Transcript
Can't wait to change the music. Now that the election is over. Can't we do something why? The music isn't electoral. Maybe it's the music's fall live from your ESG, crying towel. That's actually made by BlackRock actually have a ESG private towel. Yeah. Oh really. It's it's a business pants Friday show here at November 8th featuring analyst Hall. Matt mascard a nobody else. Seemed very muted today. I'm not on today's weekly wrap-up. There it is. A former CEO beats a potential glass, Cliff, CEO, and a bunch of other depressing nonsense. Oh, you just made it to pressing with the first part other depressing. Well, it does, it does kind of aligned with the world that we try to cover here. Dana day out. Our show today is being sponsored by free flow analytics.com. The only platform measuring board power connections and performance for free. Still, the only one and And the exciting news that I keep hearing from all the other incredible people who work here is that we are behind the scenes, we are working on expanding the data available, right? I'll tell you what that is exciting and that is true, the level of data expansion that we are going through right now. There's code running right now, it'll be running for like seven more days. We might. Have mapped every non-profit board. Director to actual Executives and board directors. And then we might be able to expand that into lobbying and all sorts of other records with knowledge. The amount of data that free flow analytics has managed to sort of weave. Yeah, it's pretty impressive. I absolutely whoever they are, they're doing a good job. So my guess is that, for a lot of us, you're either taking two paths in your life, you're gonna quit your, your cushy, you know, office job. And actually go make sure to go make a difference somewhere. Work with refugees, be a teacher, do something like that or you're gonna stick around, you're gonna try to hold someone accountable, you're gonna provide oversight. You're gonna do, you're gonna try to know those Bulls might be far. Well, don't give up. All right, can we just do this? I want to, I want this show over there is some American Bandstand music for you that this for the first time, this music makes sense to me. Luckily, for story of the week, Matt, which is where I'm gonna start the show off. I only have two stories. Yeah, that's the bed. That's honestly, that's the best news of the week so far. The first is just specifically a look at CEOs regarding the election. That occurred this Tuesday here in America, where are you like he who shall not be named? We're not going to let's say the name at all. I think we should see. You don't want to say the name. What am I replacing the name within code name? Voltron Trump, you just don't know. Okay. Well, these are kind of a no particular order, but I'm just throwing you some of the headlines to do with your old world after Trump's victory. So let's start off at the top, Trump's Victory ads record, 64 billion dollars of wealth to the richest, top 10. And I only point that out because as we know that top 10 is basically CEOs or former CEOs, it's like three of the top 10 or not. CEOs, right? Aren't we talking about musk and Zuck and like and it's all eights and CEO types. Yeah. So congratulations middle class you won. Yeah, you won the stock market. You Fork over Trump win. I didn't, I wasn't paying attention to the headlines because I was that depressed, and I also had a very laborious civic duty to attend to this week. I didn't even know that the stock market, it went up 1500 points. What he told me this share, surge increases, Elon musk's Fortune by 26 billion dollars in a day, all, so they saying that Bezos, Sergey Brin, and Bill Gates, also benefit coin. How about this one coin? Base CEO, Brian Armstrong, he suddenly two billion dollars richer hits one trillion dollar market cap. Yeah, it is Wall Street scores political. There's a lot of headlines. Basically, outlining all of the industries and companies that should be happy. Now that Trump won including the banks, they're saying the banks are how about this headline, Tech CEOs, eagerly gravel at the feet of trump. A CEOs, including Sachin, Adela and Sam Altman are lining up to congratulate Donald Trump on his victory. Goldman Sachs CEO congratulates Trump. More of this. No one of those, a lot of us, go ahead. Yeah. I don't know why you're not reading all the headlines that said, like Midwest manufacturers, congratulate Trump and, you know, people teachers at schools in Pennsylvania. Congratulations. Where read those headlines? Now, let's go over them. That's that's the first story, I guess that CEOs are happy. I don't know, they're all they're all on the phone congratulating each other. They're all richer. They just seem happy. I mean, it's a good thing that they didn't endorse Kamala Harris. Otherwise she might have, you know, gotten a little bump and people would have then they couldn't have been as happy. No one, no one would have been so happy. That's the first and second one. This is like a little wrinkle that no one really talks about, but I just want to talk about because, I, I remain persistently, angry, at Big, everything. So, every media special, I just mad at constantly mad at Big Data, CEOs, control their Empires with fake dual shares. They don't actually man babies, but you alluded to this in our pre-production meeting. But just let this headline sink in a little bit. After Trump took the lead election. Deniers went suddenly silent, right? Yeah, baby. Right. But where do? Go silent. They're only one place. There are right talking constantly constantly on social media, right? I mean, this, this is the thing that irritates me, that probably the most out of all this and there was another headline. I saw basically the tech CEOs are gonna have an easy time under Trump just like they did under Biden. Like that was the other takeaway here, is that nothing seems to affect this world of big data and, and social media CEOs, and they just keep getting stronger and more powerful. Elon Musk is the, the main sort of example of this, right? I mean yeah. The worst part about this, the worst part about the second one is that Inevitably. They now can Gaslight you and say because we talked about it so much and we're so Vigilant. That's why. Like it went so well on Tuesday. Sure, not the fact that their guy won on Tuesday. And therefore, now we can, we can just stop talking about remember just about winning, because remember, there was absolutely no evidence to support the cheating. That's right. Either case, there was no evidence and again, the bigger Point here is that you are making these social media CEOs, Rich because you're having this this inane, Fact list. Fight on their platforms, right? So anyway, that's on platforms where they control, what control it is and what is allowed, like, they control their own and oversight Mark, Zuckerberg created and pays his own oversight board that that that's how much The Joke is on us. The joke has been on us for a long time because we spent what, two hours this morning, debriefing and doing like pre-production, which is an inordinate amount of time for us. Usually, we spend about three minutes. We don't like each other's company. But we've spent a long time talking about how no one wants, the Nuance of discussing a board, or who runs a company who benefits from these things. It's much easier to just say economy, bad milk expensive, gas, expensive immigrants coming, right? Like, well, it's much easier to do like these binaries. Well, I, you know, I still those. I don't know if you had the same in your area but the only Trump signs I saw in the Portland Maine area. Where exactly that they said, like higher taxes come alive lower. It was very, very simple. It was left out all of the new ones of course because yeah. And when investors like so investors are like gloriously happy that the stock market Rose, but no one wants even investors, don't want the new. It's a binary right stock? Go up, that's it, that's it. It's upper. Down. But it was going to the security. It's been already been going up on their Biden but yes, I literally no follow-up question with well. Who's actually benefiting the most here? Like is it us with stock go up? Or is it seven man babies? Or is it like who are who are running these companies? Who are our fiduciaries, who all that nuances out the window. So now we're back. Four years of binary. Good bad. Well manly feminine you like tough or weak. Like, at least I fully understand that why? If CEOs are going to play this game of like, courting well, and, and the inequality of well is going to continue to grow day after day. Now, I at least I understand that little all their competition part of their summary compensation table. Where it says they have, they pay them like 10 million dollars for Security Services, I guess, I understand that now. They maybe they need to protect themselves. So I'll front run one of my headlines from this week at the headline was CEOs or clamoring for body. Guards as the world's feels more dangerous to see that. Okay even. Yeah, that's literally a headline that came out. I wonder the election. I wonder why it feels more dangerous to them. I wonder what the people don't have that they want. I mean, it's like, it is when you're net worth, raise goes up by 26 billion dollars in one day. Yeah. And like, there are people who literally like, can't afford health care or food, or it would feel unsafe, you would have to put someone in front of the 26 billion dollars so that nobody can touch it. Right? Like you're afraid. Yeah. Look the story of the week is definitely the rich the inequality yeah, which get richer. because this This election has been a referendum on a number of things. Mostly the underperformance of men, over the last two decades, the outperformance of women. I should say, which is to say getting degrees, getting jobs, getting better jobs and not having men like pick up the slack because, you know, women aren't home to like raise a child in the same way. They were 50 years ago or 100 years ago. And then you've got the CEOs who are the real beneficiaries of all of this. They're the, they're the ones like Trump is one of them. And they win, not you. Not in not guy with excavator in Northern Pennsylvania. They win. They just won by a lot and you can throw out the, the Nuance of this whole talk about the meritocracy, right? Because again, they were correct. They were blaming Kamala for be there. There was saying that Trump is tougher on crime, right? And come like likes criminals and and they're talking about a woman who was the first female doesn't even matter her gender. She's a, she was a DA, and San Francisco. She was the Attorney General of one of the biggest economies in the world and the state of California, she literally fought crime as part of her. That was her part of her resume, her actual job. So forget this. All this talk about the meritocracy. I mean, look going into the election. Every single like, like there were, there were polls and surveys where people would ask, like, is kamla AFL leader and people would say, Trump is tougher than Kamala but then they would say, can you trust or Trump? And it would be, you can trust more than Trump and who's more qualified, it was calm as more qualified when it Came down to it. What the electorate thinks is a narrative. The beneficiaries of what like that narrative, it are are very clearly designed to be like, seven, white guys who run social media and tech companies and run like the industry. So is it is it is the reason why that Hillary fail and Kamala failed. The exact same reason. Why we see the S&P 500 CEOs, stagnating at 6%? Only only 6% of S&P. 500 seat girls are held by women. Is it the exact same problem? I think we just all we just inherently distrust women to lead. Everything, is that it look like the power Gap. Day of the free flow analytics has suggests that, that is 100% the case, even in countries. And we, this is a study we did and we gave to the Danish minister of diversity, which is a thing, of course, it's the thing in Denmark, even even the the study we did shows that even in countries where they set a mandate of like 40% women on the board, They have the largest power gaps. Meaning the women on the board do not have roles, they have less Equity, they have less tenure. They don't know. The people in the room, they're Outsiders on purpose. They consolidate power, with Executives insiders and long tenured male directors. I don't know, like, everywhere in the world, you can't escape it like that. This is the, the status quo is the status quo for a reason. So, yeah, the status quo one here. This isn't a win for like, up ending, something. This is a win for the absolute status quo, that's what it's a win for. So, um, now that we're depressed, can we do goodly? I actually think I, I really, I really shovel the law into my goodly this week, just to make that. Yeah, let's feel good. Let's go good about something. Here we go. All right. Do I get a, do I get transition music? Or should I just go playing now? Let's play now. So Riverside died on you, climate initiatives, farewell across the country, despite National political climate. I mean, This is what's weird about a lot of this stuff and it does speak to your point about an electorate who is unwilling to to vote for a woman who clearly, they trust more because they're still are causes that are considered liberal that are winning in states, that aren't very liberal, like Louisiana. So in Louisiana, they overwhelmingly pass a constitutional amendment. That requires any Revenue, received by the state, from renewable energy production to be deposited into Louisiana's Coastal protection. Restoration fund about measure in South Dakota aimed at easing. The construction of carbon dioxide pipelines with skirts was rejected and in Hawaii, they created a climate resiliency fund, same goes in California, they approved a 10 million dollar Bond measure to boost climate resilience and in state of Washington voters rejected a measure to overturn the Signature climate law. So there's still worth some, some good news there, okay? And I mean, tack onto that, right? The fact that most of the women's health and abortion measures to protect abortion rights passed except for a couple of course except for the the horribly anti. We talk about anti-democratic principles here in the corporate governance world. Yeah. And that same one exists in the State of Florida, where they needed, 60% of Voters to pass to get rid of this, this heinous abortion law. So that means that the minority one because 57% voted right. I think it was minority too. That's like, that's, that's a big gap. That is the same Mark Zuckerberg problem though. But in a different superiority vote, right? Like if you alternative democracy isn't relevant, it exists everywhere. Yeah, that's what that is. That's good. That's some good is Tough where I got some more, the fact that like the inflation reduction act and all the like the subsidies and the spending has gone to like mostly red states that voted in Trump to build renewable energy and infrastructure like so their benefiting the most from this, it should stand to reason that it keeps passing. Well, there was a suggestion that the Democrats were hoping that the electorate would pay attention to to jobs, like those jobs that you said, and that, and that instead of prices and they think that prices seem to have one people were more angry at prices and they were about these jobs coming to their state. It was easier to have no jobs and complaining anyway. So our other good news workers in Missouri have passed, they've actually passed a minimum wage boost. It's currently at 12:30 12 dollars and 30 cents an hour up to 15 dollars by the year 2026. That's seems like a No-brainer, but again like it's a confusing electorate that supports the, the union Busters. But for a way, just not that far, it's good for them. How about this one? This is kind of some, some weird back door. Good news, Nissan is cutting 9,000 jobs, that's not good news, that's not, but the CEO and the executive committee members have already there already reducing their pay. Is there like details in there or new ones? What we do know about most non-us pay packages. It's it's not like, okay in the US. You generally get about a million dollars in salary and 40 million dollars in equity, that's not the case in other countries. It's not certainly not an Asia, so when they are reducing their pay, they're really reducing their pay, right? I mean, that's, that's really a thing. Yeah, the thing that makes me skeptical of this, is that the CEO of Nissan, makoda cheetah. Yeah. Volunteer, yes. That's the part right. Yes. But the good news, to me at least, is that in this same headline? We are. We're combining nuanced. We're, you know, we're saying, look, we're firing people, but then our executives are taking some culpability here. Like, they're reducing their pay. I know that the bigger picture and the bigger stories, much more complicated. But I just like that. I don't know this one, this. And finally, we do have to remind the listening audience here if they're still alive that They were actually was a big win for stakeholders this week. Actually, this I think it was Monday Boeing strike, and after a workers vote, to accept, life-changing wage increase so. Wow, they okay. They originally wanted a 40% Increase right management offered 25%. They they held out and the final agreement gets them to 38%. That's a big, that's a big win, they did get the pension now, write the initial. Okay, ratification bonus, they initially were offered 3,000 dollars. They're ending up with 7,000 dollars. Plus a 5,000 dollar 401k contribution. That's a pretty big win something and no they didn't get there. They didn't get a rollback to the, to the old pension system. But what they did get is that they originally offered a 75% company match on the first 8% of workers contributions. What they're getting is a is a 100% company match. Oh yeah. The first 8% of their contribution. So the thing something they got they yes it wasn't a perfect plan, only 59% of workers passed it. There was some booing in the audience when they announced the right application because of this pension. But there's some big wins here. I mean, let's be Clear. And let's just do a quick tally, right? We've had the UPS, we had Hospital workers. We've had Boeing we've had or that the other one. There were like fast food workers in California, fast, food workers. This is like the most union wins when I was canvassing. I was talking. I talked to a lot of Union people and they were like, you know what, we don't like some of the things, you know, Biden has been doing and I had to say, you know, Biden under Biden, having nothing to do with Biden but under Biden, you've had the most union wins in the last 50. That's nothing to do with Biden. And he's probably the most Pro Union president we've seen in our life. Well, you can't go, it's never one to one, right? Like it's never works like that. So I tried not to inject new ones, but did I accidentally again? It does prove that our American electorate is incredibly sexist because again, Biden wins, right? And and and we there are a lot of To Union voters because of his win, some of what you just pointed out his vice president that he chose runs again basically on the same ticket and she loses by a lot and let's not he won by a lot. So nothing has really changed other than the gender that's about it. So those same Union voters basically rejected her and went for Trump for no, for no reason for. Absolutely. I only have one good. That was all I could muster. I look through a lot of headlines and could only find this one. It is Intel says, it's bringing back free office, coffee to boost morale after a rough year. Wait, they didn't have free coffee that. There's a work. There's a corporation that doesn't give their workers coffee. That's a thing that I think they, they probably have in their headquarters a cafe in the lobby, that you have to pay and three dollars to buy coffee and Intel takes probably 20% of that as part of their, you know, that because they're renting that space out, you know, like, everyone knows that I'm an idiot and I would be a terrible CEO. But the one thing I think I would do is, is give free basically speed free energy boosters to my workers, right? Why would you not give them free coffee? I don't get. I just, I love that headline. That freak if free coffee is back, tell us if you work it Intel and you're like, I'm underpaid I'm overworked. I don't have child care. They're making me, come back to the oh, free coffee. Well, I will say, finally, I used to work at S&P 500 company and I will say that one of the things that we did argue about and complain. A lot about was the quality of the coffee, the free coffee, because it's horrible. It's yeah. But still we did something that we did. We didn't talk about a lot but we did. Talk about the coffee, but you did drink it, right? Oh yeah. All day long. All day long. So I didn't tell, what have they been doing? They've been bringing enormous. It's like, they're not great. That's good. All right, this is good news, this is good, news is a stakeholder win. Just it's like it's it's basically on par with Boeing's Union win. That's basically what it's on par with. All right. Yeah, we're gonna vote on this options are climate initiatives passing workers in. Missouri. Get minimum up. A bumping. Minimum wage. Nissan's weird one. I'm not even gonna know, Boeing strike ends and Intel's free coffee. Well, I would you vote for, I want to say free coffee, but this is this one of your things about reversing stupidity. I mean, it is a little bit, but never should take coffee away. I'm looking for something good. Just look for the good. Just so on. So, I'm not gonna go for that. I'm gonna go for the boring one and I'm gonna go for life. Changing wage increase for the bow. Really? I, so I'm gonna go for climate initiatives. Fairway, good. We have a tie. Nobody let's go on to mine. Oh, no, the week, no way I did not do a lot this week. It was hard. It's been hard to motivate, right? Okay. I'm in the first household of the week is America. Um, well, not all of America be fair. I'm gonna American know, let's just say that we've done this already. We already did this. We did it. We know what happened. It was. Yeah, the pandemic happened. Out was terrible drinking bleach. Yeah, like like I know everybody wants to talk about how the economy was gangbusters. Now Trump has nothing to do. Remember that? I don't know. That was it. He was like charging, like he made it everything more expensive by starting a trade war with China. Yeah. And Rich got richer in the poor got poor. I'm not sure exactly. Where in there. It was great for everybody but we did this already. So America you're fucking asshole. Like you know, get I take objection to that. I'm not a don't load. Don't let me in that. How dare you? Sorry, yeah, we're all lumped in. Okay, number two. And you already talked about this, so we won't have to go into depth on this but CEOs. Yeah. Let's not forget before you get going. Let's not forget that one of the the world's most powerful and famous CEOs, ever, Jamie dimon, JP Morgan and yeah, he one of the few that we think was actually supporting Kamala Harris. He not a few. There were a lot. Okay. But he couldn't even say it out loud. That his wife, his wife was canvassing in Michigan. Good for her. She was knocking on doors. He was too much of a chicken to even say that. He says everything. We know, he says everything all the time and it wasn't just him our folksy folk hero Warren Buffett. That's right. You know like as well, it's true leather wearing, you know, a constant talker Jensen, Wong it in video, they stayed quiet, they don't give an endorsement. They said nothing, they refused and they have rallied for more than 12 billion dollars to add it to their fortunes after the election. Yeah, I mean there were Republican Mega donors. The Uline who we've talked about the show, Before Wisconsin, I believe they were surveying their own employees. To ask them who were, they were going to vote for right? Like Wisconsin went to Trump which is like a not so subtle form of intimidation who's going to answer that survey and be like Hey, I'm voting for The libertarian. I just be like I love the cup free coffee. Thank you. And then Jeff Bezos the ultimate in idiot. Hypocrites. Oh Bezos! Yeah, owns the Washington Post. Wouldn't make an he know he was already would make a door. He told he stepped in which Publishers don't often do and told his editorial board, which is ready to publish its endorsement not to do that, and I don't care if they don't endorse anyone ever again, I don't care if they endorse somebody, it was that they were seven days away from the election with an endorsement written and about to hit the publish button and he stepped in. Yeah, the reason why I do care is that it? Typically speaking, you let your editors make those decisions. Well, that's the point right? His arguments, what like was journalism and needs you know, people don't trust journalism anymore and we need to be neutral about all this stuff you know what's not neutral when the owner walks into the room with all the Professionals and says, by the way, you're not doing that because I don't want to well like that. Yeah, it's also that's the definition of interference. It's also not neutral. When you have social media slash news Enterprises like Twitter or not. Now called X. Where, where they say that Elon Musk is responsible for well, over two billion views about misinformation about the election. Yes. So so you're playing, you're missing great, missing a bigger picture Bezos good, principal stand. Meanwhile, the rest of the world, like Zuckerberg allows misinformation on his platform musk allows that on his like, During this election, too, because he was remember, Trump was threatening to putting him in jail, basically? That's right now their best friend. Their besties wearing a shirt that says, like, like, didn't he write a shirt and like, I don't care forever. So, CEOs Zuck is right about that, because he has all the control of that company. Yeah, CEO. And then, my third option here, Is accountability. Well this is the one the concerns me the most this is the big one to me too. Look It's, it's not bad enough that we didn't vote in this country for a highly qualified. Incredibly intelligent incredibly capable black woman. A black South Asian woman so close. Yeah, it is that We the alternative was someone who's been convicted 30 on 34 felony counts and that by itself isn't really like that that if that wasn't bad enough. Yeah. What we're talking about. As part of like the next four years is effectively a gutting of Environmental social governance data proxy voting rights shareholder rights. There's rumors that Vivek. Ram Swami is in contention for head of the SEC or head of regular, he just We were putting RFK Jr in charge of Health where putting and these are people who you want to talk meritocracy. Zero of them have the qualifications to run the things that they're going to be put in charge of none of the people. The meritocracy is not real and It in a way investors. This is a little bit if not a lot, bit, your fault when we covered last week that the Ohio attorney general and was suing on behalf of Ohio purse, the pension fund Boeing. Yeah, for failure to do their job, when it came to safety a lawsuit, we support a lawsuit that I'm all about. Yeah, but simultaneously, the Ohio, Pension funds vote for the board. 100% 100% votes, like every single director including Calhoun, who was still on the board at the time, There's a disconnect between what you say and accountability. What you're doing. You are not holding anyone accountable to any standard. When we look at knowledge maps of boards. And we realize that the people on the boards generally have no knowledge of the industry's, which they're overseeing, which I've been told by, by people is overrated that they have the knowledge that that concept is overrated. It's not overrated to know what you're doing. It's overrated that a board member has the appropriate knowledge to provide oversight of Company X is that that's what they're saying. I'm just I'm telling you what I've been told. I've been told I've been told that like the braided and told that the board does nothing anyway, overrated meaning that that management is so firmly in control, that it doesn't matter. Is that what they're saying? Overrated in as much as that, you need some general business skills and you need to understand like connection strategy and and that's all you need to make good strategic decisions about the business. Why are we paying them so much money? You, you're asking the right question because we covered in a proxy countdown on an hourly basis per meeting directors. Make as much as CEOs, do they just make it. So then, like an hourly basis, there are already benefiting from this huge world of connections, that's being open to their role of decks is multiplying when they take these board rules. So then why do we pay them? They don't need cash or equity. I mean, forget paying them, why would you pay? Would you would in any other circumstance in your life when you're hiring for like a mid-office manager? Would you say, you know what, you know is not that important? It's who you know like yeah. Like we hung out the other day and had cigarettes, like it's fine, just comment like okay that's how you get Boeing, isn't it? That isn't it like 10 guys who are running a like a company at the highest levels, who don't know how to build the fucking plane. They're not Engineers, they're not like tech people, they're not, you know, scientists they're not they have no knowledge and that is what like Trump and the election and all of these boards that is what Is the largest problem. And now we're gonna have four years where okay, can you imagine a situation in which investors are going to vote out, directors? Now like there is no accountability, accountability is dead. I would like dead things that you know, typically, as these elections go look. I mean, let's if we pull back in and look at the bigger historical picture, this is how elections have gone in America for several decades, right? Like they, they go back and forth between the parties and this is just the way it is, you know? Sure there's none. Happy electorate, they go. They pick the other side. I think mostly electronic doesn't even know anything about Trump or Harris. They just they're that out of it. But the problem is here is that is that usually when say, okay so if the Republicans win this time, then what you're hoping for is that the left will now spend a lot more of its efforts organizing to figure out how to deal with this, but in this limited world that you're speaking of Matt in the corporate world, corporate accountability. Who takes that, who is on that side of organizing to, to hold corporations responsible for anything like, who, who is fighting on that side of things. Forget that forget like, because even when you're talking about the electorate, you're talking about the one position at the very top of the party. Do you know what the incumbent win rate is at for the average election, for senator's Congress and this is global like incumbent win rates. The incumbent win rate average is 95%, which is it, which is right in line with bright with the vote for director is on course. Exactly. Right. We're basically we have deferred accountability because it's too hard there's because or there's some alert, there's some there's still some alert to the human species of once. Someone is in power, the Allure is too great for them to go away from that, right. Like, their their become a protected class, like, like people just don't turn against Power for whatever. Reason we see that all the time in boardrooms, right people once they're appointed to the board by the companies, the investors just say fine, okay? Like They're in power, keep them in power, it should shock us that that, or I guess maybe not Shock us. But that the early 2024 results suggests that 98.5% of us house members, who are up for office, who are incumbents were re-elected and right point nine percent of senatorial candidates write 22, it was 100% of senatorial candidates. I mean, I guess this is nothing new in the sense that for whatever reason we will, we're willing to go back and forth for President. Right there, the parties are kind of they swap. They seem to swap every eight years or so, but we don't but like boards. We don't we don't do any kind of maneuvering. We don't change, we just go with whoever's there. Well I don't I don't we're willing to flip the CEO. And we think that's true. That's true. Yeah. Right to change the CEO, but you are not willing to change the people who are actually supposed to, and I don't know why this is policies around that person. This is the exact reason why I get constantly triggered by Yale Professor Jeffrey. Sonnenfeld. Is that he? He spent every effort, it seems in the media to, basically, kiss CEOs butts, right? I mean, but he doesn't say anything about the boards, and but you're right. Like, I I wonder what is that alignment? All about, why is CEO turnover? So high just like presidential turnover but but why isn't that the same in the senate in the boardroom? I don't understand that. I really the average CEO gets six years and if you're a woman you get more like four, right? Like because your tend to be putting that number is going down. I think overall and investors are impatient with their CEOs. The average director in the United States at a large cap company gets 14 years of Collective tenure across multiple roads knows that meaning they don't because the CEO may lose their job at one place, but they're often on the board someplace else and they don't lose that job. And they're and directors, who are retired CEOs, or just directors at that point, they hold multiple board positions over decades. But you know what? That's in multiple decades. There's also a more Sinister thing going on, which I think inhibits some of what you're talking about which is that CEOs now, have a reason to leave companies early because they're, they're exit packages and then their golden. Hello pack just for the next trip are huge and that is and that is completely protected and enabled by those board members. So this is why probably you see these board members on several companies and they don't leave because they are, they are enabling this system, right? Where the CEO is. Just get paid in amounts of money constantly. I mean, I feel like there's Lot of like Monday morning quarterbacking about why the election went the way did including the Two of Us in pre-production and me at home with my wife and all of our friends trying to figure out like what happened in this election, because it's like, there was a very obvious choice. She, if you are doing meritocracy, there's an obvious choice. Like, but that Monday morning quarterbacking, ignores, the fact that if you whoever you would like to be the CEO, if you ignore everything else, we are incapable of actually measuring accountability structures around these people, we vote for the same people over and over again. Why? Because we recognize their name from the last time. Yeah. And investors may look at the electorate and say the electorate is a bunch of idiotes. The electric doesn't know what they're doing. They have less information, but investors are the ones re-electing, the accountability structures of publicly traded, companies on an annual basis and making all of the same mistakes we get Old that it's too aggressive to vote against a director. It's socially unacceptable. We don't care about directors directors, don't generate Alpha, you know, what's in a matter anyway, you know what, they don't know what they do. They protect your Capital, consider it insurance. And would you hire the exact same insurers when they fail to actually protect your Capital? You seem to do it over and over and over again, at rates that are astronomically High. There's so much money voting for these same people to run the companies rather than saying there is another way to do it. It is not different in the alternative democracy than the actual democracy. So I know the perils are are quite something, right? And this is why I this is why like I think we're the only company has moved away from just reporting simply on the percentage of women. On the boards, we actually report on their the power of the women on the boards, right? And this is why I don't lose focus on. This this horrible number of only 6% of women being CEOs, is that, that exact thing is happening in our, with our electric chair. Exactly. The same. It's yes, there are more women in the in the house and in the Senate, but there they clearly have no power to affect the top, right? I mean there's no if you keep electing and I like I like Nancy Pelosi's, great career, whatever your 84 years old. Like you keep we don't want to nobody knew. There's no one knew and it's not just Nancy Pelosi. It's every one of them. You expect different outcomes with the same people. Every single time. You could flip to see, oh great, the new CEO could come in like, we're looking at Boeing. We're talking about how, you know, like Boeing is finally like, nailed down. It's it's it's the union strike. We changed the CEO. Maybe while half the board is exactly the same, right? Like why do we expect a different outcome? For a company, when you have the exact same accountability structures, for the people who run the company and investors, keep electing them and it's not investors. It's the American public too. We keep electing the same exact people and expect a new outcome. We're disappointed in Democrats because they didn't do what they say. Well, did you vote for the incumbent again, for the seventh time? I what do you? What do you complaining about? It's your choice. You're not holding anyone accountable, it drives me bananas, and to me, it's the underlying story of this the flipped to Trump is not nearly as as interesting to me as the sort of slow, inevitable, death of accountability, because we really don't care. We know one seems to care, you know? Bananas again, as I point up before there is some bizarre alert to, to once you're in power, there's an alert to that power, right? We we refuse, whether it's with these corporate elections or regular old-fashioned, we refused to to Vote against people in power. That's just the ways. You know what America investors. Grow a spine and vote on your shares. I agree with you kind of ability. Yeah, I don't even need to accountability has to be. Yeah. Stability. All right. Move on. Yeah, let's finish the show with headlines and winners and predictions otherwise my head's gonna explode. Yeah. I hate when these shows become political, that's not what we're here for but I think we've done a pretty good job of bridging. I don't prove it as a political idea, it's like a social experience a leadership, it's about leadership. It is about leadership and accountability. As you pointed out the pitfalls of sort of like how we think about what we know the markets have a functional fixation on things being done in. Only one way in the same thing is true of the electorate like it's basically we only can think in one way, we keep putting the same people in charge. We put familiar faces, we're afraid of change. And that's true of investors who say they use all the information and they're willing to let they do like they're different, they're smarter and efficient markets and whatever. But they don't, they don't think about people and they don't think about strategy and in a different way that's the week. This is the one that made me. This one has some like subtext to it, which made me smile? Because it's really, it's refer. I think it's like, it's, it's cheekily ref. Referring to some of the tech Bros like, Jeff Bezos and Elon Musk. But here's the headline, Olivia Rodriguez, you know, the music of Olivia, Rodrigo a little bit. Yeah, my kids like it. Olivia. Rodrigo says she would. Never date a man who wants to go to space. Oh, I know there's ruled out actual astronauts. Yeah, there's some I thought but I don't think she's talking about the I know she's talking about the privileged class that spends their way into space, and I, I just appreciate that. I appreciate her, and I appreciate that. I, I chose something literally like that has nothing to do with anything good because it gave me a break. Here was the headline police warn residents to lock down houses, as dozens of monkeys escaped research facility. Why lockdown? I think a, what are they doing? There, what are gonna do? Are they gonna I think gonna come into your house? What? Yeah, these are to training. They've been training them, to pick locks. Where's this? Where's this? And make America tell this is in South Carolina. There's a there is a research of company that has over 600 monkeys that they use for biomedical research and they do, like, I think I'm on the monkey's side on this one is the funny part. Is, this is the second time it's happened and the last five years, and the monkeys got out and got back last time. But this time over 40, monkeys, escaped, and they're like, Roman somewhere in the area of South Carolina. The police are out with thermal imaging cameras, like, like looking around a trees looking for, like, a monkey moving around. Lindsey Graham too. And lock him up. Oh, that was political. I'm sorry, but mine is definitely a better headline. So, who won the winner? Another totally inane thing. Let's let's get off. I like keeping this a name because I've been no serious cloned. Ferrets won the week. I don't know what that means. If ferrets who they barely know what a fair is, it's like, it's a very long rat. Is that what a ferret is the tubular rats, a cylindrical wrap. Yeah, sure. We'll go with that. Okay. Um, a cloned endangered ferret. These are black-footed ferrets. Gives birth to healthy Offspring. It's funny. When I saw that headline, I thought it said wealthy Offspring. I was like great. These are, this is the first time that a species that was cloned from genetic material by humans. In fact, the genetic material is 35 years old. They they made. Ferris, 35 year, old DNA from black footed ferrets, they made multiple ferrets and about this one. They made it. Look, I'm the winner. It's not only did not put that in goodly. I think you're right. They are the winner though. They are clone ferret. Not only did you get to have sex, but you have Babies, and you were, from DNA, 35 years ago, mine's a bit more serious. I want to honor these two black women who won Senate seats, Angela also, Brooks, and Lisa blunt, Rochester there, representing Maryland, and Delaware. This is the first time in history, I know it's gonna sound sad, but, whatever, I'm gonna honor anyway, this is the first time that there will be two black women in the senate. I, again, a sad paltry number. But hey, it's it's something. It's something. Wait, two black women in the Senate has never happened before. They've only been 12 black people ever to have served in the Senate ever and there are three of them were women ever. So there's so that never before in the history of our country have been two women, so I'm taking this as a win. I'm psyched about it. That's a, I gotta find some Glory somewhere, and of course, that is sad. Of course, here in the East and North East, Delaware and Maryland. So I wouldn't be here anywhere else like us. Well, I my prediction is going to counteract that. So, go ahead. What's your predict? My predictions? Pretty simple. I'll let you wrap up the show. Mine's very simple as that. I think I'm going to be feeling kind of down and depressed for a while. Oh well let's see. Might be the first trick I ever get right right. This must be the first. Let's see what? That's correct. Yeah, got something right? Yeah, all right my prediction. Let's let's get this show off of the show. There was a trump trade that everybody made a lot of money on stocks Bitcoin Macho shares Macho's docs, right? A lot of Caterpillar oil. I actually am. I prediction is that the white man trade is what begins next? What's the investors are going to start targeting black women on boards and voting them out. That's so that one cohort, they actually vote out that we're gonna see an increase in the show you went right from my like, two black women in the center for the first time. That's it for the show. It's a real uplifting show. That's reorganize next week and get back to. Well, this, this is what we did more of this little Matt mascardi. We are free. Floating for accountability. Sounds like people, I'm sorry. Get over it. Yeah, you gotta get angry. Um, so if you didn't catch our proxy countdown show, that's because I'm releasing it today. I talked to sung Hyun Lee who is an activist investor. And we're talking about kt&g, a Korean cup ladies investing about mostly what we talked about is how to think about fours and targeting and stuff like that. He's an interesting cat, but we also really shareholder Primacy, which feature me this week. It's a lot of me this week so go get that until next week. Goodbye.