Transcript
Europe. Yeah, that's the music. Yeah, I'm excited. That's the that's the attitude live. From an ESG soaked, Irish Breakfast tea bag. It's an all-new terrific Tuesday edition of business fans. Joined by well you Matt analyst home at Mascari, that's it. You seem to be the only one left. Do you need anybody else know? On today's ongoing, post election, Hangover Part 17 called November 19th 2024. The random ask Matt stop about the headlines game. Wow! You Workshop that title for a while, spent a couple hours on that one. that's one of my favorite kind of games because It's completely. Stupid name, meaning that differentiates it from other games. And what way, our show today is being sponsored by free flow analytics.com. The only platform measuring board power connections and performance for free, as you'll see throughout this game. I have used this database several times in this game. Can I say, can I talk about some of the enhancements we're working on? Yeah, I hear free flow because you don't answer my calls anymore because there's so much going on behind the scenes. So right now I've mentioned this in past shows but we have downloaded 4 million nonprofit boards. So okay, IRS filings for non-profits in the United States and all of their board of directors. We have actively matched directors on Boards of publicly traded companies and nonprofits. No wonder your fingers are constantly bleeding and it's really exhausting a lot of matching. Yeah, it's a lot of matching. It's like it's like being the worst oboe player. Like, it's like lick your finger every time. No, I don't imagine. I never look like my finger. No, it's a dip in water and do that, but we've all pulled. This is no joke. We have pulled Congressional stock trades, and the trick. The companies that they're trading. So we can only get to the boards. We have, pulled lobbying information, all the nonprofits and companies that have had to file for hiring a lobbyist and all the lobbyists names. So now we can match the non-profit boards, two lobbying to companies that are publicly traded. So we are building without a doubt. The largest web of corporate America at the upper echelons. Anywhere, I'm glad you're doing this now because I fear that some of this data will be deleted soon. because of the Trump administration's desire to bring us into the darkness in several different ways. I just started pulling. I got API access to pull from the grants and us spending bills. So I any like grants or awards given to companies and nonprofits and municipalities so that I can then take the entities that won the awards and matched the people at those entities. So effectively what you'll be able to see is a giant web of humanity, that's making decisions. What I'm already finding is, there's like 12 people. It's just like, it's what we know. Are there any recipes in there for a delicious Thanksgiving meal? A nice turkey. There was one duck recipe but I didn't think that. Come on. I'm sick of you selling free flow, analytics.com. What some of these changes, when are we going to see them? This takes time, it takes place well, a week at a time to even process the data, because there's so much of it. So I will say that while you're waiting while waiting, How many directors do we Now cover in freeflow index.com? How many are there there are? I think the last 10003 300,000 total and 95,000 active. So it's a lot of thousands, not just tens of hundreds of thousands. So free flow analytics. Keep doing what you're doing. I hear you're doing amazing things. I'm gonna pretend, I'm not part of it. Let's play some. Yeah. Oh okay, while we're waiting for the day, let's play this. Here it is. The random ask Matt stuff about the headlines game because Matt is our also our chief pundit here at free flow analytics so he gets to decide I have I I go through a lot of articles I I categorize I filter I attacked but I get I get questions. Like I I have these things essential crises and thoughts and queries and I need Matt to help me sort through them. Okay, come on. Here's the first one. Donald Trump, the, the former and future president of America, his Social Media Group, which is what truth social is in. Talks to buy a crypto trading venue, of course. I mean, this isn't surprised anyone. Yeah, so this It's all share takeover of a company called an a venue called back to b. A k k takes actually owned by the international Intercontinental Exchange but they're dual class, I think. Yeah, yeah, okay. So which one of these three key facts about this potential transaction surprises? You the most, or the or the least or, I don't know. You play it the way you want. Help me out here though. Okay, he's three facts. I gathered about this potential transaction back. That's the crypto trading venue. Has struggled for profitability since its launch. Okay, I'm not even remotely surprised by that. Yeah I remember this is created by Ice which is a the International Dump. Sorry. The Intercontinental Exchange. Yeah. They all really New York. Exactly. The owner of a New York Stock Exchange backs. First CEO was Kelly Lawler. You might remember her, she was the former X senator of Georgia, and the co-chair of the committee. Organizing Trump's inauguration inauguration in January. Wait, this coming January? Yeah, last time. Yeah. This coming January. Okay. She's also the former head of marketing at ice, which owns backed. That's the second Factor. How about this? Third fact, is this surprise you Kelly? Lawler is also married to Isis, current founder and CEO, Jeff Sprecher Those are all facts. Yeah, these are all facts and I just thought this was a perfect news headline to start you with, because you're digging into this huge database of people and directors. And you're trying to, you know, you're trying to put a focus on accountability and who owns what, and, who does what so does any of the surprise you about the, the target of Truth social here back. So, I'm digging into my memory banks here. But I believe that it was Kelly Lawler and Jeff Sprecher who were investigated for using committee data during covid when they sold stocks, right? That's the same people, okay? So people who are strained, the swamp, we're just drain this one. The people who used inside information to enrich themselves are now in a position to sell. A not profiting company that does crypto, which is a fake asset to a different fake asset. That makes no money, and Donald Trump's truth social. Yes, This, obviously, I believe every word of that. That actually, this is any of that. Okay? Then there's one of those things surprise you though. Is this just none of the surprises. You? I literally not one of those all the above surprises. You not at all. This is not. I actually. What's, what's the most surprising? Is that they've struggled for profitability? That's the most surprising because it sounds sarcastic cryptos, just going up right now. You struggling you suck at it right? Like you super suck. Yeah, super suck. All right. The next headline, are products and Campbell and chemicals. That's the company. They're adding two new directors as part of their fight, with activists investors. Who are the activist investors? I should know this. I don't know, but I feel like every time we talk about an activist investor, we should really be playing this in the background. Does kind of feel like that doesn't it? They're actually, it's two activists investors. That's right. That's why I didn't have the written down. Its two of them, mantle Ridge, and d e Shaw. Okay. So they're part of what they see him upset about. I'm painting a bigger picture here for you. Part of what all these activists investors seem to be angry about is the the board, the members of the board that's usually where they target change. Yeah. So sure what these activists investors are doing is that they're they're getting rid of David Ho and Matthew Paul. And they're adding Bob Patel and Alfred Stern. So, here's my, my kind of Pop Quiz question for you. I looked at the data msci, this is since 2015, my question is, how did the other investors feel about this board since 2015? What is the average level of investor support for Air Products, and chemicals directors. So, what I'm trying to say are these activists onto something. Are they, are they picking up on an energy in the boardroom? And here are your three choices. Oh, I like that. I'm asking you since 2015, what is the average level of investor support for Air Products and chemicals director's? Was it 78 percent? 80 88% or 98% of shareholder votes to support the election. This is pretty easy. It's 912%. Well, what do you say that? But I'm telling you that this, that they're targeting their targeting directors. So, they must have been some dissent know. Let's, let's contextualize this. This trying to help you like, Ohio, pension fund. That is suing, Boeing's directors after voting for all of those directors, it's the same kinds of investors, right? That's true. I think you're pushing me towards 88% because there's no way it's 78%. They can't be you percent, well, you would be correct. So back as it turns out, nobody pays attention on any of these companies out. They really don't investors have had a chance, at least since 2015, the data I've seen they've had a chance every year to weigh in on some of that thing's Air Products and chemicals. But they don't have much just they don't have any thoughts. Imagine a presidential election every single night. That's 8%. That's what investors get to do every year but they do love comments eight percent. That's that was the average set right? Average. Yes. Average entire board. That means a couple of people are above 98%. That's the only way the average. Yeah. All right, let's move on this. This company is in the headlines. A lot, blue, sky, blue sky. Social. It's it's it's becoming a maybe Competitor to Twitter to Elon musk's maybe a place. We referenced this before this, but here's the headline, this CEO of blue skies, actual name means blue sky in Chinese. Okay, so okay I have, here's my question for you, Matt. Which thing do you care about most? And will any of this make you want to join blue sky? So I have a bunch of facts about blue sky but I want to know which one you social media company. You're asking me if I want to join us. Well, let's say okay, I'm gonna help you see I'm gonna, I'm gonna name you some facts and see if this moves the needle because I'm really good at social media. The CEO of blue sky is in fact, a woman. Oh, it's Jay Graber. It's her name. It's a woman. A woman is in charge of a social media company. Matt, a woman. That's that. Well, that's the first fact, let's be still there. Let's be fair. She's tricked everyone with the name j. You know that right, why? Because she's, she's what she speaks fluent. American English and Chinese know that the name. Oh, Jason sounds like a boy's name. So, like, go out and get funding like, that's why we're here for you. We're here to just ruined it for them is really what you did. Okay. That's the first fact. Second fact. Blue sky is actually an independent public benefit Corporation. You'll see a lot of those. It's a public benefit Corporation. Does that sway you at all? No, it's still social media. Year. I couldn't find a lot of data about this, but apparently it's owned by Jay herself and the blue sky team. So it looks like it's owned by owned. Wow. So that's that help. I'm inching closer. Yeah. Are they hiring? How about this fact? After Elon, musk's acquisition of Twitter, Twitter, severed, all legal and financial ties with blue sky schools. Social today is that make you feel better that they were there doesn't make me feel like good now. We're okay, but backwards a little bit. Well, here's the Fitz and maybe final and determining factor to see if you which one you care about the most. And will you join blue sky? Blue sky has confirmed recently. That Jack Dorsey is no longer on its board. Jack Stone. So nice and he does help. I think he's still funded them and he's like well can I just say this like a co-founder? Yeah, he's one of the founders, but but this is what Jay Graber had to say about Jack Dorsey when they're asked, what his involvement was. She said that he He sometimes he gives feedback occasionally and you know otherwise he's just being Jack Dorsey on a cloud. That's what she actually said. He's being which I guess their way of saying that, I don't talk to him and he's a, he's a nid Nick. That's what she was saying. Wow, that will, which one do you like the most out of these? Which, which one you like, the most, which fact I like the that it's owned by the team itself. I like that. I like that because it means they take pride in their work. I mean unlike us here at free flow like Pride take pride in their work. Yeah, I don't know. So if you're higher in Blue Sky, if you need somebody who knows nothing about social media and stinks at it, I'm available. So who let's get to the big question will free flow? Will you met musk? Are you, will We join Bluesky? Will this be the first social media company that we start to interact with? Wow. Well, go on us, guys. Why don't do it? All right, that's gonna set it up. Follow us on Blue Sky someday. here's the next headline, part of my Rant. Matt asked Matt random stuff about the headlines. Came, here we go. CVS, you've heard CVS? Oh, you know what? I know about TVs, I know calls for this. Yeah, exactly. Yes, CVS is just fired. Its glass Cliff CEO, Karen Lynch. They gave her about what a couple of years, maybe 17 minutes. Yeah, okay, whatever. Yeah. And they fired her ostensibly because a hedge fund. Dude, came along, his name is Larry Robbins, he's the he owns the hedge fund Glenview Capital, right? So he came along and goodbye Karen Lynch. Okay? So that the headline is, CVS strikes deal with activists Glenview capital for four board seats four? Wow, that's a lot of board seats. That's gonna be the the head of the hedge fund, Larry Robin. So, I just think they should the board Leslie Norwalk guy Sansone and Doug Shulman. So, okay, before I get to my question two of these directors, Leslie Norwalk and Guy Sansone. They actually have experience in healthcare so. Okay. Why only two, but I'm gonna discount them, they're not part of this game. So here's the game. Okay, which of these two useless other directors? Are you most excited about joining the CVS board that will now have 16 directors 16. Wow, this is their, this is their big solution. The Geniuses at hedge at Glenview Capital. They want to increase the size of the board from 12, to a very manageable 16. How about how the hell are they gonna get anything done? I mean directors, there's more people in that boardroom than there are football players on the field at any one time, right. But which of these two useless other directors are you most excited about? Is it, is it the hedge fund, dude? Himself Larry Robbins, the, the head of the Glenview capital. I think that reportedly he made, he made almost like 500 million dollars one year. So, you know, he's he knows how to make a lot of money to burn. Great, sure. Or how about this guy? Doug, Shulman the CEO of a financial services holding company called One Main Financial. Where the board has a very sizable negative 19%, gender gap. What I mean most excited about his base. It on the name, one name, One Main Financial one like it's already out in Evansville Indiana like get any stupider. The most excited about. Well I'm most excited about like you know so in American In football team like has 11 players on the field at one time, right? Correct. Which seems like a lot when you're watching TV, the 11 players. Like if you're playing offense, right? Like even offensive line coach, you have a wide receiver coach, you have a running backs coach, you have a quarterback coach, and then you have an offensive coordinator, and you have the overall coach. There's six coaches to make sure those 11 people do their jobs. How many coaches are required for 16? Person board at CVS to make sure they do their jobs. Do they need like 33 coaches? Do they need how many outside staff? Are they going to have to hire just to service? The directors. That's the thing. I'm that's the data point. I want when it comes to question. Yeah, before you answer that I just asked Chad GPT because I asked that what is the optimal board size for a public corporation, its answer was the optimal board size is generally thought to be between 7 and 11 directors, because they claim because of efficiency and decision-making. Because it represents a diversity of expertise etc. Etc. So Sam Altman agrees with us is what nine about nine. There's saying 9 maltman agrees. The less useful guy has to be One Main Financial. I mean, you're at the loud mouth hedge fund owner, but at least he paid for his side. Yes. Like the, what the other guy? What? I don't know. I don't know for. All right, it is amazing that they they need to bring in Doug Shulman. Yeah, he should be God. Yeah. All right. Okay. I mean this is a different kind of a question. I want you to rate each of the following headlines, on a scale of 1 to 10 of how surprised you are. I like this as this like speed round, right? Let's do it. San Francisco mayor elect Daniel Lurie names. Open aico Sam Altman to transition team. Yeah. That guy's not busy with anything. Like AI, destroying the world so that's not surprising at all. He hey, he also comes up later. And another question where, where we're talking about a company where he's the chair and director of a nuclear energy company. So he's not busy, not busy. He doesn't have anything to do. Oh, this one, we talked about McDonald's a lot. RFK Jr. Is the headline RFK Jr? He's reportedly gonna be the new head of of health health. What's it called, Health? What's it called in services, or something, which sounds terrible? The headline is RFK Jr. Who claims to be super against fast food? Spotted snacking on McDonald's with Trump and Elon Musk a surprise? Are you buy that? I think it was peer pressure. I mean I have what is this? Tell us about RFC. So one of the things about RFK transferable, everyone everyone's focusing on his anti-vaccine stance, which is frightening, but but one of the interesting things about him is that He he believes in attacking the root causes of obesity in America. Some of those being the horrible foods that come out of the big food companies with all the additives and preservatives. And all the fact that, you know, people aren't really exercising anymore. So he's what he's saying is instead of handing out his epic, why don't we? Why don't we like give them good food and exercise more. So he's a he's a conundrum. This guy. Did he say that while chewing on a quarter pounder? Or did he wait for? I was actually like partially excited by by this. I put the anti-vaccine crap aside. I was partially excited about him until I saw him munching on somewhere. So I don't know what's real. I just surprised. Are you buy that? I'm a little bit surprised but I don't care, it's a five. Okay, five, how about this one. This is a right up your alley. We spent a lot of time off the show and our pre-production meeting is kind of complaining about this. Kind of stuff. Some of this bullshit going around. Here's the headline Van Guard gives investors option to avoid voting for ESG issues. Okay? They're calling it. The that what are they calling it? The, The Profit over? Social good choice or whatever. I don't know what they're calling it. Yeah. So here's a fundamental problem I have. Yeah, when you give the option to vote on ESG issue, like they don't give the option to vote on like like a material thing and then not the material thing like like they're Basically what? They're, they're giving you the option to choose what's material and what's not, I guess, but in this very like high level machete way like so it's very and very politically motivated as well. Let's say, just for the sake of argument that, I think that Dei is destroying America, right? Yes. Well it's just pretend people of color. Yeah. Someone might have some yeah, which is crazy. Clear. When you say yeah, you mean women and people of color. Yeah. Yeah. What did I say? I thought I said Dei, that's a code word for something else. I thought we were all on the same page just like as you just. So, you know, two, whoa, code word you left out gay. Well, I put gay people in the woke that's in the world. Oh, okay. Because we don't see, we don't actually see a lot of, I mean, you know, they don't disclose this, but we don't actually see a lot of out people in the sea Suites, or on the boards of directors. That's right there. Talk about that so they don't exist. That's fine. I guess I don't exist but let's say I really loathed wokeness and Dei. Okay, women and people of color and gay but simultaneously let's say I happened to own 17s, all on the coasts of America, and I was really worried about sea level, rise and climate change, okay. You're talking about the E of ESG as opposed to the S. So now, In my 401k at Vanguard, I have to choose. Do I hate black people engage in women? More than I like my condos on the ocean. That's not a choice. I want to have to make. I feel like, like when we use a machete here, you shouldn't have an know ESG thing, because ESG is just a bunch of data about what's material or not. So, what you should have is like, Various give me 37 flavors, give me all the grapes, right? I think we could go into, we can go into an ice cream shop with our five screaming children on the hottest day of summer. And we can somehow pick between 39 flavors, 17, different cones and 900, different toppings, but we can't manage this. I can't manage just, I only get like three options and it's like do what management says don't I just tell you the options just for a little comic relief. Yeah. Vanguard you guys are hilarious. I'm sure I guess you have the writers from Jon Stewart. That was better. But first of all the poll, the anti-esg voting policy we're talking about is actually called this is so like tongue and cheek like Foo to the Liberals. Like I guess kind of, here's the name, the third party wealth, focused policy. So this and this third party is Eagan, Jones, rating company, which is a, it's like, a ratings company and, like middle of Pennsylvania, where four people are working. It sounds like us, I talked to their right. Wing. Right? And they hate ESG. They don't like it at all. Yeah, another option. I love this, they have a new version. First of all, third party. Well, folk wealth, Focus your focused on the wealth. How passive aggressive is it to put excludes women and people and people of color right? But how passive aggressive is it to put third party in the name of the policy? Well they have another one. It's not it's third party. Well there's actually five policies because they have two new ones. They're actually is one a third party ESG Polly. See that's one of the that's one of the options, but I love this one. They have a new Option called this. I couldn't tell this is the onion or not. They have a new Option called the mirror voting policy. I should you know that mirror whatever else. Yes listen to A true, this. From band Guard, it votes and investors, proportionate shares and approximately the same proportions as the votes cast by other shareholders. Wait for it. It replaces the policy, which you used to be called the not voting policy. Oh, well, which is really You all you need to know what and this is a great existential question, right? Is is a mirror voting policy. The same as really a not voting policy, right? Well, so do what everyone else does are you really alive? So this is this different from. Is there like a destination? I wonder how many policies do they just do with management said? It's because if you're well oh right, they have a, they have a third one is called the, the company board aligned policy. There is that question. There it is. And finally, they have one called the Vanguard advised funds policy, which is probably the same that one, just two. So this is, this is thank you, thank you, correct. Vanguard. You have managed to turn one policy, which was do what management and everyone else does already into four separate policies and that's the illusion of choice that you've created. I love the herd policy. Can we, we need that everywhere. The answer to the question is, I am zero surprised by any of this, but I am 10 surprise that they were so clever as to find a way to make it look like you had four options when really you're doing one thing, which is voting with management. I love this. Oh, that was exhausting. So, are you surprised by any of that? If I give it a score, I gave it a zero. It's a zero. I'm not surprised Darnell Enix headline in this rate on a scale of 1 to 10. I was surprised you are by these headlines. Donald Trump Junior. He's actually not going to be working for the Trump Administration which I guess is a win for some of us. But here's his new job, he is working at an investment firm. This is the headline connected to Christian nationalists. This is the company called 1789 Capitol. We can't I ESG Venture Capital firm that were Donald Trump Juniors. Gonna and and we were actually probably the first and only entity ever to talk about 89 capital and what one of the things we couldn't get over is that they were kind of giving up the game in their title of their company, right? 1789 would suggest a pre Women of color that lgbtq Zeitgeist, right? No one existed, but man, with white Christian men Empower, right? When I'm going through like the, you know, the slide, you know, like when I'm looking back through the family slideshow at slideshow night, I remember 1789, really fondly, there was an a single black. Oh yeah. Destiny name yourself. That is just not to mention the fact that it was founded by a guy named Omar Malik, right? That's the same one. Yes. And and the only Malik Omid Malik, that's his name in their write-up and this is what we made fun of over a year ago go find the show we made fun of this over a year ago how to find it. Yeah. What we made fun of was the fact that it says that they want to create a parallel economy for the anti-woke basically. They were like you know what the economy that we talk about, loving so much, the free market economy that's turned into this thing. That is the free market economy. Turns out we don't like it that much. So we're going to make up over with women and people cars because there's way too many brown people and women and gays in this economy. We're gonna make a parallel one with much less of them. That's just like, 1789. I remember when I woke up this morning and loaded my musket with a, with a lead ball. So I am all in on this. I like that Donald Trump. Junior is joining. I like that, he's, he's basically. Right. This is the right place for him. Let's be honest. If you want to make America great again. Yes. You gotta have a time that you was great to make again, so I like that. They just told us 1789. That's what I believe slavery. Legal against me, this is zero. This doesn't surprise me and then the last surprise me that he can invest. I don't think he can do that. But yeah, the last headline, this category is that Trump picks Liberty, Energy CEO, and oklo board member Chris Wright, as Energy Secretary. So, Liberty, Energy is a oilfield services company with a minus 13%. Gender gap in Oklahoma is actually a nuclear energy company, whose chair and director and 6% owner is open ai's, Sam Altman of all people. So that's fine. You how's this picture surprised? You know, this is like this is like Greg Goff joining On know, but this is a little like, Rex Tillerman. Who was the Exxon CEO ellerson Tillerson? Who's chosen by Trump the first time around? Yes. Who ended up was hating Trump because Trump was a giant idiot because he was a moron. I'm a kid. I'm not kidding. At least that was like a massive Energy company. Yes, this one feels like they're fighting their dumpster diving for CEOs. Now, right, thing, we've learned well companies, one thing we've learned and I don't there's no one that covers corporations and people more actively than us that couldn't be. But if the name Liberty isn't the title, the company's not so serious. Oh yeah. We've learned. You know what? That's a really good point. I wonder if he went even past that for the choice, he was like, we take the CEO of any company as a patriotic name and does oil. And then, they were like Liberty, oil done. Perfect, perfect. This doesn't surprise brother. You're keeping track of all my scores, right? This is important. Yes, of course. Why don't we wrap up this show? I got one more finally, here's the headline, China's KFC and Pizza Hut CEO said she spent hours watching her customers eat of all things. No, no Joey. What is her name? She said that she Stakes out. Yum China restaurant and spends two to three hours. Watching people eat. Oh, and that time leads to new product. I have you been in a KFC recently? Are you kidding me? Do I look you? Imagine spending two to three hours, it. Just even sitting there without watching people eat. Can you imagine just spending that much time there? And anyway, she says that this leads to Innovation like KFC. China is new. Mashed potato burger. Oh no no no no, no, no, no, okay. Let me get to the question before you before you respond. All this, what surprises you? The most The fact that yum China Holdings has a positive 10% gender influence Gap, led by CEO Joey wah a woman and composition committee chair another woman Jenny Zhang or that China's KFC and Pizza Hut CEO. Joey watt spends two to three hours. Watching people eat which one surprised you wow. Okay I'm glad you say this one for last. This is by far the tough. This is the most important one. Yeah. Like I actually want to ask Joey what, how often she says? She's RFK Jr. Eating at a cable. China. Important question. Yeah, because the mashed potato Burger does sound like his bag. A definite. It has to be. Oh, man. This one. Look, I'm pouring this up because we look at data all the time. You don't, you just don't see. You don't really see any companies unless their family owned and this is not family owned. This is a this is a the influence of this company is spread out very evenly. You don't see companies from China or Asia, really that matched this profile, where there's a positive, 10%, gender influence Gap. I just don't understand how so, if you're listening to this you don't know what we're talking about. Basically if you take the percentage of women on the board and you take the percentage of power that those women have as measured by their roles and how much money they have at stake and how they got their in their connections and all that stuff. That is the power Gap. So if you got 10% women on the board and they have 20% of the power. Then that's a plus 10%, which is highly unusual unfortunately. Yeah, usually on average, what you see is a minus 6 to 12%, well like the parent company, you are like yum China's parent company. Yum brands which where their gender influence Gap is negative 8%, right? So so, ah, wow, this is this is hard surprised. You the most CEOs that watch people, eat and discussing fast food restaurants or a positive gender guy. I'm gonna go with their correct answers to positive gender gap and that's real. That's the intelligent answer you because I will be fair to Joey what having spent some time in non-us fast food restaurants. They tend to be cleaner. They're a lot nicer. Yeah, it's not as gross and experience growth like she could probably have a laptop there. Yes, his wife they're like, civilized there. Wow. That was by far Big Show the greatest headline show you've ever put together who goes from 1789 Capital to Yum. China. CEO watching her customers, eat in less than five minutes. Nobody know what I really like to know is how many hours John junior is gonna have to watch people from 1789? How many, how many hours a week do you think he's really gonna be spending in the offices of 1789? I'm sure there every single. I actually think they're gonna have to ask him to go do something else. Just gonna move it. That's his car. We are free float, not to be confused with our spots, our free flow analytics, which is why you get every data point about a director individual directors, you can ask who behind the company and you can find it on for analytics.com. So go do that. We'll be back on Friday with another show until then goodbye.