This is the full transcription of podcast 'Wall Street Unplugged with Frank Curzio' - A financial phenomenon you can't afford to ignore….
#Podcast #Transcription #ReadAlong #KnowledgeUnlocked
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This is the full transcription of podcast 'Wall Street Unplugged with Frank Curzio' - A financial phenomenon you can't afford to ignore….
#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. What's going on out there? It's September 1st! I'm Frank Gurgis, the Wall Street Unplugged podcast where I break the headlines and tell you what's really moving these markets. I have a great interview coming your way with a good friend, great analyst. It's Mark Lichtenfeld. Chief Income Strategist at Oxford Club. I have several newsletters including the Oxford Income newsletter and also several trading services. So Mark and I go way way back to the Street.com days. Haven't had him on for a while. No reason why he's been crazy busy, but he is in Florida and I like seeing him all the time and just really one of the good guys in this business. Mark is also an author. He's got great books. Two of them Get Rich With Dividends, Proven Cisses for Earning Double-Dish Returns. Also, you don't (1/35)
have to drive an Uber in retirement to maintain your lifestyle without getting a job or cutting corners. So these are both award-winning books. The second one being ranked number one on Amazon's bestseller list. I always have great interviews with Mark. So if you're a new subscriber to our podcast, listen just for the past couple months or if you've been around for 10 years, you know that Mark is great. We can go anywhere and we do. We're actually even talking about bonds and all kinds of different ideas and stocks. That's also good what I know you guys like is it gives lots and lots of ideas and you're gonna get at least five or six, probably more stock picks from this interview. Let's get to it right now. Mark, click the bell. What's going on, man? Hey, Frank. Great to see you. It's been a while. Too long. Too long. We've known each other for a very long time. Street.com days where I know what your passion is. We're gonna talk about income, we're gonna talk about bonds, but I love (2/35)
talking about biotech because you always help me out incredibly in that sector. I still love biotech. I really do. There's something about it just to see how companies manage themselves and how doctors, once they get these things approved, they'll go into phase three, they turn to real companies and just the whole process. It's just I'm always intrigued by it. But I want to start with the overall economy. I mean, we're seeing the Fed in I'm going to raise rates no matter what mode, yet you're seeing the effects in a lot of different industries, especially housing, especially retailers. It's happening very quick. What are your thoughts here? I mean, it seems like income value finally in favor after 10, 12 years, which is probably right up your alley. But what are your thoughts on the economy the rest of the year and into next year? Because right now it seems like a pretty scary environment. I know a lot of people are nervous. Yeah, it does. Obviously, we're in recession now, although (3/35)
the latest numbers were, if they stay this way, a mild recession. And then you have a lot of forecasts that are pretty wide ranging. Some people think it's going to become a very deep recession. Others think it could be quite mild and maybe we even come out of it quickly. It's really difficult to say, especially when you factor in inflation, because kind of nobody really knows where that's going. And when we had sky high gas prices, which have come back down to more normal levels now. But I'm not seeing prices going down in the supermarket. I don't think most businesses are seeing their prices come down. Actually, yesterday, my wife and I were talking about gas prices and she said, so does that mean everybody's going to start lowering their prices? And I said, probably not. You know, I don't know if they can get away with it. They're certainly not going to. So I think it's a little too early to say. I would love to tell you, you know, this is where things are going. But I think with (4/35)
inflation right now and seeing where that ends up and what the Fed has to do to get it under control and what effect that's going to have. I think it's just a little too early to say where the economy is going. If you look at the stock market as a forward looking indicator, which it often is, you know, we had that huge drop from the beginning of the year. That certainly suggested recession. Then we had a pretty big bounce. So is that simply a bear market rally or was that was the bottom end? So again, a little early to say I'm leaning towards assuming that we are going to go down, whether we make a new low, I don't know. But if we go down, then that would suggest to me at least that we're not out of the woods yet as far as recession in the economy. So you have several newsletters and income newsletters, which I mentioned already before we actually got on there. Talk about income. It seems like an area that people like, oh, OK, I get it now. Right. We have a bear market. We have the Fed (5/35)
not there to pick us up. And I looked at the S&P 500 and I think it's around a 1.6% yield, which surprised me. I thought it'd be higher right now with the S&P 500 down. But I mean, it's usually won't go historically 4% dating back to the 50s, but it's usually closer to 1.2% at least over the past 10 years. Yet you're seeing a lot of stocks pay a much higher dividend than that, more than double that and really good names. What are you telling your clients, people who follow you and follow your newsletters? Because it seems like there's a lot of good names in there that are not just paying a high dividend. And I know you cover the sector for a long time. You're not just going to buy something that pays a high yield. But the underlying company, the growth behind it, it seems like there's a lot of good names out there where you have a lot of value, you have growth and also that income, which everybody craves for. Yeah. And it's interesting because a year ago, a little bit longer, it was (6/35)
really difficult to find decent yields with that growth and fair valuations because the stock market was so hot for so long. So to find a stock with even a 4% yield that wasn't, let's say a REIT or an MLP was really, really difficult. And even some of the REITs were down to 4% yield. So it was really hard. When we had that sell off, obviously that's painful when you look at your statement. But if you're a long-term investor, that shouldn't matter so much. But what's been great for income investors is now we can get into some names where you're getting 4 or 5% yields on some quality stocks. And if you're looking at the REITs and MLPs, you can get that 6%, 7%, even 8%. So it's certainly gotten a lot easier for income investors because of the bear market. And what I always tell my investors, they should be in these stocks for the long term. These are not stocks you buy to hold on for a year, collect your 4% and get out. So if you're in for the long haul, who cares where the stock market (7/35)
is today? You're planning on selling 5, 10 years from now. But in the meantime, you are collecting that income, which helps offset some of the pain a little bit. And if you're reinvesting those dividends, if you don't need to collect the income today, then you get to do that at lower prices, which you get to buy more shares, which generates even more dividends, and it really accelerates the compounding machine. So I love a bear market for the long-term investor who's investing and reinvesting in dividend stocks, just for that exact reason. It really accelerates your wealth down the road. Frank Curzio Yeah, I just pulled some research here. So I have a piece of paper, a handy piece of paper that I wrote this down. So it's the names that have a 4% yield or higher. Okay, this is from today. So Intel, Gilead, or just 4%, right? So Best Buy, Whirlpool, VF Corp. And then you have 5% yielders, right? And you think, well, what's going on underneath the hood? Maybe that... Do you think IBM, (8/35)
Newmont, which is in a great position, right? We know gold is horrible right now, but these guys produce under $1,000 an ounce just printing money right now. Even at $1,600 and $1,700, they're making money. Dow Chemical, Philip Morris, Verizon, AT&T, Kinder Morgan. I mean, these are quality names. We're not talking about garbage names here. Oh, this one pays a high dividend or whatever. We've seen the stock come down and you worry about earnings or debt default or anything like that. These are quality names paying this dividend. And you mentioned something about compounding. Why is it the younger generation, if you mentioned that, it's like a switch that just turns off? Like they're just not interested in it. When you're like, look at this 30 year, if you compound from... I mean, I know 30 years is a long time, but when we get to our age, you see how fast it happens? And I'm like, man, if you're 20 years old, just put away a hundred bucks here. And why is it that they're so turned off? (9/35)
Is it the Bitcoin generation, the crypto generation, I want to get rich tomorrow because, man, I wish I knew what they did when I was that age. And we're trying to explain it to them, but they don't want to listen. Yeah, I think people do want to get rich quickly. I'm going to sound like an old man here, but I think that generation has a shorter attention span due to all the technology they consume and a 24 hour news cycle. You know, everything is just much faster in their lives than it was with us. So I was unbelievably lucky that when I was 21 years old, I read about compounding and read about the effects and started putting money away. When I was 21 years old, I maxed out my IRA at that point, which was $2,000 a year because I had heard just some crazy statistics about if you invested from 21 to 31 and stopped, you would have more money at 65 than if you started at 31 and invested all the way to 65. Great stat. You know, the same amount of money every year. So I continued to invest (10/35)
past 31, but that made a major impact on me. And I just think that, you know, the younger generation, maybe they don't think about 50 and 60 years old and that it could ever happen. And, you know, to be honest, when I was 21 years old, I really wasn't that concerned about beating 60 and retiring someday. I was just getting started. But somewhere in the back of my mind, I knew that was out there and I should probably do this because I looked at the numbers and numbers have always made sense to me, you know, when it's just kind of out there in black and white, then so that's what I started doing. And as far as getting younger people involved, I think one of the problems they don't really teach it in school. So they don't teach about the dangers of compounding with credit cards and they don't teach about the benefits of compounding. So if they're not getting it anywhere, but everything else that they're hearing is, you know, buying AMC options on Reddit and, you know, another kind of, you (11/35)
know, get rich quick schemes or strategies. You know, I can see why it's boring to put a few thousand dollars away a year in Intel and, you know, JP Morgan and wait for 20, 30 years. I get it. It's not they shouldn't be doing it, but I get it. Yeah, yeah, I know I get it too. I mean, at really 25, I was not taking life seriously and I was having a lot of fun. That's why when I go to conferences or speak conferences and I see young people there come up to me, I'm like, what are you doing here? You should be drinking, getting drunk, having fun, going to clubs right now. It's like, yeah, I'm always so impressed. I'm like, wow, which is pretty cool. But one of the things that you're doing and you've been doing is getting into bonds. And that seems like a very, very hard sell for individuals because you're not just and I've done the research, I looked some of the stuff that you do and you say, listen, don't buy a fund, which you get close end funds, mutual funds and a bond exposure. You (12/35)
talk about individual bonds. It makes all sense in the world. I know exactly why you're doing it. But how difficult is that to get people to buy this? Because, you know, again, I would think that's catered to someone that may be looking for that income, retirement, you know, older. And just, you know, I don't know if there's too much of a learning curve of buying it where it's pretty easy to buy, but just, you know, people have to learn a little bit, I could pay the buy in a simple stock. But how do you get people interested in that? And what do you see in the bond market? Because what we saw is, you know, the bond market get crushed. Right. So, you know, how are you talking about it, mentioning it? Because there's an area that seems, you know, ripe to do a lot better. But for individual investors, I feel like it's a hard sell. Surprisingly, it isn't when they understand the very basic concept. So one of the things, as you mentioned, that I say, stay away from bond funds and bond ETFs, (13/35)
because they will go down when interest rates rise. And I certainly expect interest rates to continue to rise. With an individual bond, you buy an individual bond, the price may go down while you own it, if interest rates rise. But at maturity, you're going to get your money back or you get the par value, which is $1,000 per bond in almost all cases. So if you buy a bond at $1,000 or maybe you buy it at a slight discount, $950, it doesn't matter if tomorrow the bond is worth $90. Your plan is to hold it until maturity. Now, if it goes up and we can take a profit, we certainly will. But that's not the plan. The plan is to hold it until maturity. As a result, also, we're not buying long-term bonds. You know, I'm trying to stay $2,026 in earlier maturities. I want to keep them fairly short. So the reason that the bond funds and ETFs will lose money is because when you go to sell one of those securities, meaning that the fund or the ETF, the price that you're going to get is the value of (14/35)
the assets. And if the bonds have fallen in price, then the value of the ETF will go down, and that's the price you'll get. So you'll lose money if those prices go down. With the individual bond, again, you're only planning to hold it to maturity. You don't care. You're not selling when the price is down. And if you think you might have to, you shouldn't buy the bond. If you're buying a three-year bond and you think you need the money in a year, don't do it. Only buy the bond that you plan to hold until maturity. So once people understand that concept, it's not a particularly difficult sell because they do see that it's terrific income. You can get really high-quality bonds now paying 3, 4 percent, and if you go down a little bit less in the credit rankings, then you're getting 5, 6 percent, maybe even more. And the thing is, even when you go to the lower credit bonds, the overwhelming majority of bonds pay and do exactly what they're expected to. The long-term default rate for junk (15/35)
bonds is 4 percent, and that is very much concentrated in the very lowest-rated bonds. So you can buy a bond, say a BB bond, which is not particularly high. It's not at the floor either. Maybe get a 6 percent yield or maybe even higher, and you can feel pretty darn competent that you're going to get your money back at the end of maturity. So when people kind of get that and they also get that it doesn't matter what the stock market does, you're going to get your money back. I'm writing an article now for the Oxford Income Letter where we showed JP Morgan is down, I think it was about a third over the past year, whereas its bonds have fallen, I want to say, roughly 10 percent. Again, we don't care because we're going to hold the bond to maturity, but even then, when stocks tank, bonds are a nice place to be because you're not getting hit as hard when markets are crashing. I know. Usually that's the case. I know bonds have really fell off tremendously this year and even before that. But (16/35)
what is your methodology where you talked about BB, talk about investment grade, what's your methodology? Because you have to look under the hood for your investors to see if these guys generate. Is it just cash flow? Is it earnings, the history of earnings? Again, you have a lot of rating services that do a lot of the work for you and can rate these. But also, there's people that can look even further under the hood and say, okay, these guys should be investment graded or not, and that's where you're going to pay a higher yield and get a better price on your bond. But what's some of the methodology that you use that you look for to really recommend a bond? Sure. I don't consider the rating agencies' ratings too much because, don't forget, these are the same guys that were rating all those mortgage securities AAA when they were worthless. So what I look for as far as ratings is to see if something's maybe undervalued. So if I'm looking at a BB bond and the yield is too low, then I'll (17/35)
say, well, we're not getting paid enough for that level of risk and vice versa. We're getting paid very handsomely for this level of risk based on what the market thinks. So yeah, what I look for cash flow is of the utmost importance, very similar to what I look for in dividends, a balance sheet. I want to know that there is some cash that they're not so heavily in debt that they can't make their interest payments. And most importantly, or I should say as importantly, I want to see where the bond that I'm interested in falls as far as their maturity schedule. So if I'm looking at a 2024 bond, but they have a ton of bonds maturing in 23, and that means they're going to probably have to raise more money, sell more bonds to pay off the 24s, I'm not interested. I want to be first in line for that and let the bond investors behind me a few years down the road worry about how they're going to get paid. So I really try to be kind of at the head of the line or if I can't be the first maturity, (18/35)
then I want to know that there's not a large maturity ahead of me so that there's not a concern about the bonds getting repaid. And that being said, if a bond is rated fairly high, theoretically, they shouldn't have a problem raising money if they have to under somewhat normal circumstance. I mean, if it's 2008 again, then that might be a little different. But yeah, so basically, I want to see very solid financials and I want to see that the bonds are not going to have a problem getting repaid. And again, the overwhelming majority, it's never a problem. Yeah, yeah, that makes sense. So getting back to the income side, which you can throw bonds in there too, what people love when you're on is you share some of your ideas. What are some of your ideas out there for, I guess, stocks? Let's go with stocks. I mean, are you looking at yield specifically? Do you look under the hood to see which ones are growing? Obviously, with energy, you're still getting 3, 3.5% dividends with Exxon, (19/35)
Chevron, the biggest, right? And they seem like the strongest in terms of earnings power going forward right now. And I know oil has come down, but still it's very, very strong compared to a year ago. So what are some ideas that you're sharing? If you can, nothing that you give away to people who are paying for your newsletter, but what are some of the areas or maybe some individual things that you're looking at that pay it out? Nice income that people could buy. Yeah, well, so I do love energy. We've held Chevron forever in the portfolio. Some of the midstream companies also I've been a fan of for a long time and continue to be. I mean, it's always described as just a toll booth for oil and gas. And I love the fact that they don't go through the boom and bust cycles the way some of the oil producers do. And I also like some of the alternative energy companies, a company like NextEra Energy Partners, which is one of the leading solar and wind companies in the country. It's a subsidiary (20/35)
of NextEra Energy, which is an energy powerhouse, utility powerhouse right here in Florida, as you know. And they pay a very solid dividend yield. Plus, it is tax deferred because it is a partnership. So it is a return of capital. So you don't pay any taxes on the dividend in the year it's received. It reduces your cost and eventually down the road when you sell it, you'll pay tax on a larger capital gain. But all those years that you're collecting the dividend, there's pretty much no taxes on a regular year. So I love that, especially as we're seeing not just more legislation geared towards that, but a lot of it does make economic sense, especially if oil prices continue to go higher. There's just going to be more solar and wind projects happening. And you have a company like NextEra Energy. This is not a bunch of granola eating, kumbaya singing, hippies setting up a windmill in a field. I mean, these are very serious conservative business people. So if they're investing heavily in (21/35)
this, then there's money to be made here. And then also, of course, health care. Any of the sectors that should thrive and survive recession. So health care, consumer staples, anything like that. I really want to be focused on those companies that if we do hit a rough patch for the next year or so, that these companies will be able to continue to grow their revenues, grow their cash flow and pay that dividend. No, it makes a lot of sense. So one of the areas that I don't think you cover anymore at Oxford is biotech. And I remember, is it Adam Borstein? Yeah. I don't know if he's still at the street or not, but he's- Yeah, he's with Stat News. He became very big at the time, but a few years ago, I haven't really followed him too much. But I know you used to cover biotech. You used to go to the annual JP Morgan health care conference. You used to give me updates and everything. I know it's got to be a passion still. Are you looking at biotech? Because biotech, when you look at that (22/35)
industry and people... It topped at February, right? I mean, that's when they hit the top, which was well before the rest of the market. And then you saw this just massive collapse. And we'll talk about February 2021. I felt like the leveraging in this industry was incredible because some of these names were trading down 80, 90%. I mean, these are good names. These were names that would generate revenue, right? And I was like, just the massive leveraging taking place, which is something that I think is prime for guys like you. Are you still following that industry? Do you have any names? Because I always know that that was really a passion for yours. Yeah, so I still do follow it. I don't have the biotech newsletter anymore. So I'm not following it as much on a day to day basis. And when I was doing that, I was really focused on companies that would have a catalyst and let's say, generally within six months. And that was roughly how long I was planning on holding a stock for. Sometimes (23/35)
it was longer, sometimes it was less. These days I'm doing much more active trading. So it's not so much focused on a catalyst. Basically, if the sector is rising, I find some names that look exciting. But that being said, one of my favorite stocks is Ligand, LGND. Sorry, LGND is the symbol. And what I like about them is they are... Royalties, right? Yeah, and they're not focused on getting that clinical trial data to come in strong or that one FDA approval that's going to make or break the company. They have well over 100 different compounds. Some there are still in development, some are licensed to other companies that are on the market and where the big pharmas are developing them. So when that happens, the risk is off for Ligand. And basically when something positive happens, like a strong clinical trial, they'll usually get a milestone payment. And when it hits the market, they just sit back and collect the royalties. So really, their business model is find these molecules, find (24/35)
these compounds, develop them at very, very early stages, and then license them out, let somebody else take on all the risk. And then they just sit back and collect the money. And so I really like that model because it's not so boom and bust like it is for some biotechs. You saw Moderna did nothing for years. I mean, they couldn't get anything across the goal line. And then suddenly, COVID happened and they're one of the biggest names in biotech. So it's nice not to just be staring at your computer screen on the day that you know that an FDA approval is coming out, just blue, just hoping that something positive happens because you know the stock could move 50% either up or down, depending on the news. So those are the kinds of things I'm looking at these days. Frank Curzio Yeah, the volatility in that you can look any day, I mean, go to Finviz free sites, and you'll see the winners and losers smoke at you'll always see those like crazy. They just they're on the losers list that the (25/35)
winners list of 50% 100, 200% down 67. It is a crazy market. And now I see it. So I want to get to the last thing here because one of the things I love, love is that you are a ring announcer. And you've done it here where I live once and this is a while ago. So I saw firsthand. And then I'm sure you can go and see different videos of it. Are you still doing that? I mean, you know, boxing is MMA, because, man, I love watching it. And that is really seriously, I would quit everything you do and do that. You're amazing. And everybody's got to see you on YouTube. Whenever I see that, I'm like, Whoa, this guy's great. Like I didn't expect them like this guy's awesome. It's really cool. Yeah, it's, you know, it's kind of a very bizarre side hustle that I started doing a long time ago. And I've been a boxing fan since I'm 12 years old. So it is the most fun thing you could possibly imagine to be standing in the center of the rain, getting the scorecard first telling everybody, you know, who (26/35)
won the fight and getting to talk to the boxers and you know, some of the some of the I get to meet some of the guys that, you know, I grew up watching. That's great. So it is it is so much fun. Yeah, I continue to do it. I'm working for a promoter called Pro Box promotions. They have a great app. It's 18 bucks a year and you get all their fights and they have a lot of up and coming fights and a couple of world title fights here and there. And they put on a great show. So it's so much fun. I absolutely love it. And every time the phone rings to do it, I can't wait to get to when when's your next one? The next one is early October. You gotta let me know. I gotta tweet it out. Everybody's gonna watch it. I'll let you know. In Florida, so maybe you can come by. All right. Definitely. Definitely. So it can't be that far from you, right? Aren't you still far by Palm Beach? Or is it Delray? Yeah, yeah, I'm Delray and this this fight is near Tampa. So not terribly far. No, not too far. Not (27/35)
too far. Well, Mark, listen, it's been too long. I'm gonna have you on a lot more. I know my guests love you because you always tell her how it is and I love you. And you always share lots and lots of ideas. So I miss you, man. Got to talk a little bit more. Got to see each other face to face kiss in person because it has been too long. But I really appreciate you coming on and hopefully come on again soon. Yeah, my pleasure. And if I can just do a quick shameless plug, if anybody. No, it's not shameless. I was just gonna say before I go, if someone wants to learn more about you, and it's not just the Oxford Club, but there's other places as well. Go ahead. Yeah. So if you want to learn especially more about the bonds and what we were talking about, you can go to stock quitters one, the number one stock quitters one. Dot com or go to Oxford Club.com. You can. There's plenty of stuff on me there. So let me get this straight. It's stock quitters one.com, which I'm definitely promoting (28/35)
this right now. Right. And then which I'm not getting paid for. But you actually recommend stocks in your income newsletter. Yes. Yes. The whole idea behind stock quitters is for people that can't handle the volatility, the kind that we've been seeing. And whether they just can't sleep at night and they're just kind of done with the market. And I know plenty of people have had that experience in the last few months. Or perhaps they're approaching a milestone. Like for me, both of my kids are in college right now. So as we've gotten closer to them going to college, I scaled back in their 529. I took money out of stocks and stock funds and put it into fixed income and cash because I couldn't have the exposure to stocks in that particular account. So for part of my finances, I was a stock quitter for sure. No, it definitely makes sense. So listen, Mark, thanks again for coming on in. I'll talk to you soon. Okay. Thanks for having me. Thanks. Great stuff from Mark. He's one of the great (29/35)
guys in our industry. Great family. Works his ass off. Passionate. And love interviewing him. Just someone that I've known. Wow. I would say, oof, I'm getting old. I don't even want to say. Probably about 15 years. So, yeah, it's good to see guys around that long. When you're around that long in any industry, it means you're good at what you do. He does a great job for Oxford. Oxford is a division of Agor. I have a lot of respect for those guys over there. They've been around for a long time. Very good analyst there. Alex Green's another one I respect. Julia, I believe, still runs a show there whose grades been around for a long time. And, yeah, if you get a chance, hey, go see what Mark does. I don't get paid for any of his products at all. I just forgot. Usually I always give my guys a chance, everyone I'm interviewing, a chance to say, hey, someone wants to find out more information, here's how they can do it. So hopefully go there and take a look at it again. I don't get paid for (30/35)
anything. You guys let me know. So if you subscribe to his service, it's good. Let me know. If it's not so good, always let me know. I'm not going to put bad guys in front of you. I never do that. I always want to have guys that have great ideas, original ideas, things that no one else is talking about. I can tell you income is in favor. I know people say, well, income is boring and bonds are boring. Well, it's not so boring when you're sitting in risky stocks and they're down 70, 80%. So there's a time to get aggressive. There's time to be conservative. It's like a game of chess. There's times with tax, time to ease back a little bit and play safe. And now's the time to play safe. I mean, you heard me in the podcast. You just got to be careful if the Fed overshoots here. It's very, very dangerous. It's going to create a very, very terrible environment. Otherwise, I ran down a list of names. And that list of names are solid names. Yeah, Intel kind of sucks lately, and yes, they're (31/35)
behind the curve. But the stocks reflecting that, Gilead, Best Buy, VF Corp, Whirlpool, those are solid names, paying 4% yields. 5% of IBMs, the Newmonts, Dow Chemical, Philip Morris, Verizon, AT&T, Kinder Morgan's. I mean, those are some really, really good names where it's not, hey, let me just sit back and boring. Some of those names have a lot of growth potential as well. So it's not just sitting back in those dividends, not how Warren Buffett made a fortune, even though books have been written about that and compounding. No. He made a fortune because he bought insurance companies and leveraged those pools of money times 10, 20 times, whatever it was. And that's how he inflated those returns. He didn't just buy Wells Fargo and Coca-Cola and hold and collect the dividends and say, look what I did. No. There's a lot more than that. But the point is that you have to pick good stocks. You just can't pick decent names with good yield that aren't going to grow. And there's a lot of names (32/35)
on that list that I just ran off on bulldozers. 4%, 5% yield is really, really great in a market like this. And some of them are going to provide safety when the Fed is a little confused right now. We don't know what they're going to do. They say what they're going to do. Hopefully they don't because they said what they're going to do last two years, Jackson Hole, and they completely didn't about face. So let's see what happens to the market going forward. But hopefully you enjoyed that interview, especially given the current times. I certainly enjoyed it. But again, there's podcasts about you, not about me. Let me know what you thought. FrankCursleyResearch.com. That's Frank at Cursley Research. That's it for me. Again, any questions, send me an email. I'm here for you. Use it as a resource. I like to hear from you. People email me all over the world with great, great stuff. Just what's going on in their neck of the woods. It gives me a good perception. It allows me to recommend (33/35)
great, great stocks and find new ideas. So this podcast, I know you listen to it and it's for free, but hey, I learn as much from you guys as you learn from me. So it's really cool. The network is getting bigger and bigger and bigger every single month, it feels like. And I just want to thank you guys for listening, supporting me. It's really, really cool. I always say you guys are crazy. I don't know why you listen to me. But hey, if I could be myself and you guys like it, then I'm going to keep doing this. It's 15 years and going and I got to be honest with you, I still love it because of the people like you I meet and it's really, really cool. So again, feel free to email me. If you are a subscriber to any of our paid services, you're going to get a Frankly Speaking podcast tomorrow, which is cool. If not, then too bad. I'll see you guys next week. Take care. Host and guest should not base your investment decisions solely on this broadcast. Remember, it's your money and your (34/35)
responsibility. (35/35)