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Episode 501Straight from Wall Street to you on Main Street

wall street unplugged AUDIO TRANSCRIPT

Frank Curzio Howrsquos it going out there Itrsquos Wednesday March 22nd Irsquom Frank Curzio host of the Wall Street Unplugged podcast where I breakdown the headlines and tell you whatrsquos really moving these markets

Now what a tournament so far My bracket is completely busted with Iowa State and Villanova losing North Carolina shouldrsquove lost as well Letrsquos hope the Arkansas coach designed just maybe one play in their last five possessions when they were up five points with less than three minutes to play You had North Carolinarsquos considered just about the best team of the tournament They were on the ropes I donrsquot know if you saw the game They were nervous there were turnovers Arkansas had their number They didnrsquot drive that stake through the heart which you need to do when you have a great team on the ropes

You had Duke also lost which wasnrsquot really a surprise to me They really werenrsquot a good team for almost a whole year considering they have good guards They did win the AC tournament which was an amazing accomplishment one of the best divisions Almost everyone after that happened picked them to go to the final four not only the final four but they were picking to win the whole thing itrsquos amazing How much sentiment changed just a few weeks ago before the AC tournament Nobody expectation for Duke was zero and then they were a 100 after they won the tournament which is normal right

Same thing happens with stocks everybody loves them at the top and hates them at the bottom The biggest disappointment of the tournament so far is Villanova Never really thought Jay Wright was that good of a coach He did a good job last year His team was unselfish they played great D Almost every player can nail the open shot It wasnrsquot about individual stats it was about winning Thatrsquos why I thought they had a great shot at winning this year Repina had the same team basically they only lost one guy

Wright coached terribly down the stretch and it cost his team the game A much better team Yoursquore up seven points to four minutes to play all of a sudden the last six possessions they were all one

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Wall Street Unplugged - Episode 501

on one zero passes Totally not Villanova basketball Even with 11 seconds left they still had a chance to either tie or win their best player starts walking the ball up and just drives into two guys and just throws it into their hands and they lose

Itrsquos amazing because if you watch that play real quick here promise A lot of fun stock stuff in a minute but if you watch that play which everyone of you should watch right Because itrsquos the NCAA tournament best thing ever in the world You had their best player dribbling down and you had a guy who Jenkins on the three point line who was wide open Okay now whorsquos Jenkins He shoots one of the 40 from three hersquos the guy that hit the championship shot against North Carolina last year at the buzzer and they won wide open and decided not to pass to him

It was pretty sad to see them lose that way the season end that way but Wright deserves a lot of blame here When your team plays out of character itrsquos up to the coach to calm them down and set them straight he didnrsquot do that late in the game With that said congratulations Wisconsin they played an amazing amazing team ball down the stretch and they look good

Also a shout out a few more things here I have to say this I hate saying it the Kansas Jayhawks which is my team I hate pecking them since they almost always disappoint or lose to a team that theyrsquore so much better than when it comes to the NCAA tournament every year They look solid a lot of confidence scoring at will Though Michigan State was playing their best ball of the year not a great team but they were playing real well

Theyrsquore not going to play Perdue next round which almost blew that 19 point lead against Iowa State I told you how great Iowa State was they played absolutely horrible for the first 75 of that game Then it just went absolutely nuts took the lead and they wind up losing that game anyway

Irsquom happy that they lost I know I had them in my final four but I think if they came back on that win and then they played Kansas again who they own this year Kansas would be playing them instead of Perdue I think Kansas wouldrsquove lost even though theyrsquore playing well Purdue is a really good team Should be an awesome game against Kansas but overall the first two days were kind of horrible Maybe the most boring tournament I can remember in the first two days At least in the past 15 years when it comes to the first round since there was one minor upset in 32 games You know what that made for a great great great tournament



Second round going forward all the great teams are still up You had some amazing match ups with Michigan Louisville Michigan looks amazing North Carolina Arkansas was a great game Wisconsin Villanova Wichita State Kentucky was another great game Next weekrsquos going to be even better UNC Butler UCLA Kentucky Itrsquos a good matchup for UCLA team Irsquom not crazy about Xavier looks good against Arizona Wisconsin and Florida Florida huge surprise they blew out a good Virginia team Gonzaga West Virginia

My apologies for the NCAA tournament intro actually Irsquom not too sorry Itrsquos the NCAA tournament itrsquos the greatest time of the year Think about it after this what do we have Baseball for nine months where nine pitchers pitch each game now Come in and out games take like four hours I canrsquot stand baseball No idea why they play 106- so many games How do they play so many games I understand the historic aspect of it I really do but itrsquos a declining sport based on viewership Yoursquore completely losing the younger crowd and there really needs to be change here

I donrsquot know if you want to make the game seven innings only three pitchers you could use maximum in a game maybe chill out players When they get hit with a ball or something theyrsquore allowed to fight for a minute before everybody jumps in Kind of like hockey when they fight at least a couple shots and then they break it up I donrsquot know what you need to do with baseball but right now itrsquos such a horrible sport Itrsquos just too many games anyway

Enough of NCAA for now because we actually have a launch date for Curzio Research Advisory Itrsquos my new newsletter Going to focus on the biggest trends of the world and the individual stocks that are going to benefit the most That launch date will take place before the end of this month Not far away guys Like I mentioned past podcast all of you listening to this right now are going to receive a special offer for the newsletter Going to be sending it to you first the first week

The annual rate is going to be easily affordable to anyone who listens to this podcast thatrsquos the promise I made to all of you Irsquom also going to provide a very very reasonable lifetime offer for you as well Those interested who been following my work for many many years which I hope some of you take me up on Love to be partners with you for a long time

Just remember to get this special offer itrsquos only going to be available to you for the first week guys seriously You have to



be on my free email list if yoursquore on it yoursquore currently receiving emails from Curzio research you donrsquot have to do a thing However if yoursquore not on my free list all you have to do you just go to my website curzioresearchcom therersquos a box on the right hand side that says my new product launch is coming soon click here Put your email in that and yoursquoll definitely receive the offer

Also wersquove been providing a lot of free reports for people who do subscribe One of those on Trumponomics Just last week I spent of time writing this report analyzing numbers Guys this is very very important Itrsquos not political I remember saying it I donrsquot care if yoursquore democrat republican independent or whatever if yoursquore an investor and you own stocks Trumprsquos policies will have a major impact on your portfolio over the next four and possibly eight years if he gets reelected Again itrsquos not political I donrsquot want to hear any whatever it is

You want proof They just look at some of the sectors that have recent 10 15 in the past few months since he had been elected since November That special report again took a long time to write this and research it Itrsquos going to explain exactly the sectors and stocks that are going to benefit In this report Irsquom going to include a special bonus recommendation Itrsquos going to be on an amazing grow trend right now a few people are talking about Itrsquos going to be an amazing company got a great price

Companyrsquos down a lot They dominate a particular market within this trend however the stock has been down a lot I expect this market to come roaring back and this companyrsquos going to be a huge huge beneficiary Especially over the next few years Stocks are so cheap I think itrsquoll easily double perhaps triple over the next 24 month Thatrsquos another bonus report yoursquore going to get after you subscribe

If yoursquore interested in receiving those free reports and more important my special offer new Curzio Research Advisory just be sure your on my free email list To do that just go to my website at curzioresearchcom If yoursquore not interested no problem listen to the podcast absolutely free Thatrsquos perfectly fine

However if you do want that offer for the first week that wersquore going to be giving this to you and before we really market to the masses and stuff like that at a much higher price just make sure yoursquore on my email list

Now moving on I have an awesome interview awesome interview today With the one and only Keith Neumeyer who is the founder



of first mining finance a stock I gave you at $030 that went to $130 itrsquos about a buck now Holding out well considering the pullback wersquove seen in what Most mining stocks in the past two months or so Irsquom going to ask Keith is it time to jump back into first mining Now the stock has pulled back a little bit from its highs

Also Keith is the CEO of First Majestic Silver one of the largest silver producing companies Hersquos going to break down the silver market Talk about where he thinks prices are heading also talk about institutional investor interest something that Irsquove been asking a lot of these guys who travel the world do road shows a lot of people I know in the mining industry that own their own companies theyrsquore CEOs of their companies I want to know what the institutions these are people that theyrsquore visiting are they interested Are they starting to buy This what I like to see

When you see that thatrsquos what drives a lot of these stocks much much higher Itrsquos called the smart money on the sidelines Irsquom not talking about individual investors put in thousands 10000 a few million here Wersquore talking about billions of capital flowing into certain industries hersquos going to break that down let us know He is hearing on industry investor front

Also hersquos going to tell us if right now is the time to buy First Majestic If yoursquore a new listener yoursquore not familiar with Keith Hersquos a rockstar Create $2 billion companies from scratch Irsquom not saying he started 50 companies and two worked out no Hersquos like three for three right now He created the first two which was First Quantum That was in the 1990rsquos copper was totally out of favor now itrsquos one of the largest cop producers in the world First Majestic Silver was trades on New York Stock Exchange He started 2002 at the bottom the market in silver Great timing

Then two years ago hersquos like ldquoYou know what I want to start another company because Irsquove never seen a market this bad Itrsquos the worst market Irsquove seen in 30 years in goldrdquo Thatrsquos when he created the First Mining Finance Basically raised a ton of cash to buy up gold projects which were selling for pennies on the dollar Think about before 2016 guys From 2012 to 2016 one of the worst markets You talk about Rick Rule Eric Sprott even Maron those guys are all say America too so theyrsquoll say itrsquos the worst market theyrsquove seen in 20 30 years

Keith used that and a lot of other guys used that opportunity When everybody was shutting off their assets and trying to survive they were buying companies for pennies on the dollar Keep in



mind whorsquos an expert at market timing and buying these stocks and building these companies He created a lot of wealth for his early shareholders therersquos going to be a great great interview coming up be sure to listen

In my educational segment wersquore going to over one of my favorite stock strategies which led me to some of my greatest gains in my career Irsquom talking about gains of five times 10 times 20 times Am I going to give away this crazy secret strategy Okay Yoursquove got to make this as exciting as possible because I really want you to pay attention to this special educational segment Itrsquos truly a unique system since every time I use this strategy or write about it in my past newsletters over the past decade plus I get a ton of negative emails

My subscribers are nervous are you sure about this stuff Frank Are you crazy This strategy has led me to some of my biggest winners like I said early including Lawn Dynasty Ash-Lawn Human Genome Sciences even IBM and Delta by using this particular strategy It works like a charm if you do it right and you follow these important steps Irsquom going to explain those steps and the strategy later on in my educational set

First letrsquos get to my interview First Majestic Silver CEO Keith Neumeyer Keith Neumeyer thanks so much for coming back on the show bud

Keith Neumeyer Well Frank itrsquos always a pleasure to be on your program

Frank Curzio I was fortunate enough to learn about First Mining Finance and that story pretty early on before the company went public I want to say in April 2015 I believe before that As we had a few shots of your world class tequila on the beach in Miami I think that was the first time I actually met you in person which was a really really cool Why donrsquot we bring everyone in here because itrsquos been a little bit of while since yoursquove been on the podcast Talk about First Mining Finance from then when we talked until actually right now

Keith Neumeyer Sure That was actually February 2015 I should thank you for driving so far to come and sit with me and then chat about the company It took much longer to get public than I actually thought it was going to Sorry for the background noise Irsquom in the Dallas Airport right now I donrsquot have to get that First Mining Finance public in late 2014

It was just so so difficult to raise money back then The negativeness around gold and silver and mining stocks was



generally were just do horrendous Finally by April 2015 I did get it public

We came public with a group of primarily Mexican assets There was a couple of US asset as well in the bat of it The portfoliorsquos primarily made up of Mexican assets which were pretty well all grassroots None of them really carried a resource but thatrsquos really not what I was focused on I was really focused on using First Mining Finance as a vehicle to go and acquire what I considered really really cheap gold assets with a focus on Canada

I had my technical team in evaluation sold several hundreds actually more than that mining companies that had spent millions and millions and millions of dollars on developing resources in good jurisdiction It just so happened that Canada popped out As many of your listeners may know I know Canada Ontario Quebec [inaudible 001527] occur selling the most mining friendly jurisdictions on the planet

These public companies that we were looking at we actually broke it down to an initial list of about 60 companies that we put our initial target list We decided to break it down even further and came up with a target list of 10 companies only I could talk about each acquisition if you care to get more details on them

I set a path to acquire what I considered to be about three or four companies over the next year and quite surprising we had management teams just come to us in some cases We ended up over a period of 13 months we acquired eight companies in 13 months Six of those companies were in our top 10 target list so it was very very exciting

Frank Curzio Tell everyone how many ounces again wersquore looking at early 2015 to the time you acquired these in order to build this company talk about how many ounces right now yoursquove been indicated a third that you have from these projects

Keith Neumeyer Now we sold a couple of projects along the way but wersquove now got 25 projects with close to actually over 13 million ounces if you combine all categories together That includes reserves and resources plus mentor and indicated plus in third resources We were pretty happy about that These five key assets and each one of these projects is actually in our view understated because each one of these companies had very very large exploration programs going on back in 2010 2011 2012 When the world changed dramatically when metal prices dropped the way they did these companies had to stop in their tracks and then stopped investing



in drilling

Each one of these assets are Gold Lawn [Spring Pole Thicker Crow 001729] a whole book Gold Lawn they all have huge huge upside and wersquore drilling right now Wersquore going to develop these assets in the next couple of years and we expect to build on that 13 million ounces

Frank Curzio Keith is that a change of pace for you I know when we first talked about the company you were looking more as a mineral bank right Acquiring these assets and then itrsquos such amazing assets you knew you had great market time to withdraw the companies as well Some people are familiar with First Quantum and First Majestic which wersquoll get to in a minute

Looking into maybe as the market recovered from those 30 40 year worst bear market in that time frame where you could sell these assets Now it seems like you talk about developing some of these assets Also I noticed that you all these projects you have this on your presentation on your site in First Mining Finance where almost everyone of these on average on acquisition cost per mine is I want to say below $9 in ounce what you were paying for them

I guess what Irsquom asking you is it could you still find those kind of values given how much the market has bounced back Yes itrsquos off its lows a little bit over past few months Maybe is it because itrsquos getting more difficult that yoursquore looking to develop some of these projects now How has that changed in the past few months

Keith Neumeyer Thatrsquos exactly the challenge you hit the nail on the head there Frank When I put together my three companies that Irsquom known that most forward is First Quantum and then later First Majestic Silver and now First Mining Finance I put each one of them together at the bottom of that market because I am a firm believer of what you pay for the assets is really how you create value

Irsquove seen so many times where mining companies buy assets at the top of the market and they blow themselves up and they end up in some cases even going bankrupt because they spent too much in that asset Irsquom a very patient investor and I look at investing and waiting for the right opportunities In each of the three cases I think Irsquove done quite well In the case of First Mining Finance buying eight companies in 13 months so itrsquos quite huge

Yoursquore right we actually originally did not expect to drill a whole thatrsquos what we were telling our investors Things change and the



market changes Any successful entrepreneur any successful management team has to be able to change with the market The market is now saying drill

Today itrsquos cheaper to drill an ounce and find an ounce of gold than it is to buy an ounce If you go back to 2014 2015 we were paying less than $10 an ounce for gold in the ground You couldnrsquot drill for that amount of money We bought these companies for less than what was spent on building those assets building those resource basis Things have changed now thatrsquos not the case Wersquore in a different world now

Our acquisitions wersquore still looking around wersquore not saying we stopped There may be opportunities in the future where something falls on our lap wersquove got our eyes still on the number of things I donrsquot want to over pay As I said earlier Irsquom a big believer in what we pay for asset Right now if drilling is cheaper wersquore going to drill Each one of the projects that wersquove acquired over the last couple years each one of them is going to have a drill hole or a couple of drill rigs on them that wersquore excited to develop ounces for the next year or two

Frank Curzio I have to ask you the next question before we get into First Majestic Silver is what is your outlook I guess your outlook is pretty optimistic on gold prices Then again wersquore not talking about in a few months or even 12 months because anything could happen A lot has happened with the election where we saw Trump got elected and I think 999 of people who follow resource industry thought it would be great thing right away

It turned out that we saw a decline which was surprising and maybe we thought it was going to be more uncertainty but now wersquore seeing a stronger dollar The dollarrsquos going higher wersquore seeing gold and silver prices come down

I guess what Irsquom asking you is from a macro perspective and someone that looks longterm in buying cheap assets where do you see this market and the catalyst you drive gold to say back to its old highs

Keith Neumeyer Itrsquos surprising to me how short of a memory investors have Irsquove been through three or four gut-wrenching bear markets and Irsquove been through some very very exciting bull markets The last bull market that we were in from 2002 to 2012 that was a 10-year bull market There were several times during that bull market that we thought it was over We had gut-wrenching corrections in gold and silver and we thought it was over Yet after three four five six



months the market would turn and reach new highs

I think thatrsquos where we are we had a great first six months of 2016 where we saw companies go up three four 500 Then now for the last six months you see a 50 correction in some cases maybe a little bit more Other cases maybe a little bit less Letrsquos say on average wersquove seen a pretty big correction Now therersquos some negative to some coming back into this market People are once again saying ldquoJeez maybe this is over maybe that was just a one time phenomenonrdquo and then so and so forth

Itrsquos funny Irsquove been in this business for almost 35 years now I hear this kind of chatter often Itrsquos that kind of chatter that actually creates value Unfortunately what happens is that the less sophisticated investor oh I shouldnrsquot even say that Even the institutions do the same thing because the institutions are sometimes even worse than retail investor because they have their monthly and quarterly returns that they have to worry about

The retail investor is a little less sensitive Nevertheless these people will always seem to buy at the top and sell on the bottom When the markets are moving theyrsquore super excited theyrsquore going to go a lot higher When markets are dropping they get super negative and think the markets are going to go lower Thatrsquos where we currently are

Frank Curzio Thatrsquos great stuff there I want to get into because wersquore running out of time here but I definitely want to get into this Therersquos so much to talk about First Mining Finance we could do the whole conversation on this I also want to get to First Majestic Silver because when I look at Guys if you get a chance and you go to the website you have a presentation Most companies have their presentations there just for you to get a feel

Irsquom looking at your stock price trading [28 002406] dollars and I see your financial performance your revenue through the roof $278 million earnings 49 million mine operating earnings It seems like your financials are unbelievable Then I look at the average realize silver price per ounce for this is around $17 even Wersquore above 17 today even though wersquore below 20

Talk to me more about your company where I know I believe you have is it six producing mines Then you have two more that are pretty close to getting developed It just seems like what yoursquove done with this company is lower costs tremendously during that downturn where it seems like you guys are leaner than ever and generating profits



If yoursquore a believer that silver prices could stay at wonrsquot fall below $15 $1550 it seems like you guys are going to be printing money for a very long time

Keith Neumeyer We spent five years reducing costs We did it through automation reducing staffing and unfortunately wersquove seen some of our inputs go down as well Chemical prices and all the gas prices and other inputs have dropped as well Wersquove had some good things happen for us Wersquove also I think had huge successes in automating our mills and taking paper out of the business Adding technology to the different processes and thatrsquos allowed us to reduce our workforce which is an unfortunate thing but obviously very necessary because we are ultimately a public company Our shareholders expect us to make a profit which I think wersquore doing quite nicely with

$17 silver itrsquos not 20 bucks but $17 is pretty good business for us We can make a lot of money at $17 silver Even though on the bull on the metal I think wersquore going to see much much higher silver prices I donrsquot have a crystal ball Our job is to keep the business lucrative keep their business profitable Keep the business in business so that we can survive these types of downturns in the metal sector Then take advantage when things to start to move when we get back over $20 of silver Yoursquore right First Majestic will just start printing money at $20 plus silver Itrsquos going to be quite exciting

Right now the extra cash flows our profits in 2017 will be somewhere around $125 and thatrsquos based on $17 silver Wersquore now starting to reinvest capital in the business Wersquore going to actually start this new production goal over the next two to three years which is quite a lot different than what wersquove experienced for the last five years where wersquove had to cut every cost or other we could possibly cut

Frank Curzio Even at the chart facility because I remember when I was talking to you back in 2015 usually when you talk to CEOs theyrsquore always optimistic Theyrsquore always like things are going to be great Wersquore fine wersquore position When I talked to you again it was just a conversation between you and I you were saying well herersquos silver prices coming below 17 16 then 15 it even hit I believe the 14 level too You were like ldquoThis is what wersquore going to do when it goes under 12 under 10 if it goesrdquo You had this whole thing planned out

The worst case scenario of what you need to cut Like you said itrsquos



unfortunate Sometimes that results in firing some employees in which you need to do to do is a public company or any company

Now that yoursquore reinvesting some of those capital I have to think that you sound like yoursquore pretty optimistic on sliver as well Itrsquos the same scenario with gold where you think long term Again we donrsquot have a crystal ball but I know that the fact that yoursquore investing a lot of this capital it seems like yoursquore preparing more for a much higher price today than you were back when I talked to you in 2015

Keith Neumeyer I think the worst is behind us I think that with the Trump phenomenon has added some interesting things in the marketplace Hersquos definitely got some excitement going on in the US Capital Markets which is not a bad thing It has caused somewhat of a sideways in price action in gold and silver Which I also think gold should be much higher The bottom line is the government is continually print money which is going to be very supportive for gold

Also in respect to silver silver is a very strategic metal We need it as for the human race to electrify the planet More and more we go green wersquore trying to get off all the gas wersquore trying to electrify a third of the planet thatrsquos currently does not have electricity Thatrsquos going to be done through all kinds of technology which are very supportive for silver prices Irsquom very bullish on both gold and silver I think that any investor should have a portion of their investments in both of those metals

Frank Curzio Irsquom looking at your presentation real quick on page 10 I notice that you have all your mines went to you have six producing mines but you actually have the all-in costs there of between $12 and $13 roughly which is incredible that theyrsquore that low How does that compare with everyone else in the industry Like I said itrsquos $17 it seems like you guys are great and if it goes higher this companyrsquos going to benefit tremendously Just seems like your stock price is a little low for having all-in costs of less than $13

Keith Neumeyer I think yoursquore looking at our guidance actually for 2017

Frank Curzio Thatrsquos right correct

Keith Neumeyer If you look at the actuals for 2015 the actuals are actually a little bit less than what our guidance is for 2017 We tried to be conservative that our guidance we try to keep our numbers up We hope to actually even do better than what our guidance is Yoursquore right itrsquos around $12 to $13 is our guidance Some mines are more



profitable than others A couple of the more higher cost mines need investment and theyrsquove suffered from a lack of investment over the last five years to the low middle prices Wersquore reinvesting capital if the listeners want to go back and look at the last six months of usually since they all see that wersquore actually reinvesting and then three of our mines now Those three mines will start to see improvements in cost as a result of increased production

Wersquore optimistic that prices have room to grow further and thatrsquos not including some of the high-tech automation type initiatives that we also have planned which is pretty hard to actually define whatrsquos the benefits of those automation processes will actually been cursed We donrsquot tend to guide for those types of improvements The company in the best shape itrsquos ever been Wersquove got more cash in the bank today than we ever had in the companyrsquos history and our balance sheet is clean as a whistle Itrsquos pretty exciting from my perspective as a CEO because we can now go back and start doing the business again

Frank Curzio It definitely makes sense I have just one last question for you With your track record not only for spotting bottoms in markets but for purchasing assets at dirt cheap prices You know the Mexico market more than ever yoursquore 100 focused on Mexico Have you ever thought of going outside the box Of going outside of that Again yoursquore great at what you do and I love when people just stick to that part but I know what your track record is It seems like if you found the right opportunity at other places would you jump at that opportunity You just want to keep First Majestic actually as a Mexico silver producing company

Keith Neumeyer We have looked at other opportunities Wersquove looked at Argentina wersquove looked at clearly wersquove actually even done cursory looks at that other regions around the world Never serious we just never really wanted to check the list of my team or our team Irsquom a huge believer of focus and I just think that our skillset is Mexico Mexicorsquos the largest silver producer in the world For us to want to remain focused on silver staying in Mexico I think is really I think important for us

The key to our future development wersquove got a couple of good assets in our portfolio which are currently not mines Wersquod like to convert those hopefully with some success in exploration development Our plan is obviously accomplish that We could have potentially seven or eight mines operating within the next three to four years I donrsquot know that that extra restriction in the world that has that kind of potential to develop silver assets



We wanted to go into gold or letter [zink 003238] yeah sure Peru and probably make more sense because therersquos a lot of polymetallic mines down there When it comes to silver Mexicorsquos really the leader in the space

Frank Curzio Definitely makes sense I guess wersquoll throw one more question right here since we got a minute What is the name of the tequila that we drank which is the best tequila Irsquove ever had in my life Basically itrsquos standard What kind is it again

Keith Neumeyer Itrsquos Don Julio Blanco Itrsquos interesting because itrsquos a clear tequila thatrsquos actually aged in stainless steel It has a very clean taste to it Most or not most but many tequilas are actually aged in wood so it has a kind of a woody kind of flavor to it Which I quite honestly donrsquot like I like that clean clean flavor of a nice natural tequila that doesnrsquot come in contact with anything else Thatrsquos why I love that tequila

Frank Curzio Next time yoursquore in town wersquoll grab a couple more drinks together so I know yoursquore in the airport I really appreciate yoursquore doing this because I know your flightrsquos got to leave pretty soon I wanted to make sure we kept this to a 20-minute interview I really appreciate you coming on man

Keith Neumeyer Itrsquos always a pleasure chatting and thanks very much for your time Frank

Frank Curzio All right man wersquoll talk soon Thatrsquos great stuff from Keith He hasnrsquot been on for I believe over six months or so It was a pleasure meeting him that day in Miami Again it was for First Mining Finance and he came on really early when that stock was super cheap which was cool Anyone who bought it when he first came on the first few times is definitely up a lot of money I like what hersquos doing with the company now is actually looking to develop a couple properties which is a little different

If you look at First Majestic Silver I think the stock is dirt cheap here Unless you believe silver prices are going to go a lot lower lower than 15 we talked about the all-in costs I was looking at the 2017 guidance which I look at all the time I donrsquot really care about what happened in the past I want to know whatrsquos going on in the future Irsquom glad he pointed that out as well Looking at stuff I believe this stuff is going higher which most people when I say most people I say the street doesnrsquot believe it

Therersquos huge propositions on gold and silver right now and even on First Majestic Silver and a lot of other silver producers People



are betting that maybe itrsquos a bet that the dollarrsquos going to go a lot higher so they think silver and gold maybe are hedging themselves That itrsquos going to go a little bit lower If yoursquore a believer that silverrsquos going higher or staying at this price theyrsquore not really going to fall Where the stockrsquos trading right now it looks pretty cheap Irsquom going to look more into it

Real quick here from the story when I was you could tell Keith hersquos a big tequila guy He knows everything about- I donrsquot know anything about tequila I just drink it We were meeting up in his offices like ever year because he lives in Vancouver Hersquos like ldquoHey you got to try thisrdquo It was tequila and his secretary came out and she brought out two shot glasses and he poured both in itrsquos a shot glass Is that normal a man from New York shot glass

I take it and I drink it like a shot Hersquos like what are you doing Irsquom like what do you All of a sudden my eyes almost popped out of my head Hersquos like yoursquore supposed to sip it I was like if yoursquore supposed to sip it why are you giving me a shot glass

Anyway it took like five 10 minutes before I could talk again and my eyes were got the bloodshot out The tequila we were drinking is almost like it just tastes so good Again Irsquom not a tequila fan at all you could tell he is It was good bonding experience and hanging out and stuff Irsquom just glad I met Keith Hersquos done the right thing for his shareholders Anyonersquos whorsquos listened to him at least when hersquos been on this podcast he has done well and made money Those are the CEOs I like to have on this podcast especially throughout every single industry

Letrsquos get to my educational segment I want you to pay close attention to this Irsquom going to teach you how to invest in hated stocks What is a hated stock You have to define this since I know some of you believe yoursquore holding a hated stock Just because the price is down does not mean itrsquos hated A hated stock is one thatrsquos completely out of favor with the public Itrsquos out of favor with analysts with everyone I mean everyone hates these names

Now my trading near 52-week lows The news flow is terrible just bashing them If you get the guys on Fast Money and at CNBC they trashing these names Theyrsquoll bring up in charts ldquoHey it was down 15 what do you thinkrdquo Theyrsquore all like ldquoNo way Irsquom not going to buy thisrdquo Thatrsquos a hated stock Even the institutional analysts like Gold and Sachs JP Morgan Morgan Stanley these are companies that honestly trash it these firm is trashing these companies Theyrsquore very negative on them normally have a cell rating on these stocks thatrsquos when you know a companyrsquos actually



hated Itrsquos not just about their stock price coming down itrsquos all these factors

What are some of the most hated stocks today Twitter is a hated stock Macyrsquos is a hated stock GameStop Sears Valiant Target Even companies like Experian Therapeutics which fell from over $100 a share to under 10 Therersquos a company that follow closely I recommended it around 12-ish I think I talked about it in my podcast like 35-40 falling to 100 Then I actually recommended it in the past newsletter around 12 Itrsquos at 36 today 36 and everybody hated it when it was under 10

Now why do I like Experian I gave you some examples here of hated stocks because most of the bad news was priced in with the stock going from over 100 to under 10 Herersquos a company where the management team is previously worked at Pfizer helped create Lipitor They have a drug thatrsquos specifically lowers the bad cholesterol only that I believe was spun out through Pfizer This cholesterol drug works amazingly alongside some of the top selling stations based on their recent tests Thatrsquos what pushed the stock so much higher

Then the FDA came out and said theyrsquore going to need a special designation Basically the companyrsquos going to have to put this drug through special trials which was not factored in which wouldrsquove increased the length of time before they could actually receive the FDA approval

Investors have zero patience the markets have zero patience especially these days Especially with biotech company if you just extend it out and say ldquoWell the callous arenrsquot going to happen in the next six months theyrsquore going to happen two to three years from nowrdquo everybody runs to the exit at the same time What you see is a usually in biotech a stock will fall 70 75 itrsquos common If you donrsquot believe me I havenrsquot even looked today Look at Finviz Finvizcom and look at the front page usually has biggest stock gains and the ones that are getting crushed

Look at the ones getting crashed I can almost guarantee every single date therersquos a couple of biotech names on both sides One of them is up like 40 50 the other onersquos down 50 60 Therersquos a ton of these names that get crashed every single day

Do that special designation a company had to put this drug through special trials which could take longer for the drug to come to market Like I said investors just ran to the exits because



they didnrsquot have patience Yoursquore looking at this company like two years ago their signature drug was on the path to FDA approval stock surged to over 100 then it crashed What happened when it crashed Why did I like the stock at 12 Herersquos what this segmentrsquos all about

The first thing I notice is insiders started buying up the shares like crazy when it crashed Plus even before the stock fell management hit an amazing cash raise they raised a ton of money they did it around $100 They can drive 90 to 100 They raised I believe it was $100 million They had plenty of cash in the bank itrsquos very important Even after my recommendation the stock fell from 12 to nine it still went down a little bit which I recommended on the past news Today itrsquos 36 Are you looking at a hated stock Yes

The companyrsquos thesis was still intact though They didnrsquot lose the rights to this drug which is important The FDA didnrsquot come back after a phase three study or a phase two and said ldquoListen this isnrsquot going to work Doesnrsquot work at allrdquo which is a death blow to most biotech companies who have a one drug platform You look at Experian insiders are buying which I love to see after a stock crashes

It worked out for us as a stock is on a monster momentum upswing right now If you look at the chart itrsquos just probably even going to go higher Itrsquos going to be mentioned on TV all the time now this thing is coming back This was two years ago all this happened when the stock really got crashed had to push out their time frame because they go to put this drug through new tests but they had to put it through new tests and you had 2016 2017 Now yoursquore looking at a shorter time frame and people are starting to jump back into the stock now because itrsquos a great great drug

I used a similar strategy or the same strategy by Human Genome Sciences Remember that company At eight bucks I bought that everybody hated the stock back then It even received FDA approval in 2011 for its signature drug Benlysta Thatrsquos used to treat Lupus HGSI was a symbol The stock fell from 30 to eight after FDA approval which happens often believe it or not with biotech companies They donrsquot receive FDA approval and it goes through the roof not all the time You know why Because now you have an actual company where the focus isnrsquot just about testing particular drugs but bringing an actual drug to production now



Itrsquos either actually you have to hire people build production facilities higher sales teams marketing which is incredibly difficult for a bunch of doctors to do sometimes People are great at certain things You donrsquot have anyone thatrsquos great at marketing great at sales great at writing great at everything and a doctor Itrsquos very hard to get everyone on the same page Thatrsquos why you need to hire the right people and fill these positions since itrsquos not really their specialty Yoursquoll see a stock get crashed because they donrsquot bring the production up to speed fast enough The high fives come after the FDA approval you donrsquot realize wow now we got to send our drug to thousands of hospitals hundreds of thousands of people whatever it is It gets a little crazy and hectic

Anyway when I was analyzing that company I saw that Glaxo one of the largest pharmaceutical companies in the world had a partnership with HGSI Benlysta Glaxo had an amazing super strong balance sheet I knew for only $3 billion it would take that much Glaxo could take over at the whole entire platform the human genome the entire portfolio including Benlysta

That was a dirt cheap price considering the stock was trading at 30 two years earlier Thatrsquos exactly what Glaxo did they bought Human Genome three weeks after my recommendation for a premium of about 85 itrsquos really good returns in three weeks They paid three billion almost on the nose which I wrote about and I predicted in my newsletter Not only did I pick the right stock here I picked who would take over Human Genome and at what price they would buy the company for it was one of my best calls

Again I talk about my losers as well just talk about a strategy that works for me time and time again Letrsquos keep going here What are the rules to buying hated stocks Remember itrsquos difficult yoursquore going against the crowd yoursquore buying something that everybody hates Itrsquos not an easy strategy it isnrsquot One thing if the stock is down here itrsquos 52 week low and itrsquos getting crashed see if the insiders are buying Thatrsquos a starting point If your company just lost 50 of its value over the past year and insiders are still not buying their stock why the hell should you be buying your stock Think about that for a minute If your company gets crashed and insiders arenrsquot buying

Next for a biotech company do they have a signature drug that could eventually get FDA approval Thatrsquos important because therersquos always setbacks You even look at the cancer drugs In the biggest cancer companies in the world you go back and look at them I donrsquot care if itrsquos Amgen or all the major companies if you look they all had setbacks during their huge growth phases with



these drugs

The FDA request more information and people run to the exits which is fine if they request more information You just got to bring the test to market the stocks going to get crashed it takes more time Sometimes the FDA would say ldquoHey you know what This is isnrsquot working and theyrsquore going to discontinue itrdquo Thatrsquos a big death blow

You want to look at whatrsquos driving a biotech company down whatrsquos the news Is it just something temporary or is it final If itrsquos final you stay away if itrsquos temporary keep moving forward and keep analyzing the company Even biotechs do they have other assets or drugs in the pipeline that the street is not valuing properly This is important

Sometimes yoursquoll see a biotech stock fall 60 plus on bad news and it will fall below their net cash value Plus they still have a pretty decent pipeline of drugs outside of their signature drug which they probably just received bad news from the FDA Yoursquore getting that platform for free and yoursquore buying a biotech company for under its net cash value It happens often when they crashed like this because people just sell and ask questions later

Next what does a balance sheet look like Do they have enough cash to weather the storm Find out how much cash they burned through at least over the past two years and how much they plan on spending in the years ahead How do you find this Companies usually outline this during their conference calls You could look at cash flow see how much they spent in the past two years Going forward management teams on their conference calls usually say ldquoHey this is how much wersquore going to spend over the next two years so wersquore goodrdquo

If a hated stock needs to raise cash run to the exits as fast as you can because a short sales could easily push these types of stocks even lower Why Because itrsquos pretty scary when you see a headline where it says a company does not have enough cash to run operations How scary is that Thatrsquos a fact even though companies could sell some of their assets their non-core assets to raise money they could raise cash by issuing more shares a secondary offering or even ask their bank for a credit line or raise money through debt

The headline itrsquos not a lie The company does not have enough cash to run operations they donrsquot They need to raise cash When you see that headline itrsquos easy to push these things lower If a



hated stock needs to raise cash I would avoid it

Why do I use this strategy Because hated stocks are usually dirt dirt cheap Even the slightest bit of good news itrsquos going to go from a super hated stock to a hated stock that move could be enormous just by a simple positive press release or a decent quarter where they meet earnings or they stop the bleeding They were losing market share and revenues are declining and earnings are declining and all of a sudden they basically meet estimates

All they have to do is meet estimates and yoursquoll see a stock thatrsquos completely hated and out of favor it could put shares up 35 in a day Because therersquos usually a lot of shorts and a massive short position on the stock and as it goes up 10 15 you could see a massive short squeeze I see them all the time People are like ldquoWow the news wasnrsquot that good Yeah but when your stock went from 100 to nine it really should have went to 100 to 30 which is still getting crashed but it gets so oversold that the move from 10 to 30 could be enormousrdquo You donrsquot need something great to happen you just need the littlest bit of good news Trust me Irsquove been doing this 20 years You see it happen all the time

Letrsquos look at a few hated names here real quick We have Valiant nothing gets more hated than that They have $30 billion in debt $50 million in cash only $30 billion in debt the stock is what nine 10 bucks Acme just blew out its position but when you look at the debt structure what you have to look for is a lot of this debt due right now Or is it due 10 years from now Five years from now Which is a big deal A lot of this debt is due over the next few years the companyrsquos in serious jeopardy of going bankrupt despite having a lot of assets and good assets It could sell and generate a few billion dollars here and there

The companyrsquos long term thesis is it still intact Not really and Irsquom not really seeing insider buying here either so Valiant no Irsquom not telling you to look at every hated stock and buy it Irsquom saying look at it and try to find the factors of why itrsquos coming down so much Letrsquos take Sears Sears does it get more hated than that Business model obviously flawed Their closing stores like crazy This is a company that had terrible problems before the recent decline in department stores and all that

You know whatrsquos interesting Fairholme Capital just bought $2 billion worth of the stock at current levels Thatrsquos Bruce Berkowitz not familiar with him Fairholme has I believe itrsquos $5 billion plus in assets in their management they could have a ton more if they want but I think they limit it to the amount of shareholders I



believe thatrsquos Fairholme

A big fund with an amazing track record buying Sears Makes you want to take a closer look Irsquom not telling you Irsquom going to recommend Sears but it makes me want to take what is he seeing That he believes that the stock is dirt cheap here

Twitter is a hated stock I like the stock since 14 I also liked it at 18 at itrsquos 50 For me I just believe therersquos a person in this world that will find a way to generate tens of billions of dollars in profits from their 300 million plus user-based Just like Facebook did When it got crashed they figured out a way how to generate money through adds You look at Twitter itrsquos an amazing platform Itrsquos just weird how many people could make a fortune off of using this great platform for themselves but Twitter canrsquot find the right formula to generate money for themselves which is interesting

What I like about Twitter here is Dorsey the founder CEO has been buying shares in the open market which I like to see when then stock is down from what 60 bucks in 2014 Twitterrsquos a company I believe I have faith theyrsquoll figure it out I believe that the stockrsquos going to be well over $30 one day Maybe it gets sold maybe it doesnrsquot wersquoll see Itrsquos an amazing platform that people still use like crazy Itrsquos not growing as much I get it Still itrsquos got to be a way to make tons of money off of 300 million people being on one platform which is unbelievable when you think about it

Look at Macyrsquos no insider buying structural problems Theyrsquore looking to sell the company Macyrsquos could go higher because the macro problems in the industry which I just talked about Most department stores retailers I mean theyrsquore getting smoked right now Macyrsquos individually doesnrsquot have any I mean if the stock goes higher along with anything else yoursquore probably better off owning a retail ATF You could buy almost any name in that sector and if it does make a comeback Macyrsquos would do well Particularly Macyrsquos is not really seeing insider buying anything good there

Inventory problems and when yoursquore inching to put your company up for sale itrsquos almost like the current management team how do you get motivated to run the company when yoursquore putting it up for sale Then so many companies came back I think at least two or three rejected and said ldquoNo wersquore not interestedrdquo at least thus far Not a good working environment when you see that

You think yoursquore going to get fired everything you do yoursquore not looking at growth plans yoursquore looking at selling your company When that doesnrsquot happen then you have to go back and say



ldquoOkay wersquove got to continue running the businessrdquo thatrsquos not easy to do Thatrsquos huge shift in sentiment

You have GameStop another hated stock Also major structural problems When I say structural problems that means they need to change on this the company is flawed Itrsquos not just a cyclical downturn itrsquos much much more than that When you look at GameStop more and more people are downloading their games through the internet I love GameStop though when you do go there and you buy games they know every single game compared to going to Walmart or Target they donrsquot know anything at all theyrsquore just selling them

The thing I donrsquot like about GameStop is virtual reality is going to be the new gaming platform with everything itrsquos amazing All the games and everything you could download all that stuff through the internet right now GameStop the structural problem that makes me worried

Then we have Target Target which I mentioned two weeks ago A stock that I loved down here Why First of all the company reported a horrible earnings Got smoked This is about a month ago a little over a month ago maybe Now the stock is hated It was trading close to 80rsquos now at 54 You have a lot of institutions that donrsquot like it here You know what I like Insiders started buying which made me take a look at the company Again it doesnrsquot mean when insiderrsquos buying Irsquom automatically going to buy a hated stock It makes me want to look more thatrsquos the catalyst to make me research these stocks even more and insiders are buying

You look at Targetrsquos dividend itrsquos 44 and itrsquos easily covered by earnings and cash flow They donrsquot have a flawed business model they just need to make changes like Walmart did two years ago and they were the worst performer in the DOW Target and Walmart go back and forth with this Theyrsquove been doing that for decades Have a good three four good years then they have a bad year and then they got to worry about inventory concerns Or they have to update their model and prove their model Focus more on mobile on digital Find the products that sell the best and then find a way to sell them even more These are two companies Target and Walmart that usually figure it out when they get crashed like this At least thatrsquos how itrsquos been in the past

Yoursquore going to get paid over 4 to wait around here which I love Wersquore going to get a 4 yield thatrsquos amazing Also that huge dividend plus the insider buying are providing a layer of



protection for you Itrsquos limiting your risk here Plus the companyrsquos also buying backend shares You know a company is hated when you have Goldman Sachs the biggest investment firm in the world they have a cell rating on Target their Target price is 53 with a cell rating Target right now is trading at $54 even $1 are downside here That means Goldman either has to revise their estimates theyrsquore going to say the stockrsquos going to go lower which I really canrsquot see them doing unless theyrsquore crazy Itrsquos already dirt cheap here

13 times forward earnings theyrsquore trading at you think itrsquos going to go a lot lower than this I donrsquot know You have a lot of downside protection but you see things like that Goldman Sachs and they have a cell rating on Target again Target price a dollar lower than where itrsquos trading today You see things like this when a company becomes hated It happens often with hated stocks Since therersquos terrible news flow itrsquos almost impossible for investors to keep holding stock because all they hear is this negative stuff on TV and reading the Wall Street Journal and they keep pushing it down When I look at Target I love Target down here I think three years from now yoursquore going to be looking at 80 90 $100 company and itrsquos 50

Last thing here When yoursquore looking to buy these hated names look at the reason why everybody hates the stock Is it the same reason they hate it when the stock traded at 80 and now itrsquos 50 Are they bringing up the same reason why they hated it Then itrsquos usually priced in or what we saw with IBM Sales declined for 10 straight quarters theyrsquore getting killed It was the same thing but in the meantime when everyone was trashing IBM they were changing their business model to focus on the high growth areas

It was big data social mobile Next thing you know itrsquos 30 of their revenues and this part is growing 30 40 now Theyrsquore transitioning IBMrsquos a smart company with a ton of cash good balance sheet It takes a while for this to happen and it did take a while IBM in the 130rsquos where I recommended it itrsquos now 175 Itrsquos another company where you got paid to wait around with a 3 plus yield It reminds me exactly of Target right now

That yield is perfectly safe Also IBM was buying back a crap load of its shares Buffett was adding to his position as well Again yoursquore looking at these little things that are offering us downside protection when a company is buying back stock as it gets lower You have Warren Buffett coming out When the 13F gets released and you see Buffett adding to his position that usually provides a bottom or pushes the stock higher but he loves to see that



Guys this is one strategy I use is to buy hated stocks If these companies are able to turn around their operations which happens especially on a large cap level when yoursquore looking at Dow components as well Itrsquos why I like Nike at 52 53 after hating it now itrsquos like what is it 57 58 If these companies can turn around operations the gains that you will have will be enormous because yoursquore buying these stocks at super cheap levels when everybody hates them Thatrsquos why you use this strategy

Again if you follow the rules you want to limit your risks as much as possible Make sure insiders are buying look for the reasons why it crashed do they still exist Again this has led me to some of my best and with 1000 gains after recommending chemical produce Ashland same thing Hated stock I remember it was at seven itrsquos over 100

Northern Dynasty was hated at $035 it went to three bucks Yes we know the stock is pulled back because major short selling campaign but still even today much much higher when we first bought it You should have taken profits as well especially over $2 a share if you followed my advice

This is a really good strategy that could make huge profits if you follow the rules I mentioned You donrsquot want to buy every hated stock because 90 of these go lower Again when you see that insider buying and you look at the reasons why it came down and yoursquore able to purchase a large cap company like an IBM even a Delta guys Delta was hated 35 bucks When I started mentioning it Now everybody loves it at 50 bucks Itrsquos nice to be in early Target yoursquore getting paid to wait on a company that got beat up

Walmart you were going to get paid two years ago when it was the worst performer to get paid to wait for them to turnaround operations Again when you see these large caps especially that have that high dividend yield Their turnaround operations yoursquore seeing insider buying itrsquos a good formula to buy some of these hated stocks

Itrsquos a strategy yoursquore going see often in Curzio Research Advisory again Irsquom launching that newsletter very very soon Finally not on a specific date but itrsquos going to be this month Okay guys if you have any questions comments about todayrsquos podcast send me an email at Frankcurzioreasearchcom thatrsquos Frankcurzioreasearchcom Go to check out my website at curzioreasearchcom where you could find all of my podcasts including transcripts including ticket symbols of all the companies Irsquove mentioned in each show Theyrsquore easy to navigate pretty cool



stuff

Like I just mentioned Irsquom launching Curzio Research Advisory very very soon Just putting a finished touch on a few things and provide that amazing offer for you to my podcast listeners only itrsquos the least I could do Again to receive that offer just make sure yoursquore on my email list To do that go to wwwcurzioreasearchcom Itrsquos going to be a little box on the right hand side It says my new product launch is coming soon just click on that put your email and yoursquore good and you know if yoursquore ready on my list because yoursquore receiving emails from me right at Curzio Research and you should receive that offer inside of yeah a week or 10 days or definitely this month

Okay guys Thatrsquos it for me Thanks so much for listening Enjoy the rest of the NCAA Tournament Go Kansas Keep my fingers crossed Irsquoll see you in seven days Take care

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on one zero passes Totally not Villanova basketball Even with 11 seconds left they still had a chance to either tie or win their best player starts walking the ball up and just drives into two guys and just throws it into their hands and they lose

Itrsquos amazing because if you watch that play real quick here promise A lot of fun stock stuff in a minute but if you watch that play which everyone of you should watch right Because itrsquos the NCAA tournament best thing ever in the world You had their best player dribbling down and you had a guy who Jenkins on the three point line who was wide open Okay now whorsquos Jenkins He shoots one of the 40 from three hersquos the guy that hit the championship shot against North Carolina last year at the buzzer and they won wide open and decided not to pass to him

It was pretty sad to see them lose that way the season end that way but Wright deserves a lot of blame here When your team plays out of character itrsquos up to the coach to calm them down and set them straight he didnrsquot do that late in the game With that said congratulations Wisconsin they played an amazing amazing team ball down the stretch and they look good

Also a shout out a few more things here I have to say this I hate saying it the Kansas Jayhawks which is my team I hate pecking them since they almost always disappoint or lose to a team that theyrsquore so much better than when it comes to the NCAA tournament every year They look solid a lot of confidence scoring at will Though Michigan State was playing their best ball of the year not a great team but they were playing real well

Theyrsquore not going to play Perdue next round which almost blew that 19 point lead against Iowa State I told you how great Iowa State was they played absolutely horrible for the first 75 of that game Then it just went absolutely nuts took the lead and they wind up losing that game anyway

Irsquom happy that they lost I know I had them in my final four but I think if they came back on that win and then they played Kansas again who they own this year Kansas would be playing them instead of Perdue I think Kansas wouldrsquove lost even though theyrsquore playing well Purdue is a really good team Should be an awesome game against Kansas but overall the first two days were kind of horrible Maybe the most boring tournament I can remember in the first two days At least in the past 15 years when it comes to the first round since there was one minor upset in 32 games You know what that made for a great great great tournament















































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in drilling






























































































these drugs

















































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