This is the full transcription of podcast 'Wall Street Unplugged with Frank Curzio' - My biggest lesson from 9/11.
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This is the full transcription of podcast 'Wall Street Unplugged with Frank Curzio' - My biggest lesson from 9/11.
#Podcast #Transcription #ReadAlong #KnowledgeUnlocked
Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary Direct from Wall Street right to you on mainstream It's September 14th, I'm Frank Curzio host of the Wall Street Unplugged podcast where I break down headlines and Tell you what's really moving these markets There's a pretty amazing and emotional weekend A Lot of that had to do with the 20th anniversary of September 11th. Can't believe it's 20 years 20 years Doesn't seem like it's that long But trying to explain this To anyone who's under 35 years old. It's not easy. I mean it's like you can't Like someone who lived through Pearl Harbor trying to explain that event to someone my age And We're just not gonna get it. You weren't there. You didn't see it that emotion Sino about investment books you could read as many as you want and all these risks today Until you go through it until you're so sure on something and you just get wrecked (1/33)
there and go through that experience of those emotions That's when it sticks with you. That's when the lessons learned. That's what everything you know just those feelings come out and This was an event that made the world stop Showed us how vulnerable we are in the u.s. We had this pride and we're great. We're awesome strong best military and holy cow Also showed the power of unity so we all came together during What the toughest times if not the toughest time most of our lives But seeing so much of this again on all the channels no politics MSN BC did a great job. They did a live replay like the live replay of that day just showing the whole entire thing to the 60-minute piece they did on the FD and why the fire department during September 11th a Must one of the most powerful things I've ever saw Holy cow Holy cow I mean to the stories people told who were in the Twin Towers when the planes hit And even to that Mets Yankees game how great was that? September 11 was electric the (2/33)
atmosphere unity players wearing NYFD NYPD caps Bring back Joe Torre and people from back then and just showing a president's pitch and that strike and how big of a deal that was It really was We just brought back a lot of memories both good and bad Hey my experience I worked at Wall Street before September 11th, and then a few years again after I'm gonna work at the street But I was not working in New York City at that time. I was living in Queen still But a lot of my friends did and the stories they told me some of her covered in white dust They couldn't get out of New York City until that night The phones weren't working so their families didn't know if they were alive So one of my closest friends at the time his brother-in-law were top people in NYPD one of the first to respond along with the fire commissioner and Giuliani was there and They're waiting to see what to do if the second plane hit they're like, okay We need to speak to the building inspectors engineers, so they're (3/33)
waiting for them to get there they get there They said there's no way those buildings are coming down So his brother-in-law sent in Around 20 police officers into burning towers Every one of them died. So these are people that he knew closely Least some of them right and knew their families And think about that for a minute you forget a lot of this stuff in those stories And again, it's not knock on the building inspectors at all Are you looking at? There was no high-rise steel building that ever collapsed from a fire in history And then as they saw the floors coming down a little bit getting reports as those guys You know climb those floors. It's you know, it was too late. I mean not too late They still get a lot of people on said hey, you know what? the structure it's It's probably gonna collapse And so in 60 minutes when they got that message to them and then boom the first one collapsed the first tower But you're looking at this what where? The planes they hit the 64 the 80th floor (4/33)
So bill inspectors it know even police fire department didn't know I mean the 1680th floor I don't know if you realize how big twin towers you could be across the street and you can look up and not see the top I mean you'd have to your neck is as far back as you possibly can you can't even that's how big these buildings are So you're like, okay, you're good. You can go in, you know Let's get people out under the 50 floors and then try to get everyone out or whatever a lot of cops died that day fire Firemen died that day. They saw his brother about two months later Totally different person quiet kind of just staring at things I'm a smile that I guess saw him another time after never smiled a Lot of people you know, how do you come back from that? He'd be fucked up for life you Trying to do your job trying to save people now this happened on Tuesday. So on Thursday morning, I Wanted to get down and I wanted to see it for myself you know if in New York my whole entire life and I was just (5/33)
taking the M train from Queens New York or I live to see you know If I get down up that train goes straight down to Wall Street one train If you go to Midtown, you gotta take another train go anyplace to get this train just drops off you know, you just go to Wall Street, but also, you know, one of the stops is World Trade Center and Most of New York City was on lockdown not a lot of people out in or out of the downtown area Let's do a helping and they had the right proper, you know Identification and badges was blocked probably up to Midtown and You had to be law enforcement fire department Helping bring in food. I Say, you know, let me try Let me get on this train goes right downtown to the World Trade Center. I Don't want my girlfriend at the time so Everyone on that train workers cops firemen My would dress down Yeah, I'm thinking yeah, you know if they asked me to get off I'll get off for this guys to get off it and you Know did nobody everyone had blank stares and just you know It (6/33)
was crazy like nobody know what to do and again, this is still a rescue mode here Right because people were still trapped. They trying to rescue him. I'm surprised nobody questioned us You know, we kind of look like we belong and you know Next thing I know the train just kept going We got off the World Trade Center and made our way upstairs. I Mean, I'll never forget it the mist from that dust still in the air Rubble everywhere. I mean we were right the twins out right there Hundreds of people which is probably thousands but it was hundreds where I was searching for survivors. It was very very quiet I talked about New York City downtown cabs loud horns traffic people everywhere it was it was just Quiet very very quiet and I remember looking at everyone's face And it was just like our face it was just is this a dream it's just is this real it's really happening and When I go back to that day, it's easy to think about the negatives It's easy to think about sadness or even get angry and (7/33)
pissed off The way I remember this event or what I think about today is and this is from being there is the unity the patriotism How everyone came together? Didn't matter politics race gender what country you were from it didn't matter There's a traumatic event that impacted all of us and it quickly let us know What's really important in our lives you're living our families our freedoms But you're seeing everyone working together. You're looking at all the stores that were open and it wasn't a lot So the Starbucks McDonald's, you know restaurants and the workers went there. They were given free food free drinks to everyone People drove from places like Ohio Michigan, Pennsylvania, I mean eventually they would drive from California and everything like days later The firemen policemen from departments all over the country came to help All the looking through the rubble trying to find survivors With 77 police officers died 340 firemen died that day There was 23 battalion chiefs that (8/33)
responded Only four survived These are people that ran up 50 flights of stairs with 70 pounds worth of equipment Not one refused to go in To save the 2,000 people that are trapped above the fires and the towers when they were burning Okay, watch that 60 minutes piece unbelievable You're hearing those people get up to those floors trying to create a stairway trying to help these people get down before they collapsed So 2,000 people trapped above the fires and there was 17,000 people in the World Trade Center and those towers when the first plane hit these guys helped Say 14,000 people get out. I mean some got out right away. So there's a plane hit but you know, holy cow And just watching everything and see you bring it back those memories and those stories I mean, you know, we we do things on September 11 Not like we did this weekend and you had the people these firemen their kids wearing their you know father's Uniform and a lot of them following their father's footsteps just like I (9/33)
follow my dad's footsteps But after September 11 something interesting happened at least to my age group And my friends who lost friends or family members In September 11th that they winded up, you know, marrying their girlfriends a significant other married had kids Guess it's kind of like the baby boom years after the war in 1946 more babies were born that year than any other year is 20% more than 1945 but when you see something like that you live through it you start taking life more seriously And that's for anyone. It's not just a September 11th. It's a few you know, I For me losing my dad was huge. I was young. My dad was you know young he died very very young I let you hear that dies right and you don't have that person to be proud of you to sell you they're proud anymore I mean, it's a big of something. I I've never really dealt with emotionally And for me I took things more seriously Especially when it came to to work ethic I started focusing on my strengths a little bit more (10/33)
not letting them just you know, Okay, let talent waste away or anything like that, but you know just married kids family Hey my take from all this is don't wait for something traumatic to happen to To be the person that you're meant to be Everybody waits and you know, they mess around and have fun and you should have fun and enjoy it But that's the most important thing right enjoying it. There's so much anger out there Of a waddle of a bullshit over people making us shoes that want power, you know, it's just when you look at everything it's It's pretty insane right now. It's a crazy world But don't wait to be the person you're meant to be. I mean one of my favorite quotes is from Mark Twain when he says the two best days of your life for the day that you were born and The day you find out why? That's pretty powerful but for everyone out there listening find out why Cuz every day like September 11th and some of you again I wasn't even September 11th or something else is school shooting (11/33)
or something change life could be very very very short Very short and when you're dying there, you're taking your last few breaths. What are you gonna say? What are you gonna think? You say well, I lived a great life. I did everything everything I wanted to do when I was alive Are you wondering how you're gonna be remembered if this taught us anything guys live your life Live your life. Don't start tomorrow Start right now emotional time Hard transition to get into some questions here, but we will that's the new format tomorrow fantastic interview for you One of your favorite guests definitely gonna provide a really really two really great ideas. He's gonna provide two fantastic ideas. You're gonna love But in this format gets us some of your questions keep sentiment Frank curves of research calm Again not the easiest transition, but I'm gonna try to make it a little bit more fun after An emotional weekend at least for me from someone that's living in New York from someone who knows (12/33)
people that died from You're going through those emotions. It's pretty crazy. So I'm gonna try to transition is something that was fun this weekend Which is sports which is football. So Brendan asks. Hey, you know, I'm Frank who's going to win the Super Bowl Again tough transition, but let's have some fun. Okay, I Will say Tampa Bay Obviously is the favorite every year whoever wins a Super Bowl Everyone thinks that team's gonna win Super Bowl following year and they have most of the people intact and they did look okay They don't look great Everyone says Cowboys played great. They played awesome They got what three four turnovers and still lost but they didn't play good. They look pretty good But I will tell you what's against Tampa Bay right now two things one It's very difficult to win back-to-back Super Bowls haven't happened in a very very long time. Of course. That was with Brady And two and this is much more important is I have a good friend that went to the game and said in (13/33)
Tampa that they ran out of beer and ketchup at halftime They're gonna need their fans to win. They won that Super Bowl in Tampa Bay Stadium last year You better get some beer there. You better get some ketchup. Those are the two most important things beer ketchup. Boom Boom you ran out of halftime more supply issues. I Do like Cleveland as a sleeper I know quarterback issues will see We may feel has to play that good and he did throw away that interception, but they look good They have all the components. I got a great offensive line. They have great offensive weapons. Their defense is very very very good They have everything. I mean if Mayfield just need a little more confidence and be smarter. I think they're gonna be there They got a shot Saints look incredible that could be a sleeper Maybe the Eagles hurts looked amazing I think it was more of a fact me hurts did look amazing and they came out really strong to look great their offense look Great in sync, but they did play against (14/33)
Atlanta Atlanta look horrible. Let's you show up those ears, but the Eagles are first place That's all I care about. They're in first place Awesome. My top pick is the Chiefs. I mean last year You know you say well, you know, he threw some interception He didn't throw a touchdown throw a touchdown because his offensive line was terrible He had two three guys injured and I mean the second they stopped the ball He had two three guys in his face every he was running for his life Now they have one of the best offensive lines. They really shorted up Again Little rusty to come out and then Cleveland is tough Cleveland's like on paper. Cleveland's one of the best teams They're awesome, but I still like the Chiefs this year and of course Tampa Bay, but I'm gonna go with the Chiefs You got something to prove And some guys on defense as well But thanks for the question. And yes, we're allowed to enjoy football awesome happy footballs going on and it just so happened in one of the you know, one (15/33)
of the most emotional weeks So Mario says hey Frank love the podcast I agree with you 90% of the time Do you really I don't think my wife agrees with me that much 90% of the time then he says on politics and COVID. I love the rants Well, I'm writing today about the idea of a trend that I see I live in California very liberal upside-down Politics state political state my kids never touch a schoolroom in 2020. I have a seven and nine year old We have mass mandates everywhere. My kids are finally in school after 18 months But with masks on Regardless of lockdowns and all political BS we deal with in California one thing that never stopped and only got bigger and bigger is club sports My kids play both club soccer And other sports because it's expensive. We practice four times a week never stops regardless of COVID We have tournaments once a month sometimes with more than a thousand kids and he says thousands even the kids and hundreds of teams No masks at all This is just soccer. It's (16/33)
baseball softball, etc It's also not just California as we had time tournaments in San Diego It's East Washington, Texas Las Vegas coming from around the nation for tournaments Just Florida club sports are also big as we look at the moving there It's a sense of freedom or maybe just a political a COVID break. We all look for once we drive into the complex It's like we're back into 2019 My niece received a full 100% scholarship for softball and never played for a high school. Well sports is growing growing and Parents are throwing tons of money into it High school sports is dying as parents and athletes don't want politics or city-state associates with their sports is now my question How do we invest in this trend? We all use an app called team snap, which is used across all club sports, but they're not public I understand that Dick's morning It is a way to play this trend as a surgeon golf fishing camping any other way to feel free to mention But there has to be something out there (17/33)
Some ideas to tap in to this growth market Great question club sports is definitely huge Anyone has parents understands that at that that are athletes and it's very big in the recruiting process for colleges I don't know if you saw the percentages, but it's incredible I mean close to 80% of men and women became college athletes played club sports and You're seeing that a lot of people don't want to deal with the politics That's why I've removed my kid from the school. She's in you know, it's When you're going to a school Hey for me the way I look at it and I'll say this personally, I don't know how everybody else looks at it, but Those teachers that system should be doing the best interest of teaching my kid or in the best interest of my kid and also best interest of the parents and Right now that's not the case They're doing the best interest for themselves for the teachers for what they believe in and that's really fucked up so you could see like a big shift where You know some of (18/33)
the things that they're teaching why they it's not for the benefit the kids No, it's a benefit for themselves. It's a benefit for themselves. So you're seeing a lot of this Just let me get out of the political whatever side you're on. I want to get out of it I just feel that one my kids go to sports and enjoy it and my 13 year old Hey, then he said Talked about Biden and she saw a new story and she's like wow. I hate Biden I hate Biden and I told her I said, you know what don't say that I Said first of all, you shouldn't even be thinking about that right now Anything political at 13. Will you think of politics? Are you 13 holy cow was like in my mid 20s before that I started to care about this stuff 13 how does she have exposure to that? How does she exposure to this? I just all the YouTube channels all the conditioning all this craziness and social media It's like you just got to take them off of everything You know, sometimes some of that stuff is you know could be educational but (19/33)
come on I told I said listen don't don't watch anything. Don't think about anything your kid. Have fun. Go crazy You're in a tough school. She's got homework every day. But you know, I was like don't say that I don't want to hear it. Okay. I'm not gonna like condition her Whatever. She's gonna have her own opinions on different things the way she grows up and how she wants to world and that's okay And I was told you didn't have to hate the other side because I think differently today yes, you have to choose I hate you and you're an asshole and and you're not right no matter what no matter what facts you provide. I mean There's no negotiation. There's no middle ground. It's crazy So I see that Now to get to your question. Listen athletics apparel equipment space is insanely on fire The only thing I worry about is supply chain issues See them grow and grow and I was you know, talking about what everyone's talking about years now Not just months not just in the auto industry But (20/33)
everything but if you're looking at The names and athletics apparel equipment that space holy cow that the earned Lululemon I mean Lululemon had that highest expectations ever blew them out stocks at new highs underarm is doing great Amazing earnings last two quarters out and they report another one that stocks really gonna go Nike earnings weren't that great But that's because they really report a great earnings couple quarters before and it's still five percent off its all-time high Callaway golf just raised two great quarters just raised estimates again, right? So you see in those earnings and again those stock prices are gonna follow And continue to go higher. I don't see that stop at any time soon And we're like a secular uptrend in sports and apparel and golf golf people in one no golf They don't like now, you know They were forced to play it and one of the things you can play that was kind of cold friendly and you could take Two separate carts and you're outdoors and stuff. Now (21/33)
you start playing golf you're in It's hard. I mean, especially if you're an athlete because it's one of the hardest sports. It's just so difficult You got to be perfect and a few sports that you can play where you're great one day And it's like you never even play the next day. It's crazy But the best play on all this I think you mentioned it is dicks sporting goods The corner that they announced probably the best this earning season Just dialed in special dividend saying all almost every department's great in golf and but they sell what Nike Under Armour they sell all this stuff and that is the ultimate play on this because you don't know, you know Nike again They came out. I think the stock sold off a little bit and then you know, it's come back a little bit But you don't know maybe Under Armour drops the ball inventory concerns They did not able to fill up inventory and for the holiday season Which is a possibility for many of these retailers right now to the supply chain issues So (22/33)
when I look at this, yeah, I like dicks sporting goods. Probably the best play not a pure play But you know, I like what you're thinking. I love that. I love when you guys like hey, I'm seeing this How do I play it? That's how you should think And don't let it control your life like it does for me where you're going, you know I went to the mall this week I went to the mall this week because I am going away and going to Dallas on a business trip very important business trip and You know, I'll be back a couple days And I realized that since I lost 25 pounds I don't have a suit so I had to go to the mall and buy a suit and see if they get tailored luckily I found someone that could do it, you know on Saturday and I got on Sunday. I I couldn't get a space anywhere. I mean it was jammed jammed jammed. I mean, this is a place that has Hundreds and hundreds of stores stores. It has a mall and all hundreds of hundred stores everywhere. I Mean you couldn't get a space Going into not even (23/33)
parking a quarter of a mile away It was crazy and people it wasn't just like I want to get some everyone had bags. Everyone was buying stuff I had I never seen it more crowded than it was But you want to find out what stores are doing well who has crowds where they buying stuff Who's advertising the most right? Usually when you're advertising a lot means that you know You're gonna bring in a lot of revenue most likely for that quarter could be a good earnings quarter Seen a company that's dead, you know not used to advertising now you see the commercials everywhere Hey, but pay attention to this stuff it matters it matters. So I love where you're going with this. This is really really cool Marrow great great question. I get a lot of these, you know all the time Just you know what I'm what you're seeing in different markets and how to play it, you know And everyone is part of so if you have kids some of you just go to college Some of you are in different industries. That's how we able (24/33)
to get Understand how the supply chain issues guys. Come on. I was saying listen This is these guys are lying to you. These guys are lying the data right here These are from people in the industry Then you dig even further and then really talk to amazing amazing sources and saying hey to confirm it and it's like man These supply issues. It's a lot worse than you think it is. These guys are like, yeah, it's one two quarter problem No, no way try to buy a car right now. You're not get it for nine months Let you buy like the couple that just came onto the lot I mean it's insane it's insane But the way you get into trends the way you figure out things ahead of time is just by open up your eyes looking around You're paying attention. It's the easiest way to do it What your fan which the neighbors buying new cars Tesla's what's going on? Spending more money remodeling their homes going to Home Depot whatever Lowe's if You pay attention you're gonna know well ahead of everyone CNBC whose jobs (25/33)
who these guys are great and analysts and stuff like that You're not gonna see a lot of new boots on the ground research They're looking at numbers. They're on TV. They have to talk about all the stories not just the stories that they're good at again I had it I was there I was on doing that Fox CNBC You go in there. I had a whole thing of stories I was gonna talk about and did the research and wake up in the morning like nope new agenda. Here's what's the stories today? You're forced about talking about what's good that day or whatever I mean listen so a lot of these trends sneak up on you You don't hear about them on TV, but you know you see them because you're in these fields take advantage of that man That's real time. That's a huge advantage. You have over so many analysts out there So many of them. I'll help you with the numbers, but man you guys keep sending me emails like this Frank Here's a research calm that is absolutely awesome Last question here is from Jake. It's Frank. (26/33)
What is the biggest mistake you see investors make and thank you for all you do Biggest mistake you guys listening to me. That's a big mistake The biggest mistake I don't know The dollar down to one I Listen to the wrong people is a really big deal I like listening to a lot of people, but then I like you know listen to other opinions And then do the day you know just research myself Not doing the homework not really digging in but I think the biggest if I had a name one thing is risk management and I mean let's put this in an example say someone has bought Bitcoin and they bought in the hundreds and They're sitting on you know a million dollars two million dollars. If that's your first experience with investing. Holy cow Good luck because that never happens ever for some of the professionals in history I Gains like that we've seen some of those gains in a crypto intelligence newsletter, which is you know on fire Yeah, crypto take a little bit of hit here, and it's you know all over the (27/33)
place So very very strong and very high right I mean yes, it's come down from 66 But look where it was like a year and a half ago two years ago. I mean come on But how do you tell that person to dial it down a little bit or be smart like people say oh? I'm gonna hold big. I mean do you really want a whole Bitcoin forever? Maybe I mean you're gonna die with it What's the point right you want to make money and be able to spend it on your family and stuff? I guess Yeah, there's got to be a level where The investment doesn't make sense anymore Just has to be not everything's on Microsoft and Amazon forever Hey, maybe some of you You know hold forever or whatever But there has to be some level where you're like hey if it gets to this and then you analyze again And so you still see growth and that trend is still secular still intact But then how do you tell them to buy something and earn 10% interest you know 10% 10% used to be? Impossible now 10% is like an average gain you said tell people (28/33)
10% Like that's all I'm gonna make But they they take on an Excessive amount of risk and Tend to blow up their entire portfolio where it's okay to have a 15 20 25 percent loss even 35 percent loss if You're looking at that money having a 35 percent loss is going to go up to X 3 X. That's fine If that's your expectations, that's fine. If it doesn't happen. Yeah, you know you have stops, and you're out of it I see a lot of people hope their own gold stocks forever forever Yeah, they made a little bit of a move here and there, but come on for 10 years You're looking at the market look where the market with 10 years and look at gold And you got to be diversified But that all goes into risk management because I see so many investors and this isn't just young investors Are you seeing seasoned investors? that Lose all their capital Well the season investors don't lose all their capital. They lose everyone else's capital I mean you're looking at Ackman with Target was dead wrong on that one (29/33)
got wrecked cuz he tried to play it through Derivatives long term capital management that was run by Nobel Prize winning economists now Wall Street traders These are supposed to be the smartest guys in a room. There's a big difference between Nobel Prize Economists and Being an analyst it's huge. It's a difference between Michael Jordan playing basketball and playing baseball It's different just because he's an amazing athlete doesn't mean he's great in everything just cuz you're a doctor doesn't mean you're a doctor at everything Gotta be careful with this shit David Einhorn shorting Tesla since 2018 keep shorting it keep shorting it keep shorting, but being stubborn. I think it is you know not I've been through this that's what I'm telling you a being stubborn just doesn't work He could be stubborn stubborn stubborn and you're pissed off, and he just doesn't work that's one of the biggest things I see because Not having at least a little bit of a discipline You never want to risk all (30/33)
your capital Maybe some of you do a lot of people become billionaires by doing that. That's fine Just understand that make sure that return is worth the risk you're taking but remember when you lose everything You're Probably losing everything maybe not the stock goes down But the whole market goes down and maybe you had options or whatever you put you know time value on it Which is you know difficult you could be right on your thesis, but just wrong on the timing And if you're playing it through options, you're dead you lose everything short of the wrong stock You saw that with GameStop at AMC how many you know so-called smart people got wrecked So you want to always protect yourself because when you see that market you know market coming down That's the time you want to buy I mean if you got wrecked during Covid and you had you know options or just whatever now you lost all your money at a time where was one of the greatest Buying opportunity we said it's gonna be one of the greatest (31/33)
buying opportunity to all money flooding into the market You know and we got back in a lot of our stocks did very very very well If you want to be buying when the market crashes if you're getting wrecked because you have no discipline and no stops or anything You know you should be buying at a time when a lot of people do the opposite You know they sell when stocks get crushed and they buy as they go higher even though you know Buying stocks that go higher seems to be a great strategy these days with growth depending on which stocks Do you buy that's probably the biggest mistake that I see all right guys continue sending your questions for this segment new format Franker's research comm Great interview coming up tomorrow someone who is I would say in the top three when it comes to performance and dollar stock club where If you're not familiar dollar stock we take one pick from our guests each week write it up include a buy up to price a stop Basically getting an amazing idea from some (32/33)
of the best analysts in the world that I interview for a dollar a week Doesn't get better than that trust me. I've been this industry for 30 years You're not gonna get better than that and these are great guys But this person's gonna some great ideas with past 12 months so definitely definitely listen tomorrow's interview And that's it for me really appreciate all the support And I'll see you guys tomorrow take care Wall Street unplugged is produced by Curzio research one of the most respected financial media companies in the industry The information presented on Wall Street unplugged is the opinion of its hosts and guests You should not base your investment decisions solely on this broadcast remember. It's your money and your responsibility (33/33)