Frank Curzio's WALL STREET UNPLUGGED Podcast

How Facebook beat the odds for a blowout Q1

I’ve never seen a company make a major change to its business model like Facebook did… and recover within six months. Today I break down its first quarter (Q1) earnings and why it’s still an incredible growth company.

A longtime subscriber has some suggestions for portfolio updates and buy-up-to prices. I explain our portfolio strategy… and what I’ve learned from my 25 years in this industry about balancing time between current holdings and looking for new opportunities.

Since we launched the Curzio Equity Owners (CEO) token, I’ve gotten a lot of questions from other business owners about the process. If you’re interested in raising money through your own token, I recap the journey… including who to work with and what to watch out for.

Transcript

Frankly Speaking | 57

How Facebook beat the odds for a blowout Q1

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

Frank Curzio: 00:16 What’s going on out there, it’s Friday, April 26th and I’m Frank Curzio, host of the, Frankly Speaking podcast, where I answer all your questions. About the market, stocks, comedy, sports, and anything else you want to throw at me? Created this podcast to answer more of your questions that you were sending me through my Wall Street Unplugged Podcast, which I host every Wednesday. Do you want any questions answered? Just send me an email at frank@curzioresearch.com that’s frank@curzioresearch.com. Be Sure to put, Frankly Speaking in the headline and you never know, your question may be the one I read on this podcast. Keep the questions coming in guys. I know it’s earning season. Now it’s crazy. Now is Easter frank@curzioresearch.com I’m here for you and let’s start with a question from Brian.

Frank Curzio: 00:57 He says, what do you think of Facebook’s earnings? Is it worth buying at these levels? I know you’ve been bearish on this name in the past, is thanks for everything you do. Long time subscriber and listener. Facebook blew out the numbers and I have to tell you, I mean a while ago I said Facebook’s one of the most amazing companies on the planet. The stock was over 200 I got very worried. I said that they’re changing their business model and you know, again, highlight my losers. But that was something we were right on where I didn’t even know in December it went from over 200 to 125, in December and now it’s trading close to 200 bucks after reporting earnings.

Frank Curzio: 01:35 Let me tell you some about Facebook. It may be the only company I know of in the last two decades that change its business model significantly six months ago and it did not hurt their business at all. I covered a lot of companies that changed their business model. They get into different things. Usually the stock gets crushed like Facebook and that’s fine and they say things are going well now, but just to integrate it, they have to go to all their customers individually and say, “This is the way we do business.” I mean there was a massive overhaul with Facebook. I know we advertise on Facebook and they don’t accept all the Ads and different things and it’s a whole process that you had to learn all over for these big advertisers, it didn’t matter.

Frank Curzio: 02:19 Why? Because it’s a company that has pricing power. You may say, “Well they lowered prices a little bit by 3-4%,” they increased volume by 30%. Okay, so when it comes to Facebook and Google, those are the biggest platforms in the world to advertise on. That’s where the biggest guys in the world are going to advertise on. Why? Because they know everything about their customers. Because the customers post everything they want and you say, “Well Frank, there’s privacy issues.” Look, if you’re worried about privacy issues, you shouldn’t go off Facebook. I’m talking about from investment purposes because with Facebook is going to do, is you’re going to see the headline news while well going to pay to a $5 billion fine for privacy issues, which is a drop in the bucket for these guys.

Frank Curzio: 02:59 Okay how much, I mean, I could figure this out for you guys, and this stock is … It took off what it was 78% after they reported earnings. You’re looking at a company with a $555 billion market cap. They just increased, in one day so what? 50 billion of market cap created, they’re going to give 5 billion away for this, which is nothing. That may piss you off. It should piss you off. And I get it. I’m talking about from investment purposes. If you want to get personal, don’t listen to this podcast. And if it’s personal to you and your investments, it’s fine. My job is to find good ideas for you. When I see what Facebook did and the transition that they’ve done, unbelievable that they’re this successful, but it shouldn’t be all that surprising.

Frank Curzio: 03:39 I’d never thought you’d see a site with over 2 billion people on one site. And what he have, how many Netflix users do they have? Doesn’t it make sense that they should have billions, a hundred million, a couple of, whatever it is. We’re talking about, what? What is it? Pretty close to 20% of the world’s population is on Facebook or one of their properties, whether it’s Instagram, are you kidding me? But when I look at these numbers, here’s a company that was supposed the earnings decline a little bit and they blow out the numbers and the growing earnings by 12% year over year. To put that in perspective, this quarter, the average company is not growing earnings at all.

Frank Curzio: 04:14 They’re expected to see earnings decline; remember last year we had the tax cuts of 2%. But now it’s like two naps and now companies are reporting really strong or ensure on unexpected, and it’s going to be flat to a little bit higher than me and let me be 1% a little bit less than that. They’re growing their earnings by 12%. You’re looking at revenues grew 26%. Average revenue is growing about 4% right now, 5%, 26% to just over $15 billion. Not only that, when you look at revenue specifically, right? You want to look at their revenue in their biggest markets because like Netflix will say, “We’re adding subscribers,” but they adding international subscribers, which don’t carry as much weight as US subscribers, right? Us subscriber is going to watch a lot more programs, as much more programs out there, but they’re not…

Frank Curzio: 05:05 There’s good subscribers and not so good subscribers in every business. When you look at their core markets, US and Canada revenues grew by 30%. Doesn’t sound like people are really scared to advertise on Facebook. If they continued to provide that service where you’re going to know your customer, you’re going to know your rate of return, your return on Ad spend is that much higher. Those are the platforms you’re going to use, right? Advertising is the ultimate secular market in the world. Every business is going to advertise. That’s how you make money by advertising and you have the biggest companies in world, that spend millions, sometimes tens of billions of dollars to advertise. These are the platforms they go to. Because they get the best rate of return for their buck.

Frank Curzio: 05:47 So that is not going to change. For me, the surprise was how quickly these guys changed their whole business model and didn’t miss a beat. They lose customers, they’re increasing revenue. So you’re looking at the $5 billion that they’re going to have to pay and people might be concerned about that. They have 40 billion in cash on the balance sheet to generate $10 billion in free cash flow. And by the way, that 5 billion is going to be paid over a certain amount of period. To put in perspective, if you look at it at the cigarette companies, Tobacco industry 15 years ago is when that massive, huge settlement of hundreds of billions, whatever it was, they’re still paying that off to the government 15 years later.

Frank Curzio: 06:23 So it’s really a drop in the bucket for them. It’s a lot of money to the government. It’s, “Hey, we won. We got out there, we showed what we could do.” Yeah, I think this is going to make Facebook a better company. But if you’re looking for an investment purpose, Facebook purposes, I think Facebook is … you don’t want to buy after they reported strong earnings. But I think that’s just the beginning. I mean that was the biggest transition period of what I saw and the stock really got hit. But men the last two quarters, two quarters in a row, I thought Facebook was going to miss last quarter because all their customers had to learn a new way of doing business with them when it came to advertising. But it didn’t matter. It didn’t matter.

Frank Curzio: 07:00 And the fact that they did that transition so quickly and, in this quarter, blowing out the numbers. I mean, usually when your stock is running up into the Koi but the number, I mean it was so great to stock actually went up like 70%. And usually seeing companies be, I thought IBM’s numbers were good and it came down to 5%. Because it’s the number one performer in the Dow. I usually see it no matter what numbers you report, Facebook numbers were that good and the stock went from 125 to two basically 180-ish into the quarter and then shot up almost another 20 points. And again, it took a little bit off the top there as it came down a little bit.

Frank Curzio: 07:36 But when I look at Facebook, I think, scale into the position, start getting into it, I think it’s going to get much bigger and their market cap is, 550 billion compared to pretty close to a trillion dollar mark caps on Microsoft and also Amazon and they have a platform that everybody loves to use. They’re still going to continue, people are going to use that platform no what. Again, if you hate privacy issues, whatever, you just would never visit Facebook. That’s fine. I talk from an investment purpose, the company is just trading at 20 times forward earnings, growing those earnings much, much faster than the overall market. Right. By a factor of more than 10 sales and credible. I mean by a factor of four, they’re growing it, and I don’t see those trends stopping.

Frank Curzio: 08:15 So you know that this is still a growth market and this company’s growing pretty much faster than almost any large cap that I could think of in a technology space, which is pretty amazing. But they did a fantastic job and not only that, that overhang of that settlement and privacy issues, they paid that 5 billion just like every company. Once they pay that the uncertainty is lifted off the company and that’s going to provide even more of a growth trend going forward. So that’s what I think about Facebook. Let’s move on, I got a question from Joe. And it’s titled Tokenizing my company. Quick question for you. So he says, “Hey Frank, I’m working with a friend to help me tokenize a company.

Frank Curzio: 08:49 I’ve reached out to Securitize, after looking into them and after listening to your interview with them. I was just curious if there were any of the companies you evaluated seriously. But also looking at Harbor and Polymath. Securitize, we had a great experience with. They took care of everything on the backend so when you subscribed they do all their checks and makes it easier and not only… you want to use a company like Securitize because when you do it allows us, with our Curzio Equity Owners token because we use Securitize. If we go to tZERO, OpenFinance, Coinbase is going to start trading these tokens as well. But when we go to these platforms that’s the biggest thing. They want to say, “Okay we need to know, fill out these hundred documents.

Frank Curzio: 09:27 We need to make sure all your customer are good and we say, wait, well all our customers are good, we use Securitize.” Because Securitize is with partners with tZERO, OpenFinance. It turns out it’s 10 documents you have to sign and fill out. So that’s really big and you want to use one of those services. I tried to use Polymath, I didn’t like their service because you have to use their actual token, which didn’t make sense to me. I mean you’re talking about the security token transparency. Why are you limiting the market where I have to use your token? So anyone investing, at least that’s the way it was when I looked at it. But if I did that offering, you would have to invest in it through the Polymath token. Actually it didn’t make sense to me.

Frank Curzio: 10:06 They launched a token, it’s kind of like … I think they called it Security Token, but it’s not. It doesn’t give you an equity stake in a business. So that kind of turned me off. I didn’t really look at Harbor too much, but when I looked to Securitize, they don’t have a token. It was just, “Hey, this is a service we offer. Kind of a new company.” We used them, worked out for both of us. It’s been fantastic. And they’ve introduced those to investors. They’ve been great along the way. The problems that we ran into because it’s a new industry they fixed immediately. They had calls with their team saying, “We need to get this done.” So they were fantastic. And if anyone has any questions out there too about, tokenizing your business, frank@curzioresearch.com.

Frank Curzio: 10:45 We’re one of the few companies at war that did this from start to almost finish, right? We’re going to be trading in a year from now. It was a lot of work, man. I’m telling you, it’s a lot of work, a lot of the headaches. But if you structure this wrong, if you use the wrong lawyers, you can get destroyed no matter what the great idea that you have that you want to tokenize. So be very, very careful. Lawyers are a big deal. I went to four sets before finally, and I think Robin Saws now, I think I interviewed on my podcast as well as people from Securitize. But having this network and having more and more people reach out to us on LinkedIn and doing this and trying to structure their deals. I’ll let you know what’s good and what’s bad, what you have to do.

Frank Curzio: 11:26 Because I’ve seen on the ICO market where they’ve set it up where they have operations in the US and they didn’t realize that if you’re doing a utility token, you’re going to get taxed. You’re going to have capital gains. It’s kind of like someone just gave you like a brand new car, like a $100,000 car for free, you got to pay taxes on it. That’s how that’s viewed. So you’re taking investor’s money and say someone gives you a hundred grand, they don’t know that 30 grand, 40 grand has to go to the IRS because you structured it wrong. And that happened to several companies that I know of that that started up. You don’t have to worry about security tokens because it’s a security. But if you’re saying, “Well, it’s not a security to utility, it’s tax differently.” And there’s not a lot of lawyers that understand the securities market and also the Crypto markets.

Frank Curzio: 12:14 They either understand the Crypto markets are real or security markets. And having lawyers that know both of those, because this is a brand new industry, was very, very, very important. So I’ve had over a dozen businesses reach out already. We’re helping them too, it’s not like it was starting a consulting business or anything. I just think, we help these businesses, it’s better for the industry, it always comes back. Everybody that I’ve helped always comes back 10 times more, 10 times over. So, yeah, if you have any questions on that or any guidance, I would definitely use Securitize the lawyers that we use are fantastic. And Robin says, now you can look her up. She’s great. She set up our cap table and did everything perfectly and we’re still in contact with them too.

Frank Curzio: 12:53 Even though we launched this, we had our soft cap about 4.5 million in commitments, but we have a lot of institutions looking at us right now, which means I’m going to be pretty busy over the next month, month and a half. But there’s a lot of institutions enough to process. They’re very positive on our offering because it’s one of the best out there in terms of being structured. Going through this whole process from start to finish and being one of the only ones that did it is, it’s exciting. It was cool. It was a lot of hard work. But that’s what you want to do. You want to try … That’s why I love doing this podcasts’. When I teach you guys, I’m not teaching you because I’m this arrogant genius and say told you so. It’s because I made a lot of mistakes over my 20 year career. I’m trying to help you avoid those mistakes to become better investors. Right.

Frank Curzio: 13:36 So when it comes to this, that mistake could really bite you in the ass. So if you have any questions and you’d thinking about doing this, we sold a record amount of security tokens. We’re seeing more institutions enter to this market as ever. If you want to get the best new stories and sources, go to our website curzioresearch.com and click Token Tracker. And what we do is we pull stories every week from all security token, the best websites, and then you could even find the websites that we’re using because it’s specific. And then you can find more information on those particular news outlets that cover security tokens, which are now called digital assets or digital securities. But start learning about this industry. It’s fantastic. It just makes sense.

Frank Curzio: 14:18 Even if you’re not going to invest in Curzio Equity Owners it’s perfectly fine. But when you really look, I talked to people and told them like some of the smartest people I know, listen, “Tear apart this industry, what are the biggest risks?” And yeah, you have liquidity risk and you have just so much uncertainty. But when I sit down with almost every one of them, they just feel like, “Wow, this is incredible.” There’s no reason why they shouldn’t really take off. And it’s starting to take off. And I think we’re in at a pretty good levels here when we get in pretty early and even I’m seeing people in our business, that’ve reached out to me that said, “Hey, you know what? Shall I do this?” But learning, it was a big learning curve.

Frank Curzio: 14:50 We made mistakes on the, but everything is successful, the was launch successful. And if you have any questions on it, feel free to email It to frank@curzioresearch.com. Let’s take one more question from Jason and also has Kathleen on it as well. That’s almost a red flag, if you have a husband and wife on the same email. I don’t know. I’m just kidding. So Jason and Kathleen who I’ve asked this question, it’s a very good question. Says, “Hey Frank, long-term subscriber to Action Alerts plus,” which is Jim Cramer’s newsletter, “and also Stocks Under 10 for about 2005-2010 and I ran the Stocks Under 10 portfolio. Because my favorite part of the show was the weekly summary where every stock is ranked on a scale of one to four, which struck commentary about any news thesis update.

Frank Curzio: 15:32 For CRA, which is Curzio Research Advisory (CRA), you provide a biopsy price, which tells new subscribers to not buy Amazon unless it falls 50% back below a 1,000. Is that your intent?” A monthly summary would allow you to write buy, what, third position? In Amazon, another third position at 1500. And the last one third below a 1,000. I think you need to add a weekly or monthly summary to you service. Yes, you have the quarterly video and you do send out updates, but not all stocks are covering your updates it’s usually like two or three. Any I have been a long time subscriber since 2015 and listener. And both listeners to the podcast and soon to be lifetime for both CRA and Curzio Venture Opportunities. Just a tip to improve your service and actually this is from Jason is by the way go Seahawks. Russell Wilson is under contract.

Frank Curzio: 16:22 Yes. I shouldn’t answer this email just for you saying that. I’m kidding. I’m a big fan of Russell Wilson and glad they locked him up. I think I locked them up for too much money and you guys are going to fold the same fate as Baltimore when he paid Flaco a ton of money and ever since that happened… Listen, he’s a game changer. He’s great. Last year was supposed to be a rebuilding year and you guys made it mostly because of him. I know you focus on the running game and stuff last year, but your defense was great. He’s got a good coach, Pete Carroll. So let’s get to your question now because I’m not going to tear them apart and say they have no shot against the Eagles next year, which they don’t. So getting to your question, Jason. You say for CRA, you provide a buy up to price, which tells new subscribers to not buy Amazon unless it falls 50% is that you’re intent?

Frank Curzio: 17:04 Yes. That’s my intent. That’s exactly my intent. Sorry, you didn’t buy it below a 1,000 and you’re not up 100%. I wish you were, but I’m not going to issue… I’m not going to create an alert to say, “Hey, buy a third here and buy…” No, I wanted you to buy that under a 1,000. And if you dig, you’re up 100%. Yes, we have a buy up to price and it’s listed there, so you’re saying, “Okay, I can’t buy Amazon unless it comes down 50%.” But that’s, the way our newsletter is, right? We were recommending companies we want to, sometimes I’ll tell you the scale into a position and by a third position, like sometimes we do that. We have stops on all of our positions, but that’s one maybe that you missed or if somebody comes in, but we’re recommending stocks every single month, so you always going to have opportunities.

Frank Curzio: 17:47 They stole a lot of buys in our portfolio. It’s performed pretty well. And when I look back at the street, what we did is insane. It was a productivity killer because what we had to do and what they forced us to do was write about every single stock every week and there was no news on these stocks every week. Saxon report news every single week. Some do. And our alerts include two or stocks, sometimes four or five. But that depends on earning season. So every earning season is when we’re updating you, unless we see a stock move 10-15% in either direction. Yeah, most of the time we’re updating you. But more important is those portfolios at the street were set up as trading portfolios. Jim Cramer Action alerts pose as trading portfolio.

Frank Curzio: 18:28 He’s doing three, four or five trades a day when we’re buying stocks based on my methodology where I want you to hold them for 18 months. So I’m not going to send out updates unless there’s news on it, of course. And if there’s no news, but you’re getting updates in between, basically every single quarter because all these companies report. Then I do the quarterly update for lifetime subscribers. So for me, and again, I want to do what’s best for my subscribers and I know, “Hey, I want more information, I want more this.” But I’m not really giving you more information. I’m really clouding your judgment. Okay, because if I’m going to report to you on Facebook, say, which I just talked about. And say, “Wow, well look at the security problems that they’re having.” And this could be 3 billion, it could be 5 billion, it could four, but all that’s kind of a waste of time.

Frank Curzio: 19:13 Just like the tariff news, I mean millions, tens of millions if not hundreds of millions of stories. It was a waste of time. It didn’t affect the US at all for a year. And we sat there and said, “Guys, just ignore what this saying on tariffs.” And it was a top story and we generated huge returns when the market went up and up and up and up. I could’ve just sent out news to you about tariffs just like everybody else, or about Amazon like everybody else. But Amazon’s is an earning story. And when there’s news on Amazon, just like there’s news out on any other one of our positions, I’m going to let you know. But I’m not going to really create an alert and say, “Hey buy a third here by a third there,” and you’re asking is that my intent? My intent was, hopefully, because you’ve been subscribed for a while, is to buy that stock under a 1,000 because it’s going to push through 2000 pretty soon.

Frank Curzio: 19:58 I know that’s not why you’re buying my newsletter, to buy these big-name stocks, right? Like Amazon. I get it. But I actually said that in my issue too. I said, “Guys, look, I research every cloud company. This one has the most upside by far. Don’t get drawn backwards where it’s like Amazon an offer I want to buy, or it’s $900.” It’s all about percentage returns. Take a smaller position. You could invest two grand, three grand, five grand in Amazon and 900 or you can invest that five grand, a low price stock and have more shares. But if those stocks both go up 100% you’re still going to make 100% of your money. So I tried to lay that out and said, “Look, you’re not always going to get these big large caps and names and stuff like that. But it just, when I researched this industry, I knew this stock was going to go higher, especially when I intended the CS.”

Frank Curzio: 20:44 And they don’t even have the Google devices for the virtual assistance. I mean, they displayed those last three years in Apple home and stuff like that. Like last year, especially, everything was Alexa. Everything. Every story was Alexa. Everyone was displaying Alexa. Everything works with Alexa. I mean, they’d dominated that industry. You know those Alexas’ are listening to you, I mean they’re going to be getting into advertising. They’re seeing advertising, that part of advertising, which is Facebook and Google they’re starting to see huge dollars, huge revenues, huge growth in that business. But getting back to your point is I’ve seen newsletters, I’ve been in this industry a long time and sometimes too much information is bad.

Frank Curzio: 21:26 And for us, just what we really did, if you look back at the Stocks Under 10 it wasn’t a copy and paste, but there was nothing to really talk about, especially for Stocks Under 10. We just provided an update that “Hey, this is what the company does.” And for me, I’ve had to be out in the field, going to conferences, finding new ideas for you. So it’s all about, how can I provide the most value to my subscribers? Is finding those new ideas. Interviewing guys on my podcast. Going crazy instead of keep reassuring you that, “Hey, this is a good stock. And by the way, IBM’s buying Red Hat and it looks like a good deal. It’s going to go higher.” Next week, right about IBM I go, “IBM looks good. That IBM it’s going to close probably about four months from now. It’s a really good deal. Red Pot reported great earnings, no one’s really paying attention to it. Because again, bought by IBM.”

Frank Curzio: 22:09 Imagine doing that every single week. It’s not productive and there’s not significant news that’s going to change my thesis. So if there is, that’s what we provide alerts on these services, but we want to look at it as, how am I going to provide the greatest value to you? And to me the greatest value, and again, this is about you. It’s not about me. I say that all the time. To me writing alerts every single week on nothing doesn’t make sense. I’d rather be interviewing people, talking to people, going to conferences, traveling, getting in the field, finding those rare ideas that you’ve been seeing in a lot of the newsletters, especially CVO. I mean, two really unique ideas. And one of them is up 100% already. But we’ve been able to get into these ideas well before the street because we value the boots on the ground approach.

Frank Curzio: 22:55 Getting out there and interviewing people and stuff like that. But I like to hear from you guys, frank@curzioresearch.com. Jason, one is Seahawks, but it’s a good question and I want to hear from you that people want alerts every single week. I mean, yeah, we could hire someone just to rehash exactly what we said in our original recommendation and just give you an update on it. But every single quarter that’s when we were updating our companies and both newsletters and depending on when they report. So last week we sent out two, actually this week we sent out two alerts. One for CVO, one for CRA because our companies are starting to report and now we have list of three or four that just reported last two days. And we’re going to send that out.

Frank Curzio: 23:37 And if one of these stocks move like 15%, then we send it out right away and give you guys an update and say, “Hey, our thesis has changed,” or what we did with city group a couple quarters ago where it got crushed and going to December we said, “Guys, you’ve got to buy the stock right now, double down.” And those who did that are sitting on very, very nice gains in Citigroup because it rebounded sharply. But again, that’s how… I want to make sure my sentiments align with my subscribers. Or my shareholders with my investors but I want to hear from you. I mean, if you need that extra update or whatever, I could probably hire someone to actually do that if that’s a game changer. But I haven’t seen a lot of people ask me about that.

Frank Curzio: 24:17 And one of the negative things I’ve always said from the street.com is, having that, we literally wrote every single stock on a Friday and it took like four or five hours. Because we had like 15-20 stocks in a portfolio and we’re just writing like, “Hey, our thesis is still intact. This is how we feel. This is a one, this is a two, this is a three.” For us it’s kind of like, I don’t want anyone buying an Amazon really at this level. I loved it below a 1,000 and that’s why we have buy up to prices. And remember for new subscribers, you’re always going to get new ideas. There’s always going to be ideas in a portfolio for the buy, as long as you act on them when we tell you that. But it’s very carefully calculating when we do this.

Frank Curzio: 24:54 And again, I don’t want anyone buying an Amazon at 1600 or 1700. I know you’ll be up on that, but yeah, the risk reward isn’t as favorable to me at those levels as it was below a 1,000. So hopefully that answers your question. And again guys, I want to hear from you. Let me know. Okay, run this business, doing everything, working hard. I love it. But it’s about you. It’s not about me. So let me know what you guys thought frank@curzioresearch.com and I’m always open to new ideas to help our clients. And that’s why, this far we’ve been successful is because we listen to you guys, I listen to you. When you guys say, “Hey, I could you get an app?” Yes we’re going to get an App. Once someone said that the ASP, that the print was a little bit smaller because we’re looking to do a one page report.

Frank Curzio: 25:34 But if it’s too small for most of our readers and sometimes it’s hard because it’s not, it depends if they have PDF and could increase it. But it just little things like that makes sense. It provides a bit of experience and the only way we know that is if you tell us. So I’m always a big believer. Sometimes people, they have this egos and like, “Just shut up. This is the way it is.” No, you guys support our business, we want to do what’s in the best interests of you and grow this thing and that’s how it works. And I’ve seen this happen in numerous businesses, where they really focus their customers as subscribers, that’s when the business is really, really, really grow.

Frank Curzio: 26:07 So that’s what we’re looking forward to. So, guys, once again, frank@curzioresearch.com if you have any questions, that’s it for me. I hope you guys have an awesome weekend. Definitely watch hockey playoffs, NBA playoffs, loving it right now because after this is over guys, it’s fricking baseball for like five, six months and it’s terrible. Ugh, I know Beta is some baseball fans out there, it’s fine, but it’s just, ugh. Yeah, I won’t go on the ramp baseball. But anyway, enjoy the play offs. Enjoy the weekend. I’ll see you again in seven days. Take care.

Announcer: 26:39 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. Wall Street Unplugged produced by The Choose Yourself Podcast Network. The leader in podcasts produced to help you choose yourself.


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