Transcript
Live from your ESG Hanukkah. Jesus Bush. It's a business pants Friday, show here at December 20th Studios. Is featuring analyst whole Matt mcgard. Yeah. What is the Bush related to George Bush? Sure. Might as early wrap up. Everything. Everything we think everything. I like that. We pretend like I've done this every year. Do we do this every year? Of course, we do this every year, you know, it has been six years old doing this. well actually shocking, it makes sense because when I'm looking back at everything that we think and do and cover, I think we're starting to get it. We're starting to understand the world a bit better. I told you in pre-production that my process for this was I pulled every single headline that that you pull. You know, there are 12,000 headlines that you pulled over the course of the year. I did all the ones that I chose for each of our stories as holy is, we have good least. We have had lyoness the story of the year, I pulled them all. I looked at them all, and I just picked the ones that triggered me most. And there was a lot, there was a lot that triggered me. I should leave room for yours then because all I did was I only looked at the winners in my category and some of the other categories that was the winner. Just the winner, was that was smarter. And I know that sometimes we, we make odd choices as winners. Maybe we're trying to be funny, maybe we're trying to be sardonic sarcastic, I don't know. But sarton, I could work, so, I don't. So I was actually kind of limited what I could choose like, for instance, I thought, there'd be 17,000. Elon Musk headlines. But I think we, I think we intentionally avoid. Yeah, we hate having him win anything. So yeah. Oh he is of course one of my stories of the year so you want to just do it, really won everything. All right, let's do it. All right. Our show today is being sponsored. Oh, it's you're gonna talk over here. Your music by free flow analytics.com. The only platform measuring board power connections and performance for free actually free flow. analytics was one of my Winners of the year, I believe? Yeah, we'll come back to them, they don't like that. all right, I actually think my my category is pretty straightforward although In honor of a yearly wrap-up. If I missed something, let me know. I don't care, you can vote. If you want to add something you want to vote on it. But I you know, I don't, I don't, here we go, this is an chronological order. And again, these might not be the stories of the year for for, if you, if you just into business news or you're just into the market or you're just into corporate governance but I don't tell you all right. Okay. These are these are the stories of the year. The first one happened right out of the gate started the year with a bang in 2024 and I think this actually was a great tone center for the year. I think I get hands. I give my credit due to Exxon Mobil. Oh for coming out. I already don't like coming out in January. And what do they? Sue two of their investors, the headline is it's on Sue's two ESG investors. They sued follow this in Arjuna Capital because they were doing what everyone else does and putting up a shareholder proposal but Exxon took it to a new level this year and they sued, which I think knowing who won the election. In November, I guess, his name is Elon Trump. I think his name is, yeah, I think this is sort of the perfect tone center for the year, right? So I'm mobile, just suing its own shareholders for acting like Cheryl holders. I like the year that like, the, the icing at the end of the year where Ohio just outlawed governance doing governance, right? Like they basically said, you're not the Ohio pensions system is no longer allowed to influence a company. That's Exxon sued investors who had shares and did the same thing they always did exercising a Mech. In place for shareholders, a legal mechanism, for sure that they've been doing decades and Exxon didn't like it anymore and the big diaper fit and now Ohio just made it illegal. That's a good round year I don't like that. That's my first story of the year. My second story year is this the big one? The came out of the Delaware chants or a Chancery, excuse me. Here's the headline judge voids Elon musk's unfathomable fathomable 56 billion dollar Tesla PayPal package, even when I reread that, I it's it's, it's jaw-dropping 56 billion. Well, I mean, like, just to put a bow on that story, judge, rejects it, voids it Kathleen, McCormack the board, decides that the board, who was this, basically the centerpiece of why it got voided because they are incompetent in his pocket. The judge essentially ruled that he controlled the board, correct, right, and they didn't, they did it. In terms of social Independence, they had no social Independence and increasingly. They had no economic independence from Elon Musk and Tesla and then they decided, you know what, we're going to take the entire decision. By the judge and make it the appendix of our proxy and put the same pay package up for a vote because this time investors can't say they didn't know. They're actually use our own incompetence as evidence that you now know you should vote for it. Perfect. Foreshadowing for the, for the November 2024 presidential elections, right? It's really shocking like like Trump fail. The first time, he committed all these crimes. He's a horrible person, but let's put him back. Let's put him back up again. Let's see what happens. We're just gonna keep, we just say, sure. We're gonna tell, we're gonna tell a different story. We're gonna spin a tale just like Elon did in fact, Elon ended up trying to pay some of his shirt holders to vote for him, right? And as he did with the election, with the election in Pennsylvania, he had some kind of bogus lottery or something like that. So again, another perfect tone Center was this whole event around his pay to The store is almost wrapped up because just a few weeks ago, she actually re-verified that decision but there still is room. I guess to appeal this decision and let's not forget, Matt that what Elon Musk also did proving his power and might at Tesla was he immediately read? Domesticated the company from from Delaware to Texas, right? He changed the headquarters because he was angry at. Delaware, the jurisdiction which is the most corporate friendly jurisdiction known to human beings on the planet. The jurisdiction that literally every corporation is in so, but the craziest part about it to me, is the investors voted. Yes, again, they approved. Both the move and the bay package, and The directors who buy the judges own like decision Again, part of the incompetent. That decision of approving in the first place. Again, I think this became a this this election at Tesla was a bit of foreshadowing too because I don't know that it was really about the, the facts and details of the matter. I think it was really about a deeper kind of struggle, right? Like all the, all the Elon Tesla Tech Bros, the, the Bitcoin Bros, whatever you want to call them, are there. They've been in an existential fight, all year against scolding women against Regulators against people telling them what to do. And I don't think that they actually stop the think, you know, what is it mean? A shareholders, I give you six billion dollars. I think they're just a straw existential struggle, but they're not the majority of the shareholders. What actually what the surprise was? What after they passed it. You know the second time was that it wasn't the it wasn't, it wasn't the text Bros and the retail only who are voting on their family like though. Yeah that was the Narrative, but BlackRock and Vanguard and State Street. And monstrous institutional investors. With teams of stewardship people who are supposed to be combing through data and understand this stuff, they're supposed to be exercising, their fiduciary duty, they all all voted for it. And like that is intertwined with this story because a part of that story, one of the people that this this group of investors sees as this great skjoldr and Mr. Woke is Larry Fink from BlackRock Larry Fink actually 42, 42 percent of shareholders at BlackRock voted against his Paypal package, a higher amount that voted against Elon musk's PayPal package. So the again, there is just a bizarre struggle existential struggle this year of what, I don't know, what did was, what is that the market, which is supposed to be this machine of efficiency allocating capital and doing Their due diligence using all the data, they absolutely can to make every decision. And they're supposed to make rational decisions that casino time premise, play time. It is all it is all Kabuki theaters. It is just and most of the narrative by dudes and most of it is a narrative at all is narrative driven and they are just voting however they feel. It's all gut and feels and I don't like this. But I do like that. I like that guy. I don't like this guy. There is no such thing as market, efficiency in, if anybody, in the market, like a hedge fund manager or any of these assholes comes up to you and says like oh you know, I made a lot of money because I make a lot of rationale emotionless decisions and it's all about allocating Capital know. It's not these votes prove that it's not. You don't use all available information, you don't make rational decisions that are in your best interest. You make the decisions that are expedient and you know, a guy, right? Like, and you have feels cuz I forget, it's Tesla. Still is merely a car company. Basically, it's not, that's correct. It's not SpaceX. It's not. It's not X. Where we think all of the AIS going to go, right? Isn't he eventually turning? Well, that's the other day I'm machine, isn't that the other theme? The other theme is like access to power, right? You vote. Yes here because you're worried a, the stock might go down, if I vote. No, and that I own the stock that I wanted to go down, but B, I also want those SpaceX shares and I want to be in on the ground floor when he starts his ex Ai. And, and if that's the thing here, people are fighting ESG tooth and nail because they don't believe it represents some kind of basic fundamental to, you know, how a company operates. So How, how, where are the basic fundamentals to supporting Tesla? Like there are none. There are fundamental analysis is immediately. All right, that's the second story of the week. Story of the Year. Sorry. The third big story of the year is everything Boeing. Oh no. Bowing being an important company for us here. Fluffy looks like sort of launched a lot of our ideas and theories, right? Basically around the original the the plane crashes of what Hi, how long ago was it 1819? Yeah, 1819. And they, they what they did is they changed their culture by sort of elevating other parts of their culture to take over. They didn't actually they they promised to clean house, they promised they bring in new culture and what they did is just sort of promote people who are already on the board and didn't do anything. We we screamed we fought about it for years. We thought this is the one area. This is the one case study where you should really listen to us and it all came to 2024 I'll just read you some of the headlines at a Boeing First of all, this was the year that that Calhoun finally stepped on Dave Calhoun. So, we started with this headline, Boeing CEO says, it was 100% his own decision to resign, so oh sure. Yeah. So, even even up, even until everything has been happening. They still, I guess couldn't get rid of him, he decided to leave and then there was Boeing CEOs, tearful apology member. He went in front of the Senate and he cried and he apologized to people and, and the, the families of the people who died in the plane were actually yelling at him. They were screaming at him at this hearing and then Boeing also, pleaded guilty to fraud and fatal 737 Max crashes, Boeing named a new CEO Kelly. Ortberg and finally Boeing factory workers. Went on strike for the first time in 2008, a huge strike that lasted for months that ended in a pretty favorable contract for workers and a lot of lost production time and lost cash and lost everything. Else for Boeing but again. Yeah in there in in that is the same story which is that Dave Calhoun was granted a 42 million dollar, exit package and investors approved. Not only that, but they re-elected him to the board so that he could see out the rest of his term as he saw fit and every director on the board, got got reelected. So investors are basically complicit in every major story State for the musk and the musket board and they both four Boeing in the Boeing board. To me the backstop of all of it. Regardless of like the social implications of these things are that investors are utterly fucking and say what you will by Exxon, maybe you agree with the CEO with the suing, the ESG investors, say what you will about Tesla, maybe you think, you know, Elon Musk clearly knows how to run a meme stock. He clearly knows how Make money where no one should be making money. But Boeing I you think just as a protest vote you would vote everybody out, you know. Yeah. Knowing they're not all gonna resign maybe a couple resign. Maybe there's a few changes but as a just as a minimum, as a protest vote you're just like guys. This is that means they can't show that's been going on for years where we've become the laughing stock of American government more than a decade and they're 1% of US GDP. That's I mean like and you can't run this company. Well yeah. And the reason why again the one of the reasons why we kept talking about this is that it set up the perfect storm for of very successful. Labor strike, right? Because they knew they had Boeing where they wanted them. Right there was there was really just no leverage but Boeing had to essentially give the most of what they wanted. Not everything. They didn't give them the pension. They were seeking, but but they kill or bird did tell them to stop. Bitching at the water work. He did claim and I think the first day of the strike he basically claimed Victory, he claimed Victory like right before strict maybe happen. Anyway, let's nail it off. A Boeing, the fourth story of the year. I had a wedge. It in here somewhere. It feels important, especially with the rise of Elon Musk. Who now, I'm even seeing reports the last few days that is he, our shadow president, is this guy basically pulling strings already, but the headline from November, of course, Trump's Victory ads record, 64 billion dollars to wealth of riches top 10. Now, that was just the day after the election, that number has mushroomed to many hundreds of billions sentence. But I, I don't even know what to say about this. I don't want to do well, yeah, you sent of Elon Musk and Vivek ramaswamy, alongside Elon promise on it. I mean, yeah. Every the reporting is a Elon Musk makes all greatest investment in the history of Investments. He spent 250 million or something and to get Trump elected. And he's about to do it in with the Tories, the conservatives in the United Kingdom and he just came out. I think today or yesterday, supporting the far right party in Germany. Which many people in Europe? Are calling basically the new notes. Yeah, they're not even just Neo Nazis like the new Nazi party so this guy he's not gonna stop with America. I'm not sure. I understand exactly what's in people's heads that they think because that, that guy said, a thing that we should listen to that thing, but he keeps happening and and again, I mean Elon or yeah, sure. Trump gets elected without Elon. I don't think he Here, I think it led. Think it led him a stability and credibility even though there's no one more unstable than Elon. But I think it, I think for young men, especially, I think it, I think it was very important, which if that becomes the narrative in 2025, not to get into predictions, which we're gonna do, when we come back in 2025, if the narrative moves to well, Trump didn't really want win. Elon won it for trump. It doesn't cause a running, this gonna cause a battle. Yeah, there is, no, there's no way Trump doesn't like start. Well, everything back on Trump musk, everything. We've learned about these two petal and assholes that we've covered over the years, and we mostly covered Elon Musk. We're not a political show, but they, but they both start fights with everybody. And they, everybody, I mean, even now they're their headlines, of course, of Elon still battling with the SEC. He's battling with Sam Altman opening. I, he's just a battle. And of course, we know this is gonna end in some kind of an Fights everyone and it's gonna end in World War Three. I can't wait. Well, don't say that. Please say that for our predictions show after 30 tired. We're on Story 4. All right. Finally, yeah, I'm already tired. Let me get to the fifth Story of the Year. This is a late entry that no one could have predicted unfortunately. And this, of course, is the headline, is the murder of Brian Thompson. The United Healthcare CEO again, he's not the CEO of a publicly traded company. He's actually named executive officer of the United Health Group, but he was, I don't remember. We are the only ones obsessed with that. I know. I know he was killed in December, was it, was it that, okay, it was. All right, that's the fifth Story of the Year. Well, it is a fitting end to the air because what? Like, especially when you, you know, like the the story right before it is the richest, ten people made 64 billion dollars just on the Trump election that Gap, right? The murder of day after yeah, might actually be the the, the the the beginning of the Revolution the income equality Revolution. Well, you know, it's confusing. What this two matte is that Trump has already taken both sides of this issue first. He's calling people scum for, for being against CEOs, right? It's very Un-American to be against CEOs, but then he's also calling out Executives at the healthcare companies. He thinks they're making way too much money, right? So I'm just saying, like, you, everyone is kind of having both sides on this on the, except for like the state of New York, which is creating a hotline for executives to call in when they feel threatened. But where is my hotline? Like I gotta call 911 like every other well, like there was an art there was a headline we covered last week. I believe that or this week actually. I think that said basically, it's thoughts and prayers for school children who are, who are murdered you know time after time again in this country. But when a CEO gets killed, Yes. The government's regularly all the stars. Yeah, everything. Yeah. So I don't know. How do you gonna choose? Is this up to you? Do you get to choose? I think we both get a vote here. I don't even know where to go. I want to put this out to our, I'm gonna actually over the course, the next week I'm gonna put these out on LinkedIn and it's polls. So and blue sky. So I don't hold on. Here's what I think. I think I think the Trump victory that the Elon the Boeing, they're all kind of the same. I think the murder Brian Thompson is actually the beginning of next year, right? Like I actually I'm actually going to go with Exxon, I'm gonna go. What? I'm gonna go with extra early suing, well, it was a great Town Center. Yeah, but look think about like song, what that was right. I don't want to think about what I was a giant. Like like mature us company, very traditionally conservative. They had anybody who says anything. About climate change, they've always have its they've been burying research around climate change for years, decades, find whatever. This was a escalation it was like a nuclear option escalation that they took to two they targeted incredibly small investors that like you know, Arjuna Capital, we're talking about like a couple of hundred million in assets under management. They are targeting seems like the little person right like this was a new the control them once the enters the arena of legal battle. They knew they could control them are Juna came out. Follow this ended up getting a cut from the from the lawsuit because of legislation like our jurisdictional issues there are actually based out of like you know, the Netherlands. Yes. But are Juna basically said we swear we'll never do it again. Will retract this like like they cowered and caved almost immediately but they have the money to fight this though. Yeah, but but be like in the way that sort of like the little guy does when the you know, The massive monolithic Corporation standing over them with the weight of all their power, you cower immediately, and Exxon said, we accept. Also, we're going to continue with the lawsuit, they continue with the lawsuit to hammer their point home. It is like the moment when these companies when the, the sort of like market system is hammering you with we truly. Don't give a fuk what you think. We really don't think we don't care what's right? We don't care about data, we're not interested in that. For the rest of this year, we are going to hammer you with whatever we want. Which is make as much money as possible at all times at all, you know, we don't care who the people are, we don't it doesn't matter. We're gonna, we're gonna step on your course fast forward. 10 months later and Exxon is on the left of Donald Trump saying, please don't don't abandon the Paris agreement, you're saying, all sorts of shit. So that's why I'm gonna vote for, what's your? That's a stupid vote. Oh, how dare you? I don't know what to make of that. I don't make of that vote. Is the story Contender. I got to go with. I I have to maybe it's just, it's, it's overly Sensational. I I gotta go maybe there's a recency bias that just happened. Yeah, it's recently by it, but, but I think the most important thing you said is, I think it does set the tone for next year, which I think is, what, what is gonna make a? Ultimately, The Story of the Year, this year know, is I got it. So, I don't know how we break the tie, but I'm gonna go with the murder of her break executive guy, on LinkedIn and blue sky. Follow us on LinkedIn and blue sky. For all your nerdy for all your nerdy friends and fans on LinkedIn. It's perfect for that. There's only four of them. Yeah, no. Because they'll, they'll be into the Exxon suing the investors. They like that kind of nerdy stuff. All right. Let's do goodly to the year. And again, I stuck to the theme here and only picked winners. I don't know. What did you all? So only pick winners. I know, I picked, I actually just, yes, they were all winners but I also picked there was one that was not a winner that I was like, I have to include And I think that I I would I would have repeated some of yours. So I decided to not pick them as well. I'm gonna go quickly on this. We already talked for 25 minutes. Only one I probably should add a little bit of color because people probably forgot but the first one to me is a great one. The headline is 2,000 senior women when biggest Victory possible in Landmark climate case. So this was 2000, Swiss women. The one Landmark European case, proving that government climate in action violates human rights. This is a woman part of a group called senior women for climate protection. This is a lawsuit that they filed, nine years ago, but they basically the European Court of Human Rights ruled that Switzerland had not acted. Urgently to achievement targets leading victims who were mostly in their 70s to suffer physically and emotionally while potentially placed at risk of dying. Say, I love this story. Love it. all so, Uh, the government rejected, it is that right that I missed that, I missed the coda. Okay, so Switzerland refused to accept the high Court's ruling. They just, they actually just sure that was not a Swiss Court. You're right. It was, it was an EC was, it was it? Yeah. European convention on human rights. So it's based on an EU court, and they just said, we don't agree. That's all they did. Well, there's Switzerland is known for being neutral. They don't get involved. They'll take the stolen Nazi money in art, but they're not gonna get involved other than, and taking, like, not neutral. They'll take it. They're not gonna get involved. So I'm sorry I missed that part of the story because I was, that's why I didn't shoot me, feel good, the next three, speak for themselves, like a quickly Minnesota Capitol Saint. Paul makes history as first large US city with all female Council. Yeah it's a come on it's an equivalent to our boards here at free flow Analytics, To paying 1.4 billion in profit sharing payments to employees. And, and finally, I included just for Giggles 42% of shareholders vote against BlackRock CEO, Larry Fink's. Pay I only included this because you're always crying and screaming about Investors not doing a thing so they still didn't 42. Okay, you're right that get their one percent, right there, right? You got congratulations, I have. First of all, there were ton of stories that we covered this year and good list about unions labor movements. But I think the best sort of stakeholders rule, I had line was us bands non-compete agreements for nearly all jobs. Now, I also was gonna pick this and then I wondered, is this something that Trump can reverse? Was probably but hasn't yet. Okay, so so it's still, I don't remember this year. This is executive. Order is coming to the doj, like where did this come out of? Do we know? I don't I believe it came out of the Lina Khan FTC is that right? Okay. Yeah, I'm, I picked. First of all, I can't believe you didn't pick this but there is a theme Here. I did this but I didn't repeat it. We do. We do really like women winning there is does seem to be a theater back when Jesse are you were more regular participants show. We did spend a lot and not just because of them. I mean, it's all so something that I was into, we love when like dudes. We had our time, right? Like we're happy. Like I'm happy to step aside and let women lead everything but beyond that point. Yeah, well that's that that is the goal, right? Like give up 1 0 0. More than we did beyond that thinking of the actual tournament that happened in March, in April, the women's tournament this year was just way better than the men's it was. So the headline was first. NCAA women's basketball championship, surpasses, men's viewers, one of the all-time most viewed sporting events on ESPN. Yeah. So and now you Caitlin Clark, who's in the wmba of the year. They are setting records for viewership attendees and the women are pushing back saying like you can't pay us nothing anymore, right? Like you have to pay us money now because we're a big deal. One thing one, our headline I won't add here but I'm gonna say it anyway is that I just started to stressing headline that that us professional pickleball Players are making more than the average. That's terrible. Terrible, that's not good. I picked this one mostly because I juxtaposed with about a dozen other headlines. We pulled during the year, but porn has figured this out. And for some reason, no one else has. So we get, we hear a lot all the time about how Mark Zuckerberg and Sergey, and Sergey, and Larry, they're complaining, like, oh, we can't, we need to be regulated regulate, our AI, you need to help us government. We don't know what we're doing. So these are like the headlines they put out. Google search AI recommends, changing your cars blinker fluid, which is a made up thing. That does not exist researchers call for child. Safe AI after Alexa tells little girl to stick Penny and wall socket, Google's Gemini chatbot explodes it user calling them stain on the universe and begging them to please die. Meadows. AI refuses to show Asian men with white women. In fact, there was one thousands of headlines. That we thousands there was a there was a headline, someone actually killed themselves, a kid killed themselves as a result of a chatbot butt porn. Got this. Yeah, a PornHub chatbot stopped. Millions from searching for child abuse videos. Million. How millions? That I Well, I mean that first of all crazy, how gross it's almost entirely men on these porn sites. Not exclusively but let's say almost entirely how gross are men, right? Like I didn't even know fuck is wrong with you. What does a PornHub chatbot even do? I don't understand that it's just you just I think dudes sign up videos and they you asked them like can you show me this thing or like it? Like talk sexy to me or whatever they're asking for child abuse, and they're asking for effectively like an obtuse ways. But PornHub in the construction of the AI chatbot figured out. This is not okay, we do not do that. We are going to stop that and their chatbot somehow did not tell any of the men. I like to like a way to get this. Meanwhile we have Gemini Google's chat up being like why don't you stick that in a waltz or Alexa? Why don't you stick that in a wall? Socket your finger. Like what is it that poor in his figure? This Out. No one else has these mechanisms are supposed to exist at the other data companies but they just they refused to do them or they don't know if you and part of the reasons they're not held accountable for them because of section 230, they don't get in trouble for this crap. It's I just I just love I just feel like it's so good that like the basis human thing which is having sex with whoever you have sex with or whatever you have sex with. Is they are the ones who figure out like, well we have all these Tech Bros who are just throwing their hands in the air like you. Um, I love that. And then last you and I both love this headline study playing Dungeons and Dragons. Helps autistic players in social interactions. I still love that headlines, I love that. All right, we're good at the year. Um, I I don't like any of your good lists. They're not. They don't feel like a good lease. Yeah, I actually think the goodies are probably Banning non-competes. That's probably what I think. Yeah. I was gonna go like the realest thing. Uh, I was leading towards women's basketball. Yeah, it's close second, but I don't know that they've come far enough mostly because, you know, a lot of these teams are owned by some of the same horrible men that controlled the market and like, you know, they're the same billionaires that own everything else and they're not really doing a great job sharing that wealth yet. So I I feel like it, we're not quite there yet. That's the one that makes me feel the best. I'll go for, I'll go for Banning on P. I don't really, I don't have this one out as a poll because actually know what, like, if you put it up as a poll, I'll put. Come on, let's move on. Let's do it. All right. This is as holy is to the year. I have the biggest lift. How do I have such a like, well, you make the biggest lift you make it the biggest, know how to humanity makes it. The biggest lift there, so many assholes to chew choose from All right, so I've got five and I'm gonna try to glaze through these okay? Alright. These actions are these people or actually, or things or concepts or a couple or concepts and a couple of people. And here's here's an easy one, Sam Altman. Sure. You know, it's all right, so it's like after the year, we've lived through when, when you have a character like Elon Musk, I've been saying this forever. It does make people like Sam Altman and Mark Zuckerberg, just not look as bad. Well, I did, you know what I mean musk? And I did not pick Zuckerberg on purpose. Like, they're almost like, she went obviously stupid. It's so obvious and boring and dumb. That's like, who's your favorite like personal. Oh, it's God. Okay, good for you. Uh, but Sam Altman here is well, I picked him because a year in in October of 2023, he got ousted, but he was back by the board, by his board, by his own board, and we never dropped back to the company. He changed the whole board and then the new board, they added a bunch of people to it and the added him back on the board. He's back on his own board and now, they're making it a for-profit company. It's really the ultimate sort of like Tech, bro. He, you know, how dare you story, and he's back, he's back in control, you're not my boss, I'm the boss, it's a lot. Like the JP, the Jamie Diamond quote, remember where he didn't want to work at the government, because he hasn't had a boss in 20 years. Yeah, yeah. So he's kind of revealing the, the secret, the game, right? Is that Sam Altman is his own boss. The board is his own boss is now. Brett Taylor, who worked at, you know, it was X Twitter, chair sales force, founder worked at Google buddy, Facebook, like buddy, Larry Summers, who once said, Women were unable to compete with men from misogynist. Yeah, Adam D'Angelo still there, everybody Aura, former CTO Facebook. So we've got like, two people, Facebook and, and Larry Summers who actually was the master of Harvard when Zuck founded Facebook. Yeah. And then Susan delman or a d, which are helmin or whatever she was on the board of Facebook. At one point, Fiji SEMO. She's LED, she scares me the most she, right? It's a she, yeah, she's the most. Yeah, what did she do? She was she was just she was on the board of Facebook but she was on she's been all over the place. What was her role of Facebook? Uh I don't she led montessorian at Facebook know that was Fiji SEMO just saying that's what no fee. Yeah, Most Wanted. Yes, which is exactly what we don't need in the, in the infancy of AI. We don't need to figure out at the same time how to make this much money possible out of it. Like, that's where this whole thing is going to be steered wrong. And now and then Nicole Seligman who was one who basically just spent her time, on boards, PS5, comment, under dictators get, hurry, they added Sam Altman to that, right? Like like what an ass, what an asshole, like, so, Sam Altman. I got it, got a knot again, two women that they got rid of, were leading Scholars, you know, researchers in the field of AI. Yeah, actually pushing back on on Sam. And some of the crew there which is the job of the board, right? I mean to to push back to not be right. Asshole the year. Number two is proxy, voters. We all covered all of them, every single one. Even if 42% of voted against the Larry Fink's, pay package. Yes, you know, the 8% that didn't is really the. So, what specifically focusing on proxy look? I like, we already talked about Boeing, we talked about Tesla voters, but Disney shareholders were at one point is selling their proxy votes online. During the right before that shut down, huge proxy contest with Nelson Pelt this year. And the economic value of that vote was buying, a vote was valued at 20 cents. Well, the shares of Disney at the time were around 118 dollars. That means like, A share was worth 590 like it times a vote, right? So we care. So little about the votes we're willing to buy them for one 590 if of the share price. That that's what you get for the share you morons McDonald's. They made Kempinski the CEO, the board chair, they actually made, and you covered last week. Hate the number of McDonald's issues that they've had all year this. They basically were in every big headline here. I actually wrestled with this McDonald's is basically involved with every big headline of the year. Including you know, the shooter of the of the Neo being found in McDonald's. Donald Trump serving fries in the McDonald's E. Coli, everything everything going on bad. That happened went through a McDonald's first, right? And at the same time, they named the CEO, the chair of the board when he wasn't the chair, never should be. They named Miles white, the lead in dependent director. Mi wait, who'd been on the board for 15 years had almost 60% connected to the current board. He had 40 Loops back to the current board members like like through various companies. He was on the board of he was on the board with Steve Easterbrook who was a unmitigated disaster and they had to claw back money from. He's part of the Boeing board in the past to the one that okayed some of the you know shit decisions at Boeing. In fact we did a whole study on lead independent directors and showed that. Oh, 60% of boars that had large cap boards that had a lead independent director, those lead independent directors, had been there for more than 10 years make know, even get elected in the UK because they they'd be out there in the independent not independent anymore. Make no mistake here, calling them lead independent, which is exactly what we're doing and investors voted over it, 90 plus percent for all this, make no mistake when when, if you're an investor in a company, if the board is naming the CEO also the chair. And there are pointing a lead director who's been there forever. All they're doing is they're creating a protection around the city, the grading a bubble around the CEO so that the CEO has unfettered power, that's all they're doing. Make no mistakes. It's even more obvious than that. Almost one-third of the boards that have a lead. Independent of the large cap. Us boards have a lead independent director and a CEO chair combo. Almost 1/3 of them to CEO and the lead independent director have both been there for 10 years or more. Yeah, both like, we're not even pretending we'd like, it is no Independence. We did a whole segment on a appointments not elections, how the directors get appointed. In fact, in 2024, Thomas Gainer was at the Coca-Cola board. Served 10 months because he was added in 2023. Served 10 full months up until 2024 and then investors voted 39%. Against him, like they, but yeah. But he'd already been there for almost a year. Let's not forget, it's worse. It classified boards where they don't have annual elections. Sometimes these directors are there for a couple of years before the two years. Two years. That's a new thing to this year. But I hear, you know, but it's like, you know, all of this around, you know, proxy voting, including this, you see, for the first time, charged a director, they they basically said he can't be a director anymore because of lack of social Independence that we covered on proxy County show Parker, Hannah Finn, their board members forget, social Independence, 100% of the board, worked within 250 miles of one another. They 40% of them were from Ohio alone, just the Ohio, but we learned that they all had nice new Hyundai, electric vehicles. And they kind of wanted to like zip around. Maybe feel better about it. So proxy. Voters you are utterly derelict in your responsibility. All right, that's number, two, total assholes number two. So number three, bill act. Oh now we're talking Bill Acton, right? Was it, was it just this year that the know the Harper thing with the end of 2023, right? And if 2023 the Harvard thing happened, but at the very beginning of this year, literally, I think, like, just after New Year's, his wife was outed as having plagiarized, her just in her dissertation and regardlessly he's holding, you know, Claudine gay feet to the fire for the same exact thing that his wife. She's gone. Yeah. But Bill Ackman, that that story broke from Business Insider and Bill. Ackman called board members of business inside or who you use personal friends with the COS of KKR. He know, he knew Joe Bae, he know, Henry Kravitz. He called them because they own Business Insider and said, how dare you, and of course, business inside are, then did a review and they Apologize to Ackman. And they said they need to revamp their definition of what plagiarism is and and then they waited. And then like five months later when the Disney Nelson Peltz things happening and pelts loses bill, ackman's out there, accusing Disney of leaking shareholder votes, and, and undermining, he's just out there saying whatever the fuck he wants and doing what he wants. He's the he's like he's like Elon Musk style blow hard Elon but better at it he loves just bigger if it wasn't for the fact that he's he. So he owes to the black woman, had the president of Harvard in 2023 clotting gave you just mentioned if it wasn't for the fact that that was 2023, I probably would be voting for Bill Iman for asphalt 2024. Fourth. The meritocracy, okay. Do I need to go through the headlines about meritocracy? I mean, a couple but I think there's one that really sums it up to me. JM smucker, CEO? JM smucker. Yeah. The, the smucker is smucker. His last name is crappy the crappy jelly, that has high fructose corn syrup in it. Yeah. Yeah. Run by a guy named smucker right? Because for itself is not sweet enough I suppose. Yeah but it's run by a smucker like James smucker. CEO says the family run. Business is a meritocracy. Yeah, I would but we had the Dei flip-floppers. All of the d-i stuff was basically framed around you know meritocracy and don't sell gays to my kids, right? Like that was like the framing around these things. Vic ran for president, based on that nonsense this year based on meritocracy, which is talking point. Yeah. Which is code for. If you were to hire a person of color or a woman, it represents the fact that Is not as qualified as another exactly, right. I mean, including like up until including the Texas, AG asking Boeing and Spirit Airlines to give them all their Dei policies so that they could rate like trying to link the door plug incident with Dei. Right? Like it got it got so bad this year. That one of the stories that we tagged for headline east of the of the week. Was this headline? Captain's gender did not cause ship to sink New Zealand. Minister said that's announced this. Yeah, they did say that and and I like this one. Meta, created AI advisory Council that's composed entirely of white men, right, that's another one. So he mean, Mark, Zuckerberg Mark Zuckerberg I see is, okay, is smoke screen for anti-gay anti-people of color? That's it. Don't let it fool you. If you hear the word meritocracy or Excellence, you're just saying, well, let's not forget, we started, we ended the year, the Trump's pick for the, for the head of the Department of Education was Linda McMahon. Who lied about her educational credentials. Yeah. In the past in the past, right? She she made up her degree and so this is the meritocracy at work, right? She is now. I mean running the map, gay run, the Department of Education, says she's lying about her own credentials, but all the cabinet appointments are basically sure all of them. Meritocracy. And then finally white guys. Oh sorry, I feel you. Um, but like there were so many stories about like Bumble basically seeded all its control to a white guy and a simultaneously. Now men can make the first move on Bumble which is the whole point of bumble. It was a woman owned, women run, you know, dating app, white men, who are mistreated at work or more likely to notice and Report harassment against co-workers, 70% more, likely to report harassment. If they were mistreated themselves, it's like we don't even notice things. Unless it happened to me, like we have no, like, Ability to sympathize or empathize any other human beings. So it got so bad that, you know, there was a story, why men get more credit than women for doing the same work according to a business school Professor where a trans woman when before she transitioned She had, you know, went to conferences, you know, colleagues perceived her, as a man, they took her competence as a given after her transition. She found that there were people who were she said, here's here's the quote quote, I remember going on a drive with a man. He assumed I couldn't read a map. Okay. She was a biology professor at Stanford ten years. Yeah. Right. And all she did was transition and that was in. Well, maybe they assume because she went to Stanford, the she would use GPS not how to read about, maybe that's why. And then the final one in that category was Elon, musk's suggest the government should be replaced by dudes with high testosterone. Yeah, and we actually covered how the fact is that women occupy less than a third of most boards and their influence. The most important number, the higher the board size is like, the size of the company is the less. Influence. The women have mega cab companies. A man's influences worth 1.8 times, a woman and a small cap. Companies is 1.7 times a woman, even when they occupy more of the board they get less of the influence. It does not make a difference. Can I add an honorable mention to this list? Well, first of all, I'm surprised. You didn't say the name. Robbie Starbucks at all. For now. I'm trying to avoid it. But can I please The thing, you know, I added honorable mention here is I'm gonna point to the people in our own industry, on our own side of things who who reportedly have been fighting the good fight in, but what about all the people in the ESG world? On our side of things. We're now sitting on their hands. Who Trump wins hiding anti Dei is a big thing. Where, where are those voices? Where are the anti anti Dei voices? Where are the anti anti-esg voices? Where? Where is The Voice after Trump wins? Everyone has gone quiet. It's like, well look, here's what here's what happened, right? Like we came from the ESG industrial complex to the extent that that was a thing, right? It very slowly. From the time, we started to the time we left, it was very slowly absorbed by Massive institutions, the msci's of the world, but you know, like Morningstar but sustainalytics and that's the data side. On the other side, you had investment Banks. Like building ESG products, you had Black Rock doing ESG stuff. Like it was it basically got taken co-opted, right. But when it got co-opted you had people who were making not I mean like you know you're not talking about millions of dollars a year but You're talking about, you know, 100,000 200 thousand dollars a year, careers that effectively, we're standing out, we're able to stand up and say Dei and that's an investable thing. And then as soon as there is even a voice, a whisper of, you know, somebody doesn't like it, I actually kind of don't like gays, right? Like you know Tractor Supply we're not so gay anymore. As soon as there's a whisper of it then now you have career risks. So every ESG person I meet basically has been telling me that they can't do anything. They're, they can't say anything anymore. They can't do anything. It's unbelievable people. Stand up and say, you know why we do because it makes fucking sense. Yes, I don't need to show you Alpha. Right? Like what are you alpha alpha like Alpha because it proved to me, having more men. Get got you, the alpha, you get like you're an idiot now, it's not the time to give up. Just work on your talking points, work on your narrative, whatever you have to do, but now it's down to Silence Yourself. You're making it way too easy or how about this you now have a growing list of they're happening now all the time. Unfortunately I think Nissan just announced that they're dropping their Dei program. How do you just have a you have these very basic idiotic rules that you live by which is like if a direct or attends less than 70% of all meetings, we will vote against them. Great. How about you voting against every director on every board that boats again? Plan. No matter where they sit everywhere, they sit on everybody. Why don't you do something now? Really, honestly, like, not now is not the time to be quiet. I don't understand this reaction of just like shutting up and letting people like Robbie Starbucks and Elon Musk. And these people speak for you, do you really want them to speak for you? I don't understand this honestly. And at our data has proven just having women on the board is a good first step, but those women need to have power. On these words, they need to have leadership roles. They need to be on a path towards towards being promoted for, for bigger positions. Not just like, a lot of them are a lot of the C Suite. We're seeing their, their Chief legal officer, or their head of human resources, and these are not paths to the CEO position. Shout about that, talk about that. Let's create let's make them past the CEO. Let's yeah, you can't be sitting back and saying, well, Roz Brewer was the CEO. She was not the seat. There was a shadow CEO over the Executive chair who owns 16% of the company. Like like you have that. It's not about body count, not to mention the fact that all of the research shows that now you're going to as you alienate women, black people, Hispanic people gay people, every person who sort of sits outside the majority white, you know, corporate complex that is a massive talent pool. They are more educated. That we know like the research shows that like, having more diverse viewpoints, which, you know, you know, the conservatives, co-opted that idea, they said there's no diverse viewpoints, you're not allowing conservative viewpoints. Well, you're not allowing any diverse view points, he getting me much, as much as I hate that perspective, I, it is just their perspective. I don't begrudge them. They're horrible perspective. It doesn't mean that we have to shut up. Now it yes, correctly control the narrative seriously. So those are your options. Your options were Sam Altman voters, Bill Ackman, meritocracy, and white guys. Actually, this is going to be easy for me. I mean, they're all great candidates. A certainly. But I'll go right to the issue at our company and our world, and I'll go right to the proxy voters. I. Yeah. All right because I agree because I think what the disheartening thing we've seen over the last few years, starting with you know, around the murder of George. Floyd is that proxy voters themselves are shutting up like they're the, the support for ESG proposals has gone way down the mirror policies coming out of the proxy advisor. Vanguard BlackRock state tree have all, given up, the not only they pulling out a climate pledges but they're just giving up in general. So, this is got to be my asshole of the year is not the time to give up, not the time, I mean, I can't fathom how you continue to vote. I mean, if you fuse all these things, right, if you fuse Bill Ackman and they all have boards, everyone, Sam Altman as a boarder learning. Like Bill Ackman his publicly traditional fishery has affordable, 45 people But we learned there's all these Boards out there that you have a say in if you are an investor and still we cover earlier this year, there are 69 companies in the US that have zero women on the board. Still in 2024 Nathan's, Hot Dogs, had 10, women are 10 directors. They had one woman in nine men and 0%, influence for that woman. There are zero people of color. We found Oglethorpe power, which is my which I labeled my favorite man company the picture of their board, literally was lifted from 1953. It was, it's like 12 of the oldest whitest dudes that you could possibly find, you can vote do thing. I agree and you know, you can you vote, but you can elevate your voting practices. You what you have at free flow, analytics.com is the ability to measure the power of the women on those boards. How about you just vote against the boards where women have less power than their actual physical? Presence of it, right? Yeah, I mean you don't love You don't have to stop think it's not 2008. You can you can continue to evolve your your strategies, your thought process, your talking points, you can you can try to control the narrative. You don't have to give up as what I'm trying to say. I love it, so I agree with you. Let's let's wrap up the show with headline news and winners. We're not doing predictions. Wow, you have a lot of headline, yes. It kind of like I'm not gonna really do them all. I'm gonna go quickly. I I just picked the five. That tickles me the most These are again, these are actual headline is the best headlines that we actually were winners during our shows, over our Friday shows over the last year. The first is a classic. This is a quote, from Robyn denholm, she's the chair at Tesla. The headline is Elon musk's. 46 billion dollar payday is not about the money. Tesla chairs says. It's a classic. A second one. This is kind of in the line. What you're talking about with AI Google helpless to stop its AI from recommending glue on pizza. That's helpless. And then this third one is just I we had so many Jamie Diamond says headlines, dozens hundreds so many now that I just call it. Jamie dimon says because it's clear that Jamie dimon knows all. So he just says, he says stuff. Yeah, the fourth one is ESG is coming for your toilet paper. I have no idea. I love that. Yeah. And I do want to know like who, who is the, what is ESG look like. In this case, is it Larry Fink? Is it is it or is it like the, the head of sustainalytics? What does that? What does that? It's probably a woman, right? What is that person look like? Who's coming for your toilet paper? What is ESG? Get out of having my toilet paper. Like I have a dirty really like really really Finally, my, I don't know why I like this one. I just like the name. I just made me giggle. I remember when we did it, X Global Affairs, head, Nick, pickles resigns. I know that I just literally is the stupidest headlines. I like Nick pickles. All right. I actually don't have any more than you. So I have in the vein of anti-woke, I pulled this one headline and it really was what's in it also. So I'm gonna do a quick recap but it was a definitive list of woke and non-woke food, right? I remember, and and we went through and including like, just to refresh her beans. What do you think, beans? Oh, I would think they're not. Whoa, I mean that they're being a staple of diets forever. Right be incorrect. They're well, yeah, I'm already lost, right? But but baked beans were not woke. So I love the idea. You put it in the oven for 30 minutes and it goes a little sugar. No. Sugar in there, really? A potato chips were not woke if they're regular potato chips or salt and vinegar but if there are any other flavor they're considered whoa or probably if you take out all the chemicals and they're natural, they're probably woke, right? Because chemicals is not woke, but removing chemicals, but removing chemical, yeah. All natural pretty people point is not woke. Yeah, spaghetti spaghetti is spaghetti. I mean, that's gotta be the, the non-walking about. No, you're wrong. No, I don't want to catch any of Spurs on on Italy, but let's not forget, you know, they were fascists. I mean, they, they fought with the accent. Italy. Know, they're so guys, why? But you put the spaghetti in a can and it's not. Well, this is called the list. I'm just telling you, and remember, this is a real thing. This is from the New Zealand, Herald news. I didn't make any of this up. Finally. My favorite thing. Quinoa. Yes, well, that's obviously, whoa, definitely. But if I say quinoa and I say it wrong, they said slightly less woke, but still woke up ignorance. I guess that makes sense ignorance. Because to me, woke just represents Knowledge really just like knowing right? No, knowing something. Yeah, you're aware. Yeah, if you don't know how to say, quinoa, and you say quinoa, all right, you're slightly less well, but you're still woke because you're getting quinoa. If anyone should be surprised. There's, that's probably a good foreshadowing from the New Zealand Herald because the, the, the the, the right wing party has now taken over New Zealand. One of our favorite Prime Ministers Jacinda Harden. Just yeah, she is gone and New Zealand. Now has a new leadership there. So Oregon or something. Yeah, so I only have a couple more. That was probably one of my favorite things to do because I love definitive list of what I loved it. Yeah. But I also had to go with main man alarmed when everybody mocks his cyber truck. Flips him off. Yes. That's the article from my local paper. Yes I remember this one. Well I like that. It's just one main man. Main man. Um, and then also, in cybertruck news, the cybertruck faces, another setback, as it recalls, more than 11,000 Vehicles, over its giant wiper. Which I, which, you know, forgive me when I heard saw a giant wiper in a Tesla and I headline, I thought they were referring to Elon Musk. I know, I thought, I thought it was the greatest ever actually referring to, they're literally referring to a giant wiper that gets like yeah. Like I like the idea though that putting fingers and giant wiper hang out now. Yeah, two more NASA. Praises Boeing stranded Starliner for managing not to explode while Dr. Space station. All right, that's good like that. I like headline that Praises something that didn't happen. Yeah. Right. Like it didn't need a victory this year, that's his victory. And then finally, this was just ridiculous, but it made me laugh. Police weren't residents to lock down houses as dozens of monkeys escaped research facility, why you like that one? So, that was in North Carolina. I just like that, like, you're like sitting on your porch in North Carolina. I like 14 monkeys just like strolled down the street and you're like yep there they go. Again, it was the second time it's happened. My my winner. I'm going right to ESG is coming for a toilet paper? Ah, yeah. I, I just love it. Adjacent to that. Yeah, it's it provokes a little bit of fear. I love it. It's great. I'm going with main man alarm. Okay, so I gotta tie it, flips him off. I think put on LinkedIn who won the year for you. Finally a winner and I'll give you a winner. We'll go back and forth. Okay. Okay. I go back and forth, okay? Again, I just picked actual winners from, from all of us, things that just made me feel good club. First one for me, of course, Jewish climate scientist. Scientist Claudius shine balm elected as Mexico's first female president. What the hell? I was just saying someone today, who was lamenting the fact that you know, that there's no progress in the world and everything's terrible and we're all going and we're going to hell. I said Mexico elected. A Jewish climate scientist who's a woman a woman. Yeah, our neighbor. I I picked proxy voters as a winner of the year, um, because free float analytics became free this year. I have that one, too. I have free float, becoming free this year, too. 80,000 current directors up their performance metrics. If you're a proxy voter, this is the year for you. You could have gotten all the data and like a whole bunch of the day. Anyway, as free. Um, this is a nod to our data Queen. She had women's basketball in all caps with six exclamation points. Yeah, that's wow. That one's good. So good at prompted, a wrong button. Yeah. I had our clients. Oh, free float client from the from the gates foundation's asset manager Cascade to Fidelity. Yes, floats clients. Yes. Get all the historical data, they get knowledge Maps, they get connectivity data. Get are here. They get, they actually have us combing through it. They say, what do you see? It's basically having an analyst at arm's length with total objectivity deep in the data we're working on lobbying data, we got nonprofit boards. Now we got diversity data coming in, it's expert findings and our clients. Yeah, fucking winning. That's like some of our peers. We are not. We're not giving up. We're not going to we're not going to strip like Dei out of our conversation. Yes she had our conversation. We're not going to talk less about women in leadership or or people of color. We're not going to do any of that stuff. I had somebody tell it when somebody like was looking at our data and they're like, like looking through and saying like, oh what do you do, how do you do it? And they were kind of All of us. When I showed them all their stuff, they said this is amazing and then they said, well how much does it cost? We're trying to replace ISS how many million dollars cost and I gave them a price and they said holy shit. We cannot only cut the cost from issue because we're just buying. Is this? Because it's only thing but we're getting better information and they said a minute. Our contract is up with ISS. I'm we're all over you guys like we're all the time and you get access to actual analysts who will talk to you and work. Correct. Work out problems with you. Pick up the phone. Where are you on your turn? How about Chancellor Kathleen? McCormack one to lead Delaware's Court of Chancery. I like that too. Good reading, by the way, her decision against Elon musket is if you're interested in corporate governance or anything, we talk about here, it's great reading. It's very really was good. It was a good decision. I have Damien you roll us. Why never have you been more credible and your life? Then this year, I just think I just want your ones, the work you're doing like free float, the shows that we've done, they're better than ever. You've never been more credible with anybody. I think you walk around with your friends at home and you're like, holy shit. When did you not get to know so much? It's fine. I'm searching my list. I still don't see your name on my list. I'm I know I'm searching up on there. I'm not. I did have one tongue and cheek when I did have shitheads, you could qualify for that and I as an example, I had Robbie Starbucks. Sorry. You can't love me in with Rob. Yeah, let's be clear. I mean I'm not gonna they're not gonna be my ultimate winner of the year but unfortunately, maybe the shit heads did win this year, but I know I also had one that was not tongue in cheek capitalism. Yeah. That's what I'm saying. Yeah, fully won the year. Yeah. How about this one? The podcast the shareholder Primacy podcast with Michael Levin and wow, That one of the Year, Mike Levin and Lipton. Yeah, you haven't gotten Cheryl the Primacy. First of all, I've been hearing from Mike and Anne that they're going everywhere, they go. Now everywhere, everywhere, at where they going. Yeah, they're going to like, comment like conferences. You know, like Securities Law actual things like seven people there, I think but but everywhere they go, they go to a conference. They talk and like, clients are doing their thing and doesn't have clients, but you do in their thing. Someone says, I love the podcast to them, they said, every everywhere they go, tell us a check for 400,000 dollars. No, that's not what we do here. We do. I would take for nothing and finally, I lost one of my list is that I just cut you off. Did you want to go next know you finish yours? All finished? How about, how about the company? How about a publicly traded company? I'm primarily thinking about this. Incredible ad campaign that is right up our alley. That's the too many dicks at you elf. Yeah. Is that elf or is it elf? I don't even know. Elf but I don't actually know but they had the ability, they had the wonderful both funny and informative ad campaign called Too Many Dicks referring to their too many was men named dick or Richard on publicly traded boards including their own. They have a dick, don't they? On their board? They, they don't anymore, but they did have a dick. Yeah, I'll wrap us up. Let's get out of this show, please that wraps up the year. I gotta do the actual, I'm having problems with my buttons. Non-profits. Who are working with companies on all this investor stuff, who's trying to push, companies, to do things like the follow, this is of the world, right? We worked with a half dozen non-profits this year who needed data to influence a company's and we gave it to them so much. So that going into next year, our big changes, we are starting our own non-profit so that we can like give people the data for free. Through the nonprofit, we can work with nonprofits. We can work with foundations family offices. We can work through those people to influence the companies. The real winner here. I don't know if you're noticing a theme is, everybody who worked with free float? Yeah, that's the real winner and now is not the time to answer yourself. Let's, let's find better strategies for 2025. Let's fight. Back harder. I like your optimism. That's it. That's the year 20204 that says on here. So I'm at Scotty, we are free float. We're coming back next year. 20 year, really next coming back. Oh, this is Nick. I thought this was It pretty well, that would be great. But now with predictions more production more data we're gonna look back 2024 predictions and we're gonna create some 2025 prediction. I love all those things that you just said until then goodbye.