’ve talked about three, four, or five years now, probably even longer. But talk about HIVE Technologies for people who are learning about it for the first time. Because you just reported numbers, blow out numbers, record everything, income, cashflow, really great numbers… Explain exactly what that is to someone who’s just learning about crypto. Which, my file is pretty smart about crypto because we have our own security token for Curzio Research. But just talk a little bit about, to say, get more familiar with the mining process.

Frank Holmes: Well, what happened in the mining business, I tried to launch an ETF. And Bitcoin, I quickly realized due to concerns on anti-money laundering laws and KYC, know your customer, the SEC was not going to let it happen. And so, then I went and got involved in launching the first crypto mining company, mining on an industrial scale. First was the Ethereum, which is the second biggest currency in the world. And first was… And the biggest, as everyone knows, is Bitcoin. And what happens for those that don’t understand that business is that for Bitcoin, it’s simple: Every 10 minutes, you can think of a drop puck, and it’s so competitive that the fastest computers run to try to validate 64 digits to say that this is a good transaction. And if you’re the winner, you get brand new fresh Bitcoins, virgin Bitcoins. So, therefore, I would never have a money laundering concern because I’m the creator of all new coins.

Frank Holmes: And the same thing happens with Ethereum. Ethereum’s time cycle is much shorter than 10 minutes and the numbers are bigger. So, that’s what we got into like mining gold or mining silver, that’s why I like a look at it. And when you’re mining Ethereum, you’re like a silver miner, and Ethereum has more volatility than Bitcoin. And it has been a spectacular run last year: Bitcoin was up 300%, Ethereum was up 470%, and HIVE, because it’s the only one mining Ethereum and Bitcoin, we were up 2,500%, and it’s now being validated. We came up with our nine month earnings, and we are the most profitable of all the crypto mining companies, with the least amount of dilution of shares and internally the most profitable.

Frank Curzio: Now, there was some concerns on your call that everybody knows, right? They all talk about it, talking about gas fees for Ethereum have skyrocketed. So, they’re looking for alternatives, but you have a Ethereum 2.0 coming out, which is probably going to be rolled out in the next, I’d say, 18 months, 24 months. But they see the problem and are addressing it, you addressed that. And also, mining is a capital intense business because it’s not the easiest thing to scale, unless you have access to low electricity forever. But you have to buy more computers, more systems, more miners, whatever it is, to mine this stuff. And I know that you need the fastest chips and that we’re seeing a chip supply shortage, but you say you were able to upgrade 60% of your mining equipment. How are you dealing with those headwinds? Because I love the fact that you’re addressing them when you see them in front of you, you know how to address them. But they are serious concerns, right?

Frank Holmes: Well, the big concern with COVID is just logistics and the battle with China in the U.S. Right now, if you’re shipping things in by ship, the shipping container rates have gone from $2,000 to $7,000, and it takes a month to get your stuff unloaded. And the rentals now have gone from, say, $1,000 to $12,000 for a monthly container rental. It’s very, very expensive, and the times of delay… So, we are experiencing them. We need to tell the shareholders, upgrade them, send chips over to China, upgrade them, send them back, reload them. There’re just lots of delays and disappointments, and I don’t think it’s going to go away. We saw this with JETS. What happened when you think of the crisis of a year ago on April the 15th, less than 90,000 people flew in the world, and the busiest airport in the world was Anchorage.

Frank Holmes: Because it was moving medical equipment from Asia over to Europe and the U.S. So, with that, now, the airlines is booming back. But still, the logistics is a long way to go. And I think the cargo airlines are making a ton of money. The airlines themselves are trying to put as much cargo because the rates are so great. And so, we are experiencing that. But we have been able to get equipment. Relationships are so important, Frank, just like the two of us. We have a good long-term trust, and that relationship is important. And the trust factor, the same thing happens with getting stuff from China. And my hours… I get up at 3:30 in the morning because I’m going to be phoning Europe, and I can hook in with China, being able to make sure we’re getting the equipment.

Frank Holmes: A lot of the bigger companies, like market caps, are RIOT. They’ve gone from 25 million shares to 75 million shares in one year. And with all that cash they’ve raised, they’ve gone out and bought all a Bitmain. And then same thing’s happened with Marathon. It’s gone from 10 million shares to 80 million shares, unbelievable dilution, but they’ve tied up all the equipment. And now there’s a shortage of these basic GPU chips because of COVID. All these kids are stuck at home are playing games, or they’re learning, buying their iPad, G5 is being rolled out, the car industry. So, we’re seeing that this whole year of 21 going into 22, there’s going to be a chip shortage. And so, if you don’t get your chips in, you don’t get your equipment on time. Then, that would be a problem. And we feel very comfortable where we are today.

Frank Holmes: We’d expect it to be by the end of February 100%, but it’s just the ongoing delays that we’re over 65%. And we’ll get to a hundred of that upgrading. But we’re able to buy new equipment. It’s being delivered. We wanted to diversify the risk. We didn’t want to have just Bitmain because we found that last year, Bitmain was slow in delivery. So, we wanted to diversify what we’re doing. The same thing, and running the business we’re mining Ethereum in Sweden and Iceland, but the big Bitcoin operations are expanding in Les Chute, Quebec, which we bought last year. And now, we have in Grand Falls, New Brunswick, 50 new megawatt facility. We own the land. It’s going to be a balance sheet item, which is great for us. But we’re going to expand that to 60 megawatts, and we’re going to be mining Bitcoin there.

Frank Holmes: So, we have the electricity, we have inexpensive electricity, and we have only green energy where some of these other companies are using coal in Montana to do mining. And there’s a big backlash now in China, over using coal. I think it’s a perfect storm. And we can see Bitcoin have a huge rally, even greater than what we’re seeing, because there’s no equipment. Unless you secure the equipment or you secure cheap electricity, if they shut down China, inner Mongolia, the Chinese are already looking in America. They’re looking in Europe. There is no other source of power. They’re not going to get it. So, we’re going to have that perfect storm of where there’s supply restrictions like you’ve seen in the copper market. And copper goes to eight year high because demand is picking up, and we’re going to see demand for Bitcoin, Ethereum. But the supply of it is going to shrink.

Frank Curzio: I love this Frank. You’re all fired up today. I like it. So, there’s one more thing. I think what creates a big competitive advantage for you guys is Canada, Sweden, Iceland. You talked about that, right, about those areas of where you operate in. But now, we’re seeing environmentalist come out. You’ve dealt with them when it comes to mining and how difficult they can make things. A lot of it’s political… But now, you’re seeing them come out and say how much electricity that the mining uses for Bitcoin, Ethereum, and whatever. But you are using alternative, renewable energy, right? Talk about that. I think that creates a massive competitive advantage for you guys, at least over your competitors. But I want to hear from you; how big is that? Is that significant? Are you hearing that from maybe investors or from shareholders saying, “Hey, you know, you need to be into renewable energies.” And because a lot of companies are basically forcing the issues based on environmental concerns.

Frank Holmes: Well, we have a very strong understanding and being a fund manager of seeing that paradigm shift take place in the capital markets of the operative words ESG. We have, I think, the strongest leadership and positioning and having an ESG footprint. What we’ve done in the boating community in Sweden, what we’ll be doing in New Brunswick, it’s important in that community. And we will only deal in green energy. We’ve had some other opportunities come to us. But we’ve just backed away because it’s not green. And so, that will be a key focus going down the road, and also community involvement and giving back, so there’s education in Boden or the gaming and coding, helping young kids so that they can learn and get a career path in coding. The biggest sport there is hockey. So, the kids that can’t afford to go, we make sure we have our own section, that we get tickets for all these kids, so they could be involved with it.

Frank Holmes: That’s our sort of community footprint. So, I’m coming back on… What’s happening in Argentina is currency controls. So, places like Venezuela, the only way to get money out. And what I’ve learned is these ATM machines that are out there, where you can buy Bitcoin, or upload and get your Bitcoin out and convert it. That is basically in Miami, in Orlando, Florida. There’re lots of machines… Because of all the Brazilians or Venezuelans and Argentines, because of bad governments. And in Europe, you’re seeing it in London because of all the bad governments in Africa. So, the currency destruction in these other countries: intelligent, rational, people are saying, “How do I protect what I have? I don’t own gold. What do I do to protect?” And so, the fastest way in the digital world is to make sure you own some Bitcoin. And the more sophisticated are going for the smart contract of Ethereum.

Frank Holmes: Now, I forgot something really important to Ethereum. I have been hearing about Ethereum 2.0 since I first launched HIVE Blockchain, and it’s always as big Bogey Man. It just started in December, a couple of months ago. And all it did was take $5 billion of inventory out. So, actually, it’s shrinking supply and people are earning an income on that yield, but those coins are not going to come back into the system. So, if you have the rise in stable coins by JP Morgan banks and other banks copying JP Morgan, and you have DeFi exploding, the use for Ethereum is also going up exponentially. So, that makes that supply side is being constricted, demand is picking up. I think it is going to outperform Bitcoin again this year.

Frank Curzio: That’s great stuff. I’m going to bring this up here with the Hive Blockchain here and just show you… And I know you wanted me to talk about one thing right here. So, Ethereum mining revenue, and just to show the numbers here, and I’ve been part of this journey the whole entire time. I’m still a shareholder in this company, but talk a little bit about this here, the mining revenue monthly, how it’s exploding. And guys, this is where Bitcoin is, it’s a $50,000 today. It could be, by the time you listen to this, we’re going to publish this three hours later, it could be $40,000 or $60,000, who knows? But talk a little bit about this, because if you’re a real believer that Bitcoin is going higher, Ethereum is going higher, I mean, this line right here at the right is going to go a lot higher as well, right?

Frank Holmes: Absolutely. And the transaction fees, they’re just big bonuses for us. And you can have access to new chips. We’re securing and procuring, and we’ve secured now more and more chips, so that we can go and increase our footprint to 30 megawatts of mining Ethereum. And so, I just think it’s a very bullish scenario for us. We’re the only crypto mining company offering two. And we keep these coins on our balance sheet, in addition to selling some of the paper… But this year, we’ve done nothing but build our inventory again. We had to sell coins last year to buy all this new equipment. Now, we’re just replenishing it, and it’s all working out perfectly for us. What’s also interesting, Frank, is that a lot of these other companies, they’ve diluted their shares so much that even when they come turn on with their production later this year on a per share basis, they really are not going to have big numbers. It’s been massively diluted.

Frank Curzio: No, that’s interesting. That’s interesting. Before we go here, because it’s been a great discussion about Ethereum, about Hive, I want to talk to you about Bitcoin. You have your pulse on institutional investors. We’re seeing Goldman Sachs now getting into it more after saying they’re not getting into custody trading and stuff like that. We’ve seen some of the top hedge fund managers in the world, Ray Dalio, Druckenmiller, Paul Tudor Jones, change their mind on this after they saw it. And I don’t know if it’s the common sense, where we’re a digital world now.

Frank Curzio: So, a digital currency makes sense, but where do you see this ending up with Tesla? You have buying it for the cash balance balances, a lot of companies… You look at Square, 5% of its cash in the balance sheet is in Bitcoin. And then you look at a company like BlackRock, who said that they’re exploring it, who… Now we’re talking about $9 trillion in assets under management. I mean, if they just go 1%, even 0.5% of that you look at $45 billion flowing into Bitcoin, but where do you see this in terms of the institutional… Is this for real? Do you think it’s going a lot higher? I just want to get your thoughts on Bitcoin here.

Frank Holmes: It’s called Metcalfe’s law, Frank. Metcalfe’s law is the best way to explain the exponential growth of what can take place. Remember that supply: If you just halve the supply of gold production, a hundred million ounces a year, went to 50 million ounces, gold would be $10,000. And what happened last year is that Bitcoin’s supply, every 10 minutes, halved. And, there’re more wallets that people are buying, and they can buy fractals. You open an account at Robinhood, or even a PayPal account, you can buy Bitcoin. And you can buy a fraction of that coin. So as more people open wallets and buy these fractals, therefore, it has an exponential torque on the upside. And that is really a key. Institutionally, your hedge fund question is the growth of the CME. So, we’ve seen this massive growth up in the past since February the eighth, when Ethereum started trading, institutions buying Ethereum. Last year, when the hedge funds started buying, they didn’t go buy Bitcoin and put it into a wallet.

Frank Holmes: They wouldn’t use the futures market. No, there’s no leverage with the futures market. It’s a 100% cash trade, but it’s become the proxy and the easiest and cleanest way from an accounting point of view, to get a position in it. And what we’re seeing with HIVE is that HIVE is a proxy for those that are afraid or reluctant to go and open an account in an exchange and buy Bitcoin or Ethereum. They use HIVE as a proxy, and we can see… Like yesterday, HIVE was up, Bitcoin and Ethereum rolled over. And by the hour, all of a sudden, we rolled over. We’re having 100% correlation for the past six months, and you can see it by the hour. So, hedge funds are using, in the quant world, using HIVE as a proxy for that.

Frank Holmes: That, to me, is just great liquidity. It provides two way markets, and it creates this growth. The biggest question we had yesterday on the webcast, which blew me away… We announced it, and within 24 hours, 1,500 people came on webcast, and I received hundreds of questions. But the biggest question was, when are we going to go on NASDAQ? Well, it’s a two-part step process. And first of all, you have to register and file with the SEC, as you know, and you have to do a 20-F filing. And that 20-F filing allows you then to go and apply for either NASDAQ or New York Stock Exchange. I have companies listed on NASDAQ, and JETS and GOLD are on the New York Stock Exchange. So, we haven’t come to that final conclusion. And we really can’t say anything as promissory, but we are set the process for filling out those registration documents and fast-tracking for HIVE to become listed in the U.S., and then for HIVE to be listed in Asia.

Frank Curzio: It’s all great stuff, all around, really, really exciting stuff, Frank. And just to see how this company grew and being there from the beginning, it’s amazing, right? It’s amazing. It’s in the right trend. It’s fantastic. Now, you’re one of the few people that own gold and Bitcoin, which, you know, I own gold and Bitcoin as well. But a lot of people say either or. Are you worried about the younger generation of investors? So, these are the people basically who look at gold is a boring asset, that they see Bitcoin as a better alternative, maybe the hedge against inflation, or even a star value gets governments recklessly spending money and going crazy. But does that concern you? Because again, it’s all about the next generation, and it just seems like the next generation is growing up where Bitcoin is more of that alternative than gold, where gold seems a little bit more boring.

Frank Curzio: Do you think it’s going to have an influence on gold? I mean, maybe it has the influence on gold, because you’re seeing Bitcoin rise. Money, institutional flows, are coming out of gold a little bit, which you probably see them coming because it’s cheap here. But I just want to get your thoughts on that. Because one thing I really, really love about you is, you always surround yourself with young, energetic people that who you work with, who you hire, and it just brings out the energy in you. You see it in brilliant kids and brilliant people, but I want to get your thoughts. Is that a serious concern, or is it something that, hey, maybe they’ll come around to gold sooner or later?

Frank Holmes: I don’t think so. There’s a classic example. Last week, we had a huge power rolling shortage in freezing weather here in Texas. No power, no heat, no Bitcoin. And that’s a real important reality. You need electricity for it to function. And so that’s a big limitation. But I think what we have to recognize is a lot of these millennials and generation X, they all went to GameStop. They all bought the software. They all play gaming, and they know if they’re really good they get a cryptocurrency in that game, then they can upgrade and upgrade. So, the most elite game players are always able to use a digital money form to buy more than that. They don’t have to use their own U.S. Dollars or Euros or Japanese Yen. The game is their currency. So, they really relate to a GameStop story.

Frank Holmes: They really relate to digital money and the growth in digital wallets. So, I think that’s what’s really significant that we’re going to see. And the whole thing of millennials in Robinhood going into GameStop… Well, all these kids traded GameStop. They all went there. So, it was easy for them to buy in to Peter Lynch’s model: You should invest or trade what you know, or what you use. But what I think is going to happen is that gold is the fourth most liquid asset class in the world. Silver is not in central banks; it’s gold.

Frank Holmes: The storage is a lot less; it has a value, but 60% of demand for gold is love. The great love trade. China and India is 40% of the world’s population, and the rising GDP per capita there means they’re consuming more gold. In the past 30 years, Chindia… China and India, affectionately known as Chindia, has consumed, or is consuming, 10% of the world’s gold, and now it’s pushing 60%. I don’t think that that is going away. The other 40% is here, and that’s speculative or just money printing, so central banks will be the big player there, and then we’ll get back into… Gold has been up 80% of the time in the past 20 years, 80% of the time. Last year, it was another stellar performer in the S&P. In fact, for the past 20 years, gold has outperformed the S&P 250%.

Frank Holmes: That’s just mind boggling data point. I don’t think gold’s all going to be vaporized. I just think it’s going to go through this evolution of being a core asset 10% to 20% of our portfolio to rebalance because the G20 finance ministers, and in particular, central bankers, are all hooked on the dopamine rush from MMT. That’s the new drug. MMT. Modern Monetary Theory… Approaching by giving out money here and there in whichever socially… They think is best way to do it.

Frank Holmes: This money printing is just… Creates a greater value for hard assets and gold will always have a role that way. Now, speculated from and being disruptive, is Bitcoin and blockchain, and blockchain in particular. That’s why we have companies… We own Abaxx, which… With Robert Friedland. It’s a big investment because they’re going to do LNG hedging with blockchain in Singapore. LNG is the biggest former transformation of energy. If you look at Cathie Wood when she talks about it, or adds funds to ETFs that have spectacular growth, 3 billion to 15 billion, to 60 billion this year. She’s investing in it big, and it looks like blockchain has being a very significant… And bitcoin is a part… Subset of that. I remain very bullish on these asset classes, and the last little thing to tell you about… Tesla is more volatile than Bitcoin.

Frank Curzio: Yes. You’re talking from an analytical perspective as a fact, right? Just say yeah.

Frank Holmes: Absolutely. It’s okay for most to put it on their balance sheet because it is a disruptive company. Buying it disrupted, I don’t think it’ll go well with Coca-Cola buying it. I don’t think it’s going to go well with General Motors buying it. These are not respected disruptive industries. That’s the big game changer that I see in it. The SCC will probably come after other companies that they started speculating just like years ago back in 1980. If you put gold in your balance sheet for speculators of public company, the regulators would seem to get upset about it.

Frank Curzio: Now… We are going to stay on it… It makes sense. I’m going to stay on this crypto topic just for another minute, because I’m going to ask you. Right now, you talk about Ethereum, you talk about Bitcoin… Is there any other cryptocurrencies that you’re looking into through Hive? Maybe it’s Cardano, Bitcoin. If you have Bitcoin, you have Stellar, you have Litecoin… Some of these others that… Their market caps are growing tremendously. Are you looking at those? Any of those that you like? Or is it just, hey, I’m sick-

Frank Holmes: Well, we-

Frank Curzio: Of Ethereum. Yeah.

Frank Holmes: No. We find the other ones… The time when you mine them… Well, what we found is that if we even put 20% of our capacity to mine Ethereum Classic; all of a sudden, we’re at 40% of its volume. That’s very dangerous. You don’t want to be over 50%. We’ve got to be really careful when we go to these other currency because we are a whale. We’re not a minnow. We’re a whale. When it comes to Ethereum and these other smaller coins that… We turn 10 megawatts onto these with our technology, and our… The quality of our GPUs, it’s very fragile.

Frank Curzio: Let’s talk about… Move on from this, right? Let’s talk because I love the crypto argument. Everybody is so concerned about, could they get emails like crazy now? I’m glad we stayed on that for a little bit, but I want to talk about travel-related stocks. You created Jets, JETS, which is the largest airline ETF. I want to get your thoughts here, as someone who follows these trends tremendously. I’m a big believer that we are going to see an explosion, absolute explosion in travel, that’s not being priced in right now.

Frank Curzio: People are dying to get out. It’s going to be hard to get hotels soon. You live in Texas; it just opened up a hundred percent. I think we’re going to see Florida next. We’re going to see more states open up, and hopefully, as the vaccine gets distributed, which gets distributed very, very quickly here and globally. People are going to be feeling more comfortable, but talk about the ETF because you just… What is it like for you? It’s huge now. It’s monstrous, right? We talked about it when Buffet… Remember back when Buffet bought it, and then when he decided… And we both thought it was a greatest buying opportunity ever when he got rid of them. Man, it’s crazy. Sure enough, this thing’s through the roof now. Right?

Frank Holmes: Right. It was a year ago at this time, I had to lay off people, all the assets had collapsed, and all of a sudden, JETS goes from just under a hundred million to 35 million, and in comes the minnows. The minnows coming through the Robinhoods. During that whole period of March, April, and May, 25,000 Robinhood… Because you could get the data back then… Minnows came in, and as minnows came in for an ecosystem, you have price discovery. In came bigger… Then came in the tunas, and came the groupers, and came… Then the barracudas, and the sharks, and all this stuff, and whales.

Frank Holmes: It started to grow in volume and the more it grew… Then a bigger account. Now, it trades over three million shares a day, and it’s over $3 billion, and what the kids did their analysis on… And I believe they’re much more sophisticated than my age in the ’90s, when baby boomers discovered mutual funds and stocks. This new generation is much more sophisticated. They’re using the internet to get data, and they said that every time there’s a big crisis globally, airlines take it on the chin. They drop 70%. A year later, they’re up 80 to 120%. You saw this speculation. Buffett gets out and immediately a week later, they take off. Those kids… The 25,000 that were early are up over 60% on their money. I don’t think they’re that dumb, and I have a complete different narrative on price discovery because I’m a big believer it’s really helped the ecosystem.

Frank Holmes: It’s helped the SPAC market. There’s many different forms of capital being created today, which is very exciting because it gives a little investor the opportunity to make big money. A lot of them are going to your podcasts, going to YouTube, and that’s how they’re learning about stocks and ideas, so it is a very new generation. The airlines’ industry has adapted. Business travel is not going to be booming right away because of Zoom, but tourism, yes.

Frank Holmes: We’re seeing it. Southwest Airlines started a nonstop from Phoenix down to Cabo San Lucas. You’re seeing from smaller cities in New York and Pennsylvania going down to Florida, not going through their big hubs. They’re using AI to adapt and to adjust, their airplanes are cleaner, and smarter. I think going forward, it’s going to be a lot safer and cleaner to travel. I’ve not had a cold for a whole year because I’ve not been flying. That’s a big benefit. Now, I think these airplanes have… Are going to be spotlessly clean, which will help the tourist boom. Now, the TSA publishes every day, how many people they clear. Very, very important data point because the airlines… JETS ETF is following it, and what we saw was that the airlines… Whereas 2.7 million people a year were flying… As 2 million Americans were flying every day, 700,000 coming from Asia, Europe and Latin America and TSA would screen. Now, that number fell to 90,000, and then it climbed to 1,000,000 and 3,000,000, and then it went back down to a million.

Frank Holmes: What you’re seeing is that the application of a 50-day moving average is being applied to this data point and speculation comes into trading JETS with that. The airlines themselves are adapting, and adjusting to tourist travel. I… Kevin O’Leary said he’s shorting JETS. Well, good luck. If the economy is… It’s not ever bad advice, in my opinion, and he’s a great guy, but that shorting it… I think that people can’t wait, like you said to travel.

Frank Curzio: Yeah. People are dying to travel, and just to show you guys here… This is incredible, Frank. I’m going to show people this. 3.8 billion man. That amazing. To put that into perspective, where was this number, Frank? Where was this number, say five years ago, or 10 years ago, and just… It’s incredible.

Frank Holmes: We launched six years… It was launched six years ago, and it went up to a hundred million. And this time last year, it was 75 million, and it fell in March-

Frank Curzio: Wow.

Frank Holmes: To 35 million, and then started… In came the speculative investors that were… Had great rational reasons, and they were quite accurate.

Frank Curzio: That’s great. That’s unbelievable.

Frank Holmes: That’s where it’s all kept in my company. It’s just trades on NASDAQ, U.S. Global, GROW, and it has been a recipient and it has had spectacular growth in revenue and earnings because of the unprecedented success of JETS, Frank. JETS took five years. When you and I first met, we were going to the Boeing facility up in Seattle and-

Frank Curzio: That’s great.

Frank Holmes: People don’t realize it cost me $5 million. A million dollars a year to put that out through the information, the education, and then it takes off. I’m very thrilled about it. It’s five years, and then it’s an overnight success.

Frank Curzio: That was some trip. That was awesome. That was a while ago, maybe 2017, maybe ’16. I forget, but we went to the Boeing facility guys, at Everett, Washington. Definitely go… Unbelievable. We saw the rollout of the Max and we all know what happened now, but now it’s here back on track, and it’s just pretty incredible with everything that’s going on. Really exciting stuff for you all around, and I want to give you the chance to talk a little bit about your blog. You write… I don’t know how you have time to write, but it’s a blog that you have in the U.S. Global Investors website, and it’s right here. It’s cool because you get perspective and you get… It seems like it gives you a chance to talk about whatever’s really on your mind, what’s going on, economy, different sectors, different stocks… Talk about that Frank. It’s organized. It seems like you really like doing that.

Frank Holmes: The big thing that’s interesting for me is that the 10-year government bond… I always use a quantum approach to trading, and I like to look at the trend. Is your trend moving averages… What is at sigmas? Looking at what is its percentage change of a sigma for… Each asset class has a different DNA of volatility, but the 10-year government bond… Going back 10 years, its price yield has appreciated so fast, so quickly, that it’s up two and a half sigma. Well, that just says mathematically over the next 60 days, we could have a correction that it goes back to the mean. It’s not going to go back to 50 basic points, but that correction will all of a sudden propel gold, and it will propel digital currencies, et cetera, and the stock market. That’s the most recent story, but what I have is, I have great research people.

Frank Holmes: What I tried to do was create this blog for these shareholders, and it grew from there. Every week, the portfolio managers have to write three strengths and weaknesses that happened this past week that impacted gold, or China region, or Eastern Europe region, or global resources, and luxury goods. We’re the only luxury goods mutual fund… Then, what are the three opportunities or strengths that can come next week? What data point is coming out? Is it PMI? Is it GDP? Is it some economic data point that can have ramifications? That’s what they help me, and they put all this stuff together, and then the marketing team puts lipstick on it, makes sure it’s all in compliance, and I give the pieces of where I think I want to comment. I was looking at my sigmas for crypto and then looking at 10-year government bond, and that… The story last week was, we’re basically overbought on yields and mathematically, odds favor correction in this surge in yields.

Frank Curzio: Nice. That’s cool. I love the blog. I get it emailed directly to me. It’s really cool guys. You go check it out. Share the website, and we’ll provide links and everything for our podcast. I guess the last thing here, Frank, is I like that little fun where… You love to exercise. You jog every day. I’m not going to say you love to say how old you are on your Twitter page. Some people are never worried about age and everything. That’s a reflection of how old you are. It’s how you feel, but how many miles do you jog a day? I’m curious.

Frank Holmes: I try to do it by the week. It’s more like counting a week. Can I run a marathon a week? Is my goal. That’s basically… Can you a run five miles a day? If you’re just going to run from Monday to Friday, it’s going to be six miles a day. That’s the goal. I turned 66 on the weekend.

Frank Curzio: Though that’s… Wow. Young. Young, young, young. Frank, you’re very good.

Frank Holmes: I run slow.

Frank Curzio: Listen, you are running. It doesn’t matter

Frank Holmes: Nine minute miles have stretched up to 12 minute miles.

Frank Curzio: That’s great stuff. Well, frankly… You’re a good friend. I love having you on. I always learn something. My guests always learn something from you… From all my guests. I know my audience always learns a lot from you. You always share ideas with us, which are filled through your funds and everything. I just want to say thank you so much for coming on. You know that my audience loves you. It’s an open invite whenever you want to come on, and congratulations on your success because I know how hard you work. I know you’re out there. Even at your age, you’re out there on field trips that I’ve been on, which is awesome to see. You can still see the passion and just with JETS doing well, and Hive is doing well, everything seems to be coming together, and I think we both agree that gold’s going to be doing well. I just want to say congratulations on your success, and thank you so much for coming on.

Frank Holmes: Well, it’s great being with you and you’re filled with optimism, and that’s so important to investing Frank, because there’s always so much gloom and doom. I try to tell people that if there’s a hurricane, then get the house builders stocks. Don’t get the insurance flux. Just think this way: During Obama’s era it is… Everyone was Obamacare… It’s bad, it’s bad, it’s bad… If you look at the healthcare stocks, they had a 45% CAGR for the last eight year period. Unbelievable. What’s ever negative as possible… That’s what you do, Frank, and that’s why I think your program is spectacular. You looked at the glass as half full.

Frank Curzio: Thank you so much. I really appreciate those kind words. And of course, hopefully, you’ll come back on really, really soon.

Frank Holmes: Thank you.

Frank Curzio: All right, guys. Great stuff from Frank. I love having him on and he’s a really good friend. He’s a great guy, he’s a hard worker, he cares about the investors, he has a great track record. He’s been in the resource industry for a long time, he had created GO GOLD, which… Don’t ever buy any alternative on ETF and gold because that’s outperforming all the major ETFs, but… In the gold space. When it comes to Frank, it’s just… Yeah, I said it earlier. He surrounds himself with younger people, he’s always looking to get better, he looks at data analytics, and just to see his success… I’m a guy that loves to see people succeed. I love it. A lot of people don’t like that for some reason.

Frank Curzio: They get jealous or whatever. For example, Stansberry through… It’s called Beacon now. Beacon Street… Just got bought up by SPAC, not bought up a merge, a $3 billion transaction. I’m happy for these guys; good for them. It’s awesome. It’s great for us, right? We’re in until now, we have a comparison, we have someone who’s a monster in the market that offers a lot of different things for us. That’s really exciting, but I love to see people successful because even a guy like Amir Adnani, who… I’ve seen him personally work his ass off, and traveling the world, working unbelievable hours. When you do that, you sacrifice a lot of things. Sometimes you might not see your family as much and it sucks, but you’re thinking long-term and trying to establish… Just build a great foundation for them where hopefully, they don’t have to worry about a lot of things.

Frank Curzio: He was in uranium, and he was in gold, and it was a five, six year stretch. Uranium is… Seven, eight years it has been horrible, and now just to see… His gold mining stock went through the roof, and then… It pulled back along with other gold stocks, but now he’s spinning off the Gold Royalty company, and then through that, and now to see… We see it doing well in Uranium Royalty. Frank… I put him in the same class, just really, really great hardworking people that I trust, that have given my investors great advice. I’m just so happy he came in the podcast. Definitely check out his stuff, Frank Talk. I try to buy free sites for you all the time, even our sites, as well. I try to provide as much free… You can listen to this on our Curzio Research YouTube page, absolutely for free. Subscribe to it, where you can see the actual video of Frank and I.

Frank Curzio: It’s funny because he’s animated, and he is just crazy. He’s full of energy. And, also through iTunes, also free products that we have here. You guys should definitely check out and learn more about the markets, learn more about everything, and most important learn about Frank, which you can by going to his U.S. Global site. I say this all the time at the end my interviews, guys. This podcast is about use not about me, so let me know what you thought, right? I loved it, but let me know what you thought of that interview, frank@curzioresearch.com. It’s frank@curzioresearch.com.

Frank Curzio: Now, let’s move on to the markets and the topic, everything going on in the market, right? I’m going to bring in the greatest, the tallest best-looking awesome golfer. A member of the Curzio Research team, senior analyst Daniel Creech. What’s going on, buddy?

Daniel Creech: Man. How about that intro? Yeah, awesome to be here as always. Happy Wednesday, everybody.

Frank Curzio: Daniel, how tall are you? Because my daughters really think that you’re a giant, and it’s ingrained in their head to where, wherever I go, if there’s a doorway, that’s… They’re like, “I doubt… Daniel would never fit through that.” It’s just-

Daniel Creech: Yeah.

Frank Curzio: All the time. My youngest is always animated with stuff like this, and she’s pretty funny. My youngest is really, really crazy.

Daniel Creech: Yeah. She cracks me up because every time I walk through the doorway to say hello, they’re always like, “Whoa.” Looking at me and like, “Are you going to hit your head?” “No.” I’m right at 6’6″.

Frank Curzio: 6’6”. Man, I tell you-

Daniel Creech: Yeah.

Frank Curzio: My youngest is really in love with Daniel and just fascinated he is so big. She’s really crazy because she had a fight with my wife the other day, and I’m minding my own business. I’m staying out of it, right? I’m like, “I’m not going to get involved.” It’s eight o’clock at night and… Yeah. My 10-year-old forgets that she has a spelling test, so my wife has to help her out with that, and she gets pissed off because you want them to relax and everything. She said, “You need to be more organized.” Yeah. My wife says, “You know what? You deserve an F. You need responsibility. You deserve an F.” You know what she says?

Daniel Creech: Goodnight?

Frank Curzio: My daughter says, “That’s an F for fantastic.” I’m like, “Man.” Just a fresh one, right? I wouldn’t get a fresh one. You used to do that back in the day, now you’re not allowed to, but holy cow. She’s funny, and she’s rough, but yeah, she really likes you, Daniel. Anyway, I want to get to… A lot of things are going on. First thing is, you just came back. You went on a trip to Ohio. Happy birthday to your grandma.

Daniel Creech: Yeah.

Frank Curzio: She is 80 years old. Right?

Daniel Creech: That was a… It was a half of a surprise party. Yeah. I was more of a decoy. They knew I was coming in. Yeah. She turned 80. That was a lot of fun. We went out to dinner, and then flying is unique right now because… I have a public service announcement, by the way. There’s millions of you out there like this, and I’m looking out for everybody. If you’re like me, you’re a little bit teeny-tiny, itsy-bitsy nervous about flying the Friendly Skies, and the only solution is the taste and the feel of an adult beverage. You got to be careful who you fly. I took American up to Ohio, went through Charlotte, and then coming back out of Ohio, I stopped in Atlanta, and I was on Delta. American, you can order cocktails. Delta does not serve alcohol at all, not even in the first class.

Frank Curzio: Wow.

Daniel Creech: Now, they walked through… American, you got to buzz them or ding them, or what is that… Flight call? You got to ask for it. Delta goes by everybody and gives them this plastic bag with a little bottle of water, a hand sanitizer, a green bar, whatever. Yeah. All you out there that are nervous, be careful booking on Delta, because you’re going to be dry.

Frank Curzio: You flew first class on Delta?

Daniel Creech: I didn’t fly first class coming back. I did treat… Man, they’re going to think you pay me too much, Frank. Don’t say stuff like that.

Frank Curzio: I got to say man. You must be-

Daniel Creech: No.

Frank Curzio: Pretty good at your job.

Daniel Creech: Yeah. I did take American because as you led in with… I’m so tall, and I’m uncomfortable on airplanes. Yeah. I did do that. Yeah. Coming back, I was in Delta comfort, but I even asked. I said, “Hey, can I pay for a drink? I hate to be that guy.”

Daniel Creech: She says, “We don’t even serve in first class.” I thought, wow, glad I didn’t spend the cash then.

Frank Curzio: Yeah.

Daniel Creech: Yeah. Just a heads up. Real quick on the… I followed a gentleman off the plane. I forget where I was. To the credit of the airlines and all the workers there, my heart goes out to them. They’re very good. They were all very nice even if… When they have to threaten you on federal and civil, and… You may not ever be allowed to fly again if you take your mask off other than eating or drinking. They have hand sanitizers everywhere. When you walk out of the bathroom, when you walk by a drinking fountain, when you get on your airplane, when you’re coming off your airplane… Obviously, you use the same thing. I followed a guy off the airplane, and we must have passed five different hand sanitizers, and that guy stuck his hand out and hit every single one of them, and I’m thinking, pal, it’s… I wanted to take my mask out and be like, “Hey, there’s no way the last a hundred yards got you anyway.” Moving on. Yeah. It was a great trip. Great to be back as always, and yeah, we’re rocking and rolling now.

Frank Curzio: Now, talk about your trip because you’re… I don’t know if this is a good thing or a bad thing, and I’m sorry if I conditioned you like this, but whenever I go on trips, I’m talking to cab drivers, I’m looking for ideas, I’m looking at everything. I’m just… It’s almost like when I became a licensed referee in basketball. You look at the game differently. You look at it from angles and just… You’re not really enjoying the game as much because you’re looking at it from a perspective of what they’re doing wrong, or whatever.

Daniel Creech: It’s a good point.

Frank Curzio: You brought up… You just highlighted a couple of pretty cool things that you saw, but yeah. Why don’t you tell everybody because you came back… A couple of really good stats.

Daniel Creech: Yeah. I didn’t… I was bummed in a car, so I didn’t talk to… I’m going to a small rural town, so there’s no cab drivers there, but just meeting and greeting people. Obviously, I do boots on the ground research at dive bars, so I got to get foot traffic numbers and all that kind of thing. Very informative, yeah. When you… We went out… I picked up food a few times and brought it back, we went out to dinner… Places are packed. You’ve been beating this drum for a good while now. People are dying to get out. Anytime there’s live music, it is damn near shoulder to shoulder. A lot of people were still canceling because of whatever reason. I’m not really sure if that’s… It’s more of an Ohio mandate or whatnot, but people are everywhere. The other thing is that people are already looking forward to this stimulus check. The stimulus bill that’s getting debated right now in the Senate.

Daniel Creech: I believe it could start as early… Tomorrow for debate in the Senate. The headline just before I came on with you, Frank, is that they’re going to… Everybody gets 1400, under 75,000 a year for individuals, and then I believe it phases out at 80. If you make over 80, you’re not getting anything as a single. Obviously, that jumps up for two incomes, and things like that. When you look at how crowded things are and… I know a lot of people that make good money right around 70, 80, six figures… That have a few kids they’re going to… They were joking like, “Man. I’m going to get… If that passes, we’d get all these.” Then on top of tax returns, you talk about people being flushed with cash, and it’s brilliant political timing. You’re going to have a tax refund hit you, and then you’re going to have $1,400, and then plus whatever of… If it happens on… Per child. That that is serious right there for what’s coming in the next two quarters of the stocks.

Frank Curzio: I could test this in New York. If you live in the five boroughs, and you’re making $150,000 as a family income, you can’t survive. The home prices alone-

Daniel Creech: Yeah. That’s foul.

Frank Curzio: Your mortgage. The taxes. The taxes are just insane in certain… In these areas, and if you’re going to go more into New York city, it’s even more expensive. I don’t know how expensive it is now with everything going on, but it’s a shame because you would think this somebody in maybe the Midwest… Right? That they might say, “Wow.” 60, 70 grand. That’s great for the economy for where that person is but other places, you’re not considered wealthy making $200,000 and-

Daniel Creech: Oh no. Not at all.

Frank Curzio: Having three kids and having a house in Long Island and commuting two hours to work back and forth to New York city. Let me tell you something: You’re living paycheck… I have so many of-

Daniel Creech: Absolutely.

Frank Curzio: My friends that are living paycheck to paycheck. It sounds like a lot sounds crazy, and now, that’s one of the things that everything opened up… Which I like about… The one positive of COVID is if you don’t have to go back in the office, what does that mean? Because that’s why you go to major cities, right? They’re going to offer you more income. But now you don’t need that. Now, a lot of… Even JP Morgan, I think announced today and said, “Listen, we’re going to…” I don’t know if they’re closing their space into two major offices, but they’re just not requiring as many people to work in the office anymore, which is fantastic because those commuting costs are amazing, and now it allows them to get up and move to a different state because I will tell you from my experience firsthand, coming to Florida, it’s… You automatically get a raise.

Frank Curzio: My house is three blocks away from the ocean, and I would say that my taxes are… Would be at least 10x higher. If it was the same house in the same area, almost in any place… Just three blocks away from the ocean in New York or on the East Coast… Northern East Coast… Holy cow, it’s a big difference. Now, at least, that’s going to give people options, right? We’ll see.

Daniel Creech: Yeah.

Frank Curzio: Either way, just like you said, the stimulus check is coming and people are going to be spending in… Where are they going to spend it? I think they could be spending on travel-related stuff, getting out… Everyone wants to get out. We saw Texas come out and say a hundred percent open, and then also, no mask mandate. I think people are taking that… Okay, nobody never has to wear a mask again. There really isn’t… In Florida, there’s a mandate. There’s no mandate really in Florida, but you do go to certain businesses like… Walmart will make an announcement over a loud speaker. You can’t be around if you aren’t wearing masks… A couple of places, but not everywhere.

Daniel Creech: Yeah.

Frank Curzio: Most places, it’s optional, and some people already had it, some have been vaccinated. I think you’re going to see more states follow suit now that the vaccine is getting distributed.

Daniel Creech: Oh boy. Let’s hope so. Can you believe we’re giving ourselves credit for getting really close to common sense?

Frank Curzio: Well, don’t give him credit yet.

Daniel Creech: Well, I guess this is better.

Frank Curzio: News will come out and just destroy the governor-

Daniel Creech: Hey, what’s wrong with choice?

Frank Curzio: Of Texas.

Daniel Creech: Everybody always argues about choice for everything. Why not choice? You want to wear a mask? Hey, I’m all for it, but don’t make everybody else wear one.

Frank Curzio: Yeah.

Daniel Creech: One more macro thing: Even though total cost of living in difference from where I’m from, and you’re from Frank… You can get a house for $150,000 to $200,000. A nice house. A nice ranch-style house, or whatever. From a macro level though, it’s on for a couple of days on the market, if you’re lucky. Houses are going like crazy, and that’s just a rule, and that’s not because people are moving from California or New York to Ohio. That’s just because of rates in general. It’s cheaper to buy than rent, and a lot of cases on a payment basis.

Daniel Creech: And so, that’s something that’s going to continue for a long time. I just show you how bullish housing, in general, is everywhere across the country.

Frank Curzio: No, it is. It really is insane. So, and I want to move on here, because one of the things that we would talk about as well is earnings, right? It’s earnings season. We have most of the companies reporting. And for me, I thought this is an interesting trend because even with Zoom, you see Zoom blocked the code, you see all the thanks that’s worth the numbers. The analysts have been so dead wrong. And I wanted to really look into researching this part. And so I bring this up a lot. It’s from the best, free site. So, if you go to Fact-Set. I just have in fact-set it in Google PDF earnings, and they produce this page right here, which I’m showing. Again, if you’re watching this on video, the Curzio YouTube page. It’s a 31-page report, and they publish it, I would say every seven to 10 days maybe.

Frank Curzio: And they break down everything in here. So, I’m wondering what’s going on? And one of the things I noticed is that, 96% of the company’s S&P 500 reported actual results, 79% of S&P 500 companies have reported a positive earnings surprise. So, if 79% is the final percentage, it will mark the third, highest percent of S&P 500 companies reporting positive earnings per share numbers since Fact-Set began tracking this metric in 2008, right? So, you are seeing positive earnings surprise, which is okay. It’s a crazy market. People are coming back quicker in some areas than others. I get it. But then when I look at your nine sectors of higher earnings, growth rates, or smaller earnings declines today, due to positive earnings per share surprises. I mean nine sectors. That’s huge. That’s a lot.

Frank Curzio: So, there’s talk about the 12-month PE ratio right now, it’s 21.5 and that would be expensive if you look historically or whatever you look at. But to really put it in perspective, you really have to compare because this time is different. People say it’s not different. We have zero rates basically across the board, and you throw in shillings into the market 21 times, not really expensive, as crazy as that sounds.

Frank Curzio: But more important here, Daniel, before I change in here, this was a big thing I wanted to fight. So, second highest increase in S&P 500 earnings estimates since 2002, and this is for this quarter. So, they say during the first two months of the quarter, analysts increase earnings estimates for companies at S&P 500 for the quarter. They increased it by five percent right? Well, what does that mean?

Frank Curzio: Because they say how significant is 5% has increased compared to past quarter? Well, during the past five years, the average decline in these earnings. So, leading up to the quarter, usually analysts come out and they say, they lower those estimates a little bit. This time, they raised them by 5%, right? So, during the past five years, the average decline was three and half percent in the past 10 years, average clients 3.2%. And the past 15 years, the average decline from these analysts, again, the first two months lead up to the quarter. They usually low estimates by 3.8%. This quarter, they raise them by 5%.

Frank Curzio: Now, what does that mean? It says the first quarter marked the second highest increase in bottom up earnings per share estimates during the first two months of the quarter since Fact-Set began tracking this metric, and this goes back to 2002. I want to bring us all together for everyone in here because this is important to understand guys. So, analysts are raising their estimates by the largest amount, almost an ever, leading up to the quarters. And these companies are still blowing out these estimates higher than the highest bracket percentile that you could possibly use.

Frank Curzio: What does that tell you? It tells us that if you’re looking at earning S&P 500, this S&P 500 company earnings, we’ll talk about with Fact-Set. You’re going to see an explosion here. I mean, earn these guys are ready. We’re looking at economies that are already fully open, right? Or states that aren’t for their cities, aren’t fully open. Everything’s going to be opening up, especially over the next three to six months as these COVID rates are declining, these plunging hospitalization rates are plunging. Amazing. Great, great, great news.

Frank Curzio: More people are going to go out. More people are going to spend, and you are going to see a surge in earnings as earnings go higher. If the S&P 500 stays the same or grows slower than the earnings growth, the PE ratio goes down. So, these stats might not be 21 times earnings. So, S&P 500 stays the same and these earnings rise a ton. You’re going to see that PE ratio overall S&P 500 come down. Which I don’t think is an expected and more important. What does this mean, Dan? To me, it’s screams, screams, screams inflation. Inflation is going to be here. Analysts can’t keep up with how fast these guys are growing earnings right now. They can’t, right?

Daniel Creech: Yeah.

Frank Curzio: So, it’s pretty insane when you think about it. Look at inflation, Bitcoin, you wonder why it broke through 50 again, 50,000, gold, I think is a great hit, but for me, when I look at earnings on a macro level, this was a pretty big deal. But again, you follow earnings, you track every, all the earnings reports for all the stocks in our portfolios and stuff. But I want to get your thoughts on and sorry. I was so long-winded there.

Daniel Creech: No, yeah, we were joking about this yesterday. We’re not out of the woods yet on earnings, but we didn’t really have a company that dropped significantly. I mean, we had a couple biotech stocks be volatile, but hell, that’s natural for those. So, we were joking about that. We didn’t get smacked on earnings, and if we did, it came right back up.

Daniel Creech: That’s just the bigger picture of that. I actually would love to see the forward PE drop a little bit, not for the wrong reasons of prices declining or staying flat while inflation gets here, that’s going to pinch the individual investor and the consumer. But, something’s got to give here. I mean, if analysts don’t raise those higher, you don’t want to let them hit the ball out of the park too often. You want to be accurate in your job, and I know they work hard and try, but the other side of that is, when is enough, enough? When is the mindset going to click and say, hey, we might need to move some cash. We’ve talked about rising interest rates last week, about how the 10 years getting to one five, which is the same dividend rate, roughly as the S&P 500. But the big picture there is, hey, you don’t want to have a market. We’re 20% higher than the five-year average on the forward PE of 21 and half that’s a lot better than if it’s at 30 or 40, or you get into dot coms, and all that kind of issue.

Daniel Creech: So, I want it to level off if not drop a little bit, because I don’t want the extreme volatility that we’ve been having. Like the month, like the Friday to Monday that we had over my trip. It’s always good when you’re traveling and the market’s going up, but I would rather have more of a steady growth in analysts back and forth than the ridiculousness that we’re seeing.

Frank Curzio: Yeah. And can I just put this in perspective. Okay, when you watch CNBC and it says, IBM reported earnings and they beat those estimates. When they’re saying they beat those estimates, they’re beating the estimates, not the company, estimates that some of them provide. A lot of them are providing because a COVID still target said we’re not providing. And some of the retailers said, we don’t know it’s a crazy environment, even some of the home builders.

Frank Curzio: But what saved probably 35 or 40 analysts that cover Amazon, right? These are institutional analyst. When I say analysts, not us, we’re biased. This is sell-side analyst. So, these are the institutions like JP Morgan, Goldman Sachs. So, then they take the consensus out of all of those. And that’s the estimate they have to beat. So, if all the analysts decide that they should be a lower number, it provides an easy beat.

Frank Curzio: So, you could see revenue grow or say earnings grow. They’ll come out and say, this company, beat earnings estimates. They blew them away like Nordstrom did, but yet same store sales were down 20%. So, they beat the analysts’ estimates. But the comparison year-over-year is still horrible, but they just beat the analysts, assessments that everyone focuses on. That’s what we’re talking about here. Analysts estimates are significantly conservative right now. They’ve been look at… Go back and look at what Microsoft reported, go back, look at all the FAANG stocks and what they reported. If you look at even Facebook, Amazon, all of them. They blew out the numbers by 30% to 70% on earnings. That’s unheard of for a big company to admit. And same with zoom, they were just so behind the curve on the growth that some of these companies are seeing in earnings and sales and everything else, and a lot of that could be due because they’re not tracking cost cutting as much.

Frank Curzio: So, you’re seeing you going to make more money per dollar right? Per sale if you have 100 million in sales and your margins are going to go up tremendously, if you’re cutting costs, right? So, your earnings could go from $1 to $2 and have the same revenue because you cut costs tremendously. I don’t see that factored in Daniel. I don’t think that’s factored in. It makes me think stocks are in some areas are still not talking about ESG stocks or space stocks, where all you have to do is say, you’re making a spaceship, and you’ve got a $20 billion valuation or crazy SPACS but-

Daniel Creech: Have you announced the Curzio spaceship flight yet?

Frank Curzio: Not yet, because we’re a publicly traded company through our token. I’ve got to say, we’re going to use renewable energy to fuel the rocket. So, that’s green energy, and we are going to use AI. We can put AI all around the ship to monitor everything.

Daniel Creech: That’s a good segue. AI that’s the next ETF.

Frank Curzio: And then, cloud capabilities this way, we’re going to have video capabilities.

Daniel Creech: And a mine for Bitcoin at the same time.

Frank Curzio: And if you want to go on that spaceship, you have to pay through Bitcoin only. So, I think I hit every single trend that would get me a $20 billion valuation with no revenue. I think so. I think I had everyone, right?

Daniel Creech: Yeah.

Frank Curzio: It’s crazy. These SPACs are awesome. These guys are making a fortune, no risk. They’re out of these stocks in three, four months. If you want to see something funny, you want to attract on Daniel, this is gold-

Daniel Creech: I got you going. This was my fault.

Frank Curzio: If you go on to the SPACs.

Daniel Creech: This was my fault.

Frank Curzio: Daniel, if you go to the SPACs yeah is all your fault track the valuation of the company they just bought, that they just announced. Because the valuation of that company would be like $300 million for three weeks before they buy it. And as soon as they announced a merger, it’s like five X more than that. What happened in a couple of weeks? What just happened in a couple of weeks to make your value increased by five X, seven X. And what are they doing these back? They don’t care. Now, they have this huge valuation on it. Then, they need to raise more money. They go to individual investors, right? And they say, okay, here’s these pipes we’re going to offer you warrants, whatever. Again, they’re all getting it. They’re all making a ton of money before this thing comes out. All these guys going to be gone in a couple of months.

Frank Curzio: Yeah. That’s why if you’re looking at institutional investors and these big hedge funds, what’s the goal. The goal is to make as much money as possible and always be liquid. Well, there it is. Because if they really love these companies, why do you think that they’re not investing in them in the private stage? Which they used to do.

Frank Curzio: Okay. We’re going to take a percentage of this company. We’ll help you. We get the bonus. As you’re a private company, if you do more financing, we get a 20% discount on every capital raise after that. Yeah. That’s how it used to be. Now, it’s like, no, no, no immediately, why go through that whole process? And the company may be, raising more money later on. And then six, seven years like Airbnb, 10 years coming out on a public market, let’s do this right away.

Frank Curzio: You’re a private company. We’ll make it public right away. It’s going to blow up. It’s not going to blow up now because it’s a bull market and everything, and then go.

Daniel Creech: Yeah.

Frank Curzio: But anyway, getting to the point where this is getting ridiculous. Alex Rodriguez and Cabernet, come on. I mean, you hear those names getting involved in investments. And now we look at Portnoy, who I love. Who’s very involved, and good segue here, because he has an ETF that he created, right, out of nowhere.

Daniel Creech: Well, he put his face on it as he says, so the ticker, I believe it hits tomorrow. It’s BUZZ, B-U-Z-Z. And Frank and I were talking yesterday, the beginning of the week is always a head down, just a blitz here. And Frank, you, even said, hey, I saw Portnoy’s doing something with an ETF or a SPAC or something. I hadn’t even saw it yet. I looked into it and I got to tell you, this is so out of my realm that I’m excited about it because it’s an ETF, and if you go to investwithbuzz.com, Portnoy does a hilarious… First of all, this guy is a marketing genius. And it’s going to be a great gauge on investor sediment right now, Frank, because of the euphoria the new… So, I didn’t listen to it yet.

Daniel Creech: But Joe, earlier on with you, he’s not going away. I doubt he is going to change… He might change his risk adjustments and different things like that, but he’s not going to change where he gets his information from. And so what this algorithm does, is it scans, it uses AI artificial intelligence to scan blogs, news, and any kind of resources. And it gauges what’s positive and negative sentiment and all this. It does 15 million post pieces of data a month. And then it shrinks that down to its own algorithm to figure out which businesses have positive sentiment and et cetera. And then it only invest in large companies.

Daniel Creech: So, it’s at least $5 billion market caps. There’s no more weight than 3% in each holding, but it’s a great gauge. I mean, I’m excited about this thing because A, I think it’s going to go up a lot because Portnoy has such an amazing following. He has two million people on Twitter. Reddit has what? Last time we were BS’ing about it, it grew four to eight or something like that million users not to mention everything is going to be liquid or highly tradable in this fund. It’s going to be cool to see. Frank, do you have the link pulled up as to what they have or anything? I sent you a couple, do you have one of those up?

Frank Curzio: I’ll try to bring it up. But I was just showing from an article 50 million online posts a month, they’re going to use AI to measure those, and then we ranked the top 75 stocks each month to create to feature in the BUZZ next gen AI, US Sentiment Leaders Index. They make a bigger name than that. The next gen AI, US Sentiment Leaders Index, they should make it bigger than that. It’s not long enough

Daniel Creech: From an investor, an individual investor standpoint, you can look at this… This is going to… And there’s a summary of the changes made for the February 2021 monthly index rebalance. They do this once a month, and it says what’s in and what’s out. What do they buy and add to the fund? What do they sell out of? So, you can look at this from a couple of different ways. What’s out? FedEx, Frank, interesting logistics right now. I would think that’s a boom. So, obviously, they’re having negative sentiment or whatever else. The AI algorithms are picking up. FireEye, cybersecurity, CrowdStrike, Canopy growth, the pot stock that topped and was sold off. That’s interesting to see though, that these are out now rebalancing, and then you can look at that and say, hey, what are people happy about? Or what are people positive about?

Daniel Creech: They added Coca-Cola. Frank what the hell is… So, who’s writing blog posts about Coca-Cola that are getting the attention. So, I think that’s one way to really see how cool this is, to see what are people talking about? What is this algorithm picking up? What’s Portnoy going to be talking about Reddit and all this. I think this is a great way to invest in this new, younger, and more focused in different analyzing or analytical ideas. I think this is very smart.

Frank Curzio: I think this is crazy. I think this is insane.

Daniel Creech: Well, I like it because it’s going to give you a window into the mindset and the emotions. I think this is going to give you a good emotion.

Frank Curzio: I give you six months.

Daniel Creech: Ooh, I like that timeline. A countdown clock.

Frank Curzio: Yeah. They’re going to shut this thing down. There’s no way they’re going to allow this, and I’ll tell you why, because this has nothing to do… Think about what everybody’s going to think, what everyone’s going to do. I mean, it makes sense, right? Because now you’re going to have the Reddit guys, whatever. There’s 12 million people in that blog. You’re going to have all these young kids pumping shit. So, they get trapped within an AI system is going to have nothing to do with earnings, nothing to do with the company, nothing to it.

Frank Curzio: Other than the fact that everybody keeps talking about it, mentioning it. So, now you’re going to see more and more people post as many times as they can on every social media platform about these stocks and get paused and buy in early this way. These things could absolutely take off to almost manipulate the market. But yeah, the advanced micro is top five trending in the index here. I thank you for the link. Ford Motor…

Daniel Creech: You are making a great point, but that’s only one step. So, it has to be a five billion dollar market cap. So, there’s no game stops in here, AMC.

Frank Curzio: But every company, these days is a five billion dollar market.

Daniel Creech: Well that’s true.

Frank Curzio: There is not even a small company-

Daniel Creech: But that only one piece. And that’s what’s interesting to me. And Portnoy, on his video, pointed that out, and said, “Hey, this isn’t what we’re looking for.” It’s not a get rich quick scheme. He’s not getting paid to promote it; although, he is an owner in it, and he said he’s going to buy the fund as well, which I believe him. But that’s where I went… I went to GameStop and all that, but they have other things in place. Of course, you can always tweak those are like discounted cashflow models, where you can say Tesla is going to earn $30 billion in 2035 because they’re going to have a fleet of taxis. But yeah that’s awesome. We’ve got a six month bet. We got a drink on that.

Frank Curzio: I’m looking at this too, just to holdings here it is, they have Caterpillar, they have Wells Fargo. I mean, Morgan Stanley does a small position in their portfolio here. Again, I’m showing this, in the video, but yeah, they’re top holdings here.

Daniel Creech: I can’t wait to see the assets under management. And if it grows or shrinks to see the following and all that’s all like I said; this gives you a lot of good data on a lot of different things for our current environment and mindset. So, this will be fun to track.

Frank Curzio: It will be fun to track it. And I like the idea. I like the concept. But what this promote is almost stock manipulation. So, this isn’t like, hey, we’ll find the best growth companies because they’re growing the fastest. No, I mean, they have things in here. Again, Virgin Galactic is one of their largest holdings. You’re going to see tons of companies in here with no earnings. It’s just going through here. But these are all the names that get mentioned the most that you’re going to see on TV. And of course, it’s going to provide a wave of more and more people that talk about this, but that’s how you get these crazy sick moves in some of these stocks. And even we saw rocket companies, which went up 40% of the guests today.

Frank Curzio: And now I think last time I looked at was down 20%. Again, big short ratio. I don’t know how long this could last, where you just, hey, everyone’s talking about these names because there’s so much manipulation is so much garbage out there. I’m not saying that advanced micro, Amazon, Twitter, Facebook, and garbage, no. Or Ford Motor, no, of vaccines or some of those holdings. Draft Kings. But there’s going to be a lot of people talking about companies, with five billion dollar plus valuations, aren’t really that good. And it’s going to push these valuations through the roof but more important is this is a trading newsletter. This isn’t a newsletter. This is a trading ETF. It’s not something that you want to hold long-term because it’s just a flavor of the day or the flavor of the week. And I don’t know how often they rebalanced this, but I think this is going to create…

Daniel Creech: Believe it’s monthly. They’re going to rebalance it monthly.

Frank Curzio: So, they balance it monthly. And again, so you have to figure that Tesla will always forever ever be in that index forever ever, ever, ever, ever,, right? Just some of these names always forever, forever, forever. That the Apples are going to always be in…. The Microns, in there.

Daniel Creech: Hey, IBM is in there.

Frank Curzio: I know I saw IBM.

Daniel Creech: The other interesting thing, I wonder, who’s talking positive about that.

Frank Curzio: So, is it positive? Just creating BUZZ and talking about it. Because even if you talk negative about it, I mean, there’s it show up in here. It’s got… How do you have AI tracking positive or-

Daniel Creech: Well, they don’t go into detail on all their other data points or whatever the algorithm is looking for, but investor sentiment, positive data, and things like that are part of it. So, yeah, but they also list the top five and the top most favorable and unfavorable mentioned. So, Dropbox, CrowdStrike, Micron, firearms, FedEx, were the top five negatively trending stocks in the index, according to their algorithm.

Frank Curzio: Yeah. What I’m curious about is usually when you have an ETF, you have a benchmark. What’s the benchmark for this?

Daniel Creech: I’m not sure. I don’t know about the fees yet either. So, I think-

Frank Curzio: They don’t have the fees in here?

Daniel Creech: It looks like, well, not on this. I’m not saying they’re not out there. I just, I didn’t have it on this. So, I’ll look at that. I just think this is a great window into a lot of different things. So…

Frank Curzio: It’s cool. It shows like dividend yields two percent on average PE ratios, 30 floods are always going to be high. You’re talking about exciting stocks, growth names, average. What’d you say about market cap though?

Daniel Creech: It has to be at least five billion to get in.

Frank Curzio: Oh, okay. So, the average market cap, that can’t be right. That’s got to be a mistake that might be the bottom five at 306 billion.

Daniel Creech: Yeah.

Frank Curzio: That’s the average market. Now, it’s got to be lower than that.

Daniel Creech: Obviously, the largest one is Apple in there.

Frank Curzio: It’s 2.1 billion. Yeah. So, just going through it, listen, they got a lot of good names. I’ve just… I like the concept, but it’s just what this leads to. It can lead to a lot of manipulation of the markets, which I worry about. And a lot of people just going crazy on social media, trying to pump their favorite stock and launched it yet. That’s the only thing. Again, it has to have a five billion plus valuation, which is good. So, you avoid a lot of the garbage and people really pumping up penny stocks. But so it’s going to be interesting how this regulated, what’s the benchmark for it, and what are they going to be the fees for it? Because they’re going to be sky high because people are going to love this and he’s targeting the whole Reddit crowd, which is going to really get into here. Not only that, think about this, Daniel.

Frank Curzio: So, with this index tracking all this stuff, how the hedge funds going to play… It would throw those algorithms on top of this. That’s what’s interesting to me because you’re going to see a lot of these things move just because there’s a lot of interest in them, which is going to create a lot of opportunities to sell short or depending on what algorithms they have, and how much money is going into some of these names, and how they tracking it? You know, as well as I do to Citadels and everything, all they do is front run the market, right? They don’t care about anything.

Frank Curzio: They just know what’s going in, but now you got to be able to see a lot of these names. It’s going to be interesting to see because how does Wall Street make a killing off of this? And that’s not being factored in yet. And when it does and when we see like the game stops and all this shit come out and everything, then you’re like, holy shit, we should’ve started coming. I just, this smells to me that it could be very dangerous. I like the concept, but still it’s just, if you’re going to promote a lot of garbage stocks to get in here, that’s what I worry about. And you might see that from the Reddit crowd, just trying to pump some of their favorite names.

Daniel Creech: Oh, I’m sure they will. It’ll be interesting to see. I don’t, like I said, I think they have other, the five billion market cap, whatever else is in there they got to have something that’s scanning for something else, other than just a positive blog post, you would think, but who the hell knows it’ll be fun to watch, but it’d be a great trading vehicle. So yeah. So everybody watch this tomorrow, B-U-Z-Z.

Frank Curzio: Yeah, I know, it should be pretty cool. And I sound like an old man when I’m talking about analyzing that thing, right. You got to be careful regulation and stuff like that. But yeah-

Daniel Creech: I gave it six months.

Frank Curzio: I know I gave it six months, going to mark it. It’s probably, this is going to be the biggest in the world in six months. And you can come back on and say, oh yeah, six months.

Daniel Creech: I bought this thing on Thursday. I’m retired.

Frank Curzio: Yeah by the way. I don’t work for it. No more-

Daniel Creech: I work from home.

Frank Curzio: That’s great. I did. Thanks so much talking about the topics and everything. People really love this segment. We dig into what’s trending. We want to talk about, and yeah, we didn’t even talk about Bitcoin, which is now a 50,000 again, not Bush. We’ve been on that, but Dan, thanks so much for coming on. And yeah, I know you’ll come back next week.

Daniel Creech: Wonderful. Cheers.

Frank Curzio: All right guys, be sure to check out the Curzio Research YouTube page. Subscribe; like it. We’ve started to get a lot of traction now, just… Everything we’re doing the newsletters updates for your subscribers, their own video format. We love the video format here. It’s really cool. I control a lot of this stuff. As you can see, where have Daniel there, I have different pictures of me, which you could see my ugly face from four or five different angles, but it’s a lot of fun bringing on guests. We had those interviews as well. So, if you should just go take a look again, it’s free to take a look on the Curzio Research YouTube page. And also, we have a lot of new content that comes out on that site as well. Two quick notes. I mentioned The Dollar Stock Club.

Frank Curzio: We’ll have a pick from Frank Holmes going in there. And that goes out on Thursday. Again, that’s a prop… It’s $4 a month. It’s a great starter product. You can cancel one month if you don’t like it. But when you see the research and what you get for the price you get, it’s pretty cool to good newsletter, especially for you. That is young invested, all invested in performance. Absolutely amazing. We hit some big winners in there, which is cool. And that can be found on our website, at curzioresearch.com. And last week, I mentioned Moneyflow Trader, when we had Genia on. So, a lot of emails come in, and we’re offering a 50% discount on it, as you see the market over the past week. It’s really crazy, as in, shit’s going higher. They come… You see the stocks come down. You’ve seen a lot of sectors get hit.

Frank Curzio: Now, not everything’s a bull market. ESG stocks come down. I want to start to come down a lot of opportunities. When if I trade, it provides a way to hedge yourself, hedge your portfolio. And this is a newsletter, as I said, I’m proud of it. Again, I finished the discount on Friday. It’s going to go away. It’s going to be full price going forward, probably for the rest of the year. But if you’re interested to do before Friday again, that’s also on our website, curzioresearch.com. So, guys, that’s it for me. Thank you so much for listening. I appreciate all the support. March Madness is here. Hopefully, it’s great with college basketball, although, I’m going to miss the crowds next year. I’m sure the full crowds… Alabama said that going back to the full crowd and was going back to the crowds next year. But we’re looking forward to March Madness.

Frank Curzio: It should be really crazy, a lot of teams that could win it this year. It’s not going to be Gonzaga. It never is, but we’ll see. We’ll see. Hopefully, they win. I hope Mark Few wins Wednesday. He deserves it. He’s always got good teams. But apparently, when it comes to playing really good teams, they don’t do as well. Especially, when you got to play back-to-back and really good teams, but they have beat a lot of great teams this year, and they smoked them. So, I’m hoping. I’m rooting for them. But man, I don’t know if they’re going to do. But I’m looking forward to March Madness. And as always, guys, I’ll see in seven days. 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 hosts and guests. You should not base your investment decisions solely on this broadcast. Remember, it’s your money and your responsibility.