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00:02 – Announcer

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

00:16 – Frank Curzio

It’s going on there. It’s July 29th. I’m Frank Curzio. This is the Wall Street Unplugged podcast right behind the headlines and Tell you what’s really moving these markets. So, Daniel Creech, this is the time I usually say what’s going on? Daniel, it’s great to be here, how’s everything going? But Daniel’s not here today. He’s in Vegas Another vacation. I’ve got to find out who that guy’s boss is. Geez, I mean, if he has a vacation like every week. Man, seriously, I want to work for the company he works for. He’s great, that’s awesome. That’s my job. To really pick on people when they’re not here and they can’t defend themselves. That’s what’s great about a podcast. Say whatever you want. But okay, this idea is going to join us on Thursday, which I’m going to be out. I’m actually going upstate to see my mom, which is going to be really cool, looking forward to that. Just have a nice upstate house there. It’s really peaceful and stuff. So I’m going to be working out there. But Daniel’s going to have the podcast tomorrow and he gets to make fun of me, which he’ll do after he listens to this, which should be a lot of fun. But I had a great time this weekend. I great time this weekend. 

01:27

I took my daughter to go see colleges and one of them was Miami. She loves the beach, she likes to surf, she wants to be close to the ocean. So went to Miami and what a campus. Beautiful, beautiful campus. Look, I didn’t give it the history of all the athletes and which is pretty crazy. We can go down that list. Um, yeah, you could watch a special. The espn 30 for 30 is pretty crazy. But great college private, so we’re not going to get discounts. We live in Florida, which you know again, she doesn’t really care about, but we’ll see. But she does hard, not an easy college. I think it’s 13%, 14%. They accept admissions. Florida Atlantic we’re going to take a look at Florida State. I’m not too sure about Florida yet Very. I’m not too sure about Florida yet Very difficult to get into Florida. Florida’s like a top-tier school. Now too, division I man, they win everything. They just won basketball, holy cow. So many sports. Great in gymnastics, great in so many different levels of sports in D1. But it was a lot of fun. 

02:14

Also, I took her to go see Coldplay concert and it was in Miami. That was the original plan. Oldest daughter, 17, is really cool and the concert was, I mean, if you ever get a chance, seriously you have to see a Coldplay concert the best concert I’ve ever seen, I’ve ever been to. It’s just remarkable. If you’re not a social media crazy or whatever, if you’re not on TikTok like I love TikTok, instagram reels and stuff like that just put in Coldplay concerts about it. It’s, it’s, it’s unbelievable. I mean, they have confetti like three different times, like massive all over the place, bulls flying out, everyone going crazy. They give you these bracelets where they put lights on so they control the lights of the crowd and songs and the timing is great when they do it. Uh, everyone’s singing. They have so many popular songs and, man, he, he’s just fantastic. He’s a great musician. It’s great singing, he’s just a great musician. He’s just unbelievable. 

03:03

And, uh, it was sold out 60,000 plus sold out in Miami at the Hard Rocks with Dolphins play. People were doing the wave before they started the show. It’s an incredible, incredible atmosphere because you just see a bunch of people that are happy and, man, if you watch the freaking news, it doesn’t look anything like that. Everyone’s pissed off. The shootings, everything going on in New York. We just saw this. It just you know the political and the social media chat. Just it’s insane how much is just thrown at you of why you should hate everything and everyone. When you go to this concert it’s amazing. Everyone’s just happy and smiling and loving each other and it’s just so cool and and we had a lot of fun. 

03:43

I had a lot of fun. I actually told her. I said this is probably she’s going to be 18 in a few months. I said this might be the last concert. I said you’re going to be going with your friends after this. But I said I really like Coldplay so I wanted to see them. But we had a lot of fun and I mean, just teach her a lesson about you shouldn’t believe everything you hear from people, right, because that’s what I learned. You know, doing all this research and really traveling to places and learning about fracking and thinking there’s a whole bunch of animals going to be dead from fracking, environmental concerns and how a lot of its lies, with some of the sites that I saw and how they lied, especially northern dynasty, and rivers going through the property and there’s no rivers on the property. You got to take two airplanes and a helicopter to get to that site to realize that and they were like they just say that I was like holy shit, that’s an actual lie, right? 

04:28

So there was someone famous all up at the booth. We’re on a floor and everyone’s trying to find out and I just said, hey, it’s Peyton Manning. It’s Peyton Manning. I just confirmed it on social media and she’s like shut people. There’s about 150 people just around us. Peyton Manning’s up there. Yeah, it’s confirmed Peyton Manning. It was so funny. 

04:47

And then, sure enough, it wasn’t Peyton Manning, because I thought that would be a big enough star. It was actually Messi. So Messi was there with his wife, which was really, really cool. So was a lot of players from the Panthers at the Stanley Cup. They were drinking from it. Just incredible, incredible. You got confetti all over you. It was hot, smelly, sweaty. I can’t even talk. It was hot, smelly, sweaty, messy. It was nuts and it was just so much fun, with everyone enjoying each other and the lights, and I mean you got to see the videos. We have videos that are just incredible of people going crazy with the fireworks going off, the confetti at the same time, everyone’s bracelet and just everyone jumping up with the songs. You know, it’s just, it’s a lot of fun. 

05:23

That’s what I’m trying to say Just enjoy yourselves, enjoy life. I’m trying to help you guys out with investments and shit like that. It’s just, you know, we just get caught up with such the anger part of everything that everybody hates each other. I really believe 95% of people are like that. They just want to be loved, they want to be happy. It was really cool and I know it might sound cheesy to some of you, but just when you see, especially in my world with Wall Street and a lot of the bullshit that takes place, and you see just the politics that we have to talk to a lot, you see the channels on both sides, right and left, really go after you and it’s just nice to be at a concert and just forget everything and lose yourself and have a lot of fun and people drinking and doing what they got to do and have fun. It was really. You get a chance. Go see live concerts. It’s a lot of fun, yeah, and just try to get away from everything which is so in your face with all the negativity and stuff like that. 

06:08

But anyway, let’s talk about the markets, earnings season and there’s lots of speculation out there. I mean, holy shit. You could say, well, Frank, it’s normal. It’s a bull market. It’s absolutely normal to see this kind of speculation. This is different. 

06:23

Goldman Sachs has a report out and they say it’s a speculative trading indicator has been on fire the past few months. So the indicator now sits its highest level on record outside of two periods 1998 to 2001,. And 2020 to 2021. We all know what happens in 1998, 2001 was dot com and then 2021 was when the market absolutely crashed, and then COVID, stuff like that, and you know, the government decided to give free money and free checks to everyone, every business around everyone just spent it and bought anything that they wanted. And they said the advice is based on elevated traded values and unprofitable stocks. That’s what speculation comes in. So penny stocks uh, just craziness. Uh, they said, especially in digital assets and quantum computing said the increase in speculative trading indicator mirrors other signs of increased risk appetite within the equity market. So they said that call options have recently accounted for 61% of the option volumes. That’s the highest since 2021. First day IPO returns have ballooned and $9 billion of SPACs SPAC issuance in second quarter Q2 2025, represent the most active quarters since Q1 2022. 

07:39

We know a lot of them are coming out within crypto because they relaxed the laws and a lot of this stuff makes sense, but you’re going to have other follow-throughs with shitty companies I have. Several people have asked me about putting my name on some of this stuff and I’ve been thinking about it to the point where I’ve been researching cryptocurrencies since 2016. There’s a good you know telling my investors get in the top 100. These are amazing companies. There’s a lot of garbage and bullshit. These are great companies that will disrupt numerous industries, including investment, banking, including quantum computing, including banking industry just across the board, what they’re capable of doing and networking, and it’s amazing. 

08:15

But now you’re seeing so many of these treasury strategies, which are Bitcoin and Ethereum, go a little bit further down. But there’s some very interesting ones. I’m like look, if I can do it on my terms and this way I may do this, because I think there’s a fortune to be made in this and it makes a lot of sense. These treasury strategies if you have the right cryptocurrency and you want to do it on just whatever cryptocurrency, you can’t do that. So it’s interesting how many people have been contacting me, and I hear that a lot of people have been contacting people with big networks and stuff like that. But if I was to do this, it’s going to be on my terms and stuff, but I’ve been thinking about talking to a few people. 

08:46

It’s just listen. It’s really really strong right now. I think a lot of these we recommend one of these in our trading newsletter already so I think this is a trend that’s real. I think there’s a lot of bullshit around it. You got to be careful. Listen to the Listen. This is a $4 trillion industry. It’s going to go to $15 trillion. I mean the amount of money it’s going to pour into crypto. Now institutions get in. Now you have legalization. Now you have transparency. It’s here. It’s here and you’re going to see returns. We just saw a little bit of a pullback after just a lot of catch-up from the altcoins to Bitcoin and Ethereum, because those have been on fire, same as Solana. But now you’re seeing a little bit of a pullback, but you’re going to see constantly this money pouring into this industry. Now it’s regulated. Now you have a positive SEC, a positive administration around it. It’s pretty sick. 

09:31

Now earnings season. I want to get some details. Where information technology largest sector reporting earnings this week, as you know. Where you get the Microsofts, you got the Metas and the Apples. And it’s a big week because, you’re going to see, this is the biggest reporting week for the S&P 500 companies. The most are reporting this week out of any other week. And when you’re looking at the concentration in information technology, I’m going to explain it to you. This is pretty crazy. If you allocate $1 into the S&P 500, 33 cents of that is being allocated into the Mag 7 stocks. If you did it into the NASDAQ, $1, 43 cents are allocated into the Magnificent 7 stocks. That’s how big those 7 stocks are. And thank you, Citadel, because Citadel came out with a report which is really they put out a great report, actually a lot of good stuff that I’m going to go over with you right now. 

10:25

And if you’re looking, how important is the Mag 7 growth to the overall markets? You better pay close attention. People don’t really talk about this. They say, wow, they’re a big component. $4 trillion valuation for NVIDIA, $3 trillion for whatever it is. I don’t know if Google’s at $3 trillion yet I know Microsoft and Apple are $3 trillion. I think it’s a $2 trillion level next and Netflix is going to break into that at $2 trillion with the rest of them. 

10:53

But we talk about how big these companies are on a market cap, but when looking at net income and the growth of the S&P 500, which is what we see right. This is why the PE when you look at a PE and you say it’s trading at 21.5 times forward earnings, it’s the most expensive level it’s traded. It’s the most expensive level is traded. It’s not the most expensive level is traded when you account for growth, because earnings are expected to grow 14% year over year. They grew 10% annually over the past five years and we traded at a 20, 19.5 multiple. Now we’re trading 21, 22, but the growth is much more greater. So when you’re factoring growth, we’re actually cheaper now than we were the past five years. 

11:18

Nobody wants to say that, right, because they’re like that’s not true. It is true, okay, it is true when you look at the facts, when you factor in growth into a PE, that growth, most of it is coming from where it’s coming from the MAC 7 stocks and, if you want to know how much exactly, they’re expected to see 15% net income growth year over year. Those seven companies, while the rest of the 493 companies in S&P 500 are expected to see negative 2% growth. That S&P 500 are expected to see negative 2% growth. That’s incredible. 

11:46

All I’m saying is you better hope, or we better hope, that Meta, apple, microsoft knock it out of the park? Because if they don’t, you’re going to see a steep pullback in this market and I’m sure they’re going to report great numbers across the board. And, more importantly, I’m sure they’re going to increase CapEx dramatically now that the laws have changed a big, beautiful bill. We just saw google increase their capex. From what is it? 75 to 85 billion, something extra 10 billion. You’re gonna see that across the board. 

12:12

These companies are not slowing down. My sources say they’re not slowing down. I don’t care what anyone says. I’ll let you know. If we see that, we’ll see what taiwan semi, who raised their guidance and said there’s no slowdown in sight, they’re first. Anyone wants to build chips. They got to go to Taiwan semi first, so there’s no indicator that they’re slowing. It’s actually picking up the spending. And now they’re focusing on energy and buying properties. They’re focusing on water, the infrastructure. They have to buy everything around here which you don’t have a lot of. You don’t have a lot of, especially when it comes to electricity. We’ve been on that trend like crazy. 

12:40

You’re looking at other trends in this market, retail investors are still buying aggressively. How much so Well, if you’re watching this on YouTube, I’m going to put up a couple charts for you guys. You look at retail buying here and this is also from Citadel, and they say retail activity has been a buyer of cash equities for 19 straight trading sessions. This was leading up to Monday the longest daily buying streak in the past four years, since March 2021, and the fifth longest streak on record, and they show April 2007. The longest was 32. The longest streak was in November 2020. That’s when the markets finally turned and we really started taking off, believe it or not. 

13:18

At the end of 2020, the markets hit all-time highs. Home prices hit all-time highs. Almost every asset class hit all-time highs and the government said you know what? We’re going to release another $5 trillion into the market because we don’t give a shit. And that’s where we had the most massive inflation we’ve ever seen. That caught every single economist, including the greatest, the smartest person in the world. Powell caught him off guard. Not to mention if you didn’t see Trump go to that new Fed site with Powell holy cow, was that entertaining? If you want to see two people that really don’t like each other. That was great. Just the bickering back and forth. Holy cow, I don’t think he’s going to get fired, but you know, again we got a new incoming. 

13:56

I’ll talk a little bit more about the Fed. The Fed’s not going to do anything with rates this week and I would say they are going to start lowering pretty soon. So I think it’s kind of a non-event. We’ll see. They should indicate that they’re going to start lowering. They should start lowering. 

14:09

I don’t know if you saw Whirlpool’s results. I’ll explain that to you guys later on. That’s not about tariffs. That’s about the housing market being totally done. Nobody can afford houses. Affordability is the highest it’s ever been in history, and when I look at other data from Citadel, it shows how institutional clients have been bearish for eight of the past 10 weeks. 

14:26

So you look at the retail industry going. Wow, the retail industry keep buying, buying, buying, buying, buying. It’s usually a negative sign not necessarily so. I mean, they’ve been outperforming for a while now. Even through crypto they’ve been outperforming Right. 

14:37

And if they’re outperforming, my take is because they have these huge networks, these massive networks now, where they also have access to information, where they didn’t always have access to information, where you see a lot of these institutions. They’re guarded, right. Oh, you get an institution, you need a certain amount of money in this institution. So they’re getting smarter. The retail investors are getting smarter, whether you admit it or not. They’re getting smarter. They have access to more information. Their communities are massive now. They’re massive, massive communities through social media channels. I mean, check out Discord, right, that’s above everyone. I’m sure if you’re over 55, you haven’t even heard of Discord Massive. Just, you know Reddit. There’s just so many of these massive boards that people are talking about and I really believe that’s leading to much better information. 

15:21

So, are they getting more speculative? Are they buying speculative stocks? Yes, they just covered that, goldman Sachs. But look at the institutions. They’ve been behind Eight in the past 10 weeks. Right, they’ve been bearish, and this is based on their put call direction, right by ratio in the weeks, and they just show that they’ve been leading bearish. 

15:34

And you know when you’re leading bearish, what does that mean? Well, institutions, you have to beat that benchmark. Good luck, your job’s gone. Next guy, next guy up, right. So you have to beat your benchmark. And right now, a lot of these guys aren’t beating their benchmarks. 

15:50

And I talk about hedge funds who hedge, and they’re going to be 100% long. But these are institutions that are supposed to be outperforming the markets, supposed to be a little bit more long. They’re not. So it’s interesting to see how they’re still on the wrong side of this trade and they’re going to be forced to come in unless the market does pull back, which I really don’t see. Maybe we get a little bit of pullback, but that’s when you’re going to see. Even if we get the pullback, what you need to understand is there’s massive, massive, massive buying on the sidelines from these institutional clients that be missing this rally. 

16:16

And also, more importantly, there is right now $7 trillion $7 trillion currently sitting in money market assets $ dollars and I got the chart up. I mean holy cow. I mean when you see that much money in money, it doesn’t mean all of it’s going to come in the market. Yes, it’s earning a little bit of an interest rate. You can get three, four percent. I mean you can think you give over four percent at institutional, at um, interactive brokers uh, robin hood now is paying a high percentage and you’re seeing those assets shift to other platforms. Now you really you have to provide interest on high percentage and you’re seeing those assets shift to other platforms. Now you really have to provide interest on those money markets and you know, maybe you’re okay, but if interest rates do come down, I don’t know, a lot of that could make its way into the market when you’re seeing these constant assets going higher and higher. 

16:57

It’s not just this. I lived through the dot-com era, I lived through the housing crisis era and you have these speculative bubbles. To me, you could say that it could be a speculative bubble in some areas. Okay, you’ve seen like the spax and things like that, but this is based on policies that are going to be extremely favorable for equities deregulation, banks lending more money. I mean, you know, we’re going to talk about deals now. We’re going to talk about deals. Now we’re going to talk about further deal flow. 

17:28

I don’t know if you saw the CSX deal. That CSX deal is amazing to me because it’s two big railroads and yet you have an amazing company where they’re like okay, hey, we’re going to merge these two companies. And I got to tell you I’m trying to find some details for you really quick, because this is pretty cool when you, when you see these details, because when you’re looking at at this csx it and, and you know so, csx is one. So you have union pacific buying norfolk southern, but you have csx in there. You have bnsf, which is Berkshire owned, and it’s so funny because this deal, union pacific is buying northern suffolk uh, southern, Northfolk Southern, if I can pronounce that correctly. Right, and it’s going to be their nation’s first coast-to-coast freight rail operator combining. If you combine these two companies, it’s Union Pacific has 29,500 miles of rail in 22 states and that’s in the West, and you have Norfolk with 19,500 mile network in 22 Eastern states. And I got to tell you this deal on paper you’d be like in the previous administration, before they got the word out hey, we’re about to do it as soon as they said deal, no, there’s zero chance this deal gets done in the previous administration. This administration is definitely going to get done because you have CSX is a $65 billion company. You have Berkshire owned right. Bnsf, which is is private, has 32,500 miles of track across 28 states in Canada that the largest, I believe. Uh, so there is competition out there again. Last administration no way this gets approved. This administration definitely get approved. 

19:01

I thought was even funnier is last week there was speculation that BNSF was going to get taken over. It was Reuters, I believe, that reported with somebody else saying that they were working with Goldman to take over another rival and Buffett came out. This is last week. No way Strolling tonight, absolutely none. Now you know it’s full of shit, right, because when a deal like this is going down, everyone within the industry knows it. There’s no way it’s kept in the wraps. Not a deal like this, not with just that many rails there’s not a lot of them, right. So you knew it was going down. And hey, if it’s merger opportunity, maybe BNSF wants to merge. I don’t know if that makes sense with yeah, that’s a private company that Buffett took over, making a fortune on it from his price that he took it over and CSX. So you know this is a deal that’s going to get done. 

19:42

But getting back to the regulatory environment, it’s so positive right now when you’re seeing all the money coming in, all the manufacturing coming in, that’s going to factor into a lot of different stock picks. It really is. So just seeing these notes I like sharing with you and a couple other I’m going to share with you really quick. Is Amazon? Amazon scrapped plans to build an industrial plant in Dublin. You might be like wow, are they cutting back on CapEx? No, they’re not cutting back on CapEx. You know why that happened? Because they failed to secure the power supply for the project. 

20:12

I keep telling you we’re running out of power. We’re running out of power. Any company that has power, if you’ve got megawatts, those things are going to be worth five, 10 times more than what they’re worth right now, because you have the biggest companies in the world with the biggest balance sheets hundreds of billions that they’re actually not even balance sheets. But what they’re spending on CapEx $80 billion, $90 billion, $100 billion. You’re going to see Amazon report. They’re going to say we’re going to plan on spending $100 billion next year, next year. Google $80 billion next year and a lot of that is to get power. They need power and they have the money. They’re going to do everything they can. But anyone who has power assets man. 

20:46

We’ve been in this trade. It’s been fantastic. We’ve been in a lot of infrastructure plays as well. Celestica has done amazing for us. It’s been up a ton for us. 

20:58

But there’s just lots of positives in terms of the environment and what’s going on, and you’re bringing all this stuff in with the news flow. It’s an incredible environment, especially with the institutions on the sidelines, that, even if we pull back, you’re going to see more and more money. With institutions on the sideline 7 trillion money markets that want to get into this market for the fear of missing out and they have missed out tremendously. And going into next year, lower rates look out right Another huge catalyst. That’s why we’re trading at premium valuations, but it deserves to, because we’re seeing that growth. We continue to see that growth. We continue to see earnings coming higher than expected. That’s just the way it is. If you want to be nervous, that’s fine. Be nervous, don’t go all in. But these companies deserve high valuations because there’s just so many positives on the macro levels that we’ve never seen before. 

21:45

Every deal that we’re being signed, it’s hundreds of billions of dollars going to be invested, more manufacturing coming within the US, and not only that. Now we’re opening up the borders. Now we’re going to be selling our goods and services. Now we’re going to have good partnerships around the world. Now we’re going to be selling our energy excess energy to other countries, which I don’t know if you saw LNG and how much it prices for outside of the US, but they get 2x to 4x more. Right, we’re sitting on unlimited supplies of this shit just burning it, right? Why not we sell it to people who want and need it? It makes sense to open up the borders. I mean environmental concerns. We’re either going to burn it here or we’re going to burn it or China’s going to burn it. It’s still going to affect the environment. Do you want to be strong? And that’s the administration we have right now. That’s good for stocks. We’re looking at sportswear companies. Talked about that in the past. 

22:31

Another note I wanted to share with you because it might be active. I mean you have Puma slashes earnings forecasts and said, said strikingly weak demand and growing concern about the potential effect on US tariffs. We talked about tariffs. We talked about I don’t know if we talked about that, Daniel in our premium podcast and we highlighted trading partners and two of them, that deals haven’t been signed yet, that I think they’re ranked number two and number five in terms of apparel exporting. And if you don’t get that shit done over there, good luck. I mean companies are going to be in a lot of trouble, especially. I mean they already have so much trouble. They always warn about weather and inventory concerns and stuff like that. But you know, strikingly weak demand is not a good sign. 

23:13

Again, some companies have reported. You have Boeing. Great numbers Company was up when they reported and now it’s down. It was down afterwards like it was down 3%, 4%. That’s a gift I would buy it. This is going to be the best performer at Dow. I said I think it’s ranked number one. If not, it’s pretty close. It’s up there. 

23:29

But it’s a totally different company and you can say well, Frank, you know they lost money and burned through $200 million in cash in the second quarter. That’s not a lot of money for Boeing. If you want to put it in, they burned $4.3 billion in a comparable period last year in 2024. $4.3 billion they burned through. They only burned through $200 million. They have a backlog of what 6,000, 7,000 planes at the Dynafil. They just have to get out of their own way. Now they have a new CEO. 

23:57

I thought their interview was great. They did lose money $176 million. They lost over a billion dollars. The last comparable period Revenue rose 35%. Find me a large cap company. I mean revenue, revenue rising 35%. That’s the mag seven right there, the mag six outside of Tesla, which is seeing revenues decline. You know it’s a company that’s operating all cylinders. They’re coming back from the dead. This is when you want to buy them because they are lean, they cut costs and now you see a massive demand. 

24:26

As long as you don’t see, knocking on wood here, anything negative with a plane, I don’t want to say the word, the c word, cra, I won’t say it. But as long as they stay out of their own ways, it looks like everything’s really buckled up. Look at suppliers within that industry. Look at the airline industry, not just that, airlines in general. I I mean I’m flying. They charge me like twice as much. 

24:49

I mean they said, I think in the last cpi report that you know air flights, uh, and air travel, whatever it was, airline prices were down. Holy cow, is that full of shit? I mean I don’t know if you guys booked anything for the past couple weeks, but man, I’m paying like twice as much and I had to go you know just different places and be traveling a lot for business and stuff like that. I mean, going upstate is going to cost me like I think it’s like $700 in flights. Are you kidding me? $700 in flights to go upstate. I got to take two flights from Jacksonville to Albany, rented a car $125 a day. I’m like holy shit, I’m like man, crazy, it’s crazy. So I’m just keep going up. 

25:32

Uh, so you know, looking at boeing, I still think it’s a great name, uses pullback as a gift. It ran up nicely into this and they reported numbers and it’s selling off a little bit. That’s perfectly fine. That. I mean, when you have a backlog of demand that big, you’re one of only two companies in the world that’s capable of making these planes. Uh, the whole world needs them. Every airline has to upgrade their fleet. Still, they’ve been dying for this the past three, four years. Boeing has been, you know, whatever. I won’t get too hard on them because everyone’s been hard on them, but seriously, they had to head up their ass for how freaking long? But now they’re just on fire. I mean, they have that book of business. The airlines are doing great. They’re about to spend freaking a ton of money to upgrade their fleets. Boeing is there. They have the best planes with the max lineup and, uh, you’re gonna see those things just fly off the shelves not shelves, but fly out of that plant, which is amazing. Go see that plan. 

26:13

I said every time I talk about to Boeing, uh, the ever plant in Washington. It’s fascinating. Bring your kids. It’s something. It’s I can’t even explain it, or it’s just it’s bigger than disney world and it’s just this assembly line for planes and they have like seven or eight in there at a time. It’s just unbelievable. It’s unbelievable. When you go and see it, you just have appreciation of how amazing this stuff is and how they build these planes. 

26:37

I talked about Union Pacific already. I like that deal. I think it’s really good. I think it’s going to get pushed through maybe some concessions and selling some of that rail and stuff like that lines, but that’s going to get pushed through because that’s going to be good for America. It’s going to make easier. I think that results in cheaper prices. Instead of dealing with two different companies, you’re dealing with one. At least that’s what the company’s going to say. Hopefully that stays the same. 

26:58

Everyone always talks about their deals when they want to do this. Yeah, this game changing changing deal, we’re gonna take over this company. It’s gonna result in lower prices for everyone. Everyone’s gonna be happy, which is kind of, like you know, full of shit right, it’s kind of like t-mobile, when they needed to do to deal with. They want to do, to deal at&t. And they went for. The congress said we’re not going to survive unless we do this deal. I don’t know if you saw the market cap of that company but they’re bigger than verizon atT we’re not going to survive unless we do this deal. And then they denied it and then they took over Sprint Spectrum, all that shit and the rest is history. But everyone’s going to say anything positive to make sure the deal gets through. I think this deal gets through. It really does. It’s competition in the space. It should go through. I think it does get through. 

27:46

What else do I want to talk? Whirlpool, holy cow. When you look at Whirlpool, whirlpool is a disaster. So Whirlpool is down 13%. It was already down 15% heading into the quarter for the year, remember. We’re at all-time highs here. So when I look at this company, how much is down and getting crushed where expectations were so low? 

27:59

You know, I wanted to look through the quarter and at first glance, if you don’t know Whirlpool, you’re like tariffs, tariffs, tariffs. That’s why it’s finally impacting a certain amount of companies and Whirlpool wrong, absolutely wrong. In fact, whirlpool is supposed to be one of the biggest beneficiaries of tariffs, since most of the manufacturing is in the US, which should be increased demand. Why is demand not increasing? Because the housing market is absolutely horrible, horrible, horrible. Nobody could buy houses right now very few. You’re seeing high-end houses. You’re seeing strong, over 800 000 million dollar houses getting sold. That’s fine. People get more rich, the markets and stuff like that. They’re paying cash outside of that. 

28:38

When you, when you have trouble, when you have, say, you have a 500 000 house in new york or california and you want to move to florida, and you’re saying, okay, I’m going to buy, say you have a $500,000 house in New York or California and you want to move to Florida and you’re saying, okay, I’m going to buy this house for $500,000, and you have a mortgage on it, your payments are going to increase dramatically because interest rates are high. So you can’t move sideways for the same amount and you’re not going to go from a $500,000 house to a $300,000 house, right? People just don’t do that, especially especially if they have the money. They just don’t want to pay a much higher mortgage simply because of an interest rate. So everyone’s waiting for rates to come down. I think the Fed is going to lower rates. I think Powell will lower rates at least twice by the end of this year. Maybe we see three rate cuts by the time his job is gone. 

29:18

But when I look at Whirlpool, holy cow. I mean. This is an example of how terrible the housing market is and there’s lots of companies tied to this trend that I think are going to see the results. You know, whirlpool has been kind of crappy for a while, but especially past couple of quarters you’re going to see this filter down to a lot of these companies. It’s just the home builders are good. They have their own loans, they have their own sessions, they’re able to make deals and stuff like that, that they manage these positions, that they’re smart through these periods. But man, when you have something that’s like their appliances and everything’s going to be bought based on, you know, home ownership and you don’t see a lot of people buying new homes, it’s going to crush you. 

29:57

And, to be fair, this is a great, great managed company and the management team here. This isn’t a company losing money. This isn’t a company going out of business. They’re earning $400 million in free cash flow. This year they had to cut their dividend. They’re cutting their dividend. It was over 7%. Makes sense. 

30:14

I love when companies do this. Their stock’s getting nailed on it. But it’s smart. I mean, the amount of money you’re going to save and putting into buybacks would be so much better than paying this dividend, and there’s proof to that. I’ve done studies on this. I’ve seen studies on this. Buybacks outperform no-transcript. 

30:35

Now, compound that shit over that period and everyone’s like you should own S&P 500. Maybe not. Maybe you should own the best companies in S&P 500 that are buying back their stock. Because if they’re buying back stock, what does that mean? It means they generate a shitload of free cash flow. It means that they’re doing great, they’re growing, they’re killing it right. Those are the companies and those are usually the best companies that you’re also going to see momentum out of. These are the best companies that you’re also going to see momentum out of. It makes sense why they’re outperforming. 

31:00

The S&P 500, where you have companies like Exxon is doing a little bit better now, but the Exxons, the Procter Gamble that they’re like well, we’re a dividend aristocrat for 25 years. We have to raise our dividend, no matter what. J&j 10 straight years of shit. We got to raise our dividend. It doesn’t matter. I like this decision. Does it suck for investors in the short term. Yeah, but it’s a really good decision if you want to hold this stock the next three years. Because I’m going to tell you something about Whirlpool as shitty as it is right now, they’re expected to earn $7 a share, which is a lot, lot lower. That’s a major cut and that’s being conservative. On that basis, that stock’s trading at just 11 times more earnings. 

31:36

If you were a believer, you could believe me. You could agree with me. You could not. Again, it’s my opinion that rates are going to be a lot lower and people say, well, they can lower rates and long-term rates could still be higher, which the mortgage rates are based on. Whatever you believe, if you really believe interest rates are going to go low, you’re going to percentage lower and you’re going to see that. Stay there a couple of years. Whirlpool’s an easy double from here. It’s an easy double from here. 

32:00

On this pullback, you’re going to buy it. You’re going to see some pain. It’s not exciting. I know you want to buy a freaking crypto company that just is taking off, that these freaking BitMind immersion companies and whatever are going up. You know, 1,000% in like a week in Shalala. I get it, I get. That’s what you want. Everybody wants, wants that right. I mean it’s crazy, but that’s what you want. It’s a flavor of the week. You want to make money right away. This is a company. Put in your portfolio. Forget about it. In 36 months it’s going to double and those are great, great returns for the next three years. If you’re going to average those returns over the next three years, that’s really housing market. 

32:38

I’m surprised that the markets are where they are without contributing from housing and without really contributing to manufacturing, which now we’re seeing right. So we saw manufacturing. It’s why oil if you look at oil, look at gold manufacturing has been down tremendously. Now that we’re signing deals, you haven’t really seen the effect of oil going higher because of that, the expectations. But look at infrastructure, the best performing sector in the whole freaking market, because of all the expectations, of all the manufacturing. All these deals are being signed, all of them. And you had Mike I mean even Mike Wilson from Morgan Stanley’s bullish, citing how much massive amount of loans within infrastructure are being taken out for future growth, which is great. Which is great. It’d be even better if it was at lower interest rates. We’ll see where that goes. 

33:22

But you’re looking at some of these companies that are reporting right now. What do we have? I think we have Meta and Microsoft on deck. Then we have Apple in the following day, thursday. So you know those companies, look, they’re probably going to report very, very good results. Apple will see. 

33:38

You know, the whole Apple intelligence thing. It’s frustrating. I know they haven’t participated in AI, but remember that the pricing power they have. The whole world revolves around Apple. The whole world revolves around Apple. I mean, every single app is Apple, right, you can’t get on any app without Apple. Yes, you could go Google, but who owns the Android phones? I mean, come on, you know, when you look at Americans, it’s you know they could shut off anyone. They shut off Facebook and their stock went down to what? 60%, 65%, right when they said when they changed the privacy policies. And my point is that they’re not going to do that. The point is that they have incredible pricing power through their services division so they can make up the earnings downfall that they’re not going to see more iPhone sales, even though they saw a lot of iPhone sales on the 16. 

34:19

On Lies Apple Intelligence. They still have it in all the stores Verizon, you go to T-Mobile stores, you go to AT&T stores that sell these phones, they’re all like have Apple Intelligence. It doesn’t exist. It doesn’t exist. It doesn’t exist for a company that has what? $100 billion. I haven’t looked how much they have in that balance sheet. It was probably $120 billion on the balance sheet. 

34:40

How aren’t you on the forefront of this trend? I understand you guys are second and third and everything, and then kind of like Facebook, and then you take it and you revolutionize it. How weren’t you there? I don’t get it. You have so many partnerships your partnership with Google, you partnered with so many companies. 

34:55

I have no idea you’re so far behind this, because what you’re going to be able to do with your phone and just be able to talk to it and say you know, make this video come alive. Change this whole video. Put a nice scene. Put it like a tiger coming out of the sky about to eat anything. In two seconds, boom, ai. Make this picture lifelike and it’s going to actually move. Make it a movie and include this over different scenes. All that stuff is available on your phone. All the pictures, everything. It’s just unbelievable. No one’s going to take a bad picture for the rest of their life. Just get it right. Apple, holy shit, get it right. I can’t believe you’re so far behind this trend. 

35:25

With that said, their numbers are still probably going to be solid because they have so much pricing power around their services division. If they could charge more for that cloud everyone has to pay for it. I’m not going to hate it, but I’m going to buy it. I’m going to bitch about this podcast, but I’m going to buy it because that Apple phone controls everything it does. It’s amazing. So you know, I would think you know Apple right now. 

35:48

In terms of buying the stock, I think it’s a good buy If they come out with earnings and you see a pullback, and if they come out with weak earnings, I would be buying sales. They’re getting on the right side of politics. Building more manufacturing here, which is good for them, might hurt their margins, but again, this is a company that can easily make up the margins through their services division because they have a monopoly. They have a monopoly X Spotify. They have a monopoly and Spotify numbers were horrible, right, and people worry about that because everyone’s consuming music on YouTube platforms now, on different platforms, and it’s cutting into it. It’s cutting into it these platforms. Even Apple, like you’re paying for music. That’s why I get my music. People get it from Spotify. You know you’re getting a lot of this music on different sources where you don’t have to pay for it right now and it’s borderline. You could say it’s illegal, but people are getting it right. You’re able to watch a lot of this stuff but it’s starting to reflect in earnings, in sales, in margins when it comes to Spotify. And that’s one of the service divisions where you might see a little bit of decline for Apple, but still they just you know they have so much pricing power. 

36:53

So we have all these companies on deck to report Expect, meta, microsoft, apple to all increase CapEx dramatically, which is positive because those guys, their return on investments are incredible. You could say it hasn’t been so incredible for AI. I would disagree. Look at the market caps of their stocks. You know you could say that’s great return on capital. People want to see that and they’re buying their stocks. So you know you could say well, you know what’s the return on investment? The return on investment is Microsoft laying off what? 9% of its workforce, while their stock’s at all-time highs. Why are they doing that? The power of bots. And where we are in that little second phase of AI, the agentic AI right now, where we went from large language models to agentic. And then it’s a predictability part, which is the future, which is third, fourth, fifth, but the use of bots around these companies where they’re replacing employees, and robotics holy cow, I mean you have no idea what’s coming down the line. 

37:50

The return on investment these guys did the smartest in the room. They hired the smartest engineers on the planet and I just laugh when I hear of some fund manager go, they’re never going to achieve that return on investment but, like they know more than, like you know, 10,000. They have like nine degrees each, these engineers and stuff. I just laugh when people say that like, just like when they said that Zuckerberg was an idiot for buying Instagram for 2 billion. He’s an idiot, they should get rid of him. They have like 10 employees. They should get rid of the worst thing ever. I mean, what is that franchise worth? I mean, am I holy cow? I mean, what? 700, 800 billion? If that, it’s just funny when I hear people that you know they’re good at managing stocks and looking at numbers, but running companies is totally different than being an analyst, right, so it’s just, it’s kind of crazy, but you got a lot of the S&P 500 reporting this week. It should be fun. It should also lead to a lot of new ideas for the portfolio, which I’m excited about Because I’m excited about. So I’m seeing lots of trade-offs like Whirlpool. 

38:49

I’m not personally buying right now. I think you can wait a little bit more, probably see a little bit weakness. I think that’s a great name. Three years is like investing is telling someone to invest over the next 20 years in today’s market. Nobody wants to talk to you here. I’m just saying Whirlpool is gonna be a double and those are great returns, especially from here to there. Those are going to be great returns. 

39:09

Considering the market is at all-time highs. You’re not seeing everything work. Not everything’s working. You don’t see all stocks at all-time highs. There’s a lot of speculation in the market, but there’s lots of good ideas that should be trading at much higher prices, especially with the macro drop back and backdrop. And that’s what we’re trying to find for you guys and we’ve done a pretty good job of that through our portfolios, especially our trading portfolio for Wall Street, unplugged Premium. If you guys are interested in purchasing that, that’s $10 a month only and that portfolio. Again for trading portfolios in our industry they go for like $2,000 minimum and again that’s like 100 bucks. I may change the price on that too, because we are going to be raising prices on all our products going forward, and we need to. You know, just charging $19 for a newsletter is pretty crazy these days. So you know we want to. 

39:57

Our research has gotten that good. Our context has gotten that good. We’ve made a lot of money for a lot of people and sometimes you’ve come in at the wrong time maybe, and we haven’t, and we had a couple of losers and stuff like that, but for the most part, when you look at the performance across the board, it’s been very, very good. I feel like we have research that you don’t really hear anyplace else, because I read all the research anyplace else. I think we have a much different take on certain things. A lot of times we’ll go against the grain, we’ll be contrarian, and we’ll hear it from you, we’ll hear it from everybody else. 

40:24

What I care about is making you money. That’s why you’re listening to this. So that’s all I want to do for you. Because you do that, a lot of your problems go away. You put your kids through the best colleges. You live a great life when you’re retired. I mean that’s what life’s about, right? That’s what you want to do. You want to be smart. You want to have access to great information. 

40:44

I’m fortunate to have at my Curzio One Conference, our first ever Curzio One Conference I’m going to say, look, does any of you have this stock, this stock, this stock, this stock and it’s going to be some of our best performers and a lot of them will, because of the contacts that are in that audience that email me about different trends going on and changing from being fan-cooled systems to liquid-cooled systems and now we’re up 200% plus on a stock in 18 months. Because knowing these trends and having access to information, that’s what investing is about. That’s the number one thing investing is about. The number two is stop losses. Don’t ever lose all your money or you can’t invest again. You got to be able to cut your losses. You got to be smart with that. When you cut your losses, you got to be really smart. You have stops on all your positions. 

41:26

But man access to information. In today’s day and age where we have, we’re going out to over man. It’s 150 countries of people that download through this podcast and just as the audience grows, the social media presence grows, the emails come in just brilliant from people within these industries and it just helped me incredibly in terms of finding the right ideas for you and keep them coming. If you guys hear things, you say, hey, Frank, this trend, that trend, believe me, I’m going to find like 10 stocks that are around that trend, be able to research them and come up with the best one for you. And that’s happened a lot, a lot over the past two years with our performance, especially being on board with the power, with uranium, with AI and stuff like that. 

42:01

If you remember, go back, listen to the podcast, probably about two, two and a half years ago, and I was like SAI thing is not a big deal, it’s overhyped. And then having great contacts saying, Frank, you need to see this, you need to read this, you need to talk to this person and this person being like holy shit, this is what I missed, being able to change your mind, and just being like, wow, when the facts change, change man. There’s no ego in it. Get rid of your fucking ego. It doesn’t belong in investing, please. It’ll kill you. It’ll kill your ego. Be humble, embrace those losses, learn what you did wrong, listen to smart people. Shut up and listen. Don’t talk. You shut up and listen to some of these people, but the emails I’ve gotten in it’s incredible. It’s incredible. So, Frankcurzioresearchcom, keep them coming in, guys. 

42:44

The goal here is to make everyone money. That’s what we want to do. Okay, getting great information, getting real information that’s different what you’re hearing in the media and speeches. Like you know, Buffett say no, we’re not looking to for any deals, you’re full of shit, right? I mean, come on now. This big deal just happens, of course. Of course that was the case, and your industry and two people and two of the other companies are going to merge. You’re going to know about it. The first thing you’re going to do is okay, maybe we should merge with the other. You’re going to talk about it. There’s like no way. Total, that’s bullshit, and I’m not picking on Buffett, I would have said the same thing. No way, you’re full of shit. I’m just saying it’s getting access to information, real information, to incredible returns. It has for us, it has for our audience, and we’re going to continue that and a lot of that is based on you guys. So I just want to say thank you very much. 

43:31

Listeners to this podcast. Thank you so much for emailing. I love you guys. It’s really great. I’m having a lot of fun with the business right now. It’s really cool, really looking forward to seeing all of our products and services, every single one of them, even the backend products and stuff like that, which is really cool. 

43:58

You get access to the conference and you get access to private placement deals, which one I’m sending tomorrow to my Curzio One investors, which is an unbelievable one of the most, I mean just from an entertainment level. It’s exciting. But the valuation how I structure this deal, how I structure this deal if it works out it would definitely be, and we have a lot of whales on our list too in Curzio One. It would be the greatest return that they’ve ever seen on investment if this works out. That’s just one of the ideas Out of probably like five or six, seven I shared this year already private placement deals. You’re getting the same terms as me. I’m helping structuring these deals now, getting into great, great terms and stuff. So that’s where you have access to Curzio 1. If you’re interested Again, just email Frank@curzioresearch.com. 

44:43

So that’s it for me, Daniel. Any parting words? No, like usual. Okay, I can’t wait to hear him tomorrow in podcast. He’s going to go after me, but guys, listen again. Thank you so much for listening. Love you guys. Uh, question comes for the email me and uh, I’ll see you on the side next week when I get back. Right, take care. 

45:02 – Announcer

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