Transcript
Live. From your ESG, Olive Grove? Finally, somewhere. Nice, a nice Olive Grove. It's a business pants Friday show here at October 11th Studios featuring all of your favorites. That's right. Analysts whole Matt Mascari I'm in all all of everyone's favorites on today's weekly, wrap-up. Shenanigans at Pfizer, the potential end of the Google search Monopoly and bumbling bowling keeps bumbling along. Oh, I love you. Both Boeing. I like that they exist though cuz it's like a Content farm for us. How long are they gonna exist at this rate? Oh, I don't like longer our show today. Everybody free flow, analytics.com. The only platform measuring board power connections at performance for free. I use it every day that I do research in this field, I use it every day. Yeah. You're, you're a power user. I also use msci quite a bit where client of theirs, but I use people analytics.com constantly. Yeah, that's correct. There better. You might want to get right into this. Yeah, just share. I know you've had like, you've had walking pneumonia for like 17. My might my third child is succumbed to pneumonia this week, third child from your seventh wife. My my wife had like, whatever cold turned into pneumonia. I had the same cold, it's been like since the second week of September through now, we've basically each taken a week to feel terrible. So I'm like totally brain-dead, I don't know perfect, this is the perfect. So their show, this is why our company works so let's get this done. Come on. Oh, that's short for you. Yeah, I tried to be concise. I feel like this is a concise week for me. Let's start with the top. Pfizer Pfizer. Okay. Well I don't even know where to begin with. This Pfizer is engaged with a activist fight with starboard. Capitol Wright. Who? Yep. Yeah. This is just Smith and yes. Now since they've invested a billion dollars into the company, now I just learned this morning. That the reason that this came out, it actually came out earlier I think than was anticipated because CEO, Albert borla advisor. Got a blank email in his inbox. He accidentally. They calling a fat fingered for the financial times is calling that he I the former, I think the former CFO At the firm accidentally forwarded, Albert borla, an email that was not intended to him. Laying out, starboard, Capital strategy to. Wow, he's her. It was, I this this thing just keeps changing. So originally, it was just a simple activist campaign and then we and then we heard that former CEO, Ian Reed and former CFO Frank, d'amelio, we're going to be on the side of starboard Capitol fighting against the current, which is what is rare. You don't see that very much special at a company of this size. But then they backtracked almost immediately saying, no, no. We're on borla side. But now, starboard capital is saying, wait, yeah, you're only doing that because they threatened to sue you and Claw, your money. This thing is crazy. This thing is already fun for us. Although thank you Pfizer and Starburst Capital. It goes beyond like go ahead like they basically said, we will, we will sue. You, we're also going to take. They have been not been there since, like, 2018. Like, it's been, like, six years. Well, you can read was, how did he stay, he lingered. I think a bit as a chair. I don't know when he actually stepped down, I can look. Yeah. But we're talking about, we're still years. Like, yeah years, right? Like, and they threatened to take their pay from several years ago away as well. Know, do we know that that's true. That's what the reporting is. The reporting is they they were going to claw back their compensation. They were going to sue them for disparagement. They like all of this stuff and And then starboard was like, whoa. Wait these people, we just interviewed them and just because they don't agree with you and the end the reporting suggests that borla or the executive team was asking for them to back borla. Like so as part of the, you know, we won't do that if you will come out in publicly back borla. So it sounds to me like, like, if the reporting is true. Yeah, this is like the greatest soap opera since Disney. Well, I don't know how long those steps those severns agreements last, I know when I left my Fortune, 500 company there is, I mean there is some kind of language in there that you're not supposed to mess around with stuff. Right. I mean is it possible that that Ian Reid signed something that he's not actually supposed to attack? The current Administration comes? Probably, it's probably true but like that, I, it's a depends on like, when that yeah, when that last. But but honestly, I can't believe you had to sign something. I left the same Fortune 500. Use you. Yeah, I just walked out like nobody cares. They literally, I think they had their eye on me as just being like potential trouble in general. They're just we better make him sign. They literally didn't say like I didn't get like an exit interview. I didn't get anything. I was like some Severance I probably had to sign my life away to get to Severance but there's no NDA, I didn't sign. When I started, you're gonna attack the current board. Then you can join us on a visor, just a little something over there. I love any store with a fat fingered email. I love what an old dude. Like accidentally forwards and email to the CEO of a company. You know, I, I always tell people that the only way to create a draft when you're writing someone is you don't, you don't feel out the two field until you're ready to send it, right. Yeah. That's right. So people just leave it blank and you can't mess around. So if you're trying to, if you try to break up with your husband on email, All, it's just, you know, wait until you're done, the writing the email before you send it to ya. Excellent advice. That's the best advice. You're gonna get all day and I do recommend when you're asking for a divorce to do it over email, not text. Yeah, text is really, really impersonal. So that's if I know you have more from Pfizer later because one of our favorite, you see, Yo, experts is weighed into this already already. I only put this in my section as always the week. Yeah, trigger. You. I just want to hear what you have to say about it. That's all right. Yeah, to, to foreshadow that more precisely, that's a Jeffrey sonnenfeld over it, Yale has already waited in on this already, I have met more than once who's been on the show like three years ago was on. We had a show called woke data and he was interviewed on it so it's not like he's in a known quantity but just to prove that we don't care whether or not we know you and like you he is a nominee for us I give everyone Chance. It's just that when I see, like research, that kind of just makes me feel a little uncomfortable, I just like to call it out. I mean, I would love if people called us out, but I don't think anyone cares. Unfortunately, we're not from, yeah, we would have to have listeners for that. Yeah, that would be so forget that next big story. I, I don't know, this is just the Boeing story that keeps going. I wasn't gonna include this, but because of today's news, I added it. The first headline is that the Boeing strike has no end in sight, right? Yeah. And then I was wondering Victory after declaring. That's true. An early victory for the new CEO, right? This is the coldest bushy is mission accomplished Diaz, Union battle ever. And then there's a headline that said, the Boeing would be the biggest ever us Fallen Angel, if cut to junk, what's that term fall? In Angel just means a giant company that became it was. It was rating top investment grade and fell to junk. It would be the largest company in US history to have done that. and now that It worse Boeing has decided to file. This is just, this is reporting from the morning, Boeing is filing. Unfair. Labor practice charge against the Striking Union. Yeah. Why why? Why would you do that? Why would you piss them off even more? I don't get claiming, they didn't take the initial proposal. Seriously, that's what they're claiming. That's what they're claiming, except that you push that you bowing that your management over the last 20 years, has put the union into the one of the strongest negotiating stance is in the history of of, like labor. I mean, that's on you, that's on you simultaneously. Like, in order to do that, they had to put the company in one of the worst positions. So like, yeah. Now they're now they're claiming they negotiated in bad faith, but would you do this now? Why would you piss them off? I don't get this strategy, I don't know if you're looking around, you're seeing every other Union win. Maybe it's like, I don't know what, I don't know what you're doing. What it's been a month? It's been a month. I don't know what they're doing. All right, the next big story, it just seems big to me, although, these things always kind of get swept under the rug, but Fed slapped TD Bank with 3.1 billion dollars in fines for money. Laundering of fentanyl trafficking and terrorist financing. Holy moly, that's I mean you worked in the sector so you can tell me a bit later if you think that this fine is actually bigger or not. But I want to just read this quote that came out from The financial crimes enforcement now, this is from an agent. From the US government. The vast majority of financial institutions have always partnered with us to protect the Integrity of the US Financial system. TD Bank did the opposite from Fentanyl and narcotics trafficking to terrorist financing. A human trafficking. TD Banks, chronic failures provided fertile ground for a host of Alyssa activity to penetrate our financial system. So according to the the complaints approximately 18 trillion dollars in transaction activity basically went unmonitored by the bank for a period of six years. I just how do these Banks survive? I don't know how. Okay, yeah, go ahead. I'm gonna contact you on please because and I don't know what the reasoning but this is I mean I'm talking about like 10 years ago when I was a financial sector Analyst at seven years ago. I guess, financial sector analysts. Looking at exactly this kind of stuff HSBC got for trafficking for the Mexican drug cartels. There's been a number of these kind of cases over the years. a lot of them have to do with like tax evasion or some sort of, you know, cartels the fact is, U.S enforcement seems to only do this to foreign Banks. This doesn't happen, Okay? So TD Bank is a weird one, so the TDS Canadian, okay. But TD Bank itself is American know but but Toronto Dominion owns TD Bank, you're right. Yes, TD Bank operates in North America and America banks operate in North America because they have to clear the US dollar. That's usually what foreign Banks do. So they all have clearance in the US dollar. So what tends to happen is the US enforcement agencies use that clearance dollar meaning every day, you settle all your transactions, and you need a monetary system to do it, and they choose the dollar because it's relatively stable, right? So, they settle. If you settle in the US Dollars, then the US enforcement agents can call you up and be like, we can suspend your ability to settle in US dollars. So, this is really, really that only banks that I've ever seen that have been like cartel's and and now fentanyl trafficking and terrorist Financing have been foreign Bank Standard Chartered HSBC. Now, TD, I've not seen this happen often or ever in my memory with the US banks. Are you suggesting that mean? The US banks are good at this? That's what I'm saying. Are you suggesting that that they may be doing it as well? It's just that we're only targeted. It's unclear, but all I know is that all of the major finds, get for this, get dulled out to foreign Banks, which makes no sense that only foreign Banks would be doing this right? Like, because the US banks are everywhere too. Like oh no, I don't want to know, TD Bank, all this unmonitored crap is going on in their system, right? How come how where are the billion dollar finds going to Mark Zuckerberg for all the unmonitored going on, like really win. When are we gonna get to that point? Is what I want. Yeah well so one of the things that they would find banks for a lot especially like Standard Charter got hit by this. I think BNP Paribas got a 9 billion dollar. Are fine for this. That was stripping identification off of transactions so that they could do, you know like with sanctioned countries like Iran or Russia now or they'd strip out IDs and they'd be able to settle the transactions and it's unmonitored in that way. Nobody's actually watching it. I mean, I guess is like, I'm like going strictly off the headline here. My guess is there's some version of that happening at TD and 18, trillion and activity, sounds like a lot, but there is no version of that for social media. There's no like transaction ID. There is. No, like, can you do business with this person? And that's the problem, and it's a problem. It's gonna get worse because I'm I didn't include it in this in this show. But so remember their France, the French government went after telegram, right? Paw Patrol the CEO over there because basically telegram was hosting the world's neo-nazis, right? So the reporting now is the Neo Nazis have left telegram so I guess. Thank you, French government. But they've jumped to another. Yeah service. That's even worse. That there's no right? There's no identifiers anywhere. Like they're proud of the fact that you can't trace anybody to anything. I just don't get how this stuff is allowed to exist. It's it's terrible, it's terrifying. But anyway and that that leads into feeds into my last or the week and I don't know what this is big. Maybe this is already been reported on, so forgive me if this is like old news, but Hindenburg research has another Target. This time, it's Roblox Roblox, the kids game, the headline is bombshell report claims Roblox is a pedophile hellscape. Oh whatever you whatever you write hellscape. Yeah, it's already or it's already a problem. So Hindenburg research accused in the company of over inflating its user metrics and fostering an unsafe environment for underage users. We have more reporting on this that we're gonna cover next in next week's show. As I have a, I have Actually a quiz that covers a lot of what's going on at roadblocks. A lot of their management Etc. But this is one of the big stories of the week. I thought, well, I got some more analysts in the week, too, on Roblox on Roblox so. So, but I, so my options here for story of the week. Yeah. Our Pfizer Boeing TD Banks, fine and roadblocks, pedophile. I'm where no one gets in trouble. Right. Because why? Because I don't know why, why would why? And, and to be, let's be clear. The roadblocks is controlled by essentially, one man and his brother and his brother. Yeah, brother's forgive me for forgetting, his name. What's my boss lousy or buzzell out? Yes, this is, this is I I should be penalized. You should buzz me for not knowing the name on our shows, David David bushouki besuki, see, nailed it. So, so the government US Government Federal task force, whoever is involved in this. In these cases, I'll make it easy for you. Don't worry about Roblox, just go just knock on the door of the bushouki household and and questioned him about that pedophile hellscape. Okay. That's right. Yeah, it is much easier that way. That's right. Because he could have the whole company through because his class be sure to worth 20 votes per share. That's why the answer here though. Is since there's nobody voted against me is a Roblox for sure. Okay, no I just going to be ongoing and yeah, that's kind of like funny in that like activist crazy drama way. It's fun for us, but the report by Hindenburg is absolutely insane. And I don't mean like the all the the weirdest part is they go through like two thirds of the report is about like these metrics about how like they're inflating, their users, they're inflating engagement numbers, they're incentivizing Engineers badly around engagement and like all of that stuff and how basically but they're lying to investors, that's their case for shorting roadblocks but then they kind of tack on at the end PS this is all so a pedophile and that's the most damning crazy part of this correct me from wrong. But in Hindenburg research has had a pretty good track record with this stuff, right? I mean they come out with some outrageous stuff but they don't really get a lot of pushback because they're often pretty accurate with their reporting, right? With their got pushed back from the company. Get push back. Oh yes. But I'm sure just somewhere as writing. Something about how the brothers Roblox Just on. Well, I'll tell you how creepy it is that I in doing my research on the company yesterday I just stumbled upon. Okay, so the CEO is David bushouki and his brother. Greg bushouki is is also one of the controlling founders of the company, right? I stumbled on Greg's Roblox web page. I'll call it. It's his it's his avatars character. Yeah, and I gotta tell you, if this is a 59 year old man, right? I'm already looking at this thinking, like, is this a child? Like, what is this? Because, because I never really thought of the fact that, yeah, there are adult men who are who have these look like children. I couldn't even tell about the co-founder was a child or a man. It's like, yeah, how, but, how are kids on this platform? Supposed to figure out, who is who? When everyone looks the same, everyone looks like a stupid pixelated robot or whatever, but yeah. Kids, if the name of the spirit is like sex ticks, 69 just it could be, it could be Greg but she is Roblox. Roblox is a story of the week which gets us to me. No bullets. No. It's both of us good list. I tried it. I tried to focus goodly as this week by giving us each two headlines, but I see you're already cheating. So no, no, it's I good list. You start us off, look the bigger goodly, the the big looking one in the copy, here is I think women are slightly winning. They're winning a little bit more this week. Please tell me. Here's four headlines from this week, women in Asia are slowly starting to break through historic, barriers to the top of the corporate world. Okay, well look slowly is the operative word, but we do know that there's more women leading Asian companies than there were like. So that's that's a headline headline. Number two, corporate Dei may be under attack but S&P 500 companies with diverse boards perform better so that reporting. Yeah, that's a thing. They're making more money, that's great. Yeah that comes from. Where's that come from? Elf Beauty, which had that great like too many. Yes Elm. Right? Yeah, a partnered with North Carolina Agricultural and Technical State University believe it or not to release. I don't know that. That's a real place but I still like the story. How about this one, Women's Health startup Maven Clinic closest funding at a 1.7 billion dollar, valuation like that. That's actually some of the one of the stories I chose. Yeah I like that. That's nice and then I saw this one and it just made me smile. You're a girl, the duo taking on the male dominated Plastering world. Yeah, I don't know what that means. Like, actual plaster like yeah, drywall. Like that. Like Plastering this at 10 employees are women and only four percent of onsite construction. Employees are women. And these two women started a company that do Plastering and they show up to all these places in half the time. They're like, you're a girl and one of them, it's a gay couple, but one of the women is a West Point. Graduate. And she said, like immediately people are like discriminating. I don't want to work with you whatever. And then they wiped the floor with them or the plaster with them and then like they get jobs over and over again. I just like a good story of like a breakthrough. And I think about Plastering I was gonna say, I love that. I love this. Sexism can even exist in the world Applause and Plastering, right? Like what? As if the plaster cares, what your genitals are so I thought women are slightly winner, you do one? Uh, on that note the reason why I picked this one is because it's a woman and because I'm looking for any angle to take down, open Ai and anything to get rid of Sam Altman from my future. I'm going for so the headline is AI startup writer. It's a company called writer. Currently fundraising a 2 billion dollar value. The valuation launching a new model to compete with open Ai. And I point this out because writer is led by actually a female CEO, wow, Mary Mary CEO and the ice face. This is unheard of. So I like, again, I'm just rooting for anyone to take down Sam Altman at openai because I I'm just creepy evaluation suggests. It's not quite open, AI status. I have 150 billion evaluation. She'll be determined really, which the Breakthrough AI company will be at this point, right? It's not necessarily open AI. He just gets all the Press. All right, here's another one. And this one is right up, Ari's Ali. If she were here Department of Justice, they actually released their proposal for what to do about Google, their Antico proposal. Yeah, and they proposed big changes that include sharing search data with Rivals, restricting, distribution agreements with browsers. As they know more. Google is the default. They can't pay to be the default. In apple, the campaign to be the default like Mozilla and all those places and possibly breaking up the company or even individual product lines. As in, you have to get rid of the search product and you can keep everything else not gonna happen. I don't know why. This is the first shot across the bow. But what's interesting about it is that they're they are basically going for everything. All they're basically just laying all out and saying you have a basic Monopoly where we're going to break it up. I look I I want to applaud this more, I feel like I I know deep down, I should, I'm just so fixated on breaking up like the Facebook Facebook. Yeah, I just don't get not to mention that everything. I keep reading is saying that on its own Google Search now, monopolies waning like people are, you know, young because everyone's just looked searching music tiktok. Exactly exactly. They're using other other like vehicles to get their information. So, but I look, I'll support this for you. Fine. It's nice. It's nice. It's I thought it was look, it was a hard good for good. It was a hard week for good. How about, right? I took a different point of view. I took the re kind of tongue and cheek one on this one. I just like this is good because finally, someone honest on LinkedIn. I guess, I see an honest CEO, the CEO of disgraced crypto firm. FTX actually announced his prison stint on LinkedIn. This is Ryan salame. The former coaster CEO FTX digital markets, he said on LinkedIn. I'm happy to share that. I'm starting a new position as inmate at FCI. Cumberland. Oh, look at you. Um, can we that's right, can we talk for a second about LinkedIn? LinkedIn is the only social media place that I'm remotely closely with you, I do anything else but I do go and look at my notifications I like very rarely I post occasionally but I, yeah, but it was more. Yeah, that's the thing. Like, if I'm, if I wanted this company to be more successful, I'm supposed to be posting all these two. Yeah, I'm not posting really at all relative to that but I am really tired everyone on my LinkedIn feed. It's a picture of them speaking at a conference and talking about how wonderful it's always wonderful or or putting up something like that, their company did. That is wonderful and it's all fake. I've been to all your conferences. I have been a lot of conversation. They're not so wonderful. Yeah, the muffins are like stale from the get-go like it's not. Yeah, it's not that I don't understand like No one really goes to a conference and gets Insight. Stop. Talking about wonderful insights. There are no wonderful people. Happy, a conferences are the people who have horrible home Lives who just want to leave home. Yeah, that's what makes them wonderful. Yeah, or just like a clinically, clinically extroverted people, who just like need. They just need affirmation from everybody around them. I find myself. I went to a bunch of conferences during climate week and I find myself like sitting in the audience just doing feeling like not only people, not really saying anything. Well, that's you, might, you're like highlighting some problems and saying, nothing like you don't say anything. Well, I started this company, right? Just we wanted to actually speak truth to things, but but it's like I often find that like everything's in the abstract like there's no one responsible for these problems. So like I was that talking and it's like it's like somebody who works at like an oil company talking about About the climate transition and you just want to raise your hand and be like, you work it in oil company, right? Like like like, like you're not leading the transition and you don't have any products is 0.001% of your revenue and you don't spend any money on this. Why are we listening to you? Like what is this? What do this to me to the other problem I have with? It is just conceptually. I find it difficult because there's there's kind of like the world of media and social and social media. So there's just so much information thrown at you that there's no there's no time to like reflect or pause or like or question or right because everything just keeps moving forward. So quickly that the thing that the thing you heard three hours ago was our nobody cared about Yeah, you know, there are they don't care about it 30 seconds later, exactly. Like it's just like, not too overwhelming. It's too much not to mention that. No one gets held accountable for anything. The reason why we started free flow was to like name people who are accountable for their own performance, right? Good or bad, right? We don't care. If it's good or bad, we just want to know who is the people that have the power and how they perform. It's very, very simple question. Well, because, yeah, we know that in sports, right, like we know this. We are as you're about to point out with the the slide deck created by Jeffree song and his partner over at Yale. Is that is yes, is that there is no room like in our culture or in our field to kind of question the Nuance of what people are presenting, right? There's there's it's just things are stated as fact and then we move on, right? There's no, there's never time to make to react, to things to actually spend some because, you know, when you have a 32 page deck and there's a lot of information Thrown up there. It takes a lot of time to kind of artillery. You have to respond right to read. Yeah, there's a chat. GPT won't do that for you. But I'm saying when you go into a conference and you're presenting to and people are presenting like a 24-page deck with loaded with data, I mean, you don't, you need time to synthesize that and maybe fact check it and maybe get the new one, maybe ask questions about you why methodology worked this way. But this, none of that, every single conference, I'm at it when I raise my hand and and ask it, like a question that challenges some preconception of what's in the like they said, or the data or whatever. Like, I asked the question about, like they talked about the failure of carbon credits and I raise my hand and said, isn't that a isn't there a governance failure? Isn't it? Like the people who create the carbon credits are as much? The problem as the carbon credit market and I was the asshole. Like, I was the one who was like to do that. Why are you doing? Everyone's like looking you like, oh my God, there's always someone who's Asking like some asshole question and it's like, that's off topic or it's not that, and it's like, what where's the conference? There's no real conversation. There is having any real conversation. I think no Solutions either, they just walk problems. The issue to me is that they should be academic exercises, right, where there's a there's a there's a dialectic approach to this, right? But they're not, they're marketing exercise, that's all they are, but they don't, that's right. And that's what and and as we transition to the next category, that's what upsets me about Jeffrey sunfield. The most is that I'm pretty triggering, right? Is that he's not doing it. It's not Earnest academic exercise, right? He he's not using like Earnest research techniques. So, that's what upsets me is that. He's just, he's very slant, is to just like these conferences, everything is very slanted to proving a point of view as opposed to kind of delving in to the subject matter. So you see what, see what happens when just the two of us do? Good least. That was good list of the week. Let's just quickly pick one and move on you. Whatever you pick. I'm just I'm thinking women. I'm just picking women all day long. Let's move on to ask, holy is the week. Oh boy, here we go. Well, you're already. We've already talked about basically all of these. Um, The the first thing is so Jeffrey. Sonnenfeld, here's the details. He put out a fortune article and a slide deck. It's always like for always announces 40 opinions. Although I deck, it's funny is that the fortune calls them opinions, but when you read the article Jeffrey, sonnenfeld calls them objective truth. So what is it? What are they opinions? Are they objective truth? I want to know why a professor at Yale and another professor at Yale are putting out a slide deck, backing a CEO at a company who's under Fire from an activist where they have no stake in either side. I don't understand that the play. It's their breathlessly put out this happened in Norfolk Southern they put these out in days. Like they, they whip these together, like, is there, is there any kind of process to this is it was their fact checking, what was going on here? Well, no, he really, he's Quickly part of the process on page like three, right? Like it's like three pages of like agenda and then like on the first page like content, they show a stock performance from 2020 January 1st, 2023 until today, the stock chart and basically is supposed to show you that there's two types of Pharma companies. There's the ozempic. Eli Lilly Novo Nordisk like the glp-1 makers, who are outpacing the whole market. And then there's everybody else everybody else is basically in a clump at the bottom on that chart from 2023 to today, they include include Most almost every Pharma company including AstraZeneca and Abby. The next page the very next page They add Pfizer to the Chart because they're not in the first chart, they change the date from January 2023 to January 2024 they remove AstraZeneca and AbbVie and then they show, they Circle. Pfizer is quote, unquote, in line with the industry that isn't making glp1 products, right? Help me out here. How is this even conceivable? I mean, I when you told me this, I wanted to think it was an oversight, but how could they manipulate the information this way? I don't, So I'm sure they have a reason, but it's not stated anywhere there, like they could have should be a footnote, but it should change days or you were this or like, yeah, we moved the date because of this, but really is about bolstering the argument, okay? But this is, this is why I'm triggered by by how can you get away with this type of shoddy research? How well, what were the only way here? That's why if they put AstraZeneca and Avi back into chart on the on the next page, fiser is the second worst performer of all of them from January 1st 2024, to now, right? I mean like it's no longer in line Pfizer's at the bottom right and they're working at better. They're working Theory here, initially is starboard, should back off because Pfizer is basically in line with the industry, right, right. And then they follow these charts by referring to their objective. Take they say, quote, They say first of all, they they say this in the presentation or in the Articles saying, yeah, not a racist. Yale, where sun and felt in Tien work awarded borla, the CEO of Pfizer, a legend of leadership award just two years after he was made CEO of 5. This is so 2021, two years, the legend after two years, first of all, like a legend like yeah. Then they say, in the deck, but we have no conflicts of interest that get in the way of offering our independent objective analysis and calling it as we see it. How like in other places we know he's he said he after the Boeing incident in which he sonnenfeld backs, Calhoun saying he's laser focused on governance issues and all of this heat on him is misplaced and you need to keep Calhoun and he wrote a whole article about it and it was great and whatever and he loved. It he said since that he's personal friends with Calhoun and and the five prior CEOs of Boeing them, all personally isn't just the fact that Pfizer, CEO Albert, borla has attended Yale CEO Summits, and was named a Yale Legend of leadership giving an award for that. Isn't that in itself? Like, yeah, it's quality is correct, that's correct. That's searching for me because I was like wait what are you playing with language? Here are you at another like ivy league level of understanding language? I don't understand because you just pointed out the conflict of interest of your reporting. That's right. Yeah and he goes on in the deck to talk about m&a and Acquisitions that has done and like like their drug Pipeline and I looked through all of it, I tried to do it like deep read it. One of the things that stuck out to me is like they say like this is happened to Pfizer before where an activist is come in or investors to come in or the media is come in and said they over. Paid for stuff and then it's worked out for five. This current situation though but he's an example is from 2002. Was an even with the company. So, like that's good. This is what bother me, too. This is why I think you're you're reference to these conferences. Is so valid here. Is that is it? Yes. Is that they do they present this information? Like, it's gospel. Like, since it happened in 2002, it will happen now. And it's like, oh wait, wait, slow down Jeffrey. Like what like, why? Like What does that have to do? Albert borla was not CEO. Then the the drug industry has changed wildly since 2002. Like what are you doing? Like why are you doing two years? 22 years ago, someone said they overpaid for something, right? And it worked so in that deck. So there's no time to slow down and kind of work out the new ones of that. And then I highlighted this one part where he says, but in the article but the Pfizer board, one of the most qualified boards in America. How was that to find? So, there's no patience other than what we're doing here with our data. How do you define the quality? He says, Stars such as Coca-Cola, CEO, James Quincey, State Street, CEO, Cyrus Tara, pull, Tara, Avella. I don't know how to say his last name and FDA commissioner former FDA. Commissioner Scott Gottlieb. So by being a star So maybe attending a yell CEO Summit, maybe winning an award that makes you a star, what makes you a star, what's the star? The data that we have? Because Quincy's in our database as the CEO Coca-Cola I sits on other boards. He has a 0.064 controversies bad. Again that's low that's that is about as low as you can. Possibly get. Got Lieb has a 0.119 for TSR 0.269 for earnings but I think he's only been on the Pfizer board so that's a function of him sitting on the Pfizer board during shit, right? Like he is returned. Nothing. Sure. And Cyrus who's the ex State Street? CEO State Street advisor, CEO sits on two other boards. He actually he's highlighting him as a star except that he was elected in July of 2024. He hasn't made any decisions at Pfizer that would have led us to an activist. Three months later. That guy is not the star that supposed to be like, you know, like Example for how Pfizer thinks he hasn't done anything at fiser, he just joined like a minute ago. More importantly, to me, Mr. Seinfeld, if you're gonna call this objective analysis, you have to Define what it is to be qualified in this context and to be a star. Otherwise you just, you just, you just using words. You just, you just throwing out dumb meaningless Downs. What does it mean you just in case you're curious? Yeah, this data that I just said, is free on our website with a free methodology that outlines all of these very specific algorithms and ways that we determine performance and stars, right? Like we're not making it up, we're passing through data and you can see it all, I'm actually, okay, if Jeffrey Seinfeld, and Steven Tian want to call people stars and call people like the most qualified. I just want to see the objective reasoning behind the decision to say that it's all someone from Yale. Must be listening to our show. Can you just get them to call me or Matt? You can call me anytime. Just call me. Yeah, yeah. I am. I don't care. Just call, just, I just want to know what's going on and I also want to know as Matt pointed out. How could you, how could you release objective research to the public and like, how are you changing? Dates on charts and removing companies like AstraZeneca. And Abby, how do you get away with that? How do you that's the worst part to me? Because it's not so much that I think starboard is right. I don't. Well, that's not. I haven't done that analysis. I don't know if borla's, right, or Pfizer is right or Starburst, right? But I know that I am looking at Professor putting out a presentation, a slide deck defending borla with random just nonsense. Let's bolster my argument date of Cherry Picked data points. That is the opposite of an academic at Yale doing a thing. Exactly. Right? Like that's not what it is. Yeah. So what are you doing? Well, why are you even waiting into this teach it? That's the other question, right? Maybe, Need to be probably because you have lots of buddies who show up at your summit and you give out Awards. I think it's maybe because the last two times he's done this or three times he's done this, it included backing Alan Shaw and Norfolk Southern and his deck was actually in SCC filings supporting Norfolk Southern, which is basically like tantamount to you want to get every CEO to join you at your conference and and get League of Legend Awards or whatever the fuck they're called, you know, what you do? You back every seat with a slide deck for free. When an activist walks in, did the same thing with Calhoun, he's done it with, he did it with Igor, this is like now a thing where he's marketing, the CEOs not the academics or the facts. Well, the last two ones are Specialists. Because remember, he praised elf Dave Calhoun for quote being laser focused on safety. You know, after years of being laser focused on what And Pokemon, I don't even know what that clearly blew up inside unfolded Space, because, you know, Calhoun was quickly removed and the boards being dismantled as it should be and they're still struggling as a company as we just point out, but besides that, the what the real egregious one, is the Allen Shaw one, that's originally triggered me, because he was an anchor Holdings. Yeah, basically yelled at anchor Holdings. Every way possible that he can think of saying, how dare you be smirked, the character of this great man, how dare you personally attack, this great man, right? And then a month later essentially Alan Shaw's fired for for breaking the code of conduct, at, for having an undisclosed relationship, with Chief legal officer. I gotta applaud Stephen, Tiana, Jeffrey, sample. Must have a, they must have paid off their mortgages and B, they must have tenure because I applaud them for keep trotting out this nonsense or that they're not giving up, they're not giving up. I met sonnenfeld. I Like him. Like he's an interesting dude. He's got a lot of experience but this is ridiculous. Just shut your hole. And come on whenever he comes up every time you do these articles, can you? Come on here at least and talk about your research. Here he goes on to CNBC. And he says where nobody doesn't when he was nobody challenges and no one spends the time to actually look at the deck, right? Like that academic exercise is lost right because there's not time in the day for them. Where actual analysts when you actually analysts you get different spots on the show, Jeff, come on. That's number one, right? So really a number one. Well, you wanted. I triggered you. I'm gonna shut up. I'll let you finish your calendar. But speaking of Dave, Calhoun number two on my asshole. The week is Boeing, Boeing is halted talks and they've withdrawn their offer to the union. They had offered a Percent pay increase, and the union wanted 40%, and here's what got me. Yeah. Dave Calhoun on his way, out, the door. Got a 45% increase in his own pay. Yeah. And a 42 million dollar, golden parachute for jumping out of the burning plain. Okay. It's different because he's like, he's probably a star, he's probably Uber qualified, but that's not the real money because his summary pay was 32.8 million and 2023, and his summary and his summary. That's so he got a 45% increase on summary pay, but his actual take home pay was 44.4 Million. So is actual raise. When you look at the acts to take home in 2022 of 15.2 million and the, and the take home in 2023 of 44.4 is a 290% raise and take home. Pay me while the union is asking for a 40%. They're asking for 40%, that's what they want. It Calhoun in his tenure in the last four years, generated negative 11.8 billion negative 4.2 billion, negative 4.9 billion, and -2.2 billion and net income. And he made 13.8 million 1, 2. 6, 0 0, Every time a plane falls out of the sky or they find a screwdriver, inside, a panel of a plane or the door plugs shoots out, which is like a constant occurrence now at Boeing, imagine every time that happens. Dave Calhoun says, we have to be better at safety and then he goes and tours a factory and yells at the employees about the safety rules when it's hit like they're the, the FAA has actually like reported, that management was basically disincentivizing safety. They were the people that people would report to on safety matters where their own bosses which means they wouldn't there's no incentive to do it because you'd probably get fired or you get Negative performance reviews. Like everything about it manifested as a culture of non-safety but Dave Calhoun comes in and yells at the employees. There's no way that a contract is coming up. No one. You do that for four years? Then you handed over to Kelly ortberg with your golden parachute and Tack because investors you fucking more owns. Vote for his pay and vote for him to stay on the board that they did do that. And then you hand the whole thing over to ortberg who's got 21 million in summary, pay for 2025, which is a decrease from Calhoun, so he's getting paid less than Calhoun was. And he doesn't even hasn't even started. And ortberg is in the position where he's like, shit. This company is losing money. Hand over fist the union. Wants more, I can't afford to give them more and do all the other things we need to do. What the hell am I supposed to do? I almost feel bad for heartburn. I almost feel bad for him, but this points out the, the general problem of CEO, at least in America is that they're not incentivized to perform, really right? I mean, he's already getting this PayPal package. What if he just got the median, pay of the median employee and then had a like actual bonus attached to actually doing a thing, right? But really you just get this pay whether you fail or don't as Calhoun. Exemplifies, you get paid whether you fail or don't fail right. Well, ortberg got a cash payment of 1.25 million that he gets. If he stays through December. So he started advisors, that's not performance. He's got four. He gets a million bucks just for staying through December. I don't know, the whole thing is stupid. Um, moving on there, and finally third asshole. Um, it's good thing. We're not doing exhausting us. We're gonna have like a three-hour All right, I'm just gonna start with some data, okay? 95% of teens use Camel, cigarettes 2/3, use Marlboro, Natural Spirit or Pall Malls. More than 50% used camels almost constantly or several times a day. Yeah. And more than half said, it would be hard to give up with a full third. Saying they do it too much but they couldn't quit at all. A third of them said, using a cigarette, had a mostly negative effect on them and 41%, said, their parents didn't care. They cared little or not at all about their cigarette. Use those are some facts except that none of those are cigarettes replace every cigarette with the social media company and that's a Pew research poll from 2023 I'm sure worse than the last year. Yeah, last two years has gotten tremendously worse, they found that 95% of teens used YouTube 95% 2/3. Use tiktok Instagram or SnapChat more than 50% said they used YouTube almost constantly or several times a day. They are full on addicts. My eyes are thinking about this. Yeah, so when Hindenburg research comes out and finds That Roblox is a pedophile landscape Roblox being another, one of these dual-class Tech bro, like video games, slash social media addiction company. It's one man and his brother. It's a man and his brother created his brother Greg. That's hope that kids get addicted to. Now, the reason why I'm talking about kids is all of these are designed to get kids. They're designed to be addiction course of course, but kids are particularly susceptible. We don't give kids camels, right? Because we know they're addictive. It's the same thing with Instagram and tiktok write. The algorithms are created to keep you there as long as possible. This is equally as addictive and here is what Hindenburg research said, okay. They said you already mentioned the user metrics and inflation of that. But this is, these are quotes from hinder. I'm going to read from the Hindenburg report quarter. The problem is Roblox social media. Features allowing pedophiles to efficiently Target. Hundreds of children with no upfront screenings to prevent them from joining the platform. Following years of scandals. We performed our own checks to see if the platform had cleaned up, its act as a test. This is fucking psychotic. We attempted to set up an account under the name, Jeffrey, Epstein. Yeah, only to see the name was taken along with 900 plus variations. Yeah. Many were Jeffrey Epstein fan accounts including Jeff Epstein supporter which earned multiple badges for spending time and kids games. Roblox Jeff Epstein accounts had the usernames. I groomed children grew. Um I grew miners. Yeah I grew miners rather and RAV p e. So rape with a v in it tiny kids j e, these are names of accounts. And what what is the roadblocks point of view here that they they don't they let you do whatever you want. Like in the Roblox where you is we engage we have engaged community and it's safe and, you know, we focus on safety and all that stuff. That's what they say. I won't say it to next week. One of the things I on Earth about roadblocks is they have this this thing called the trust and safety Advisory board. Right? Well that although for some reason the name keeps changing from year to year, one year it was safety Advisory Board. Then it became the trust and safety. It keeps flipped flopping, I don't know why. And then they asked shareholders to learn more about the board, they give you a link and you go to the board. Matt I I went to every link. I went to every part of their website. I went to every part of the of the internet you cannot find the members of the trust, they don't exist. I mean this this is this is like should be scandalous. I mean this is just terrible, oversight, terrible governance. It's it's Terrible. Just Hindenburg Hindenburg, didn't stop there. They just went out and found the names of convicted pedophiles and tried setting up Roblox accounts with those names and found that many of them were already taken with multiple variants and even worse. Despite the company, this is a quote, despite the company's mission to connect a billion users with optimism and civility. They found games inside of Roblox, such as beat up, homeless outside, 711 simulator which had one million visits 15,000 favorites before roblox actually removed it. But this is the problem with the company's, not taking the seriously, right? They had this made up Advisory board that they don't there's no, they don't name the people, they don't tell you who was on the board so to so that they're accountable for first of all but also to check into their backgrounds to see if they're even qualified to be on the sport in the first place. Then? Right then the companies are not taking any of this, seriously, none of it. So, So they don't have you because they're because their shareholders just agree to everything every every year they vote everybody in because because the bushouki brothers have gained the system and they control the vote on everything. So, I don't want to go anymore into it because I know we're gonna cover more on Tuesday. This thing is going to last for a while because this report is seriously scathing, and we knew some of this because we covered it like a year ago when it, when they ipo'd, or do we know this about every social media Network now. But yes, that's the point that's exists everywhere. So, here you're three asshole options. So just rolling Roblox and Roblox, it's Roblox. Oh sorry, it's the bushouki brothers. It's the pursue keep Brothers. Yeah, because the Roblox doesn't exist, that's just them. All right, let's get out of this show, I'm pleased. Now, let's just do headlines of the week. Just say that. No, no, chatter. Just say, move on. Just say control me. No. Come on, we gotta move forward. All right. Say your headline. What's your head? Turkish Airlines flight makes emergency landing at JFK after pilot dies. Oh, Come on all that, you know, we can play about everything at Airlines. That's something the complain about. Come on, come on, stay alive. What do you can't think of a better time making an emergency. I don't make a bet. That's the best time to pick my flight to die. That is, I'm sorry. That's Wow, I like mine better. Anyway, Captain's gender didn't cause ship to sink New Zealand. Minister says I just hate that. We're even having these conversations. That's correct. Thank you forces to have these. That's a good headline that week. Um I have ozempic as this week's winner. You could say it was Epix winning the year, but I saw this headline and realized this is ozempic. This is this is desperation. The headline was McDonald's and Krispy, Kreme, or giving away, free donuts, Krispy Kreme is currently running a, a thing on, October 14th, if you bring in a McDonald's, receipt from that day to a Krispy, Kreme, they will give you a free donuts. Not really free. Then I guess you go to the trash can buy a McDonald's and just fish one out. Could you construct a more? I need a zippy situation, then bring in your McDonald's. Receipt for a free Krispy, Kreme Donuts, I don't get, I did read that, we've kind of Have we reached a Tipping Point in obesity in America as a kind of helped? Like we're actually we've stopped growing or wastelands of stopped growing because of I suppose, well not with this, as a promotional tool, I can't imagine my winner of the week is, very simply Swiss bosses the management, the CEOs, Swiss companies because here's the headline, swis workers. Must clock out for bathroom breaks. Oh, Oh shame. How about this? Shame of that? The shame of like, how much time you spend or just any of you? Let me ask you though like What? If you're an employee isn't the incentive to not like is to like sit on the pot for like an hour because it's like fuck you. I'm just gonna now I'm gonna take my goddamn time. What do you have a coughing attack? Should a coughing, it would be an asthma attack. Should you clock out? If, you know, you're gonna be coughing for like 20 seconds? I, I think if you get up to microwave your tuna fish sandwich, I think you need to clock out. Let's segue. I mean, don't microwave tuna. Fish don't. Let's stick with me in my prediction. Yeah, swis workers. Will start wearing diapers to work? So that I don't like that. They don't want to lose money by clocking out, right? I don't like your prediction now. I have a prediction and I actually I have some audio I tested this after reading this headline, man, learns, he's being dumped via dystopian AI summary of text in which a guy basically had Apple summarized his texts for him and someone died apple and his girlfriend. Him and said, please come get your stuff like we're through so Apple's reading this out to him. Yeah. I imagine my prediction is by 2026 someone sitting at the breakfast table with their wife and their kids, or whatever, or their husband and their kids. Their significant other sitting, in The Breakfast Table says to Alexa. Can you read the summary of their day? And this is what they get. They're going. Good morning, here's what you missed. Your mother has liver failure and is in the hospital but says, you shouldn't visit because you are a horrible child. Also that's rough. Count has been hacked after you visited a pornographic website and search for kick me in the nutsack, your doctor would also like you to know you do have a micro penis and that you can expect more tests results about your foot fungus. Later this afternoon. Your 2 p.m. appointment? Labeled exploring divorce has been canceled. Oh, the weather today is sunny was, right? Yeah. I suggest purchasing the following to brighten your day Will Smith's hitch on VHS or DVD for 17499 for all ages. Great gift hours of mindless entertainment. Multicolored on sale for 12.660 with prime one day delivery. That's okay. That is that is my prediction and I think I'm correct. I think that's gonna happen. I know you're correct. I know that's what, that's why I'm not really laughing because I'm, I'm scared of that. You're sad that says not roll us. I'm your analyst told, Matt mascardi. We are free float. Go to free flow, analytics.com, sign up for free. Go, look at the data over there. Why wouldn't you? Because it's great. Why wouldn't you I'm looking at ROBLOX right now, go get the shareholder private podcast on free float media. It's Mike Levin and Anne Lipton. Doing amazing law, Finance this way better and a proxy countdown. It's coming to you very soon. We're late. But that's all we got till then good. Bye.