Transcript
Hell yeah. Come on. Go. Coming in hot. Live. From an ESG infested annual report but we don't see a lot of those anymore. Now, they don't exist. It's an all-new terrific. Tuesday edition of businessman joined by analysts whole, Matt mascardi. Whoa! Yeah, I like the strong emphasis on the T. On today's annual volleyball game. With lead, independent directors, who have served on boards for more than a decade called March 25th 2025 at the. Who do you blame game? Oh, I like this game now my favorite game. It's turned to do a good game even though there's no rules and yeah, like all your games, maybe it's my horrible personality, but I love taking a headline and looking for people to blame. I don't know. I just love like pointing fingers and getting mad. It's just fits with me. Our show today is being sponsored by free flow analytics.com. The only platform measuring board power connections at performance for free. In fact, I used this platform a lot. Specifically, during this game, it gives me a lot of insight into especially the blame because I like, for instance, I have a story about doordash door, the the data and free flow. Analytics.com, really helped me very quickly, understand the power structure on the door dashboard very quick. Yeah, it's good. I like, my favorite part is the free part. It's not even the day. I just, I'll take anything if it's free for the most part. Well, maybe we should put a paywall up. And who's we? We're not them. Maybe we should tell them to do it. Tell them. Yeah, that's true. All right. Are you ready for this? All right, let's do something. What do you want to go back and forth? Here you have some. Let's do back and forth. Yeah, okay. I'll start with one that we've talked about a lot recently and I'm one that I know you will appreciate. And that's the, the annual vote, the Walt Disney Company that happened last week Friday, maybe Thursday Friday. I appreciate it. As appreciate the right word for that, and here's the context for this Maria Elena in 2023. She got 92% support for her reelection 2024 it to 63% support. And now in 2025 a few days ago, it's back up to 98% support, what the, what happened at Disney so who do we blame for this craziness? Do we blame ISS just for being flip-floppers, right? We covered here that last year, they said no this year, they said yes to Maria. Right. Okay, that's the first one. Do you blame your average investor for only paying attention when an activist investor shows up. So last year Nelson Peltz and his crybabies came and they didn't like Maria They also don't like black people in movies. So there's a lot of Separation, just making sure we get everything. All their grievances out. Yeah. Do you blame your average? No research investor for buying into the narrative. That James Gorman has solved the succession planing problem merely by showing up. So a lot of the narrative about there is they were angry at Maria because she, she buckled, she screwed up the succession planning involving Bob, bikers not by IRS for coming back every time. The D train, goes to Brooklyn. It's Maria's problem for being a Latino woman. I don't even know what why Turf problem, but now, that James Gorman has showed up to former CEO and chair at Morgan Stanley, everything's fine because he's gonna figure out where to find the next game. Can we say the Merit knows, Merit know. And by that, I mean, white men know how to find another white men. They know. Can we book? Can we just say again for the record James Gorman, successfully. Successed me out what his job, like, they found someone else. They put somebody in place and he is the reason why Disney would say that he he's doing like he's the magician, he did it. He was the CEO and chair that job goes to the nominating Committee in the board. And there's not to the CEO can't pick their own successors, not. Well, that's it. When they do like, Bob, Iger it usually fails if fails. So like I, I like that. We're celebrating James Gorman. Having chosen his own successor. I don't get that, but he's not supposed to masses was not supposed to go that way. He's married and finally, or do you blame? Anyone who doesn't listen to our analysis or useful alex.com, or is a client or free float? So those are your four. Wow. If you're not a client of free flow analytics, I don't know what you're doing. But actually, I honestly, I really don't know why. This all the time I've been looking at corporate governance data for for centuries I just don't know why you wouldn't use the data free flow and it's ridiculous. It's not. It's seems like the first way to actually do corporate governance that feels like Like it's a mirror of reality with numbers that like it explains things. It's not like were you there for 75% of meetings especially in 2025 when everyone seems to? Hey everyone, so if you're on the left you can hate this person if you're on the right person. Like but the free flow. Analytics.com has has literally has performance data for every single publicly traded directors. Just about the US and I love, right? And more in the US anyway. So who do you should stop to hating people? That was the best part blame. I think it's really easy here. Oh, because what we know, we vaguely know that we have evidence, that there was a company where they voted against the head of the nominating committee because there weren't enough women on the board. There was one woman on the board and I assess has a rule that you voted against the nominee can committee. When you only have one woman on the board that the head of the nominating committee was the woman on The board and we saw at the time that 15% of the shares voted against her, which means 15% of the shares blindly follow ISS, right? So, if they opt into one of several versions of is, as you can pay attention to, right? Let's say that that 15% blindly followed them, right? Like and if you're going to own that mid cap company, the chance is that you all. So all you know, own Disney is pretty high. Let's say that roughly 15% is the people who will just blindly vote with whatever ISS says, so if I assess flip-flopped then we should have seen a vote of 83%. Yes. For Maria. If they had actually done any research but that that's still a 20% Gap from last year. So the only answer can be your average, no research investor are your average investor who's only paying attention with an activist shows up that same Like weird. They're just like waiting, they're like basically waiting for anyone to tell them what to do. They're just like the loudest voice in the room wins. Somebody just figure out like whether or not we care about this company and if no one does, we're just voting with management. That's it's unbelievable. So that's that's the correct answer. What do you got me? Give me one right. Here's one someone. Yeah, here's my first one I can't avoid talking about this. Oh, the headline is Trump National Security? Adviser accidentally? Well, before you say that I will say that while President Trump is not on any boards, his obnoxious son, he's showing up on several boards. So I'm gonna allow you to talk about this. So go ahead but he is on the board of the Kennedy Center. Now he made himself chair of that board. He fired everybody in the board made himself chair that the president. Yes. President he was the Kennedy Arts Center. Yeah, so National Security adviser accidentally sent plans. For a bombing campaign to a random journalist. Yeah. So here's what I chose it. The messages were sent through signal, not really that random though. But yeah. I mean, that journalists is actually a pretty big journalist. But, yeah, go ahead signal is a non-profit in the style of open AI, but it is a non-profit messaging app and end encrypted the chat included the vice president. Pete Hague says, you know, like every important National Security member was pretty much on there and they added some random journalists from the Atlantic. So, who do we blame top calling them? Random is offensive? Go ahead. Well, it is random in as much as it wasn't. Like they should be on that list, the journalist, right? Like they, they meant to put somebody else on and they put on the job. All right. Number one yeah. Do we blame signal board member? It's a non-profit but still has a board and the board is in our data. We collect boards, you know, connections. between no signal was non-profit, okay, they are not profit so signal board member A Katarina Maher or mayor? Why did you because yeah, it's a non-profit but she is the CEO of NPR. Oh she's a she's a Wookie. She's whoa. Yeah I hire yeah. Yeah. So the Walker sitting on this board it is probably her fault that they didn't realize you had it. You had me at Katerina. I mean I just heard a woman. I like she couldn't have had, oh, well, I'm not done. Okay, go ahead. Number two, signal board. Member's Amber cock ore and Meredith Whittaker. The two other women on the board. Sure, sure. They both were at the AI now Institute, which actually would Whitaker founded. It's another non who's bored? I, we have in our database, so, but their BFFs, right? They know each other but get this Whitaker was an NYU Professor. Oh, woke wait. Is it woke? It's an academic. Yeah, that's true. But Donald Trump son goes there. He likes the party there. It's still woke, like it's the professor, it's woke. If you're the student, if you're a student protesting anything, you're woke. But if you're just a student partying, that's not woke, okay? And CAC was appointed by Biden's FTC as an advisor woke, right? I mean Biden, basically Che Guevara, right? The focus, I mean at this point Rebel socialist gorilla I've ever met. Yeah, go ahead. Well here's another option. All right so um boards we have single board member Kettering tomorrow and then we have two other single board members. Who else? Can I blame Elon Musk? Oh, come on because you think anything happens without this. Fuck face being involved his foundation gave 2 million dollars two signal in 2021. They actually helped make signal a thing but this was before he got super unwatched whatever he was he mad at probably, he's probably mad at like Twitter. He's probably mad at one of his competitors. He was trying to build up. Sure, he wanted to send messages playing games and creating enemies. And yeah, I wasn't 2021 like right around the time when he was doing like, 420 tweets about buying Tesla back and so then he was gonna just do fun things on signal. But this is, this is in the same year when he was giving gifts to MIT and Georgetown and Penn. Whoa, Penn who's President Liz, Magill, the anti-wolf got fired, right? She was like one of the heads that rolled so Elon Musk. Maybe like your money helped Propel signal to a place where it could get used by National Security to, you know, accidentally put out journalists on, you know, sensitive material. And then finally, I suppose you could blame the National Security team but maybe not the security team. You should actually should blame signal because they use Google Microsoft and Amazon Cloud technology. So now you could just blame the big tech companies as your as your last option. So, Who got this wrong, it wasn't the National Security team. Clearly know, it was either the woke board member. The other woke board members Elon Musk for funding it or the big tech companies for censoring you know, conservative. Well, you think you've given me a lot of sarcastic options here? I could I could be sarcastic from the left from the right. I know that's what I like it's now, let me ask you this, maybe you don't know. The answer are, is the National Security team allowed to be using an encrypted app like signal? I mean, there's that the official way of these the government. I watched, I watched the Security hearing this morning and the, according to that hearing, they those signal is clear to have conversations at work. It is not cleared for classified information. So what they did in their captains would say, oh, it wasn't classified information. We were talking about like, who these in Yemen, that a bombing that hasn't happened and the strategy around it. Including the weapon payloads, they were Going to use. A not classified. I didn't even know the government was allowed to use an app like signal honest and and and and as a very quick tangent, I'm not going to be overly precise at what I've been doing the last year, but I've been performing a civic duty, a jury service Duty. And can I just tell you that every horrible thing in our on our planet is happening on an encrypted messaging service? That's what they're usually. Usually, it's telegram. But every heinous crime is just committed either on social media or an encrypted apps or messaging service. It's just, it's a place where criminals can basically lurk and hide and or share National secrets and and nobody can get no one's ever to blame except for on this game, the who do you blame Jeffrey? Epstein missed out on the Golden Age of don't even so I'm gonna I'm gonna go I'm gonna go Sarcastic from the right wing point of view. I'm going to cosplay being a right winger today, okay? And just for this one or the whole just for this one just for this because you really triggered me. I mean the CEO of NPR. I mean yeah is there more is there a more socialist just kill all the white people kill all the capitalist organization and NPR. I mean, there are ruthless band of killers, right? Sesame Street is like, mostly not white. They're all puppets, like it's the worst. Oh, and all of their news programming is that they're trying to lull you into sleep. So that so that some trans person can come and stab you while you're sleeping. It's a organization. So yeah, I'm gonna go for Signal board member Katarina. Mark, I think that's the correct answer as a Bill Murray. No, not even a little bit. All right, I'm gonna go back to Meijer. Yeah. Mine as you know, or are my entries. Are known for being tedious. Laborious long-winded boring. That's how I am very excited now. Four. Here's the headline of former Hormel CEO, rejoined board to help company. Find next CEO. I think this is not a Disney. Yeah, exactly. So His name is Jeffrey Ettinger. He's gonna, he's rejoining the board and he's gonna join the search committee to help find the company's next CEO. In fact, they've created some ad hoc CEO search committee and no matter, no matter the hour. I spent I actually couldn't find the members of this made up bulshit committee because the weird thing, Matt, is that they already have one, it's good. Yeah, they have a job to do this so let's just get right to it. Okay, so the first person who who do you plan, could it be the governance committee the one that has a mandate to review the company's executive succession plan so that's right in the process. It's it. Yeah in fact they met seven times last year. So there was ample time to discuss. Like who the next CEO could be right? Okay, well the last CEO did such a good job that he said to come back again to find the next CEO. So yeah, because you because I don't know that you can blame them because if the old CEOs got to come back to find a new CEO again and maybe you play none though, isn't it? Their job isn't their mandate. I mean, they're getting paid extra to go to those meetings, but they're, but you can't blame somebody who's like clearly helped us. Something blaming your children for sterling milk. It's not really fair enough about lead director, William Newlands. Okay. So he so he has 19% of board influence according to free flow analytics of communist. The second highest after the CEO and chair. James sneh, who stepping down? He sits on that governance committee. Yeah, and he's a highest paid director at over 300,000 dollars a year. Yeah. But he might be a little bit busy now agitated because he's actually the CEO of constellation brand which is a 33 billion dollar market cap company, who has seen its stock price down 90 dollars this year. It's down over 33%. So maybe he's just been feeling very upset, right? Because he's super busy and busy on his own succession planning. Exactly. And I will say this something that's very interesting, Lead. Director William Newland is the he serves on hormel's audit committee, right? Oh, but the only skill, according to Constellation Brands, the only skill, he does not have according to their proxy is accounting and financial reporting. That's the only skill they claimed. He does not have. He has like 7,000 skills as the only one that doesn't have a check mark. And yeah, great part about that is on the auto committee. Yeah. So free flow analytics has a database. So 107th at 17000 directors with a standardized sort of knowledge. Matrix. Yes skill like Matrix. Yeah. So that's not free float data saying that. It's not like some thing extrapolated from their bio. That's a self-reported. We choose the skill that you have. We're going to put that in and that's the only one. They didn't choose, that's fabulous. I mean, it's almost impossible not to have these skills. Everyone has every skill. I mean, you have to be blind to not. Get the 2020 Vision skill I guess that kind of thing. Like it's it's impossible to not achieve, my favorite skill was a companies that have diversity as a skill and they have to check mark next to that, right? Yeah. And if your hair is a bit kinky, you get a check, you get the skill. So those are my options that is that it. Do I get any more, a couple more quick ones? Government's governance, committee chair, Gary, bushwa, I picked him because he's also the CEO of 4 billion dollar cap company C&O Financial Group. So maybe you just don't want these busy CEOs on your board. And finally, What about the board itself? Because is this what happens when you have two people? Just two people dominate influence, two people control over, 52% of important. So, this is really hard. I got a full choice is here. This is how I always do a big mouthful of choices. Governance committee, the lead independent director, who's on the governance committee, the governor's committee chair, and the board itself. I mean, I sort of a picking, Like the same things every time, right? Like yeah, you just you get it's a new ones look. But look clearly, I believe that something on the board is at fault here. They it is their job, you don't, you don't need to bring back your former CEO because you're too inept to replace the current CEO. I mean, why not just have, why not? Just have the current CEO find the replacement. Why do you need the old? I don't even know what you're doing here. So so that would make me think if I'm gonna pick anybody here, like you should actually as an option b the current CEO because clearly that's all they do. They choose and but that doesn't actually happen, which you would have delete directors right there. That's the board highest paid directer since on the governance committee let me guess has Willie Nelson's been there for at least 10 years like like I am just I don't have the data to open in front of me. I don't actually know. But what I do know is that on Coverage the average lead independent director, in the United States. And the only reason to lead independent director exists is because CEOs are chairs in the United States for the most part and not elsewhere. But when you make the CEO Their Own Boss, they share the group, that is their boss. We've decided that the governance construct should be well get somebody who is in independent director and make them leader quotes. So that there's not a conflict of interest here except that the lead independent directors. Average 10 year is a decade. Well, like slightly off, it's seven years. So I will, I will say according to the performance data free flow, analytics.com, is that he is the worst. He has the worst average for TSR total shareholders, nicely done. All right, so the worst the worst performing Direct on the board. Yeah, he's definitely the winner. All right, next. Next up, Oh, I'm really tired. I know. Mine are wonderfully, laborious. All right, here's here's a fast one for you. Okay, yeah. Here's the headline. Tesla has 1.4 billion. That seems to have gone astray. Yeah. Potentially raising questions about the company's controls, right? Yeah. So potentially so a report. Yeah. Potentially a reporter that who found the wire card fraud has been digging into Tesla's finances and cannot allocate 1.4 billion dollars cannot find the bucket that it's in. Maybe the Trump Administration, maybe maybe the National Security console connects, certainly text that that reporter of the answer that would be lovely, that would be smart. So who do you blame? Do you blame Robyn denholm? That's your winner, chair of the board and chair of the audit committee. Can I please over her now? Yes. All. So the nominating committee is sits on both and chairs the disclosure committee that babysits Middle School musk's social media posts. So, So, she probably the probably the most compromised, independent director in the, in the history of independent directors. That's correct. She just cashed out in December, 40 million in Tesla stock. The estimate is that she's made over 600 million dollars, honor, Tesla stock. And she's never said no to MUSC, never holds, she's still holds, plenty two, she's not done. And I will say, even worse than than elon's brother, Kimball even worse than his buddy James Murdoch. She seems to be the the champion corrupt independent or go ahead. Well, that brings me to option. Number two, who is Kimball musk? What is so here's my guess, Kimball musk was on the Chipotle board up until 2019, and then that's the surprise me. But they had the E coli breakout right around then. I think he was, he was the equalized source. Well, I'm wondering if he borrowed the 1.4 billion to actually buy burritos to prove that They did not have E coli like maybe he used to stretch. Yeah, you know where you don't think so. Here's my last option. D e. I well, okay, you got a choice to make right? Because. Yeah, it Tesla. Here's the thing in 2023, they put out an impact report. Now, remember, 2023 impact report was a good old days 2020 for okay, 2023 impact report is like, like this is, this is not that long ago. He's anti-walk at this point. He's dunking on his trans daughter. He's like, he's like a heinous human being by 20. Yeah, I mean the dead daughter. Yeah, dead to him, right? She died. Oh my virus. You know what? Call her his son like it. Yeah, he does dead names. He doesn't even refer to her as her name. Yes, he won't. He's because he's that he's not clever, right? Yes. Go ahead. But here's the, here's, the truth thing, they, my guess is, they could have spent 1.4 billion dollars that they just are. Now, let's just now showing up in the Looks like a year and a half later. They spent all that money on the following the introduce a girl to engineering day which is in their impact reports something they did oh God that's super woke. Introduce a girl to engineering day. Why do we need that? Do you know girls have vaginas? Did you hear that? It's like, all. This is terrible. So woke know and they conducted anti-harassment training which covers 97% of Tesla employees. They were not, they were not for this is their code of ethics, like their business ethics training that included, anti-harassment they said, they do not tolerate harassment. Could it be woke up what they were doing? Come on. Look, I have again, I have two paths here to Glory. One would be, if I, if I took the Elon Musk approach, I would actually blame Dei, because he, because that was spending, that shouldn't have spent. He was probably forced to buy some woke mob or Biden or because you know, 2023 with the doors daughter. I'm sure. Yeah, his daughter. Um, but I got to go. Come on Robinson. Yeah, I think that's probably the correct choice. I just know not to mention that. She's a ghost. She, she never hear from her. I mean, she doesn't. She's at a ample opportunity. I mean Tesla's, been going through a lot of Hell in the last few months. We never hear from Robin. She just hides over there in Australia Cashing Out stock. You know, she doesn't she doesn't have the reports currently are that the European sales on mass are plunging even further than they were? I wonder how they are Australia. Yeah, she could just buy all of them right? I mean all right you're up. Give me somebody to blame here. Okay come back to my exhausting list. Okay, so long yeah. Mine are always again, they're very nerdy. They're very governed like this. One Ameriprise, CEO earned more than 50 million dollars for fifth year in a row. Nice. That's the headline. But first hats off. To minister Minnesota Star Tribune reporter. Patrick Kennedy for just being incredibly thorough and really understanding his mandate there. Matt, he's reporting on Ameriprise, CEO, James cracky, crucillo, you're Italian, how do you pronounce that? Correct, YOLO crack YOLO. Yeah, sure, sorry. All Italian people but he's reporting on the amount, he realized his total realized pay because when you look at the total summary compensation, it's only it's only about 23 million, but but this report is including all of this besting stock, all these options, all that kind of stuff. So, yeah, hats off to him. He also in the article, he even reported on the CEO pay ratio 100 911, so he is really high. He's but he's really engaged this report so hats off. All right, so who do we blame? Blame a reporter. Do we blame the compensation committee? Oh, that's so boring. Okay, so, but specifically, I'm looking at a bunch of a bunch of weird characters. This is something you don't see very often, first of all the chair, Diane Neal blixt. Okay. I there's a lot here, so let me just let me take this a different tact here for three competition. Committee members also serve on the executive committee with the CEO which is good, which is weird, you don't? Yeah, that's not really was never see that. Yeah. Also um for the competition committees have really high value of shareholdings. So the chair she owned, seven million dollars of Ameriprise stock aiming to gesso 7 million dollars, Ed Walter. The third owns 4 million and Robert Sharpe Jr. Oh owns, 31 million dollars of America prize, right? So I think that maybe they just maybe they're just there to listen to the CEO and just they're there for short-term game. I don't know what they're there for but that's unusual. I just don't see this very often so the percentage of executive committee influence on the like the the compensation committee is overwhelming, right? Like it's got to be the vast majority of the compensation committee. Is, I mean, it's an important committee but they're on the executive committee, right? Like they're also on the exactly that's where they hug the CEO and you spend extra time with them and they golf, right? Well not only that but one of the competition committees aiming to just so she previously served at American Express where James what formerly was the comes from because Ameriprise was spun off from American Express so they clearly. Wow. So yeah it's a strange corrupt. I love. Yes. So okay that's first competition committee. How about the Board General intention to shareholders. So in 2022, 20% shareholder said, no on, Sam pay in 2023, 18% 2024 12% said, no. So there's a pattern, the declining know, but still, there's a pattern and nothing about his pay ever changes as the poor as the reporter points out his page, just as steadily above 50 million, nothing ever changes. So Cheryl's are saying something, but no one's paying attention and finally what about just blaming the CEO and chair himself? No, this one's easy. I'm glad this team this up because I can't think we spend a lot of time in this data and I can't think of a single comp Committee in which of the what five members of the comp committee three are on the executive committee. Also that that 100% is a conflict of interest, none of them should be on the executive committee because if they are, then they're spending too much time. Glad handing the executive who's are supposed to pay its the compensation committee all day long. I'm going to I mean if you're a user of our data I don't know why you wouldn't be. This is all so you should think about and Target companies like this, I don't know what you're what your why your targeting them but you should Target them anyway because this is one of those companies where the CEO and chair controls. This is a one class one share company. If I'm not easy, this should he controls James controls 41% of board influence? So something is a Miss there. Something is something is off there, something is All right. Well, at least we know who to blame. Let's get into another one of mine. Most of mine are actually pretty short compared to yours. Although, you know, seems to be live. I'm famous for long-winded. Who do you blame game entries famous. Here's the headline. I saw that. And when I say I saw, I mean, you pulled Female executives are fighting back against alpha male CEOs. How finely great wonderful. How how the way they're fighting back in the article is apparently they're organizing groups and companies separate of male CEOs. Like, it's like exclusionary effectively. They're saying like these these chest beating alpha. Males are impossible to work with so we won't work with them. So doing basically what the men are already doing. They're just creating well they're doing what? What caused the men have already doing now? Yeah, exclusive companies. Yeah. Like control all the influence. Yeah. Like it was not that long ago. It was like 25 years ago where you could go to like, you know, a smoking club and it would be men only right? Like that's still exists in places, so they're just doing that. You know, that version. So who do we blame for the fact that they're fighting back at all? Do we blame the middle school man? Flake Executives listed in the article are musk and Bezos. And they specifically point out in the article that Zuck and Bezos have been spending a lot of time fighting like getting buff and fighting and sure. And and Zuck is talking about masculine energy. And they talk about, you know, musk and he said he said all sorts of things about like men being effectively Superior in some way. I can't, I can't remember exactly what he said. But yeah it's like the Middle School, sort of imposter syndrome that these guys have is you'd be easy to blame like a bunch of sort of frauds while you're the Highly Educated, you know, female executive. Yeah. Saying, you know, I'm not, I can't handle this. I'm Fuck You, Fuck this, I'm out. All right, so number one, because despite their, despite their resume, they're, they're not by Merit, but by some Dei higher. Yes, exactly. They're Dei hires speaking of do, we blame the female Executives themselves, okay. They had to go, they went out and got fucking education and they go do all this hard work and then they show up while I'm giving my Roblox there. There's, they're like in the meeting. Like, can we start the meeting now? And I'm trying to, like dead arm my buddy next to me. Yes. Like, I'm shooting spitballs and the CEOs, I and her audibly and her shrill, Princeton education is staring me right in the eyes. Yeah, like like no wonder why go why don't you go have your own club where you're not like important. Anyway, we have all the money just get the fuck out with that, right intelligence in your Questions. And I'm inclined to pick that because it was our Great Sage Warren, Buffett the ivy league educated. Warren Buffett. Who just told us that, you know, ivy league, education are stupid basic. That's right. Don't you just kind of smells genius? That's how he hired never asks the CEO, you know, like he doesn't care where they go, it's care about, it doesn't care if they're educated. Take that women. I mean, take your your your accomplishments. And just and then finally, just because I I can't help it. Just the just, just d e. I just d e. I it's probably d e, i for what for empowering, I don't know, I don't know. Like look, the headline is female executives are fighting back. Maybe Dei allowed them in the room in the first place. Maybe Dei. Maybe they're getting like, you know, like you know, kickbox training because of some Dei program at the kickboxing place. It's probably Dei, right? He's got to be, I'm a little disappointed here because the who I would have wanted to choose, which is not on my list. So I'm not going to break the rules of Game is, is investors for allowing all structure? Allowing like dual class, share structures that allow people like Zuck to become so powerful. No, because Jamie dimon does not have a dual-class share structure and he's out there. It's one of the people that much you returning to office, which disproportionately hurts what female exceptions, right? And he's out there saying, shut the hell up and and he's a full-throated capitalists, and red blooded. I don't know Trident holder of golden items. I don't know what he is, but he's one of those Alpha Nails. I think nobody is. Well, the easy out here is to blame the the middle school man. Played Executives. The the the the clever choices to blame the protagonist themselves, the women who are fighting back, right? I mean, because that's going to, but just like my fellow brother and the genius in our who now make up the executive branch that the legislative branch and the judicial branch. I'm going to blame Dei because clearly yeah, clearly half the people, the hot, the population of our country, the women, they they shouldn't look. the women should act like the the board members in our database mat, which is that they, yes, Half the population is women, but they shouldn't have that much influence or power, right? Like they're 50% of the population but they really should only represent like 25% of the influence. Just like corporate board members just like corporate director's at us and international companies right there. They sit on the boards but our data proves that they actually don't have actual that much influence that they don't really know. I have I have sort of and this is not obviously this is not something I have real Intel on. I haven't talked to enough women who are on boards, like, who can be, they don't return our calls. That's why it turns out, no one returns by? Yeah, they don't want to go on, right? I mean, no directors, know, Executives want to know talking to Scott allouez. But I have a guest that, like over the last 10 years, the emphasis of getting more women, on boards, has resulted in women getting into boardrooms. And realizing that the expectation is that you are a rubber stamp vote. But when you get in there, you You have questions because you are a thinking educated, credibly human beings to man. So you're sitting in the room and the first time you raise their hand is the first time, the PWC, you know, survey of board members comes out and says, we really are annoyed with all the emphasis on diversity on boards, right? Like that's, I think there's a direct correlation of people who are diverse or women saying something on board and sudden disinterest of boards in diversity and everything's Dei. And now we're woke. Like, that's the moving. Let's not forget, we covered this recent research out of the Dartmouth School of Business, which suggests that men are okay. If women are there, Yes, but they're not. Okay. If they have a voice correct status, not just us. Joking around status is fine. Status is fine and call yourself a boardroom but power we get out don't ask me which is basically proof of the influence data in the free flow, analytics.com platform right there, the website platform has exactly that. That's what was the country that you pointed out that there's a there's a country in Europe that has a 40% women on boards mandated but where the their influence is super low, which one? Yeah. Scandinavian. The worst way is power Gap was, I believe it was either Denmark or Norway, but it was a Scandinavian country that had a 40% Mandate of women on boards and they have the largest gap between in the world between women, who representation in the boardroom and they influence their power they have. So, again, it's another way of using this data that maybe you're just someone who wants to promote a diversity in leadership Target. The boards were there where the gender gap, the gender influence gap, which is Also a data point income is just like super high. Yeah. Right. I like the JP Morgan. Chase board where it's minus 17%. Um yeah. Speaking of I'm gonna come back to them later. Yeah. What do you have for me? Huh. Okay, this is let me last short. This is my last long-winded. One, you're gonna hate this one. All right, here's the headline. This defies anything human. This is like the most unhuman headline I've ever seen. This is from cnbc.com eat. Now pay later door Dash klarna deals concerned around loans for takeout food. Wow this is like this. This is like full dystopia in my head. Like you're you're asking people now to they're gonna get the food delivered to their doors, but they're gonna pay for it later on an installment plan. So which means like they're, they're four dollar french fries will cost them $80 plan. Right? Yeah. So who do you blame? Do you blame doordash itself, right? There's two companies in here. George Washington. Doordash is a public. Trade company and I'm going right after the co-founders CEO, Tony XU, Andy Fang and Stanley Tang who combined according to our data control 85% of board influence. So there's a lot so nobody else you're talking about female Executives, fighting back. Matt at doordash nobody and no one's fighting back. Nobody like this is their, this is their completely in control. That's it, that's it right. Okay. Do you blame them? How about? Let's look at Florida. Do you blame Clara? Co-founder CEO and director? Sebastian Cima house key, right? So let me tell you a little bit about Sebastian. We've actually covered him several times on this show. First of all, he faced backlash a few years ago, when not only did he lay off 10% of his company, but he posted all of their names on social media. All of them listed and their email addresses. He listed all, I'm not really quite sure why, but he caught fire for that. He also said very recently that I'm of the opinion that AI can already do all of the jobs that we as humans do and that he and that's the reason why he used, why Clara is no longer hiring human beings. It's also a reason. He I'm not kidding, they haven't hired a human being like a year. It's also the reason why he's giving to lay off people because AI is already smarter than we are. This is really, this is the CEO of Clarke. This is true. Well look like if you work at karna yeah. Isn't this? The moment where you say to yourself maybe I should no longer work at clarina like might But anyway, pretty soon, I mean, that's what I mean, is gonna happen. Anyway, get your job now. He's gonna lay you off, and he's gonna tell everyone, he laid off, he's gonna, yeah, just quit publicly out you or how about? I just just for shits and giggles. How about we blame clarina director? Roger Ferguson Jr. Maybe, you know this name because I'm gonna list some of the places where he also serves, okay, okay. This is how busy this guy is, and this is, this is how important the world are free flow analysts.com. Really is because I, because I know we collect a lot of this data. The first of all, he is the chair. Okay, he sits on the board of clarinet, which is about to IPO, by the way, New York Stock Exchange, so he's gonna be in our database. Again, he also chairs the board of international flavor and fragrance fragrances. Okay, well, that's the thing I guess that's the company International flavors and fragrances. Yeah, it's a company we've covered several times but he's the board chair there. It's a large cap company Mac, pay attention. He he sits on the board of Corning, right? Where he's the chair of the compensation committee, okay? He's also the board of alphabet, you heard of it. Alphabet Google, where he where he's the chair of the audit committees? This is a busy. This guy is, he's the chief investment officer and chair of the investment committee at Red Cell Partners, which is a investment firm. He's the director at The Institute for advanced study. He's a director at the Memorial. Sloan Kettering Cancer Center. He's a director at the Smithsonian institution know they're in DC Smithsonian. He's a director at the Aspen Institute. He's a director at the group of 30 is a member of the Smithsonian institute's Board of Regents, he's a member of the economic Club of New York. He's a member of the Council on Foreign Relations. He's a member of the National Association for business economics. He's a fellow, the American Academy of Arts and scientists and culture, the academy is Commission on the future of undergraduate education. He's a fellow at the American philosophical society and that Matt, that's just what I found by looking at a couple of biographies because I had to kind of look at several different markers. It's great to see together. I'm sure there's a lot more he's doing. This is probably under selling all these duties but this is how busy the corner. Directors are fair to call him a director at klarna like like at some point, aren't you? A director at nothing? Like I don't know everything. He's a director of God's beard God's Robes of Heaven itself. That's it. I'm gonna get I'm gonna say that I'll add one more. Or can we how about we blame the dopest who eat now and pay later? Oh, on an app when they more than likely can just walk to the market and buy a kiwi? I don't know. Like, I don't know who does these things. I don't really know, but isn't it college kids? You do this. Like it's like 80% college student. Yeah, but why? Because the dining hall that basically has all the free food you can ever eat. Is not good enough was that? No look. Tony. XU is also on the board of Facebook meta so just for that. Just for the fact that on the Shady is he win board in the history of Georgia Dash and the the door dashboard. It suggests that this is not a company whose deeply worried about the morality of eat. Now pay later, I'm gonna go with the door dashboard magic and and there are people out there who are not capable of, I'm sure Going to supermarket. I'm sure it's a small percentage of the United States. Nobody doordash is absolutely pointless. It's a pointless Enterprise. Yeah, it's not. Sorry, absolutely pointless. I'll let him know. You know, I'm discovering Matt which is really gonna be real news to you. Is that that the large majority of things that are that are created by middle. What do you call the middle school man flakes? Man flakes, yeah the billionaire, middle school man flakes. Who who invariably went to places like Stanford, like the co-founders at door Dash, they're creating things that Humanity has absolutely no use for. There's no use case for any of the stuff they're creating not nothing none. Well, if anything, nobody, I have to admit I have used door Dash before but it was by accident, it was by accident. I accidentally used it. All right. I got two more and you got one more. Last one is short though. Why do we blame? Oh we blame door Dash. Sorry gosh. All right here's the headline. Caesars Entertainment announces two, new independent directors. First of all. I could blame the headline writers here because it makes it sound like they just added to directors like every other day. Like that's what they said, that's what it says there, but the two directors were, they sit there. They circumvent actual shareholder democracy about. Yes, they just appoint directors. Yeah, but those directors were actually put there by agreement by with the Aged activists. And guy who doesn't like pigs or Bill Ackman. Carl Icahn? Yeah, well, yeah, he's, he's been in and out of Caesar's entertainment. These are actually the two people who got added are on the board of Icon, Enterprise's, one of them is on the board, clear? It's his daughter who doesn't like Pig crates Carlos? Well, he did the CNBC, you know, like interview. All right. So here, who do you blame for for these new independent directors? Do you blame Caesar's board, right? Yes, like icons going after them because there's some underperformance Caesar's board, Courtney free flow analytics data. Full 373, averaged TSR that's the average CSR despite an 831 ibida average earnings meaning. Yeah, this is a board that oversees a company that earns in the top 80th percentile of the companies in its industry. But the stock price is in the bottom 37th percentile of stock prices. If you're like, if you're if you work at a hedge fund, if you work at a Investment Company, if you work at a Pension. Well, anything wherever you work? Anywhere activists working at activist investor. How do you not want to use this data that to me is absolutely fascinating that. So you have that they're hitting high in earnings, but they can't translate that into share price. Wouldn't these people be perfect targets for something? I mean, how do you want to use this? Well, they are, they were sorry, they're invited. They're activists and Carl, and, you know what, we, we created this idea in theory, more than a year ago, suggesting that be careful. These are the types of boards where investors are gonna come and mess you up. And once again, it's happening right there. Yeah, well, the second person he could could blame him. Here is Icahn Enterprises board, the cells one of whose members joining Caesars, and they're joining to teach them a thing or two, despite the icon Enterprise's board, having a board with a 3:30 to TSR And a 539 earnings batting average, meaning they are worse than all of the board members on Caesar's currently. So, Yeah, just by virtue. So, activism is not Merit, right? This is actually important. When you're talking about like Nelson, pelts and Disney. Like, it does not mean that you're good at the thing. You do simply because you have enough money to bully a company, and to doing a thing, in fact. Yeah. In fact, Disney and black holes that are great job last year of spelling out. All the ways that Nelson Peltz has been sucking. And then finally investors who were so worried about the boards abilities, the lowest vote get her in 2024 got an 86.2%, but not for poor performance because that's a pretty low number. But he got it because he's 84 years old, and the head of the nominating committee and he's been on the board for 20 years. He didn't get it for poor performance. The average not including that guy was 98% in 1988 98% in favor and then my last option here is Dei, it's probably you got to put down everything. Now listen, that's the blame, these these investors, by the way, have no, right? If there's any kind of proxy contest issue you have no right to suddenly change your mind against these. You should stay at 98% support for everybody. The way you wrote yeah, that's the way you roll. That's the way you don't. I mean, you say that icon Enterprise support but you realize that 70 according to the free flow, and it looks like I'm 73% of board influence there is held by people with the last name. Icon. Yeah, that's correct. That's correct. That investors is always an easy blame because you're right. They never seem to be paying attention to anything, but I like the idea of blaming as much as I want to blame icon. I, I like the idea of blaming the Caesars board, mostly because highlighting our data that they're they're hitting a woeful 373 in TSR, despite a very, very high 8314. So I'm surprised you just glossed over Dei, but I think that's the right for everything else in my life. Like my basement flooded last week, and I blame the eye for that, we suddenly have snow up here in Portland, Maine after a nice spring weekend. I'm blaming d, i for that. So, I just blame them for everything else. All right, so we'll take that as well. All right, last one for you, and I got a one quick one because we got to get out of here. Good. I have one quick one, too. Believe it or not an easy one for you. Here's the headline Blue Sky. You know, Blue Sky. Blue sky is the yeah yeah I like those guy is blue sky made more money selling T-shirts. Mocking Mark Zuckerberg in one day. The net has in two years of selling custom domains. Okay. All right. That's the headline. Okay. Who do you blame? Do you blame Blue Sky for selling anything other than t-shirts, mocking Mark Zuckerberg? Right. She only be. So that's that's on brand that shoots she should be their thing. Do you blame Mark Zuckerberg for sucking? Oh, okay. Or do you blame Blue Sky CEO? Jay Graber a woman of color. Who's clearly a d e. There it is. There it is. Clearly got to be J Graber. Yeah, right. So with the name j, you're You full everybody, right? Like but you know, if you just if you like it's hiding her it could be a man hiding her. Chinese answers. Doesn't she sound like she could be a white bro, like who's got another social media thing and they dropped out of college. But unlike unlike board member Donald Trump, Junior, who's not hiding. The fact that he comes from a long line of idiots, right? He's just saying right out there, he's saying that Out there. All right, so I'm going easy choice for you, okay. Yeah. It was an easy choice for me. All right. What else do you have? That's my last one. Here's my last one. I love this headline. It's my favorite. My favorite of the day. I Dei was an option in every single one of mine. If you, I noticed that. Yeah. And now we're gonna finally get to the bottom of this. Here's the headline. Do I is the new Dei at? JP Morgan, do me a favor, just can you just Define both of those? I don't even know. What do I is? All right, well, let's go step by step. Yeah. Okay. The Dei is diversity equity and inclusion, right? And the E got replaced with the oh, so do we blame the word Equity is terrible Equity because it sounds a lot like power or ownership. That's definitely like a alpha male thing. Middle too much. Like some of our founding documents, right? Like it. We don't want equality and all this so Equity. Like, we can blame that word because that word was the problem. So Trump doesn't have a problem with DOI. It's the E. He actually really just like the letter e and or what it could stand for. Alright. So there's that option. It was not forget actually the the Declaration of Independence Did say that all men are created equal. That's correct. Yes. Oh yeah. So I do kind of blame Equity there, right? Yeah, so um, the other option is what the oh now stands for JPMorgan? It stands for the word opportunity. Okay. What is that? What is that? Diversity opportunity and inclusion? So, we're getting into like now. Marketing buzzwords. Like what Equity? I understand. Look, I'm just saying, e evil, oh, opportunity tonight opportunity, and it's like, getting a job. This way, getting a job, anywhere, an opportunity to get an alpha male. And somebody says, like, I want Equity with you, you say, you punch them in the face. Pull down their pants and then fart, right? If you're a middle school, alpha male and someone says, can I have an opportunity to be with you? They're like they make out and, like, and then that sounds well to me an opportunity. But but where this is the quote, we are changing Equity to opportunity and renaming our organization. To diversity opportunity and inclusion because the E always meant equal opportunity to us not equal outcomes. Where are you making it? I just what JP Morgan said, JP Morgan in their release said that. I wonder if how much marketing skills they have on their board because think about that. I don't understand those theme and Equity is a problem for us. It like because Equity suggests that you have power. We don't guarantee that you'll ever have power, that's what they're saying. They're saying we are suggesting that you have equal opportunity but not equal outcomes. Meaning we will put you in the room but don't worry, you may never have power and no, that's not what we're looking for here. We're not looking for that. It is very accurate in that way. At least, they're at least they're being honest, much better. Yeah, kind of like I'm looking at the JP Morgan. Chase board right now and free analytics. In fact there There are two women on the board who have so little influence. They basically don't exist. One of them includes mellody Hobson who's been there 2018? She has 3% of influence, how about Elisha bowler Davis? She's been there for two years now. And according to our data, she has less than 1% influences. 0% 0%. I'm sorry, I'm sorry about that. Yeah, well she has opportunity, just not Equity so that's and then finally do we blame. Jamie dimon's, fat mouth. Who told I bring it on? Wait, why aren't we blaming d e i or do I or something on this week? Because we've already blamed the E and the oh, we don't need to blame D E. I like although I do want to say, maybe the D in the, I could take some blame here for squeezing out the E and replacing it with. Oh, right. Like it wasn't, it could have been diversity and inclusion but they didn't do that. They actually put the O in there like so the detail or a little safe. Well, you immediate thoughts, first of all Jamie dimon is becoming one of my favorite Geniuses of our show. You know, some of my favorite's include actually mellody Hobson and Starbucks and but just Jamie Diamond because he just says everything. Yeah, he does. He says every direction all at once I don't favorite category of thing. My head business because I don't I just don't even know who he is. I don't know what. He's on like it's wonderful. First of all, I'm impressed that he's included he's, including though, he's keeping the words diversity inclusion. What is he? Some kind of Like full-throated Communists, like what was going on here? That's that's what he said Out, you know? It's just the word Equity, that's the equity, that's the problem. Well, he's being. But as you pointed out, he's just being truthful. You never gonna have as much power as I have right. That is what he's saying here? He's saying, yeah, but the other thing is, I wonder like, is this just a troll against the idiots who work in the Trump administration because we want, we know, one of the things they're doing is just searching for the, for the Dei acronym and then, right? And so this is all that acronym. Ctrl F. Yeah, that's what the jokes on them because they're actually, they're all so searching for the words, diversity and inclusion, so I don't know. But anyway, Fusion not diversity opportunity and inclusion. Yeah, I don't know. But I'm going to go just because he's just a wonderful source of inspiration for our Network and our show. I am going to blame Jamie dimon's fat. Oh that's the wrong answer there, right? Answer was the word Equity. I love it. They shouldn't have asked for Equity, that's all. That is like that was like seven hours of show. That's up though. Hazelnut Rollins. That's a great use case for the data at free flow, analytics.com. All of it, we are free float. Thanks to free flow. Analytics.com for giving us all that. Free data. Go get it. Go sign up, it's super easy to use, will be back later this week. Oh War. We've got to do Big Show. Proxy countdown coming. We got a big show on Friday coming. Just like usual. Joe Cooper in depth. We're gonna look at that. Disney meeting on the proxy count. I'm excited about that. It's my favorite thing on earth until then good. Bye.