Frasier finds Niles in Cafe Nervosa and confides to him that he is convinced that he is living under a curse. He recounts that every five years he's dealt with disasters in his personal life, and that he is currently living under the curse, hence his recent unemployment, which happens to coincide with his class reunion. Niles chides him for being so superstitious, and pumps up his confidence for Frasier's upcoming job interview, about which Frasier is also dubious. Frasier listens to Niles' encouragement, and resolves to face his job interview and upcoming class reunion with confidence. Just as he is wondering who to take to the reunion as a date, Roz appears and Frasier concludes that his luck is changing.
When Frasier arrives at his job interview, it is a circus of one gaffe after another. First, Frasier assumes the station manager is the receptionist and requests he pour him a tea garnished with lemon, and then after the manager's identity is made known to him, Frasier realizes that his fly has been down the entire time. Sufficiently rattled by this point, Frasier follows the manager into his office where Frasier proceeds to mispronounce the man's name, unwittingly insult his mother, and accidentally break a figurine that the man's father made for him. In a frenzy of nerves, Frasier rushes out of the manager's office, but not before spilling piping hot coffee all over his lap.
Niles and Marvin come home to find Frasier thoroughly depressed, cleaning out the oven. He is convinced that his curse is real, and as a result, he refuses to go to his reunion. Roz arrives all dressed up and coiffed, and is furious to find out Frasier is no longer interested in going to the reunion so he doesn't need her as a date. She leaves in a huff, and Frasier meanwhile decides to return some canned dog food and a shopping cart to the neighborhood grocery store for Marvin.
While Frasier is outside the store, a former ate in a tux spies him, covered in dirt from cleaning out his stove and fishing cans out of the trash can that a guy threw in instead of recycling. Frasier's former schoolmate says he had heard that Frasier was no longer on the radio, and assumes that Frasier is destitute, directing him to a homeless program. No amount of refuting this on Frasier's part convinces the man otherwise, and he drives off after giving Frasier cash.
The incident makes Frasier determined to show up at his reunion and prove everyone and their rumors wrong. He throws on a tux, calls up Roz again, and has her come over. In the meantime, Niles gives him a pep talk about how he's always had an inferiority complex with these ates and that Frasier's determination to go is merely compensation for this stronghold that the past has over him. By the time Frasier arrives, he decides once again that he is not going to the reunion, much to the wrath of Roz.
In the final scene, Frasier ends up going to the reunion when Marty bolsters his esteem by telling him that another agent called and wanted him, even though this is a lie. The agent name Marty devised happens to be one headed by one of Frasier's former ate, who apparently tips off everyone at the reunion that Frasier is not only indeed homeless, but delusional as well. Everyone avoids Frasier like the plague, except for three guys who belonged to the chess club. The show closes out with Frasier dejectedly singing the school song, barbershop quartet-