One of the best in the newsletter business—my old boss (and friend), Porter Stansberry—joins me to reminisce about old times… and discuss what’s changed (for better or worse) in the newsletter industry. We go over the incredible highs and lows of his career, including the Netflix documentary that painted him as a murderer.
He explains how two men are destroying America… why he’s cautious about investing in China… why he sees a debt crisis coming down the pipeline… and why investors should prepare for chaos as the global financial system hits a tipping point.
While Porter expects a massive bear market, he isn’t bearish on everything. He highlights a specific group of stocks he’s bullish on (that Warren Buffett is also buying)… and another Wall Street icon who’s about to outperform everyone over the next few years.
- How Porter got into the financial newsletter business [5:40]
- How Porter’s company was stolen from him [13:18]
- “End of America”: The video that changed the industry is as relevant today as ever [26:55]
- Where the next debt crisis will strike [34:00]
- The two men destroying America [39:40]
- Netflix’s “hit piece” on Porter [45:00]
- Porter and Buffett love this sector right now [50:00]
- This Wall Street icon is set to outperform everyone [52:20]
Wall Street Unplugged | 996
Porter Stansberry: Prepare for global chaos
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 out there? It’s January 19th. I’m Frank Curzio, host of the Wall Street Unplugged podcast, where I break down the headlines and tell you what’s really moving these markets. Now, I told you I had a great interview set up. It’s my friend, former boss, Porter Stansberry. He’s been kind of MIA for a while, but now, started up a new financial newsletter insider company called Porter & Co. If you listen to this podcast, you know I used to work for Porter a very, very long time ago. Before starting this company, worked for him for four or five years. And you might be thinking, wait a minute, you just said he’s starting a new company.
Frank Curzio: And here’s someone who started Stansberry Research, became Marketwise, which went public to his SPAC at a $3 billion valuation. He’s still one of the largest shareholders in the company, which is down more than 80% from its highs. Got crushed along with every other SPAC. But he’s no longer part of that company and not by choice. It’s a fascinating story. I’m pretty sure Porter has not told publicly yet, at least I haven’t heard. It’s a tightly knit industry we are in. But he’s about to share all the details, including how some of the people closest to him, really, for lack of a better word, f-cked him over. There was the huge public attacks brought on against him, including a Netflix documentary that tried to paint him as a murderer. Which I saw. I’m sure a lot of you saw. Very popular. And I also thought it was a complete hack job. That’s just half the interview. Let’s take a walk down memory lane.
Frank Curzio: Why he started his own financial newsletter at a company in late 1990s, which later became pretty sure the largest of the world, if not very, very close, in terms of financial newsletter publishing. Talking 10 million members on the platform, 850,000 paid subscribers, 550 million in billings in 2020 before going public. But absolute insane growth year after year after year. We’re going to break down the current state of the financial newsletter publishing industry, which is resulting in what? More crackdowns by the regulatory authorities, people pushing the issues, aggressive promotions, he’s talking about what’s changed over the past few years especially. Which includes the good and the bad.
Frank Curzio: In this is an interview, I’m not going to hold back. I’m not asking layup questions and what are you doing now and how’s it? No, no, no. I mean this is going to be a really, really great interview. If you think I curse a lot, get ready. And the cursing it’s not staged, it’s emotion, it’s passion, it’s stuff that any of us will be cursing about if we were or went through the same situation or put in that situation.
Frank Curzio: But the most important part of this interview is the message Porter’s now sharing with everyone, especially through his new company and how two very powerful people, billionaires, are doing everything they can to destroy America, destroy capitalism, the way of life, how we live in this country, the radical agendas which the largest companies in America are actually buying into. It should be no surprise to you. Because we talk about this a lot, this podcast for many, many years. And we’re not talking about source being one of them because source is like a spoke on a wheel compared to these two powerful billionaires he mentioned. Much, much, much bigger.
Frank Curzio: But he’s also going to go over something that I mentioned, where the economic landscape is very, very, very scary right now. So, Porter does a good job explaining how the average investor can protect themselves. He focuses on few sectors and ideas of how to rebalance your portfolio and how critical it is right now. But basically, positioning yourself to avoid a further fallout from these radical policies being implemented with American people and quite frankly, everyone around the world. So, without further ado, here’s my totally unedited interview with Porter Stansberry. Porter Stansberry. What’s going on? Thanks so much for joining us on Wall Street Unplugged.
Porter Stansberry: Frank, it’s really nice to see you, nice to talk to you. How are things for you?
Frank Curzio: Oh, things are going good. Things are going good. I have my own company now, five, six years. Lots of fun. And now, I finally realize why you were pissed off all the time.
Porter Stansberry: Welcome to the life as a publisher.
Frank Curzio: Holy cow. I like the days when, yes, I’m just getting paid to write a couple of newsletters and traveling. That was a lot more fun than actually running a business of lots of employees. So now, I really appreciate the work that you’ve done when I worked for you, man, it was really cool.
Porter Stansberry: Thank you, Frank. You’ve always said a lot of nice things about your time with me, and I’m grateful for that. The hardest part of this business is the people. It’s super hard to get a great team of creative smart people and then to keep them. And it’s amazing how one bad apple will spoil the barrel very quickly. It’s definitely a tough and challenging business, but I’m very impressed with the success you’ve had, and you deserve all of it. Congratulations.
Frank Curzio: Thanks. I really appreciate that. So, this interview is about you. It’s not about me. So, I want to get into it, because one of the questions right off the bat is you’ve been in the financial newsletter industry forever, pretty much like me, more than 20 years. Let’s start off with people who aren’t familiar.
Porter Stansberry: Do we have to start with how old we are, Frank?
Frank Curzio: I know. Holy cow… It comes out, right? Oh my god. It comes out. It comes out. But what made you get into this business? And start from there. For people who aren’t familiar with you, and they know I used to work for you now, I own my own business, and we’ve both been doing this for a long time, you turned your business into one of the largest financial publishers in the world, if not the biggest. But you know, what led you into this industry compared to working for a fund, working on Wall Street, which could seem easier at the time, but financial newsletter publishing in the mid-1990s. Talk about that story.
Porter Stansberry: Well, the newsletter business was a lot different in the 1990s. I’m happy the industry has matured somewhat, but Frank, the story for me is really just of, I just followed the opportunities that I had. When I got out of college, I didn’t have some grand plan to become a financial wizard or to be in the newsletter business or even to be in finance. What happened to me is I grew up with one of the smartest people in the whole world. A guy named Dr. Steve Sugar, you know him. I know him. And we were the only two surfers in central Florida who didn’t do drugs and who read books. So, when we’d go to the beach, we were both talented surfers. He was much more talented than I am. But we were friends with a lot of very good surfers. I was actually a long time ago, even in an advertisement with Steve and Kelly Slater. Kelly Slater of course went on to become the best surfer of all time.
Porter Stansberry: I wasn’t anything like that. But Steve and I were good surfers, and we were good friends. And he was like the Doogie Houser of our hometown. He graduated from high school when he was like 15. He graduated from college when he was like 17. He was just way ahead of the game in terms of his intellect and his maturity. So by the time, I got out of college, yes, I had two junior years. By the time I got out of college, Steve was already running a $500 million international mutual fund. And he actually walked away from that career because he thought there was more opportunity in financial newsletters. He saw all of the conflicts in mainstream finance. How all this business was really about garnering assets, not about maximizing returns. And he wanted just to work directly for investors.
Porter Stansberry: So, he walked away from that and got involved in the newsletter world, and he gave me my first job in finance working as an editorial assistant to him. And it just went from there. And from there I just sort of one foot in front of the other ended up where I did. But it wasn’t a grand plan. And over the years, I have received a lot of offers to go work for a couple different hedge funds and things like that. But those businesses are really, really challenging. The economics aren’t nearly as good as the newsletter business. The regulatory hurdles are very significant as are of the capital requirements. So for me, the newsletter world is just the happy medium of getting to say and do what I think and what I feel. Not having to worry so much about regulation and getting to serve investors directly.
Frank Curzio: Now that was, you said right off the bat that it’s different back then compared to now, what have you seen in terms of the changes to this industry being starting from nothing, creating one of the biggest financial newsletter publishers. We’ll get to that in a minute, and going public with that company within acquiring divisions and starting divisions, 160 plus products, which is amazing. I’ll get to that in a second. But what are some of the changes you’ve seen, especially in the past five years? Because growing up in this and learning from my dad, it was always about helping the customer. The comes first and you want to educate them. If you educate someone, they’ll be with you for life.
Frank Curzio: What have you seen maybe over the past five years? Is it different? Is it crazy? Because sometimes when I’m trying to hire someone, even from the hedge fund world, they look at this industry like it’s garbage, like it’s shit. And they say financial newsletter publishers are terrible. And yet, here we are trying to do the right thing and really educate people and being a hundred percent independent, no bias or anything. We don’t get paid by companies. You don’t get paid by companies for the research. What changes have you seen over the past five, seven years? Good and bad?
Porter Stansberry: Well, let me go back a little further. Because when I got into the business, I was very worried that I was working for a criminal. I was just sort of like, what is going on here? Because there were some people at that time, and this is around the fringes of Agora. Not directly working for Bill and not inside Agora. But there were certainly people who we rented lists from, for example, that were basically criminals. Now, when I say basically criminals, what they were doing might have met the technical limits of the law, but the entire business model was predicated on hosing your customer. So, they would tell people that they were going to get independent investment advice, but they wouldn’t, they would get advice that was all promoted. Basically, penny stock pump and dump schemes were rife in the industry when I got into it in the mid-nineties.
Porter Stansberry: And Bill Bonner and Agora had a different idea. And the idea was that if you actually treated the customer with respect and dignity and did your best to serve them, they would be much more valuable than whatever you could make pumping and dumping from a penny stock scam. And so, I saw then that was that dichotomy. There’s a really famous article from the New York Times, if you Google it, you can find it, about newsletter publishing in 1995, and that was right when I entered the industry. And the quotes from the publishers are hysterical. They’re basically saying we’re not interested in a fair game, the way this business works is, you go out and you buy a list of people’s mail addresses and you send them stock promotions and then the stock companies pay you for doing that. And that game has continued, that stock PR game still exists and there’s variations of it.
Porter Stansberry: But what I did as you know, is starting in 2003, we began publishing complete and accurate track records of all of our products. We spent millions and millions of dollars hiring real experts, people with PhDs and backgrounds in the industry to produce really complex, deep and highly credible editorial. And then we charge people appropriately. So right now, a lifetime subscription to Stansberry Research, I believe starts at $35,000. Well, that’s a great business hiring experts and doing real research and selling it. But that wasn’t the business as I found it when I got involved in it 25 years ago. And today, I think that the big difference is that I’d say there is in general less pump and dump. There is less stock PR, at least from what I see.
Porter Stansberry: But what there is more and more of is this lead-gen business, where people create things that look like free daily e-letters but aren’t. The only purpose of these businesses is to sell your email address to another buyer. And that I think is really corrupting the industry right now. And what happens with all these abuses is, the scammers come in and they find an angle to abuse something. And then they do it for a while, and then the regulators catch up with them and punish them. And so, I don’t know how much longer that thing is going to go on.
Porter Stansberry: But I have seen just this week the FTC came down really hard on a group out of Jacksonville, Florida. You must know these folks, who were touting get rich quick schemes and who were not being honest at all about the track records or about the background of the people. And there’s a new law that says if you’re using auto renew, which we all do, then you have to disclose more and more things about what you’re doing. And it’s a very interesting case. And I’m hopeful that it’ll help clean up some of the lower quality editorial and business models that are out there.
Frank Curzio: Now I appreciate that. Now, that was for people who aren’t familiar with you. Now, people who are familiar with you, I’m going to ask a question. So, I’m going to ask you this: So, you started Stansberry Research in 1999, created one of the largest financial years letter published, again, 160 plus products. Then, you did something amazing, I think one of the first in our industry to bringing a company public. You did that through a SPAC. $3 billion valuation, which is Marketwise, which Stansberry’s under. But yet, when people see you today, they see this. Which is a totally different company. Explain that. You’re still part of Stansberry? Is it still part of the Agora system? Is this a different division you’re starting under that? Because that’s the questions I’m getting.
Porter Stansberry: I’m so glad you asked about that. Someday, I will write a book. Because my life has genuinely been stranger than fiction. Over the years, the left wing media has tried to portray me as a racist, as a murderer, and as a criminal. And so, I’ve overcome a lot of things just by serving my customers very well. And I’ve sold in my career three more than $3 billion worth of financial research. I had a Stansberry Research when I retired from that company in December of 2020. I had about a million paying subscribers in 170 countries. And more than half of my subscribers had a lifetime subscription to me and my products. And I’m very proud of that business that we built. We served our customers very well. We overcame ridiculously absurd public attacks. And we produced great products with great track records as you know.
Porter Stansberry: But I had business partners who wanted liquidity. My main business partner, Bill Bonner, was in his seventies and was looking at of course to set up his estate and do things that required liquidity. And I had all of my net worth, 99% plus of my net worth, tied up in that business. So, I wanted to diversify somewhat as well. And of course, going public is a great option. We could have sold to a private equity firm for six or eight times earnings any day of the week. But because our business is really high quality. I grew that business, Frank, 30% a year for 21 years, and had 30% annual revenue and 30% annual profit growth in that business. And when I retired, $81 million of our revenue every year was proven renewal income or maintenance fees on lifetime subscription. It was an amazing business. I mean, it was a battleship business. And I didn’t want to sell it for six or eight times earnings when I know it’s worth 20 or 25 times earnings.
Porter Stansberry: And so, to do that, you had to go public, which is what we did. And it was a very painful process. It was three years of spending a fortune on lawyers and auditors and all kinds of shenanigans. And at the end of the day, the banks were so controlled by the progressive agenda, by the ESG stuff that they wouldn’t do business with me. They said that if we want to go public, Porter has to leave because he’s a murderer and he’s a racist. And they, of course, knew that none of that was true, but they didn’t want to be subject to the cancel culture that they thought they would be if they were associated with me in an offering.
Porter Stansberry: So, in consultation with my partners, I decided what was best for the business was for me to leave. So in December 20th, 2020, I resigned, and the company became managed by a new board and a new management team that was led basically by four lawyers. And some of those lawyers were some of my oldest friends. And what happened next is a story as common as time, money changes people and changes people’s decision making and priorities. And the lawyer who was most in charge of the deal decided to go forward with an IPO process that allowed an investment group out of London to buy 20% of my company but pay me nothing.
Porter Stansberry: I want you to just really focus on what I just said. It doesn’t make any sense. We had didn’t have a SPAC. We had what’s called a failed SPAC. Where the trust fund that was supposed to pay us $400 million plus to get control of and 20% of the equity to take the company public. That whole trust fund redeemed. So, there was no money at all at the close. Well, when I say there was no money at the close, there was no money from the SPAC at the close. At the same time we did a pipe fundraising of $150 million, which we did close. So, my company spent three years and $48 million to raise $113 million. Which as you know, we didn’t need. Company was producing close to $200 million a year in cash at the time. So, it was a debacle and has gotten worse.
Porter Stansberry: So then, what happened? Well, why would that happen? Why would the CEO of the company and why would the board of the company agree to those terms? Well, because in his contract he got 15 million shares vested immediately at the close of the deal. Why did we pay him that? Well, because we of course expected the deal would be for cash, and it wasn’t because of the way it was negotiated. So, he got 15 million shares fully vested. We got nothing. Those 15 million shares at the time were worth $150 million. Do you think $150 million dissuade his judgment?
Porter Stansberry: Yep. So now, I’m the largest individual shareholder of a publicly traded firm that has spent, since we went public, $150 million on lawyers and public company expenses. And I have absolutely no way to sell. There is no liquidity. Because I’m more than a 10% holder I’m only allowed to sell 2% of the average daily volume. And the average daily volume is like a hundred thousand shares. It’s nothing. So, I can’t sell. Worse, my board is now captured by these outside investors who paid nothing for the stock, nothing. And they have done the most ridiculous things, including they did something like $20 million worth of share buybacks before the insiders were unlocked.
Porter Stansberry: So, they’re just using the company’s money to enrich themselves. Most recently, they converted their warrants. You’ll love this. You understand warrants. They had 20 million warrants that had a strike price of 11 dollars and 50 cents. Our stock is now at two bucks. Is there any chance those warrants are going to be in the money?
Frank Curzio: No.
Porter Stansberry: No way. They expire in three years. There’s just no way. So, my company spent $2 million on legal fees and agreed to convert 20 million warrants that were worthless and to 6 million shares that are freely trading and gave them to the two board members who paid nothing for our stock.
Frank Curzio: Which means you’re going to sell them and making money at two, three, $4. Yep.
Porter Stansberry: It’s absolutely insane. By my calculations, the people that people from London that we did this deal with have taken something like $40 million out of my company, and they paid virtually nothing for it. And it’s just been an absolute debacle. And so, my choices are sue the company, but I own the company. So, I’m suing myself. That doesn’t work. So, I started a new business. I started Porter & Company specifically because it was the only way that I could have any hope of recouping any of the value that I built over 25 years because all of it has been stolen from me.
Frank Curzio: So, was it forced? Where is it the board that voted you off or you said, you know, left the… It’s hard for me. I mean, obviously, it’s a board of directors and they’re going to vote, right? I mean, you created this, right?
Porter Stansberry: I wasn’t fired. I wasn’t fired. In December, 2020, what I was promised was that these outside investors were going to buy 15% of my shares for around a $100 million in cash at the close. And I’d still own 85% of my shares, which would be liquid. And I would be able to sell as and how I chose. So, on the basis of those promises, I resigned. Little did I know that our CEO negotiated a deal that allowed the other side not to pay me anything.
Frank Curzio: Wow, that’s incredible.
Porter Stansberry: So what I’m saying is, I trusted these people so completely, Frank, I never even had my own legal counsel involved in this deal. Huge mistake. But the people involved have been my best friends since eighth grade.
Frank Curzio: And they’re legal.
Porter Stansberry: I didn’t, and they’re all attorneys. So, I thought I was protected and represented. But what’s been, what’s happened? Is it just a disaster? And by the way, just to show you… I don’t if what went wrong. Was it an accident? Or if it was a crime, I don’t know. I can’t look inside someone’s head. But the person who engineered this deal walked away with 15 million shares and a $10 million cash severance. And doesn’t speak to me anymore. Who behaves that way? Who takes a company that’s worth $3 billion, drives it all the way down almost to zero. Rob’s the founder and owner of the company, of all of his wealth, and then accepts $10 billion in severance in all of his stock and walks away shameless. Who behaves that way?
Frank Curzio: And unfortunately, I know the person he’s talking about.
Porter Stansberry: You know me very well. You know how many times I’ve given the other side the last nickel in a deal? Every time. You know how many times we’ve refunded customers? A hundred percent. When something happened editorially that we didn’t expect or anticipate. You know how many times I’ve shut down moneymaking businesses like real estate shareholder in 2006, just because I knew the market was going to turn and I didn’t want subscribers to get hurt?
Porter Stansberry: I mean, you build your career and you build your wealth and you build your reputation and you build your integrity by the choices that you make. And if you allow those choices to be dominated by money, you always end up with nothing. So, I know that I’ll be okay. I can come back and make a lot more money. I’m very good at this business, and I’ve made a lot of investors a lot of money. People are going to find my new company, they’re going to subscribe to me. Everything will be fine. But that person, that’s the last $10 million he will ever make. And it’s a complete shame and a total disaster and absolutely unnecessary. But people are very shortsighted and people are very greedy.
Frank Curzio: You said that, I know you, one of the things that I liked about you, and I’m going to bringing this up because this is kind of, we can laugh about it now, but it was a company called Puda Coal, and I recommend in my newsletter, and we had a stop loss on it, and I went to China. I actually went to China and said, I’m going to China. Everybody has had this right. I’m going to go there, I’m going to be there, talk to the people, saw the assets, and everything. And it wound up hitting our stop, believe it or not, we actually made money off of it. And I was pissed. I didn’t write a strong enough letter to say, listen, get out of it completely. I’m like, listen, let’s follow our stops. But still, I think the thesis is right, these people’s short sells are going after it or whatever. I think it was Carson Block or whatever.
Frank Curzio: And it turns out, it was a fraud, where everything I was looking at they didn’t own. They had it on the books that they owned. But you called that day. Because we got a lot of questions on it and a lot of negative feedback. And one of the things I respect about you is you got on the phone with me and said, listen, I need you to have a little bit of thick skin here, but what the hell happened And what went on and just going back and forth and you ripped me a little bit. And to me that showed me that you cared. You cared about your customers. Where a lot of times people would be like, ah, don’t worry about it, we made money on promotions or whatever. And that actually made it the strong case for me to be that I was really proud to be at Stansberry.
Frank Curzio: Because I knew you cared. And that was on me. And I made that mistake. Again, I think I made a lot of people a lot of money in those newsletters that I was writing for you. But just that mistake and how we had that conversation and we were like, hey, what the hell happened? Or whatever. But the fact that you were so concerned and getting those emails, I mean, made me realize how much you care about your customers. And that was a big deal to me. Because again, I’m from New York, you rip people and you know, you do your job. You don’t compliment all the time if you do your job. And they do a very good job, you compliment them. If not, you kind of rip them. But to me that was really cool actually. I mean, it wasn’t a cool experience at the time if you kind of ripping me. But yeah.
Porter Stansberry: If you recommend stocks for a living, you better have thick skin because you live in a glass house. And it’s impossible to recommend 150 stocks in your career and not get five of them terribly wrong. There are stocks that I recommended in the first tech boom I’m terribly embarrassed about today. This one firm, VA Lennox. I actually knew some of the principles. I thought it was very good software. I thought it was going to be very successful. And of course, it ended up being like a 95% disaster. So, trailing stop losses have served me very, very well. And the situation with China, I think probably why I was most frustrated about that was because I had been to China myself in ’99, and I had seen how fraud was baked into the entire financial market there. And I just never believed that a white man was going to make money in mainland China. I still don’t believe it.
Porter Stansberry: They have a gigantic cultural aversion to us because of what Britain and the United States did to their country over many years. The colonization, all the opium wars, all that stuff, they still think and talk about. So, it just seemed unlikely to me that they were going to treat foreign investors very well. And then secondly… So, I’d already seen there was a whole bunch of fraud there personally. And then, Sugar Root got caught up in the Sino-Forest disaster. So then, I’d seen it up close. And so, this was the second time, as I recall, I might have that wrong, but I think the Puda Coal was the second time our firm had gotten caught up in a Chinese fraud situation.
Porter Stansberry: And my position had always been, of course, nobody listened to me, but my position had always been don’t recommend any of it. Yeah. But to your point, yes, we did care deeply about the subscribers, and as you know, over the years, we got rid of people and products who we lost confidence in. And not to be mean, but because I have never published anything that I didn’t want my own parents to read and follow. And I think that if that was the standard across our industry, we’d have a much better industry, and we’d be much more respected.
Frank Curzio: Definitely much more respected. So, let’s move on to End of America and tell us about that story. That’s a video that I don’t think people understand the backstory. They probably, well everyone’s seen it. You probably know how many times people watched it, which is probably some outrageous number, but…
Porter Stansberry: Yeah. More than a hundred million.
Frank Curzio: Is it really a hundred million people that actually watched that?
Porter Stansberry: More than, yeah. More than a hundred million people have watched it. And it’s 77 minutes long. So, that’s a whole lot of screen time.
Frank Curzio: I mean, it changed the landscape of your business obviously, where I think it definitely increased your total addressable market. Because I remember thinking and speaking to you, we have almost every person who buys a newsletter on our list. But I think it targeted just a new class of people, retirees. And just to see how, I think, and I could be wrong on this, that Stansberry was generating at, I want to say about 90% of the revenues for Agora at that time, like once that started really going forward. I don’t know if that number’s correct or not. But you had a message you warned people about, and is that message so relevant today? And we’re going to get to some of the things that you’re doing now.
Porter Stansberry: Oh, more so.
Frank Curzio: Again, explain that.
Porter Stansberry: Absolutely. So, the message is very simple, and it’s when civilizations or when countries or nation states, there’s several different ways to look at it throughout history. But when powerful countries, powerful nation states, powerful civilizations begin to debase their currency and then begin to monetize their own debts. That’s a repudiation of the basic social contract. And it makes it impossible for society and the economy to function normally.
Porter Stansberry: And so, whether you look at Germany in the 1920s as an extreme example, whether you look at Argentina over the last hundred years, this process… Oh, by the way, when you look at America, go back and look at the American colonies and 1690 to about 1750, same problem. When you print money, you steal other people’s savings. And as you steal their savings and debase their wages, it causes a breakdown in social norms. And so, you see a lot more gambling. Think about how much gambling has grown since the financial crisis of 2009. And the Fed did a decision to begin to monetize both mortgages and treasury bonds.
Frank Curzio: It used to be illegal.
Porter Stansberry: It used to be illegal everywhere. Now everything is legal gambling. You can gamble on sports, you can gamble on fantasy football, you can gamble on anything, anywhere. And I don’t know how many casinos there are in Maryland. A lot. But they’re everywhere now. So, that’s a concrete example of the change. But the other thing that happens when you break down social norms is all the traditional roles begin to disintegrate. So, look at what’s happened with transgenderism, look at what’s happened with all that stuff. Now, I believe that people have a civil right to be whatever sex they want to be? Of course I do. Do I care what people do in their bedroom? No, of course I don’t care what you do in your bedrooms; it’s none of my business.
Porter Stansberry: My point is not about the social ability of people to do this. My point is about the popularity of it. It’s exploding in popularity. All of these new alternative things, including alternative forms of money, alternative lifestyles, gambling, everything in society begins to kind of go haywire because there is no basic social contract anymore. It all devolves into fraud and forgery and printing. And the other thing that happens is the printing never stops. So, every time that this happens, the printing will produce a short-term boom. And then eventually a new depressionary recession. And then, the only way out is printing still more. So, if you follow the QE, this is all happening exactly as I said it would beginning in 2010.
Porter Stansberry: The first QE, you have to look up the numbers, Frank, I don’t know it off the top of my head. The second QE was much larger. The third QE was much larger. And then the COVID QE was absolutely enormous. And we are right now in the process of beginning to tip over into the next depressionary recession. The Fed has raised interest rates, the yield curve is inverted, cash balances in people’s checking accounts is plummeting. Used car values are plummeting. Pretty soon you’ll see a real estate prices plummeting. And that, again, will cause a financial crisis because everyone is levered to the teeth. And the only way out will be print more money.
Porter Stansberry: And so, this cycle is just going to continue and continue and continue until there’s a true absolute catastrophe. And you can’t know exactly how or when that’ll happen. It all depends on how much faith the people continue to have in the dollar. But the reality is the dollar is completely broken. And as it under-grids the entire global financial and trade system, that’s a really big problem. And so, my warning to people back then was prepare for a breakdown in civil society, which we have seen. Prepare for a very large amount of inflation, which we have seen. And to survive, you’ve got to own very high quality companies. You’ve got to own farmland, you’ve got to own timberland, you have to make sure that you have a stockpile of pharmaceuticals if you need those.
Porter Stansberry: And it’s best if possible to buy some property outside the United States as a place where you can go to if there is a crisis. And I didn’t even know people ate bats in China, so I didn’t necessarily predict COVID. But what I’m telling you is that the change in civil society is what allowed that complete overreaction, the mass mandates, the shutdowns, the vaccine mandates. America of the 1990s would’ve never permitted any of that because there was still a very strong civil society and people’s individual civil rights were still held in high regard. Now all that’s just going out the window. And believe me, it’s going to get a lot worse.
Frank Curzio: Geez, you sound like me. I know… And I’m usually the most optimistic guy in the room. And over the past six months, what you see, one of the things that you described is the amount of money. It was 470 billion for tarp and that was to bail out the world for the banks. And that was injected to the banks.
Porter Stansberry: Yeah. Now it’s nothing.
Frank Curzio: Yeah, now it’s 11 and a half trillion dollars so far, just on the US side, right? That’s over 50% of US GDP injected and now you open everything up, but they handed the money directly to people this time instead of the banks who chose who to lend it to. So now, we’re in inflationary crazy times of 40 years. So, let me ask you this, and before we get to some of the things that you’re doing right now, which is about this. And being an analysts, and we’re both analysts here, we always had the Fed there. 0% interest rates. We used to laugh at the Chanoses, the David Einhorns, the short sellers, zero interest rates, free money, QE unlimited. Now, we have inflation very, very high. Yes, people are going to say it’s come down, so well over 6% year-over-year, it’s going to remain at relatively high.
Frank Curzio: But how does the Fed actually help out the markets this time because they can’t really lower rates. Can’t really print more money because it’s going to create more inflation. It seems like we’re in a market that it could happen sooner than later of that big catastrophe you’re talking about. Because this is the first time I see since 2000 where the Fed’s not going to be there to actually bail us out of everything because they can’t because of inflation or will they and just continue to print money? And that means inflation’s going to be around longer and rates are going to be… Like, what’s the solution out of this problem right now, I don’t see it. That’s what’s scary.
Porter Stansberry: I think that the crisis is most likely to erupt in sovereign bonds and in corporate bonds this time. Not in real estate and not in consumer debt. I think there will, of course, will be problems in consumer of debt, but it won’t be to a level which causes contagion. The sovereign debt problem is really interesting. You’ve already seen what happened to the gilt market and the United Kingdom. Where the sterling bonds just absolutely broke. And then, the government had to print money to buy sterling bonds to prevent the collapse of their pension funds. The same thing is happening exactly right now in Tokyo. And those kinds of problems are going to come to America too. In some ways it will be worse here because of the situation in corporate debt. In America, we have never had our corporations owe more debt as a percentage of GDP than they do today.
Porter Stansberry: And all of that debt was underwritten over the last five or seven years at very, very low rates of interest. So the question is, how in the world are you going to refinance any of this debt? And keep in mind that roughly 40% of the Russell 3000 cannot even earn enough profit right now to pay their current interest rates. So, there’s a wall of maturities…
Frank Curzio: What was that percentage again?
Porter Stansberry: Forty percent of the Russell 3000 does not earn enough free cash flow to cover interest payments. So, there is a wave of corporate restructuring coming, and as I’ve been calling it, it’s going to be the greatest legal transfer of wealth in history. And the question is, how will that impact the economy? And the answer is very, very badly. And when I say the greatest transfer of wealth in history, what I’m talking about is as these companies default, the bond owners are going to end up getting equity. And whether that happens through bankruptcy or before bankruptcy, the process is pretty similar. You can’t pay your debts, your debtors get your assets. That’s the way it works.
Porter Stansberry: You can do that in a restructuring where you’re going to recapitalize, you’re going to sell some more equity. But look what happened. The best example of this is, look what happened to General Electric. Did General electric go bankrupt? No. But it would’ve been the same for the investors if they had. They’ve completely destroyed that company by having a debt load that was ridiculous. At one point, General Electric owed $700 billion in debt, which made it one of the top 10 sovereign borrowers in the world. And it’s a private company. And you can go through today and find many examples of companies that are as highly indebted as GE was, not in terms of nominal amounts, but in terms of a percentage of their asset base and things like that.
Porter Stansberry: And these companies are just completely underwater. So, those assets are trapped. And we need to unlock those assets by restructuring. And unfortunately that’s going to wipe out the current equity holders. So, there’s definitely over the next three to four years, there is a lot of risk in equity markets. There’s a lot of risk in corporate debt markets and there’s a lot of risk in sovereign bond markets. As you know, last year was the worst year ever when you look at stocks and bonds combined. So, that’s an indication of big trouble that we’re heading into. But it’s a great time if you do, Frank, what you and I do, which is analyze things. For many years, the only way you could make money in the stock market was if you’re willing to buy Apple, Google, Netflix, Facebook. That’s all you had to do. And that’s all you could do to beat the market.
Porter Stansberry: The current situation is much different. And it’s going to require people who actually know what they’re doing and that’s where you and I come in. So, in a way it’s the best of times, and it’s the worst of times. But for most Americans it’s going to be a very difficult time. You’re going to have inflation eating away at the value of your savings and your wages. Meanwhile, the financial markets are going to be very challenging. The multiple on the stock market has been lately around 15 to 20 times. That multiple is going to revert to 10 to 12 times. And most people just aren’t expecting that yet. Likewise, I think that real interest rates and corporate debt are going to have to go up to something between 4 or 6 percent a year. That’s real rates. So, if you have inflation at running at 4 to 5 percent a year, and real rates of 6 to 8 percent, you’re looking at corporate debt that’s yielding like 12%. We’re nowhere near that yet. So, there’s a lot of pain still to come, but there’s also a lot of opportunity.
Frank Curzio: All right, let’s talk about that opportunity because you created a video, a new video, which I watched the whole thing. I thought it was very entertaining and very cool. About two men destroying America. Now, I won’t mention the two men, but one of them right off the bat, people would think it would be George Soros. And you show how Joe Soros is like a microdot of the two people that you’re talking about, of how he has such little influence compared to the amount of money that these other two people have.
Frank Curzio: Is that accelerating this trend? Because you’re seeing from the inside and you’re quick to say, like listen, the policies that these guys and the agenda’s they support, they truly believe what they’re doing is right. But it’s actually destroying capitalism. And I feel like that’s accelerating this trend right now. Which you talked about earlier where with Disney and what is Disney doing trying to teach our kids again about our general…
Porter Stansberry: Alternative lifestyles.
Frank Curzio: Right. Which is crazy. Yeah, you put it more correct than I did. But yeah, talk about that and why it’s a bigger deal now. Because the promotion that you out outlined and two people destroying America and how to benefit from it was pretty remarkable when you’re looking at some of the stats you mentioned. And I don’t want to talk about it, I’d rather you do it because it was such a great job. But is that accelerating this trend even faster.
Porter Stansberry: Yeah. And when I look at the world, I always ask “Cui bono?” Who benefits. And so, if you look at what’s happened since the beginning of the feds monetization, there is one firm that has benefited beyond all measure, beyond anyone else. It’s the one ring to rule them all, if you will. If you’re talking about the temporary benefits of monetization. Their funds under management went from a trillion to 10 trillion as the Fed printed. They were basically the vacuum cleaner that soaked up every bit of the assets and the resources and the equity that the printing enabled, that the printing created liquidity around. And they are pursuing, they’re the most aggressive people who are pursuing this ESG agenda. And the idea of that really comes down to simply pushing forward the progressive wing of the Democratic party’s political agenda and shutting down the fossil fuel industry globally.
Porter Stansberry: The irony of all that, of course, is that this firm owns plenty of coal stuff in China. It just doesn’t want any coal stuff in America, which is hypocritical in the extreme. But that’s the point of all this. The point of the ESG is not to actually represent investor’s interests. It’s to grow this firm’s power. And if you understood this person and you understood the role this firm plays in our economy, you would be deeply concerned about the future of our country. And I believe you should be. Likewise, the other man who’s also from New York, has spent billions and billions of dollars to build out a quote-unquote “news organization” that doesn’t make any money. Now, why would he do that? And the answer of course is because he’s the propagandist. He is the person who is most responsible for the prevalence of climate alarmism around the world.
Porter Stansberry: He has built out an entire operation globally of propaganda to convince the entire world to move against fossil fuels as soon as possible. And the really scary thing is what’s behind all that. And if you read carefully the things that he and his partners have done over the years, they are consumed by the idea that the world is being overpopulated. And what they want to do is restrict resource extraction so that millions and billions of people will die. And that is an enormously dangerous claim to make. But there is no other explanation for the things, the lies that he has told and the way that he has corrupted everything from the business of science in the United States to actually federal prosecutor’s offices in the United States.
Porter Stansberry: So, when you watch this video, I want you of course to watch it skeptically. I want you to make sure that I prove all these claims that I’m making because when I just say this to people out loud, I know it sounds like I’m a nut job. But if you look carefully at what’s happening, I know you’ll come to the same conclusions that I have, and you’ll be very concerned. These people have been empowered by the monetary printing. One of the things that inflation does is it aggregates wealth. And so, the rich get much, much richer and the poorer get much, much poorer. And as these two men have become unbelievably wealthy, they have used their power in ways that really threaten our entire way of life. And I would urge you to look at what they’re doing and know what they’re doing.
Frank Curzio: So, not only you provide what they’re doing with some great facts, you talk about ways to benefit what they’re doing. How important is that to you? Because we live in a world where if you strongly disagree with something, people tend to invest that way. And yet, you could believe that climate change in all companies are the worst. But essentially, these policies are going to make oil prices skyrocket, right? Because it’s just you’re reducing supply and we need it and people are under the impression that we’re going to be fine without it, but it’s why everyone else is going to coal again in Europe. Just go to Europe and see what happened with Russia and war and stuff like that and the natural gas problem that they have. And you could see how crazy this is.
Frank Curzio: But you explained ways to individual investors of how to benefit from this. And put your feelings aside because this is what’s going on. Whether you agree with it or not, this is what’s happening. These are facts that you’re presenting. How hard is that getting that mesh to individual investors? Because even during Covid, when I was reporting during Covid, and I was fortunate to have great doctors, and every doctor that sent me all their research all said the same thing, please don’t mention my name.
Porter Stansberry: Exactly.
Frank Curzio: And we live in a world exactly where you just said, the person you’re talking about is controlling the media and what people they’re being conditioned a certain way. How do you get the message across? How do you get people to actually do their own research more than just even looking at the video and watching a video?
Porter Stansberry: I don’t know, you’ve known me for a long time, Frank, I’m not quite sure what it is, but I really don’t give a flying fuck what any other human being thinks about me at all. I don’t care. I want the love and respect of my parents. I want the love and respect of my spouse. I want the love and respect of my children. And everyone else can go eat a dick. I just don’t care. At all. And if you say the things that I do and you attack the people that I attack, bizarre things happen to you. Like Netflix making a documentary, completely bullshit, that you murdered someone. It’s outrageous. And banks won’t do business with me. And all kinds of bad things happen because these people are very powerful and they don’t like me at all.
Porter Stansberry: But I don’t know, I don’t care. I just think it’s more important to serve my customers and I value my freedom of speech. And I don’t know, this is just how I’m wired. And if you don’t believe any of the things I’m saying in this film, then go ahead, and go on Twitter and say, I’m telling a lie. Sue me for libel. Do whatever you want to do. But they don’t ever attack any of the facts. They attack me. And most people, of course, are smart enough to avoid that. I don’t know. I’m just wired differently. I don’t just really don’t care. And the other thing is Frank, I’m personally angry at these men. I think that they abuse their positions of power. I think that they owe more to their customers and to our country than to sabotage the way that they are.
Porter Stansberry: I’ll give you an a really lit, literal example. Right now, one of the two men is taking legal steps to prevent the creation of 150 new petrochemical facilities in the Mississippi Valley area that are going to be powered by the natural gas coming out of the Marcellus Shale in Ohio and in West Virginia. And the reason why that’s so important is these things manufacture stuff that everybody needs, most importantly fertilizer. So, these guys are opposing the industrial construction that will allow more people to eat more food at lower prices.
Porter Stansberry: I think that’s absolutely insane and criminal. And I think that lying about the minuscule risks of carbon dioxide in the atmosphere at the expense of impoverishing billions of people and sentencing millions or billions of people to starvation or death, I think it’s a crime. And I think if more people understood that climate alarmism is just a new form of fascism, then everything would be different. The Germans said that it was the Jews that were wrecking the world and therefore they had to be exterminated. And the climate alarmists are saying it’s the fossil fuel industry that’s wrecking the world and they have to be exterminated. And it’s just as much of a lie. These people are not pro-environment, they are anti-human and they need to be defined that way.
Frank Curzio: And you do a good job in your video, which is awesome. So, I want to talk about a little bit more before you finish this up. You could see how bearish you are. I could also see the fire in your eyes because when I worked with you, it was during, I want to say the early stages, but right before “End of America,” and then just to see the business grow and that fire that you had. Sometimes when people win the championship and they become the biggest in the world or whatever, you take a step back because it’s hard to get motivated. Right now, I haven’t seen you like this since those days, which is pretty exciting to actually do this interview with you. And see the emotion, how you are and how real it is and how you really need to get this message out to people.
Frank Curzio: But yeah, in terms of the overall market, is there certain things that people should be careful of right now? I mean, we’ve seen a market goes up and down, people care about every day. It’s in your face all the time. Even my mom’s like, oh, should I sell? Every other week, she calls me. I’m like, just relax, your portfolio’s good. What are some of the things that worry you, that people might be in right now that you might, you’re shaking your head. You talked about debt and the amount of debt companies, Russell 3000, 40% of them can’t pay their interest or whatever it was in the cash flow that they generate.
Frank Curzio: But what are some of the things, or maybe some industries that you’re worried about? Because I know people are still invested in fangs with Microsoft laying off employees at this stage. It’s just that they’re into everything. But what are some of the other sectors that probably filled with debt that you’re worried about that a lot of people might own, that you’re saying, hey, you know what, you might have to get out of this and be very, very careful from here.
Porter Stansberry: Well, you might be surprised to hear me say this because I was very, very bearish last year. But I actually think that the Fed has gotten control of inflation. And I suspect that we’re going to have a very brief period where disinflation, which is not the same thing as deflation, where disinflation reigns supreme. And an environment where the inflation rate is cooling. So going from say, I’m making some numbers up, but going from, say, 8% to say 3.5% Or 4%, that’s going to be seen as a very big positive for the bond market and for the stock market. And so in the short-term, I suspect that the markets are climbing a wall of worry. Yes, there’s lots to worry about, but the conditions for business will be better this year than they were last year. So, I expect both the bond market and the stock market to do pretty well this year actually.
Porter Stansberry: And I think that particularly industries, for example, housing, that are very interest rate sensitive will surprise to the upside. In the longer term, I think there’s a lot to worry about. But in the short-term, I think we’re going to get a relief rally from the dramatic damage that was done to the markets last year. So, that’s my short-term outlook. If you ask me what do I think over 18 or 36 months, I think the best opportunities are clearly in energy. And you might laugh about that because from 2006 until 2018, I was an energy bear. No one wrote more than I did about what a crock of shit peak oil was and is. My open letter to Devin in 2014 is a must read to anyone who has access to Stansberry research archives. I absolutely eviscerate the industry, and I tell Devin, you guys are about to lose all of your money because you invested way too much in the Canadian oil sands, which I refer to as Canadian mud.
Porter Stansberry: So, it’s ironic I think, to hear me being so bullish about oil over the longer term. I think that there has been deep underinvestment in oil production and gas production in most places around the world. Even in some of the places in America that have seen gas production boom, production has leveled off and or is falling. And the buildout of American LNG, natural gas exports, is going to be a growth industry for at least the next 25 years. So, what I would do if I was an investor is I would try to put 15% or 25% of my portfolio long, well-run US energy businesses, both natural gas and oil. And it’s interesting, of course, because that’s what you’ve seen Warren Buffet do for the first time in his career. He’s put a huge amount of his assets into a couple different oil companies, Chevron and Occidental.
Porter Stansberry: So, I really think that trend is going to be a very important one. And then from there I think that the next best opportunity comes in the form of distress securities. I’m looking at a security that we’ll be recommending on Friday. I’m not sure when you’re going to broadcast this, but later this week, where you get a preferred security run by the greatest CEO in American History, and it’s now yielding 22%. So, there are some fantastic deals out there if you can identify distress securities run by experienced, talented people.
Porter Stansberry: I’d also point out that we recommended Icahn Enterprises. Icahn Enterprises is a publicly traded firm that’s owned and controlled by Carl Icahn. He owns I think 87% of it. And it pays a 15% dividend. And going into this distress debt cycle, my prediction is that nobody makes more money than Carl Icahn over the next seven or eight years. So, it’s a way for you to piggyback and get paid. It’s a great security. So, there’s a lot of opportunity out there, even though there are a lot of big risks.
Frank Curzio: Well, 48 minutes in, 50 minutes in usually I try to keep this in 30 minutes, but it’s such a great interview. One, I want to thank you for coming on. Two, it’s nice to see you back, man, really, serious, in the trenches, starting this thing, Porter and company team. It’s exciting. And I will say this from a personal note, I really enjoyed working for your company. Every analyst there was real, they cared. They wrote their own stuff. And I really enjoyed it. Just to see you back like this where doing interviews and hanging out and less corporate with all that bullshit and everything, I think a lot of subscribers going to be happy to see your face and see you really back in the game doing the research and stuff like that because there was a fire that I remember back in the day and to see it now, it’s really, really cool man. So, I appreciate you doing this podcast with me.
Porter Stansberry: Thank you very much Frank. If I can, I’d like to tell people where they can get a copy of that video. I don’t know if you can put this on a screen or not, but it’s Porters report. That’s Porters with an s report.com, portersreport.com. You can go and see the video that I made, the documentary I’ve made, about the two men who I think are trying to destroy America. And just to be clear, I don’t think they’re trying to destroy it intentionally. They’re consumed with ideas that I think are false and that hurt our country. But you can judge for yourself. And Frank, listen, just want to say thank you so much for having me. You and I have always had a great relationship. I’ve always respected you very much and it’s really, really nice of you to help me out as I start a new business. I’ll never forget it.
Frank Curzio: Yes. Helping you out. Yeah, absolutely. So really, really great stuff and love what you’re doing. And if you need anything at all, please give me a shout because again, I really have a lot of respect for you. You taught me a lot about this industry. Yeah. Something I’ll never forget. So thanks, man, I really appreciate it.
Porter Stansberry: All right. Well we’ll talk to you soon.
Frank Curzio: You got it. Wow. Great stuff. And that’s a book, at least a book movie, mini-series. Holy cow. It’s incredible what took place at Market Wise. I mean, he’s an analyst and stuff and he’s very smart. But you trust… Look, money changes people. It does. I say this to everyone, it’s so hard for people to do. It really is. But if you take money out of the equation, you get to really see the person. Who they are. You see their agenda immediately. A lot of people don’t. It’s all about money and you want to start ideas. And that’s why for me and even for Porter I would say, and lots of good analysts, you go out there and for me it’s easier to read people because I take money out of the situation. When I hear someone talk about an idea and they’re not mentioning money, it’s just like this great, it’s like Zuckerberg or Facebook.
Frank Curzio: He wasn’t talking about how much money he was going to make. He was like, this is a brilliant idea for people who are shy like me, to really, how we can get laid, and as a kid in college, which every kid wants, and to meet people and meet girls. Girls will meet boys. And that’s what it was. It was just a brilliant idea that turned into something much, much grander. But seeing him with this fire that he had back in the day, I’m just going to crush you and I’m going to run over you and stuff like that. It’s really good because we all have setbacks I think sometimes. And going through that emotional period with him, and again with market wise creating the biggest… So, he’s still one of the large shareholders. But just to see some of the people that I know he is talking about, and obviously I’m not going to mention those names, is pretty crazy.
Frank Curzio: People that you trust. Sometimes it’s money. It motivates people to do really shitty, stupid things and it’s sad. But Porters, you can see has a no BS personality, he’s going to say exactly what’s in his head regardless of who he offends. And that type of personality, it doesn’t sit right with a lot of people. Especially within our industry, again it’s tightly knit. But for me, growing up in New York for over 40 years, that’s how we are. I always loved it because when a person is real, you always know exactly where they’re coming from, you know exactly what you’re going to get. So, I always say this to my wife too. She’s like, oh well, this person is going to be a pain in the ass. And you know exactly what you’re going to get when you hang out with that person. You know exactly what you’re going to get.
Frank Curzio: I said, yeah, that’s fine. That’s easy to read people like that, whether you know they’re arrogant or obnoxious, which are often adjectives to describe people who have ambition. But you always know what you’re going to get from someone that’s real. And that’s what I like about Porter. It’s the people who are fake that you have to be careful, that that try to be someone that they’re really not in certain circles, those are the people that you need to fear. Not the people who are arrogant, not the people who tell you what’s on their mind. Again, you know exactly where they’re coming from. They could be an asshole and you don’t like them, but you know it. You could see it. They’re easy to predict. They’re people that you could trust because that’s the way they are. But you could see the emotions coming out. It’s pretty crazy.
Frank Curzio: A lot has gone on in his life. And I think a mini-series, a book or whatever, of Porter is one of the great marketers this industry has ever seen. So, I’m sure he’ll find a way to capitalize on that because it is a fascinating story and I’m glad he shared it with us. But I always had a good relationship with Porter, always respected him. Seriously glad to see him fully engaged, starting from scratch, which means his closest followers are probably going to have more access to him now. I mean, you go into that corporate sphere where, again, it’s not easy. I mean, we can’t publicly trade a company through our token. It’s a lot different. You get an equity stake in CURZ, it’s traded on tZERO platform and anyone could go there and buy shares if they want, if they don’t, whatever, do your research first.
Frank Curzio: The corporate part, when you’re mixed up in it, in terms of time and why you started the company and folks that are individual investors, sometimes you don’t have that time. You just get more busy and you grow bigger and bigger and bigger. But to see it now and to see him there and to see him out there, and I also saw him at a conference talking about this as well, which is really cool. It’s kind of like an industry conference. It’s nice to see him out there. Because I know his followers and people who have made money from him for decades are all in. And you’re going to get more of him, which is always really, really good. Especially now minus the corporate bullshit. But anyway, I hope all of you like the interview. Definitely watch his video at portersreport.com.
Frank Curzio: So again, Porter is P-O-R-T-E-R-S, the s, report.com. I watched the whole thing. I vetted the sector’s, the companies he’s talking about, which I always do. And I have to tell you, a lot of people come to me and say, hey, would you be interested and send this to a list? I only sent things to my list that people could benefit greatly from. And this is something that you benefit greatly from. That’s why you don’t see me pitch a lot of things because it’s usually from people who have stupid messages and crazy stupid predictions and the NASX’s going to double in a week and all this bullshit. Or, they’re talking about a sector that’s amazing and promising and something that you guys were invested in two years ago through our research, because we travel the world, we do independent research.
Frank Curzio: And I pride myself. You see me in my videos when I’m doing my research. But this is something that I think you definitely have to watch. It just shows you how to protect yourself. It’s going to outline the sectors and everything and it’s really, really cool. So again, if you want to see it, porters report.com. Glad to have him on. Again, this podcast is always about you, not about me. So. let me know what you thought about that interview, email@example.com. That’s firstname.lastname@example.org. But yes, very, very worth your time because it’s the stats and the data that he comes up with and some of the things that you’re going to see. It’s going to pique your interest and it’s going to make us say holy shit. And I always like that, right? And especially with Porter, who’s a person doesn’t hold back. So anyway, that’s it for me.
Frank Curzio: Questions, comments, again, feel free to email email@example.com. Have a wonderful weekend. Make sure you watch lots of football. Go Eagles. Giants are pretty hot, lots of good games. Go Jags. I’m in Jacksonville, it’s nice to see them, that comeback win and everything, but should be really, really, really, I mean the best teams really made to the next round. These are the best teams. If you look across, this isn’t like some other team. These are really, really good teams. It should be really good games this weekend. So watch it, enjoy it. Relax, have fun. Don’t talk about politics too much. And as always, I’ll see you guys next week. Take care.
Announcer: Wall Street Unplugged is produced by Curzio Research, one of the most respected financial media companies in the industry. The information presented on Wall Street Unplugged is the opinion of its host and guests. You should not base your investment decision solely on this broadcast. Remember, it’s your money and your responsibility.
Porter is known for making bold predictions and uncovering some of Wall Street’s biggest secrets.
On today’s show, he briefly talks about the two men destroying America… And he’s produced a shocking exposé that he’s calling one of the most important predictions of his career.