Transcript
Everything's working smoothly. It's crazy. Yeah baby. We're back. Live. Actually live actually in the studio live from a pile of Brazilians and monochromatic rainbows. Oh it's an all-new terrific Tuesday edition of businessman joined by analysts whole map mascardi. Wow, what a get On today, never not funny fat finger error called March 4th. 2025 the good game. Yeah, well I like that. So we haven't been able to livestream for like two months because you got a new toilet, you got a new bathroom somehow because you need to poop and something different. We couldn't live stream. So now we're back in the first thing we're going to do is a good game in. Arguably, the worst news cycle, we've ever seen everlife show. Today is being sponsored by free flow analytics.com. The only measuring board power connections performance for free. I love them. Even if you're just an amateur like me in your your your your co-running, a research Media company and you want to talk about board members, this is the only platform I use just to articulate. Anything really other than this like the age and and stuff like that, that everybody has like their gender. But if you want to articulate performance or whole slew of other factors go to free flow, analytics.com, the only place to do it. I'm gonna do something that right now that we've never done. I'm gonna pull it up, I'm gonna show you. So if you're, if you're watching this live stream, This is a free platform, making them look at Kash Patel. Well that's sad. That's sad reality of what's on the front now but look you go to boards. What do you want to look at you? Want to look at Microsoft. There's Microsoft, look at that. The data has at the end of February, it was the most important, Microsoft Sachin Nutella has the most influences that which is about what is batting. Average is the different story. I go down here, I can see he's great on earnings. He sucks on carbon. He's middle of the road on TSR, which is hard to believe, considering how valuable they are, but it means that all the other boards that he's been on not as good. So, you know, look maybe he's a great CEO for Microsoft but maybe you don't actually need him as a director, on your other company. My point is this the data is all there and this is free, I can actually export stuff. I can like click on a company and I can like download stuff and and I can build portfolios and I don't know here, it's fabulous. The data itself. I know this is gonna be mind blowing to you, Matt, but the data itself is actually not political. It's actually just data. He wanted to be left or right or whatever is Center. I don't care. Center Green left. Although no neo-nazis. We don't we don't let Neo Nazis. These are platform that we have a screen for that. We have a filter, sorry Tesla board. You're not allowed to use it. All right, let's do some good game. Come on. Here's a good game in a long time. Here's another good game works. I painstakingly go over all of our headlines. We're averaging about, and we're gonna, hopefully make some improvements to the platform down the line. But we, we average about two. I talked about 2,000 new stories. Now, a month, I know it's a lot and so, I go over periodically and I, I look for the headlines that actually just seemed like something Good's happening. Like, because, you know, and all this came from my mom who basically, called us out for complaining and whining too much and why not, whatever good stories. So I love that like her, son, who She taught and created. Well she saying that? You complained, too much her fault. Yes. Absolutely. Spend an hour and my home with her. You'll learn as her listen. Ah, we have Matt miscarry here, he is the Arbiter of Truth, he's in a sign of value from, I don't know, zero to ten. So 10 being good, 0, being horrible, let's get going. All right, let's do this thing. Let's have some in no particular order and no particular order start us off with this. How about this? And this is maybe a difficult one right off the bat. And mostly because I I want to I really do actually want to know what you think about this. This is something we a subject. We don't weigh in often but let's do it. Pfizer CEO says He's prepared to shift manufacturing to the US amid tariff threats. How about a silver lining to these horrible tariffs? I, I don't even know where to begin with tariffs, but but we don't talk about him a lot in the context of our show. So what? Well, let's talk winners and losers are on tariffs. Okay. So like first of all the tariffs in Canada and Mexico, the winner is Elon Musk in Tesla and the loser is traditional auto companies that's like more than one or border states like mine like main hat that has more Canadian border than anything else. I don't know, we don't care about your account what we care about is like industry wide stuff and that those are The Big Industry winners and losers. But when it comes to like you know repatriating there's some good which is like okay jobs in this country and the us if you're in the US that that's that sounds good to go. Get a job. Finally good. It's good. If it's combined with a strong Laborer, Union. For that go that ensures that these jobs are spread evenly across the us and not just like shoved into red states, that that absolutely like, you know, destroy labor rights and have low wages and so that's not a win for people. That's the pattern is not that the pattern is repatriating jobs end up in states with the weakest labor laws and the largest like, the slowest growth in wages. So, Effectively, you know, you're, you're trying to absorb the cost of the Tariff, Brad, rather, than passing the cost directly down to the customer. You make it laborers problem, so, that that's bad if thats, right? So this all in all is a five, you have to be realistic, I'm not a condiment, but you have to be realistic about what, what is not, what the potential here is. And I think you're right, that labor is a loser and every scenario but labor is the husband especially under Republican Administration. Yeah, so five not bad. How about this one? Toyota? This is, I don't know anything about this. I've never heard of this Toyota touts race tickets e-money in first shareholder perks. So, what I've never heard of shareholder perks. So investors who have had at least 1,000 shares for five years or more. That seems like a pretty high obstacle. Actually, High barrier to entry, will be rewarded, with credits, worth about 200 dollars for toyoto wallet. A smartphone a smartphone payment app. I mean, this, this is just sound. Are they grifting is this, or is this good? I mean, I don't really understand this shareholder perks. This is not dividends, but Free giveaways and balloons, maybe some, maybe some of those balloon animals, like a balloon, poodle might be nice. So the Toyota wallet is only usable when you purchase things from Toys store. This is like reminding me of the whole Henry. Ford thing, right? Where he paid his workers and like Ford bucks. Yeah, I don't know what's going on here but yeah. This feels crypto scammy to me I mean like look it's it's a real thing. Yeah but also they yeah the idea being that they want to increase the amount of retail investors. I think I think that's the takeaway here if you're an investor in this, I think that I would ask is let's say, first of all, how many individual investors own 1,000 shares for five years seems like a high barrier injury, doesn't it does seem like, it seems like the people who would qualify for that would be employees, who have stock that's vested and they've been there for a long time because they're the, the retail investor is the very opposite of someone who was patient enough to hold anything for even like six months, right? Yeah. Well, I mean, there's day Traders and then there's like people who just buy a thousand shares because grandma gave it to them or whatever and then they sit on it. I one of the reasons why I added this because I wonder, is it good for us? Because if we have more retail investors, we might get more people to catch on to this. Idea of like, hey know who your board is, you know, right like that, you get to vote. If you have 1,000 shares, you have a thousand different votes, right? During annual meeting time. I do wonder if you're an investor in this, if you think that this basically aren't this mean, That you own a 1000 share for five years, Toyota is going to spend money on you to pay itself. They're giving you $200 for you to spend it in Toyota, that's good for shareholders, right? It's good for shareholders. I don't know all. So they're spending the money to do it, isn't it? Just kind of like Isn't it just a way for me next year, to say activity in the Toyota Insurance Market has been really great this year. We've seen new like five thousand new users to the Toyota wallet. It kind of do that too. I don't know, feels weird to me. This is nothing. I don't, I don't care. Give me orange juice in the vote. I already have the shares just make the shares go out here, one of vote out your board, it's a, it's a four. I could ask you, this is not I'm not into it because my mind got to be racing. And as we've seen from from a lot, from a lot of media that covers CEOs corporations. Usually the ideas start with us first. And then yeah it does. Yeah. And then either like about the WWE weeks later and then a week later, it's daily shows like lead story. Yeah. But here's my question. Why not do this in the US? Why not have a program where you try to get, like, look? I know it's gonna shock you Matt. But there are, there are like, Mega fans of companies like McDonald's. I don't know about, like in your area, but when I drive my by McDonald's, there's one by me that has two drive through Lanes. They're always full, why not entice those people to buy shares in the company and then give them shareholder perks. Like Free disgusting Vallejo fishes or something like that. I I would go the other way. I would say for every Filet-O-Fish you get you get one penny worth of stock, okay? And and then like you you accrue using your McDonald's wallet. You a crew stuck? What if I I would be much more enticed to buy a car Toyota fish? Yeah, if you every purchase of a car racing I like you know 100 shares of stock or something. That's happened. Let's see that. Yeah, next week it'll be the big news. Okay, let's get a wonky ESG headline. And here's the headline from The Wall Street Journal. Don't call it ESG. Call it resilience. And here's what here's what they're saying. A new text on me, around environmental social and governance is investing comes as political pressure mounts on investors. Here's why I bring up this one, Matt? Because here's the question that we have spent. A lot of time on our companies really getting rid of Dei. Are they really like divested from ESG? Or are we just going through name changes? Right? Are we going through a text on me? Change both. Okay. Um, so the ESG name, we it's like reliving history. Like 10 years ago, we tried to talk about it as resilience like since the word sustainability. Came like, like was supposed to convey corporate sustainability, like the company will last into the future, right? And suggesting a long-term viability. Yeah. And in order for it to do that, you need an environment in which the company, you know, like works. You need labor, you need like all the stuff you need to identify risks over like the short-term over three year. And that's what. Yes she did is great for is like kind of sticking red flags and things like maybe you should pay attention to the fact that you're, you know, your CEO's wife is on the board but the problem is the headline still like don't call it ESG call it resilience is that the name of the data or is it a type of investing and all. Are you also now alerting like Doge and all the Republican attorney? General. Yeah. This you should add the resilience to their keyword search. Yeah. Because that's all they're doing, they're like really searching for keywords. Well, I did read a A report that Ted Cruz was like, identifying woke academic research, and he, and they're only doing it by keyword searches. They're not actually looking at the research. Yeah, yeah, just that works. They just and they don't read the research when it hits a keyword. They just say the keyword got hit. That's must be. Whoa, I don't think of this, I just think it's like, first of all, it is fundamentally misunderstood like, is she ratings? I already. We were inside the belly, the Beast and I argued there that is G ratings. Don't work because they just are taking three disparate data sets and credit rating you. But the data is useful but the data is fabulous and if you want to but what you really want is like to use each data set and maybe get a signal out of each one, right? Like it's not that the data are the ratings have no value. It's just that most of it is just clumped in the middle and it doesn't say anything. There's no narrative. It doesn't tell you what, your solving for calling it resilience does that really Change the problem that we solve it. We're done, yes. We solved one word to say resilience, it's better than I don't, like saying sustainability. It is fun. It is better to say that I can't score. I'm gonna give this a 5.2 that lukewarm start to the good. Yeah, I don't like that, like, the name, like recapture the name, like, call it ESG, but tell people what it actually is, it's a data set. You want less data, you want more data, ESG is more data. It is more data in three different flavors, right? Like speaking of data, how about this next headline, bear with me? Because this is really just an advertisement for our for the platform free flow. Analytics.com. I Believe here's the headline. Kroger CEO. Rodney McMullen resigned. After ethics investigation board. Board a points. Ronald Sergeant as interim CEO but here's the thing Matt if you had just gone to the free flow analytics.com database you would see that? Yes the CEO Ron McMullen had the most influence with 29%. Number two, was Ronald Sergeant with 21% of the data itself would have predicted you who would be ready to step up, right? So this is a great advertisement. We could not have predicted that he would resign after an Ethics investigation in which they gave us, no information about the ethics that he violated. Like, I love, I love what they say that, since it had nothing to do with the company, we can't tell you, but but doesn't your CEO suddenly. Resigning. Have everything with you absolutely everything. If someone does something that is so egregious and it's not while they're at the company, but they still have to fire dear. They not tell us, I think they have to say there's shareholder, but regardless of that. Ronald Sergeant. Yeah, like I He used to work at Kroger okay. He's been the lead independent director and he's been on the board for early teen years. He's on three boards right now. Oh, he's very busy man. He's a busy man. Well, running an Ethics interrogation into his long-term, buddy, Rodney McMullen, and then Why do you say long-term buddy? Oh, he's big, 18 years, 18. Oh, 18 years. Wow. And mcmullen's been there for 20, something 27 or something, right? Like so what makes the company this is how this is how egregious mcmullen's Behavior was and which is why that that absolutely Kroger owes, its shareholders, a explanation of what happened. McMullen has been. He's been there since the 70s, I believe. He's been CEO. He's been CFO. He's been on the board. He's been CEO, he's been Cherry, he's done everything so that he that he, what he did. Must have been so bad. So I don't know how that I mean, it's gonna come out but like right now the information we have is the board of directors was informed about concerns about his personal conduct. They launched an investigation using a third party, independent counsel, to actually investigate and his actions, violated the company's ethics policy. Now, I read the ethics policy. Like there are a few things he could have done. That violate that ethics policy that have nothing to do with the company? Like if he bribe someone for business that has to do with the company, right? Like that should, that should be disclosed at the driving had to have murdered. Someone like there's getting rid of bribing, isn't we don't care about rubbing anymore? Do we I yeah it's true. All right what's your score on this one? Just as a promotion for the platform. For it's a 10 it's obviously a 10. You're like that was you trying to get a 10 out of this game? I just know. Hey. We're the only data provider you I'm sorry. I I got nothing against the fun people msci and ISS all those people. This is the only place you can go to where data can articulate like a chain of command power, all those things. Yeah, that's true. It's cool. You do have something against ISS though? Yeah, I do a lot actually. Here. Okay, here's the next headline, the board, the bank's board, they're talking about a bank called Piermont Bank. Which is an I don't think a publicly traded company. I'm not entirely sure. The banks board is 78% female, but don't credit Dei. That's the headline. What? Well I'm wondering if this is in line with some of your posts, I've been reading on LinkedIn because I think what they're suggesting is that these women are there based on Merit right there. These are strong performing women, right? Yeah. The joke of it is that they have to write a headline because the board is if I flip it, this bank's board is 78% white men, but don't say it's because it's d e. I or don't say it's, you know, because like If it was 78% men we literally not blink. Well let's be fair to anyone confused. And I'm talking to all the like the the Vivic Rama Swami's of the world because I know they listen but Dei has been in place and currently still is in place for white men forever. Like that that right? The D? Yeah, favorite white men. So it's always d. E is always been a thing, right? It's just, yeah, so I went down a really unfortunate and deep Rabbit Hole. I read almost the every Supreme Court Justice who weighed in on the Harvard affirmative action case. That basically is the backstop for all of these anti Dei legal challenges. I read everything like Clarence, Thomas had to say and Scalia had just say it's impressive. He doesn't usually say the fact that what they had to say. Like it's interesting because There's so much in there. That's true. And I agree with her. Are you understand? And then so much with their Purposefully ignorant like they, they're like Focus. So myopically a one thing in order because they ideologically do not like the EI, like Clarence Thomas says in there. That the the existence of Dei and affirmative action undercuts, the like, people who have actually achieved something because now, you people think it's because of affirmative action or because of Dei, okay, that's not wrong, but he's clearly talking from a place of personal Greece, of course, like having nothing to do with the fact that for as many people as that happens for. They had an opportunity that they may not have had because white people run everything and do not like all of the social science says you pick people who are like look like you and act like you, you're just looking for yourself everywhere because we're selfish. Isn't that what his headline is kind of hinting at 2? Their best thing don't do I but I hate this headline because that it exists, if it was 78% male, There's no headline. Like we wouldn't be saying this board is 17% male. They say they're celebrating an anomaly there. I don't how many boards in our. How many companies do we cover in the database? I love that that exists. How many important that figure it? Also shouldn't be a headline that we don't credit Dei. The fact that 78% of there's a 78% female board doesn't have anything in my mind to do with the fact that somebody went out and said, you know what, we need a whole bunch of women and any woman will do. Hey Carla. You you're a grocery store? Clerk would you like to come on my board? That's not the way it works. They get big because they're really really good at their jobs in general board, members have Merit And women on boards. In General, on average have more more it turns out. Yeah. Higher education, more corn, knowledge of their sectors. This is this is just the data we have. This is like, you'll read their bios. You can objectively pull out information about where they've been and what they've done. Although Warren Buffett kind of threw a monkey, wrench into that thought by saying that doesn't matter what your credentials are doesn't matter. We go that's true or just if you smells you and you smell like a winner, it's enough. Yeah. But Charlie Munger famously said he wanted his he would didn't want to daughter to marry someone from swathmore, right? Like so I think they have it in real life with anybody, who learned a thing, we're in Buffett went to fucking Wharton, right? Like you went to Columbia and Wharton. Yeah, he's like children went to they did, too. They went to Harvard, I believe it was. Yeah. Like come on. What's your, what's your score? So I love Like this. I love the content but I hate the headline. I gotta give it a two. Oh. All right, here's a goofy one for you. Matt part. Poshmark's CEO. Lets his gen Z workers, choose what he wears. He says it helps him immerse into the next Generations thinking that's his name. I don't know what the hell's going on here. His name is Manish Chandra and I wanted to tell you before you give me a score. That Poshmark is interesting company. Another anomaly, it's owned by Korean internet company called Neighbor Corporation. Matt neighbor Corporation is one of the rare companies in our database that its influence is basically controlled. That's 43% of the influence by a woman who was not a Founder nor a family member. She's just a powerful woman. Her name is, she's a CEO Sue young Choi. You don't see a lot of companies like this. You just not Korea. For sure, to be fair. You really don't anywhere. You just don't see all. I mean I mean, But nowhere, but definitely not in Korea. All right. Like, yeah. So, this is no contact. Your scoring on this. What do you think about? Letting your workers dressed as CEOs a concept. What do you like that? I love that. Yeah, the workers at State Street to be dressing. Ron o'hanley. Would you like that 110%? Yes, I definitely would be almost like, all those like, dorky vests. They wear like those, like those like Coke vests, like the best I want. Ronald Hanley to show up. I got the audience loves it. I want him to show up. To his next board meeting in the same exact suit that timothee chalamet was wearing at the Oscars, which was he right. Yellow mustard suit like all like the whole suit like that's nice. This pastel Lee mustard yellow. I like that. But the basically only Timothy shall make him pull off. I want to handle it. Yeah, 100%, yeah, nine. I love it. All right, here's the next one. I don't know what you think about this one. Reddit kof. This might take some of the fun out of the room. Reddit co-founder Alexis Ohanian, says, AI should moderate social media. Now. Wait, now wait. Before you boo, I didn't boo. That's the audience before you boo. Hey, let's, let's be fair. Nobody's moderating social media, right? Because the nobody's nobody, none of these companies get in trouble. If anything happening, they're hiding behind section two, three. Oh, right. The 230 the, the law, and, you know, the all the socks, they, they control the entire company. They try, they control the voting power, they can control the ballots. So, what should we let somebody try. Why not let a I give it. Okay. Well, you answered your own question. Whoo, who's developing me? I don't have because it's all the same white Tech Bros, right? I wish it was the women at the Piermont Bank. The board was 78% women. I wish it was them. I'm just saying this. Is a fabulous idea for when someone allows someone other than a College Dropout, white male and flip-flops to determine what artificial quote intelligence is, you realize these are people that have the intelligence and maturity of 13 year olds and they understand that level. Yeah, they're telling us what artificial intelligence is, just wake me up when we get to artificial maturity when we get to some. Like, when Alexis Ohanian, I would agree with you. if artificial intelligence actually had adult maturity until then, For get it. It's a zero. That's the correct. Oh, okay. All right. The first zero of the day. How about this one? The next one next? Good game. Headline from boycotts to good buys, that's goodbyes. B, u y, s consumers are showing support for Dei. The only problem I have I will say though is that this is from The Washington Post so they're saying that, you know, kind of a conscience. Consumerism that stakeholder group is trying to fight back against Deo including you know protest at places like Target. The only problem is that the only successful activism that they cited in this Washington Post article was the the collective action against companies like Bud Light, right? For their can for delayed Dylan Mulvaney and for Target because they for their pride month collection. Remember it was conservatives that got Target to get rid of their pride month collection. So that's the back. Except that when you go back in history the reason why there is a pride month collection at all. Is because of activists original original activism around like like there were Target was not supporting the lgbtq plus community and the way that they thought was appropriate at the time and so it's really we're just cyclical activities. God forth. Yeah yeah really. The problem is the board and the management team of these companies need to say what is 20 years from now, what who is our Market who we selling to and what's the right thing to do? How do we balance all these, you know, constituencies and then stick with it, stop fucking flip-flopping all over the place and showing you have no spine because you gave one trans. Person a beer, can that no one wants Bud Light forever. You was there beer in that? Can I just think the whole thing is so Overplayed and ridiculous. So I, I'm sort of out. I know they're showing support for Dei and I know they were showing support for anti Dei, and I know they were showing support for Dei before some version of it. I'm tired of it. Vote your proxies, not your consumer dollars. This was gonna ask you. Is that? Do we do you think you're at least be some trend of investors voting against directors this year, because they, they back truck, they flip flopped on Dei? Well, I'll tell you what I did. I went out and I bought one share of Target about what there's did it come with a like Target bucks or did it come like a free ice sponge or something? Or hey guys, I got a free leg wax from Target with it. Oh the I will tell you this the thing that the way that I'm boycotting Target is I bought one share, I'm gonna vote against every director on this board. Is that the board with a double flip flopper Demetri stock Dimitri Stockton on this board? And I like I want I I'm considering Whether or not I can put in an exempt solicitation where I write up. Exactly. Why I'm voting against them with data and evidence and let them know that this is an anti Dei vote. That's the way to protest. Don't protest by not going to the store a lot of share option. Buy a share for 100 bucks. You're gonna spend 100 bucks on Frappuccinos anyway, like, buy, a share for 100 bucks and then teasing my clothes against the board, one of my arms. So, I'm I'm a three on this. Oh, this is a terrible week. How about this one? I think you may well, we'll see. Let's I'm not gonna lead you the headline I picked was Tesla owners. Now, discussed by Elon Musk, but let me give you a few more because I'm just getting a slew of these and I just wanted to dump them somewhere Tesla's worst month since 2022. Coincided with Elon musk's First, full month, the White House, demonstrators flocked to test the showrooms to participants musk Tesla for sale buyers. Remorse sinks in for So I'm selling my Nazi mobile Tesla, investors concerned, Elon Musk is causing huge sales drops, so there's just a lot. Okay, so out of yeah, but this is the same story as the last one. Go ahead. I feel good about it. Yeah. But also, we re-elected, Kimball musk and James Murdoch to the last year. That was last year. He moved, they won't ask, they break it to you. They're not gonna be up for election this year because they have a horrible. Okay, classified board where all directors are not for election every year. Where are the adults in the room? It should not protesting outside of a Tesla. When you have a board chair, whose job it is to say you Elon Musk. I don't, you didn't even found this company. You are fucking killing it, like you're it's your personal piggy bank right. Now. This is where you get your money from. So you can pay for all the other things that you're doing. You used Ai and like robots as Basically, like corrupt bribes of investors, I will take Ai and robots, somewhere else. If you do not give me my money. It's insane. What they let this person get away with. There's no accountability for Elon Musk and he's not when you look at the history. Did you know that Tesla had the most car recalls of any car company in 2024, more than any other car company in the last eight years? They've sold 7 million units of Teslas. They have recalled 17 million units of Tesla. That means they are recalling. The cars that they sell at a double rate of the amount they sell them. Most of those are just software fixes but the real numbers are, this is a guy that we love to say is like fabulous at everything he does because he built some stuff. He said he was going to Mars on four different years and hasn't gone tomorrow's. Once we've stopped even reporting on that one because it was just too much. There is the it's pure Insanity. It's pure Insanity. So, great Tesla owners. You want to stop Elon Musk, you cannot buy the car. That's easy. It's easy to not buy a car. Yeah. In fact, like very don't buy a car. Every single that say, I've been doing it daily for several years. I mean, I'm really good now, listen, Matt, we we cover all the time that what here you will see a pattern was specially small cap companies where when this stock price is atrocious. Investors will vote against directors. They'll come out and mass and they'll Hammer directors, right now, Matt Tesla's stock price is down already down more than 200 dollars since December almost half since December. Will investors act the way they, they normally do and, and Hammer the directors, I mean, what's gonna, what's gonna, what what does it take? What does it take? That's the problem. It's the same problem as a Target. If you have a problem with this, you need to vote your shares. You're not buying a car. Every day you need to stop electing these people stopped approving stuff. I know the cult of Elon is strong but institutional investors. The retail cohort here does not own the majority institutional investors do most, retail does not vote at all. Vote your fucking shares. Like, in adults, what's yours, analyze? This board and vote them out. It's very very Simple. What this is, this is I want it to be high but it's another two. What's I'm so confused, you're not a good because you're not doing the thing. They need to do, which is that, are we in this situation? If someone had helped Elon Musk accountable seven years ago, Well, they listen to us for years, we were executive way ahead of the curve on the Zero. Other Executives have ever been giving up like a TENS of billions of dollars of compensation. Even for moonshot prizes because it's absurd. It's totally absolutely listen to this show. Matt because most of the world jumped on the anti Elon Musk bandwagon after he took over Twitter. But we've been on this bandwagon for for just what we are. I'm not anti Elon Musk, I'm anti, no accountability. I want accountability for executives and it's not there. That's all I am. All right, let's move on. Let's do a couple quickly City Group mistakenly credited at a customer account with 81 trillion dollars. Love it. Come on it, right? 80 West. That's a ten. That's the greatest thing. I've ever heard. And apparently the I read in Matt Levine's money stuff, that that it was because the backup system, yep? The default setting gives 15 zeroes that you have to delete what, that's not a joke, the default setting at 15 zeros. So someone his joke was like someone and the back end was like, what's the default amount of money that we want to be able to transfer on this backup system? Oh, I know one quadrillion. Wait, like I don't, it's a 10. It's a 10, it's fabulous. Let's go quickly in this next one and and let's just, I don't want you to, I want you to think. I want you to open your mind a little bit here. I want you to think about how great it is. About that. You can make a spoon. Okay, that you can have a spoon anywhere you go. I don't know. Like, I don't want to think of anything negative here. I want you stay in the spirit of the good game. Here's the headline. There. There are enough microplastics in your brain to make an entire spoon. Wow, think about hiking about camping, don't think about anything negative. Yeah, wait, you said, make not fill right? Make a spoon, make the whole spoon. I'm thinking the results, the stem. Oh, I love, I love it. When the end the like, flowery rhetoric of a headline, like, takes it to the next level. Not fill a spoon. Make one that, that headlines at 10 that is right, get it. I'm with you. Yeah, here's a boring one to bring you down number, if ESG labeled funds drops 20% and wake know as my guidelines according to msci. That's Not. Bad, that's great. That means they're all fucking frauds. This one. Like what you got out the frauds baby? That's another 10. All right, you're on one now. Here's the question. Did they nail this headline? And they stole? They're stealing our joke here. We've been doing this joke for years, but here's the headline. Clearly listeners are the show HP CEO pay for 2024. That's HP. They make what printers computers computer parts. The CEO pay for 2024 equals 261,658, toner cartridges. Did they get it, right? I mean, here's my Oh, forget the tone of the headlight. Look, you can either vote on the tone of the headline, which I appreciate because they're stealing our Thunder or but but Matt do people know how much toner cartridges cost. I know that. Is that a relatable down one? That's not a really like the real, but I'm like, what the hell is a toner cartridge at the ink? Is that I don't even print anymore. Also, if you do that, go the next level and give me the toner cartridge to toner cartridge ratio. The CEO pay ratio but in toner cartridge and I had to dig down like eight paragraphs in the article just to figure out a the kind of toner cartridge and be the cost of the toner cartridge. I don't know, I just didn't know somewhere, right? I like Kudos. Yeah kudos for the spirit seven, that's seven. Yeah guys if you want, if you want to like make these headlines, really work, reach out to us. Yeah let's help you. You needed help on that toner cartridge. You teased Frappuccinos. So the next headline is Starbucks is removing these 13 menu items from his menu. Next week, I'm going to go quickly on this. So pay attention, Matt, I want to know how good it is at Starbucks is removing these 13 menu items. Here we go. Espresso Frappuccino Caffe, vanilla Frappuccino. Java Chip, Frappuccino white, chocolate mocha Frappuccino, chai creme frappuccino. Caramel ribbon crunch frappuccino double chocolate, double chocolate, chip creme Frappuccino, chocolate, cookie crumble creme, Frappuccino white, chocolate creme Frappuccino, white hot chocolate Royale, English latte, iced, matcha lemonade. And finally the honey almond milk flat white. All goodbye. Wow. Let me just say I did look this up the double chocolatey chip creme Frappuccino. Say that again. Double chocolatey ship double yeah, double creme Frappuccino. I just love it. It's a double the Frappuccino. This is kind of like the toner cartridge line Starbucks. We don't know what's in a regular charge. So what, so, what do you doubling? What x, what's why? We don't know? Yeah, go ahead over 600 calories in each of these with this isn't, this isn't a joke, this is according to The nutrition information, under Cal 90 grams of sugar per drink. That's incredible. The 90 grams of sugar is the equivalent of 13 Pillsbury, chocolate chip, cookies. You have one of those you might as well have eaten. An entire roll of Pillsbury. Chocolate chip cookies by yourself. Here's how much of a neurotic nerd. I am. I recently had an offer for one of these free drinks at Starbucks and I did what you did. And I looked up the the nutrition. And I said no, I was like, I don't what the when am I gonna? Why do I want to digest like all that Sugar? What do I what so bad? Yeah, I would also say, I did this comparison, it didn't work as well. It's the equivalent of seven drinking seven, toner cartridges of this is, this is a 10. Get rid of all of them, what do you need more than just coffee in a latte? Some of her long-term listeners. I hope they know that Starbucks is my favorite corporate governance company. I love everything about it, everything from Melody Hobson to the fact that they each directors list, their favorite drinks. I'm gonna have to look back now to see if any of these directors listed any of these horrible sounding. Drinks. I don't think all I think, good point. Yeah, absolutely great point. And finally, for the good game of March, 4th, 2025 a headline that we giggled about yesterday because of this one, quote that I pulled out of the head, out of the article, this comes from Bloomberg. Here's the headline. State Street shelves, board diversity goals, amid Dei backlash, but Matt don't want you to focus on the headline. I want you to focus on this quote, because if this is true, then we're all in good shape. This is good news. Here's the quote State Street. Here's the quote from the Geniuses at State Street quote. We believe this is why they're not going to vote against anyone, I guess. We believe nominating committees are best place to determine the most effective board. Wow, mic drop. Well, okay. And how many comedies do we cover, Matt? How many in our database? But 9,000 you said remind me, that's relatively, 27,000, nominating, committee members, they're, they're all doing their jobs perfectly. Well, remind me the how we measure believe Well, it's about a Vibe shift. Its and there is a big Vibe shift going on at State Street. I'll tell I'll talk about a little later. Yeah, go ahead. All right, so here's some fast data on this fast because I think it's possible that all of the nominating companies are not the ones best place to determining the effective board company. I'm just gonna tell you, like I'm gonna measure your belief system on average wear a nominating committee has at least one person of color or one woman. Yeah, one diverse person on a nominating committee and the reason why they dropped this is because they were voting against nominating committees, where the board did not have 30% women or more, right? Like that. So now they're saying the boards are best position. Where the nominating committee has at least one person of color or one woman, the board 35% of the board according to free flow analytics data has Merit they have leadership experience, economic interests performance, their connections or they have core knowledge of the industry versus when there are no diverse candidates on the nominating committee. 26% of the board has Merit meaning. when you actually pay attention to the makeup of a nominating committee, They are better. At choosing merited directors, when the way we were doing, it was resulting in boards with more Merit. In fact, there is a 72% positive correlation between nominating committees with more Merit on them, and more Merit on the board writ large. So, the makeup of the nominating committee matters a lot Which is why when you say, we're going to leave this in the hands of the nominating committee. You better have chosen the right nominating committee to do the will say yes, it does stage 3 does have one woman on the board her date and this is her full title. Dame, Amelia chill, caught faucet, d, b, e, c, v o, Dude, you don't have been there for 19 years. Yes. She's not even the chair of that committee but she's but so State Street does have a woman. So, We have, maybe they have more Merit. We've also seen that when CEOs are the chair of the nominating committee, they tend to elect other CEOs. What is the percentage of white male CEOs versus people of color or female CEOs The percentage is 90% white male CEOs, that's what you see in the real world. So the natural biases are if you do not police this White mouse CEOs, choose white mouse CEOs, to put on boards. That's what happens. Here's my here's a couple. Interesting takeaways, I found from this as well, I want to add to what, you know, your data is really singing Here match, really. It's really special. You have some. I hope you post it on LinkedIn. Listen, first of all, it was only set eight years ago. Here's a quote from State Street, overnight on the eve of Internet. This is a State Street saying this this is their press release, not mine. Overnight on the eve of international Women's Day, 2017. We placed Fearless girl, the statue. Yeah. And New York's Financial District to ignite a conversation about the importance of gender diversity and corporate leadership. Matt, I can officially declare that conversation is over. It's done. It's now Fearless white male baby. Yeah long and let me add one other interesting tidbit about the nominating committee at State Street itself which might give you some insight into why they say. That nominating committees know what's best, right? Because I looked at the influence, this is data, you can only get it free for analytics.com. I looked at the influence of the committee members and not many committee members at State Street. Now, the top influence on the, on the board is CEO Ron o'hanley, he has 27% influence the next three, highest influence all come from the nominating committee at State Street, meaning that combined with the CEO and the nominating committee, you have 67% of orange. Which means is there any, is that surprised you that the, this powerful? Right. This power really upset of the board is saying, hey, we're real good, right? So I got it? Yeah. So congratulations, State Street nicely. What this a quick? Give me the score, before we write, what's your score on that headline? That's, that is a 10 for iron, that's the good game for. March 4th, the total score. Your average is. Oh, a six six? Yeah, baby feeling good. That's pretty high for Matt. That's hazelnut rollers. I'm your analyst Curry, we are flee from free float. What are we free float to come back later in the week. We got a double header on Friday. We're gonna wrap up the week and we're gonna do a proxy countdown, check that out. But until then, Good. Bye.