steven fiorillo
Inside The Numbers With Kris Patel & Steven Fiorillo: Ep1
10/21/2025, 7:24:12 AM
Economic Summary
- The market is richly valued in many areas, increasing the appeal of value and income names like Verizon (VZ) and Altria (MO) for capital preservation and steady returns.
- Verizon benefitted from cheap debt issued in 2020–2021 and large spectrum purchases that create a durable moat; its interest costs rose but are manageable given EBIT and free cash flow.
- There is a large pool (~$7.5 trillion) sitting in money market funds that may rotate into income-producing, lower-risk assets as rates fall, benefiting dividend-paying firms (e.g., VZ, ENB).
- Energy infrastructure (pipelines, midstream) has high barriers to entry; companies like Enterprise Products (EPD), Energy Transfer (ET) and Enbridge (ENB) can benefit from structural demand for power and gas.
Bullish
- Undervalued, high-yield telecoms with durable moats (spectrum, customers) can provide steady income and upside.
- Pipeline and energy-infrastructure companies with scarce assets and stable cash flows offer attractive yields.
- Closed-end funds or income vehicles (e.g., ADX) can deliver high distribution yields for income-focused investors.
Bearish
- Yieldmax-style products (e.g., Misty) behave like returning principal as 'dividends' and are risky.
- Companies with large headline debt can worry investors if they don't analyze interest costs and cash flows.
- High-beta, frothy growth names can suffer large drawdowns in a market correction.
Bullish tickers
VZEPDMOENBADXCVXET
Bearish tickers
MISTYASTS
VZ
1 price targets
40.8
Bullish
Undervalued, high-yield telecom with large spectrum moat, multi-year dividend increases, strong EBIT and free cash flow covering dividends.
Bearish
Concerns about headline debt levels and rising interest expense after refinancing and acquisitions.
EPD
2 price targets
616
Bullish
Pipeline business described as a cash cow with a ~7.8% yield historically; strong dividend and capital returns to holders.
MO
2 price targets
4065
Bullish
Described as a diamond in the rough: high yield cash cow that rewarded long-term holders.
ENB
Bullish
Energy infrastructure play with attractive yield (mentioned ~5.5%) and durable moat; thesis in a published article.
ASTS
Bullish
Partnerships with carriers (e.g., Verizon) create revenue opportunities in dead zones and complement carriers' spectrum.
Bearish
Without access to spectrum partners like Verizon, ASTS would be much less valuable; standalone fundamentals questioned.
CMCSA
Bullish
Cable losing broadband share to wireless/fixed wireless and fiber competition from telecom carriers.
TMUS
Bullish
Major wireless competitor in the consolidated US telecom market; benefits from scale after industry consolidation.
T
Bullish
Large incumbent telecom with spectrum and scale, part of the limited-competitor telecom dynamics.
NVDA
Bullish
High-profile growth name; the hosts acknowledge strong performance though suggest concentration risk for some investors.
AMZN
Bearish
AWS market share pressure noted, and structural challenges that may weigh on short-term performance.
AAPL
TSLA
1 price targets
450
Bearish
Example used of an overvalued high-flyer where buyers at peak waited years to break even.
SOFI
Bullish
Mentioned as a growth holding by a host.
PLTR
Bullish
Referenced as a covered/uncovered options position some hosts hold.
CCL
Bullish
Cruise lines highlighted as option-selling opportunities with attractive mispricings for option traders.
CVX
Bullish
Seen as attractive due to appealing numbers and the transformative Hess deal.
HES
Bullish
Referenced in context of Hess deal impacting Chevron's outlook.
ADX
Bullish
Closed-end fund (Adams Premium Equity) highlighted as an income vehicle paying ~8% distribution.
ET
Bullish
Energy Transfer mentioned as an income/MLP-style opportunity; tax/tax-form (K-1) considerations noted.
MISTY
Bearish
Called out as risky Yieldmax-style product that may pay back principal as 'yield' and be unsustainable.
MSTR
Bullish
Mentioned in Yieldmax discussion; underlying exposure can move performance.
SLG
Bullish
SL Green referenced as a previously successful pick by a host (no current position).
VNO
Bullish
Vornado preferreds mentioned as income-producing holdings with high yields.
People mentioned
SteveChrisAmitTannerMattKrejciScott GallowayWarren BuffettCarl IcahnBernie MadoffRichard DreyfussRobert De NiroSteve Cohen