Transcript
oh, Yeah. Oh come on. Yeah. I feel it. That's it. That's the show everybody. That would be the best show we ever did live from your ESG, smokeless Peach Pit. It's a business pants Friday show here at September 20th. Lane Studios, featuring one of your favorite analysts whole mattress. Nobody's clapping on today's weekly wrap up. Nike goes back to the future. Chief niler Jamie dimon yells at young people, evil Tech CEOs continue to be evil evil evil. I think the word. Yeah. And directors who love a free ride? Yeah. Wait. Is that limited to just directors? Doesn't everybody love a free ride especially directors in our database. Today's Show is brought to you by free float, analytics.com. Everything you ever wanted to know about who runs public companies all for free. I'm just gonna say that again. Free float analytics.com and to make it even more confusing to make it even more confusing. Go to free flow, LLC. If you want to download any of the data drops that we referenced frequently on these channels, I got a massive data drop for today's show like today is actually today's massive it's already up is the one that with the directors from the industry, the FedEx industry, that one industry know that was like that proxy countdown but like that all Right. You know, we'll get to it later. Come on, let's go into us. So everything we say he's nonsense, facts nonsense. Help me out here. Matt, I struggled this week, maybe you can fill in the gaps. I did pick four stories, but I don't even know if these are the right ones. The first two, I feel good about ready. Nike CEO. John Donahoe is out. Yeah. By kind of a boomerang, Boomerang executive at least company veteran, Elliott Hill, who was Ben, who was at the company for, I think three decades and he he retired in 2020 right about when John Donahoe took over. He's back. How's that for an I'm sorry. We didn't pick you the first time like He's like after 30 years, you don't get the CEO job. A good time. You know what? It's not for me, right? Pandemic. He didn't have to do a journey and 19 and then they call them up four years later and you and they're like, you know, that guy that we. Yeah, we picked, we didn't like him that much. So, Here's what's interesting about this from the perspective of our data, if we flow, analytics.com. So Nike co-founder, Phil Knight said this that he couldn't be more excited. To welcome, Elliot back to the team and that we've got a lot of work to do. Okay, but here's the thing, here's the thing. Yes, we do have a lot of work to do but Phil Knight doesn't actually work at Nike. He's not actually on the board. Oh know what. But this is where we filling all these gaps for you. Because according to our data, his son is on the board and his son holds. 60 believe, it's 64% of influence know, it's 504, 54% of influence and chair. Mark Parker, who used to be the CEO, the executive chair. Mark Parker, he controls 10% of influence of both of them more than the outgoing CEO. So Nike is Phil Knight owns, the majority of the Dual class shares. Phil Knight puts his son, Travis Knight on the board. The old CEO is the current executive chair and he still there, and they rehire, a guy who was there for 30 years as the new CEO, are there any other people other than Phil Knights, like, besties and cousins on the sport? I say this to all you investors out there, all you Stuarts and all you voters and all you peeps who like this kind of data. Look at the companies where are the CEOs, have less influence for then, like the chair, or the founder and maybe Target those tips. That might be a good activist. Good Target, right. Stuff up. You definitely have to be asking the question. Why does the CEO of this company, like, fourth on the list of power? And we see this a lot. We've seen this a lot related to turn over at the CEO. That's the that's The, the big story. The first big story Nike CEO John Donna, who's out the second big story? Kind of a laughable story, but making a lot of headline. Even some of my Dopey friends just texted me this story because they got, they got a kick out of this one 23 in maze in independent board directors, resigned, all of them. They're all gone. I love this all. This is actually one of my favorite stories of the year in response, CEO and will Shiki and right. Not Susie. Yeah. And yeah said in a neat SCC file and she said, I am surprised and disappointed we another we met we will immediately begin identifying independent directors to join the board but here's the problem, it's not a we it's a she she controls half of the voting power at this company because of an insipid dual-class. Share structure where her class B shares. Give her 10 votes per each year. What a concept 10 votes per share? I love being worth 10 times a normal person, that's too. That's how I Define a sheet 23. And she 23. I like I like the I like the wheat. This is actually, I think the story of the week is we? Yeah. Like Stills who run a company say we about They don't run a company, they control the company, they control the company. Yeah. That's right. Yeah. That's the second. Big story. The third story. It could get a little nerdy here but this is this is in our wheelhouse. And maybe this is actually a great Counterpoint to the first two stories. My Massimo CEO. Joe Kiani is ousted from the board after a proxy fight with Palatine Capital. Here's why it's important because they have a single class of equity there where one share equals one vote. So Joe Kiana? Yes. Owned 9% of shares, but only 9% of voting power. So he doesn't actually get to control despite the fact that he founded the company, he doesn't get the control every goddamn thing that happens. Oh, what? So, what's a kind of a good news there, kind of, right? I mean, it's good news for who for us because we're constantly shouting about Duke's share structures. That's true. Yeah. I'm exhausted and the fourth big story three, you're already. Yeah, the fourth one. I don't really know if this relates. It must somehow the Federal Reserve Cuts us interest rates for the first time in four years. Is that count as a story? I don't know. Wow, you're really floundering. Yeah, doing fed Reserve. I don't really know much about this. My only angle on this of course, is the political angle where, where, you know, I'm praying it's gonna help a certain woman. I'm not gonna tell you who I'm voting for, but I'm hoping it's voting. It's gonna help the woman, but I don't know anything beyond that. I mean, I'm sure it's gonna help corporations that we cover. I just don't know how yet look, actually, the thing. It's worse for a rate. Cut is every fucking Jamie. Diamond says, blow hard out there. Why who's been talking about? What the FED should or shouldn't do, which they like, we didn't hit a recession? Like so they tell us every one of them was done. We were going the Next Great Depression is coming. We're all To die because of this thing and it didn't happen. You're right. This is a week payload this week. Did I miss? I would, did I miss anything? Um, no, I like the 23andMe one, just because it's so funny. Yeah, it's a fun story. Just so, you know, Nike shares up 8% on the news that their CEO got shit. Canned um Massimo's shares up, 5%, thanks to the activist 23 and me when a board resigns, negative point zero, three percent. No one cared, no one cares. If you press like three pennies, it's 33 seconds. Yeah. Listen, you mentioned Nike, here's the thing, you mentioned that the Nike guy was shit hand, but can I just tell you one of my pet peeves about the corporate governance world is that despite the fact that he clearly sucks everywhere on the company, kind of hates him. Cheryl's hatam, stakeholders hate him. Even Phil Knight hates him. He's not even fired. He's actually, they're letting him resign, which means he gets to collect all of the equity. All the, all the outstanding Equity is going to vest, he's gonna get millions and millions of dollars. Why why, why why does Charlotte have to pay for him to leave? Like, yes Firearms. Yeah. Well, but, but, you know, by who is giving the quote in the stories, why right? Like, because The only two people quoted from Nike are Mark Parker who's the executive chair? So the chair of the board makes sense to have a quote, but Parker worked with Donahoe. So they were, they must have been friendly and Phil Knight who doesn't work at the company. But is quoted as saying quote, where did it go? Quote it, it's something about how leadership transitions are always hard. Like, you're not a Disney leadership, changes are never easy. They test you, they challenge you but this transition has been handled with remarkable thoughtfulness because we unwavering commitment to Nike says Knight Yeah, I gotta say this is reason number 14000 300 and 25 that you're you should not stack your board committees or your board with former or current CEO is because they're always going to do what's in the best interest of themselves. Which is we can't correct, which is this we can't fire each other. Not get like big golden parachutes. We have to, we have to let each other resign even when we suck, Yeah, there's no golden showers. I might, I might be to this too. I don't know. No, you can't read my choice. There's only one answer here, I think. Yeah, it's 23. Yes, that's what it is. Because look in there. A lot of other stories. There were musk stories. Everybody assassination attempt. All it was like, I don't care. It's just so much, you're not the whole board, you never will get to see an entire board. Resign, yeah, again like it just doesn't happen that it doesn't happen. It's like, that's like, oh, once in a life and let's be clear here. These aren't like, you know, Renegade alternative thinkers that come like academics, or one of them is Neil Moen, who's the current CEO of YouTube, where and sister was just formally and sister Susan passed away recently. But I'm saying, these are people that know each other's what I'm getting at, right? Oh not only do they know each other but the hypocrisy of a board complaining about the voting control by one person when they sit on a dozen, other boards with voting control is held by one person previewing my winner of the week. You're previewing my winner but you're right really because they did, they were upset, they did cite her control, being one of the problems. One of the reason why they're Leaving but they didn't seem to worry about it for the first years of their tenure there. No problem. No, it's not share price went up. They were happy with all suddenly controls. Cool, let's move on. Good list. All right, let's go. Are we doing? We're good list or me. Oh is it you know, I'm gonna wear in the audience here. Matt is really kind of put a dagger into the back of goodly. It's like these these stories. Don't, I don't know what you're doing but these just seem like, all right. So so two of them are really good. Yeah. But and sarcastic are they not are like ironically good in this section. Go ahead. All right. Well the first one will make you feel good. Tyson Foods sued over a missions. Reductions promises. Get behind that. Okay so the environmental working group, they actually allege that they misled customers by labeling beef climate smart. Yeah, that's what actually they were referring to the house. I think is some of the right went to four year accredited universities and got there. So I I think that's true. So they are actually suing, it's great because it's, it's like a line in the sand that says you can't be a big fat fucking liar. You know what this is? This is the reverse. This is reverse engineering of Darren Woods at Exxon. So, so Darren Woods is suing shareholders for putting stuff like this on on the proxy statement, right? Cheryl proposals. So what they're what these people are saying is fine. We won't introduce the shoulder proposal, we'll just sue you for those. I like that right. Like everything you're saying that's great. Um, that's number one. Number two is just funny and it's it's good list for that. I don't know if you're using the category correctly, go ahead Tucker Carlson. Playing nicotine pouch company after deciding Zen is quote not a brand for men. Well, I guess I'm not a real man in the first place because it was the nicotine pouch. It's like it's what the same thing, what put it in your on your like it's chewing tobacco or yeah, it's chewing Taco, but it's, it comes in a little pouch now, like a purse. Yeah. A male purse. It's like a male. So we're just go just get to this quickly. What's he just about? Yeah, he joked on a podcast that by doing, he's been a long time. I mean, these jokes on quote, joked on a podcast are quote, joked on a podcast that it would make your genitals enhance if you're a man and he said that to take the tobacco that he selling. Yeah, the one that he's selling is is like manly. It was you, it was like a dot dot. It will even enhance your genitals like that. The company turns out is owned by Philip Morris. Right? So we're what Zen, okay, so this is just a family horse. Phillip Morris manly the company, not only Not only they sell cigarettes forever and kill people, which is very manly, killing people his manly, but also it's Philip Morris. It's named after a man. I mean, yeah, I mean right argument over but he Philip Morris actually turns out put out a statement that said no. Okay, it does not, it does not enhance your genitals, that's what they this is all weird. It's not like any other and they said they said they had to clarify the fact that they had to clarify is already like pure comedic gold and then Tucker Carlson said, you're a bunch of quote liberal drones Philip Morris and yeah Philip Morris is a bunch of Liberal Liberal Shadow Overland. Yeah. Yeah. Like the we are talking about a tobacco company, right? Liberal drones and claimed that they were donating to Kamala good, they do not donate to anybody, it's actually a company policy and that maybe this would be good for quote your girlfriend or something, because it starts with the letter Z, I don't even know. I don't understand. That means, I don't know what that means, but I look, this is somebody. I love a good story where someone literally says Nothing of substance for like minutes on end? Well, you're just everybody. Everybody just smiled. All right, you just describing the entire anti-walk antique. Antique is she movement? I think it's fabulous. I thought I laughed out loud. I move on. All right. Number three, Jamie dimon. Yeah, it should say says but says tells no. I said tells is better. You think so. Jimmy, John's or scolding? Jamie Diamond tells gen Z to stop wasting its time on tiktok and read books instead. Yes, wow yes, Shannon brilliant. I love it. Did you tell us what kind of books? The phone book. Thank you. Anything by Milton Friedman. Okay, that's fine. I just love the Jamie dimon. Not only, can he not stop weighing in on like Fed rate cuts and unemployment policy and like he weighs in on everything. Now he's literally sitting in an interview saying, you damn kids are on the computers too much read a book and I agree with them. I'm gonna play a sound effect and play a sound like this is the sound. It's not gonna work of all of gen Z listening to Jamie dimon. That's it. That's the song. Nobody cares, finally for an actual good list. So I did this, I booked in. Okay, at the beginning of the end clean up group says, it's on track to eliminate the Great Pacific Garbage Patch. Okay. Is this on track meeting like within 18 months or 2050 Howe on crackers? They're on a track by 2034. They said they're going to get their 20, 30 40. Yeah they're on track. Well get 23. I mean okay Matt call me when they when they put out this quote that they they just saw the last Diet Coke can When they say that, I'm just saying. Look this one is 34 Jesus, this is 79,000 metric. Tons of plastic waste floating in the Pacific Ocean. It's twice the size of Texas. Why can't we two x? Can't we outfit all the Carnival cruises with like a giant garbage disposal on the front of all their ships and just like eat all the plastic as they as they sell around. Why can't they do? I mean, I don't. Well, that would that I think you should go join the nonprofit that's doing that. Okay. You clearly have better ideas than that. Yeah. The sad part about the story is, when you do read the story, they say they're on track, right? But when you read the story, they've gotten rid of 0.5% of it. Oh, that's what that's that's but that's how much there is. Like you can't see what do you expect miracles? They're cleaning, the ocean, the entire position. Is there a plan in progress, that stops the current polluting of Know we just add to it as we go you know what? I remember as a kid. I remember this reading this. Something about the golden. I think it was the Golden Gate Bridge that it take. It took them so long to paint the bridge that by the time that the workers were done they'd have to start over and and paint it again because yeah. Erosion is like a little. Yeah, all right. Well oh this is a tough one. So those are your four Tyson Food suit over a missions, reduction promises Tucker Carlson's, nicotine, pouch jokes, Jamie dimon tells and clean up group on track. I'll just take the easy way out here because I'm, I'm already bored of this cat. I'll just go. I like anything involving Tyson Foods. All right. Well, you know what, it did not say, he was Chief sustainability officer the sea hip the nephew, the grandson, the great grandson, who just got, who was CFO and got fired for, you know, being drunk everywhere and waking up and women's beds and strange woman's beds. He was Chief state Build the officer before he became CFO. I'm pretty sure that that is his climate smart beef. Actually, that's his marketing is actually the ability off very well could timeline actually. Joking about that. Very well, could be. No, I'm not joking. I'm voting for that one because I want to keep alive in our world. All right, I don't think they're going anywhere else exhausting it. Come on. I'm up. Because I have a long one for asshole. It's yeah, I thought would keep your depressing stuff to the end. Although exhausting is pretty. Depressing too, but all depressing, everything's depressing. Well, that's why goodly I want you to find four? Good stories. We gotta get, we gotta get stories. So you gotta find them. All right? I'll pull a good story and you can read them. All right, exhausting us of the week. Of course, I always start. I always put in an Elon Musk story until we get rid of them. This, this one boy. This this, I I read this one. This is from Bloomberg. This was a crazy story Secret Service probing, musk's post about threats to Biden and Harris. And I'm sure most of, you know that after the second attempt against orange guy, Trump the second assassination attempt against him Elon Musk quickly came out with a tweet saying, like, why are we going after basically? Kamala and Biden, right? That's what he said essentially. So I got a question about this. Just clap point of clarification because I read, but it seems like there's differing reports or no one said it straight up. There was no actual assassination attempt. There was a guy waiting in the bushes with Weaponry. Sure. Ready for an assassination you're off if he came closer topic but fine great. I just well it an assassination attempt sounds like attacked. Sure like it's and and I want to be sure because what musk tweeted was someone go basically someone go kill by Biden or Harris. Yeah. Anyone killing them. Right? And that's not forget, this is not like some of your dumb Friends. Matt who really no offense to your friend, they don't have much of a reach on Twitter, they really don't wait. I'm not. First of all I'm not on Twitter really but you're dumb friends. Are I don't have any friends and they don't have a lot of. They don't have a huge reach this. Let's not forget. This guy's megaphone is massive. He's appealing 30 million and he's appealing to mostly degenerate in sell white men, who are scaring the first place. I thought it was Russian Bots. That's mostly. So what are we doing here? I I mean this is this is like the next level scary to me, I don't know. I mean, you don't think that Elon Musk has the capability of actually talking one of these creepy followers into something because he probably does. He has starlink which he can try and galate, where anybody is at any time if he wanted to, if they're using that he has cars which people get in and he can override. And probably I mean like die hard fans, Die Hard fans. Want to conspiracy theory. Is there anything more conspiracy than I hate this? I hate. I hope the Secret Service does something about this. The next thing for does something part is where the fuck is the board? The third, the second exhausting story of the week GOP, woke week advances package of anti-esg bills. Blah, blah, blah, exactly. Come back to this is the dumbest thing. It's so dumb. And finally, the third story which is exhausting and I feel like we're the only ones who seem to care about this stuff. There's actually a headline I'll read. After I read this one that really sums it up. Well, but this is from The New York Times, FTC study finds vast surveillance, surveillance of social media users. So what they're saying is that these big data companies collected, even more data than we already realized. Wow. And you know yes we should be screaming and upset but this this headline kind of sums up our reaction to all this pretty well. This is from Business Insider. Sam Altman may be in his villain error but no one seems to care. I think it's just Like there's so much noise around this that people don't, they don't know how to deal. They don't know how to react, right? And this is why we scream just daily about the fact that these these men, these boys, these college dropouts shouldn't have absolute control of the companies that they're see that they run, right? They shouldn't have absolute voting power over everything. In contrast, it does make. Phil Knights control over your shoes. That's fine. I'm okay with that. I'm okay with that. If we had a great Phil. Yeah. You keep the Air. Jordan, I don't keep it. Yeah. So those are the three exhausting stories of the week. So I have to choose between musk threatening to kill Biden and Harris gop's. Anti-esg bills. What is their second woke week, isn't it didn't we cover what week last year? Yeah, there was woke week over the summer. I was it was it was like woke minute and no one cared. We were the only ones who covered it because they're so stupid and the FTC studying vast surveillance of social media users. It was this week. I didn't even pick this story but Larry Ellison is Larry, Ellison in the one who's just took over Paramount? Yep. Yeah, Larry Ellison of Oracle, quote, unquote, son. Yeah, Larry Ellison. He's all excited because he's telling everyone, that in the future, there'll be a vast AI fueled surveillance system. That's basically going to watch this all constantly, and he thinks will eradicate bad behavior because of this. Oh, yeah, no, that's a great idea. They actually have made, they've made science fiction, dystopian movies about this multiple? Yeah, it is, but he's excited. He's excited about that. Yeah, well, you know, if you're the guy controlling, the AI system, you are the one who's excited. Yeah. This is like, yeah. Another dude who has a disproportionate control of his companies because of dual-class. Voting show class shares. I don't, I hate all of you. Yeah, well that's the idea I think that's oh, man. So I refused to vote for mussels. You shouldn't. Um in fact I worked really hard to not have a musk Story The Asshole. Yeah, nuggets this week, you picked like three musk stories, but I would like to vote for the fourth story, that's not in here. So, I may allow this, I may allow this. So the the, the, the pager explosions, this Israeli attack, they're saying it against Hezbollah. The exhausting thing to me this is going to be the weirdest thing. Is you ever heard? I don't know if I'm gonna like this. Should I put in foil? Have for this comment? No, no. It's just gonna be a weird connection because effectively like um you know pro Israel Israel anti-israel pro has I don't know. Is anybody that anti Hezbollah whatever you are don't really? That's not the point to me. What Israel did if the reports are true. Is they manufactured? Like it was a terrorist attack? Effectively on Hezbollah. But they manufactured over the course has blizzard terrorist organization. Yeah. It's it's terrorist attack on a terrorist organization. It's not it's not it's a state. It's a sovereign state. Everything about it to me is horrible. Yeah I don't like because like little kids like play with my like you know you get you have your phone. There's no show was about but go ahead but here's what here's what I think is Austin. Israel managed if it if it is, in fact true that this is what happened, Israel managed over the course of like a half a decade or more to build. Through a supply chain. Yeah, up these devices that they got in the hands of these particular people. Yeah that And we hear stories, how none of these companies can figure out how to manage their supply chains. When it comes to like climate risk, you're learning. Here you go. Yeah. See that the most exhausting thing I can hear is how complex your supply chain is. You know, how, what's complex getting like 70 people in, you know, fucking Lebanon to buy your pagers that are loaded with explosive. But you know, it's complex. But you've watched James Bond movies. This isn't this how it rolls? I'm just saying, I don't like what you're saying. Pick us. That's not the exhausting story quickly picking. Let's move on. Come on. All right. I pick. I'm gonna pick. I've refused to vote for myself, so it's got to be vast surveillance. Let's go, let's get. That's what it's got to be. All right, let's go on to ask holy ass. Something tells me you're gonna Pick up on a lot of the stores. I've already covered. Well, we're gonna start with the winner of the week. I'm gonna go I won't go back to my old format. Was stayed up front ready. Here's the data. We have access to 10,429 companies in Buffalo analytics, database. That's, that's what we have access to all of our listeners to anyone listening and their friends. If they have friends, they also have access. Yeah, you just go live on, you get it. But in those companies, we found 4,565 of them are tagged as totalitarian company. Meaning, what meaning, those are companies where a single person like a founder or a family or like, they could be a controlled company like the state controls. It, it could be meta play. You know, basically what it means, is one person or two people that have outside influence on the company, they can control. The companies influence of power. Those boards. Of 4,565 companies, 19,872 directors. Art wholly independent, they're not family, they're not Executives. They're not insiders. They could be like friends with the people but they are tagged for all ten cents and purposes as independent directors on those boards 19,800, nearly 20,000 directors. The number of those directors that quit and protest because their Founders were dual-class Founders, and doing something heinous, or they didn't. Like, until yesterday was approximately zero, how do you know how do you know? Well, we know that there was a director at Tesla who quit in protest. That's true. We know that I'm saying whole board a whole board, a whole boarding in protests. Zero. So, the asshole here is hole boards of independent directors, who do not fucking quit but protests of control companies. This is, are you doing? This is slightly, juvenile logic but but they know what they're signing up for. They know the paycheck they're getting they know is just a bunch of nonsense, right? I mean, They're there for free ride. No. Okay, so you have no, they're not doing anything that these boards to be filled with like, local insurance agents and and like Librarians, who don't get paid that much or more than happy to go to 12 meetings, a year and say nothing and just rubber stamp whatever. So, thank Librarians actually, would they probably would push back. You think so a data companies? Yeah. Well you, well, the founder can act the Librarians, that's fine. But these are highly trained like top of their game people like Peggy alphards on on The Meta board. Brad Smith. Who is the he's a, he's at an executive at Microsoft, he is on not one, but two totalitarian boards and free flow analytics data. He's on the Netflix board in the Amazon both of which I just with massive outside shares. That's big comp big for those boards. For directors, he's on two Robin Washington on two, totalitarian boards, sales, force, and alphabet. Like, there are people who are on multiple. These are the people at the top of their game. You don't need the extra cash. You got your sitting on that board for the cashier board. Would have you, you go something like this like like say Amazon, borer. Say what do you think Brad has? What did the founder say again? He said he said blue. Yeah, blue I think it's yeah. I mean like, that's exactly correct. That is like, what is the point of you being that? You should all quit and protest. Notwithstanding the fact that if you are on Meadows board for instance, which is a fakest of fake boards. Marc Andreessen, Andrew Houston, Tracy Travis Peggy Alford, Tony XU, Robert Kemet Nancy killeffer and John arnhold. If you're one of those people and you're listening to this show, get the rest of those people to all quit simultaneously because literally teen depression body dysmorphia destroying elections every possible negative like widescale negative thing that could happen. Has happened because of the company, you sit on and your cool with it. You know, why 23 and me is bored? All quit because the shares were at 30 cents a share, that's why they quit that's why they quit. That's just stupidity, you're all fucking assholes. Wait, so who are the assholes, precise, it's all the three. All the one independent directors, totalitarian boards who have not yet resigned on, not yet resigned in protest. Yes, every one of them, okay, how many companies are talking about? We're talking about 565 copies and 19,800, this might be your biggest like assholes subset. The most assholes singing What else? Also bonus asshole here? Yeah. Um Republican lawmaker. This saw this headline. Republican lawmakers issues warning about far, left, Facebook board, billionaire. John Arnold for left. Yes, right there were left. John. Are there a lot of far left billionaires does anything we find. There's like one or two. Okay occasionally I think all right, here's number two, here's the data. High School only graduates twice as likely to be unemployed as college graduates, okay? If you graduate from high school and that's the highest degree. You twice is like to be on. Employed typical earnings for a bachelor's degree. Holder is 40,000 500 a year, which is 86% higher than if high school was, the highest makes me feel sad for high school graduation, so that number? Yeah. When you adjust it, which the Social Security Agency in the United States adjusted, that number for social demographic data, they found that. It almost it whole. The Gap is a little narrower. Yeah, but it holds right, like you just don't make as much money. Median lifetime earnings are 1.2 million dollars, higher for a bachelor's degree holder. That's seems like an important billion. That's important. Okay, so this is a big fucking deal. Graduating from college, big fucking deal. Yeah, here's your asshole. Say yes, Sam Altman. I know what whatever other dude. Yeah, whatever, whatever. Other Tech Pro fight like fucking asshole, dude. Is saying, dude, just be a billionaire, it's cool. Here's the headline, Sam Altman tells high schoolers dropping out of college. Wasn't a big deal. Wonderful, what a role model? Like like because every one of those high schoolers is gonna go on to create something that destroys the universe and claims that it's for the benefit of mankind and the billionaire and good luck. Getting a job at open AI without a call. Yeah. Like how many people are you hiring? Yeah. What? What? A fucking asshole thing to say, was a big deal? Yeah, he is an asshole. All right, I like that one. Number two, what else number three? All right, number three, let's go back to an old favorite. Oh, there's no data here. This is just a headline, and you already covered it. Roll back ESG to increase, retirement earnings act, the ESG bill. Yeah, that Congress has passed roll back, roll back. It is she to increase retirement? Earnings. Okay, that's right. They're calling it. The retire act. If the globe still exist by the time you retire. Yeah. Roll back, the ignore the BSG. 2 increased retirement. Earnings act retire. Well, retire at clever. Um the guy who wrote or sponsored this bill is pure like minted asshole. His name is Rick Allen. He's a I'm already a rep out of Georgia. Yeah. He happily tried to amend the Constitution to ban gay marriage, why his argument to do. So, was actually just a Bible passage, okay? And he said anyone who voted for it was going to hell. I'm glad he's using facts. He sued with Texas to overturn the 2020 election. Yeah, he was one of the dividers, did she? He failed to disclose his own stockholdings and got censured for it because he just he didn't do that. He is on the Energy and Commerce Committee. So weird that someone on the Energy and Commerce Committee would want to roll back. ESG, his biggest contributors are a local Caterpillar Dealer. Oh, the Koch brothers. Yeah, I flip floppers. Yeah. A lumber company and the national chicken Council. That's that's how many chickens are on the national chicken council. Do we know? I don't know, I don't have a count. It's not in free flow analytics. Okay, do not look for chickens in that. That's a wanna cover the chicken board but mostly the worst thing about this bill, the bill that they proposed is nothing Burger. It's basically a whole bunch of language about like you must consider pecuniary factors, it's no you couldn't. Do ESG data all day long and ignore this, it doesn't change anything with the exception of killing proxy vot Buy paperwork. Okay, here's the passage from the bill quote. Every time you vote a proxy you must quote, maintain a record of any proxy. Vote proxy voting activity or other exercise of a shareholder, right? Including any attempt to influence management. They now want you to keep a document. Every time you talk to management. Every time you talk about a proxy, every analysis that you have, every record of that. And the reason why they want you to do that is because they also added this part in quote, the fiduciary duty to manage shareholder rights opportunity, opportunity to share of stock. Does not require the voting of every proxy or the exercise of every shareholder, right? So what they've said, what this bill is amending used to say, you have a fiduciary duty and that's all really said. Now they're saying you can skip your your right to vote. Yeah. But if you do choose your right to vote, you have to write everything down. You've ever thought about every vote that you're about to take? That's basically what they're, they're trying to kill the shareholders. Yeah, but that's how did you repeat rules. They look killing democracy, killing democracy. Killing for work. They hate building. It's unbelievable. And you know what? We just vote for real. No. All right, those are your three. You got the boards. 19,872 directors, sitting on boards not quitting and that's fine. Sam Altman telling high schoolers, dropping out of college. Do hate that one, big hit that one and Rick Allen. That's oh, there it is. Wow, I didn't expect that. I mean, all right. I mean really just just You, you don't have to vote. Yeah, like that. Take away. You don't have to get that. You don't have to vote. But if you do, be sure you write down everything you've ever done and thought about it. I was just sick of the theater. Okay? Can we? All right, can we wrap this show up? Let's do. Let's, you know what? I'm not even gonna play the music for the last. To like bit here. We're gonna do headlines and predictions. Let's headlines. Let me go first, because I'm sticking on this ESG train. This anti-esg train. This is my headline. I like this one. It's very simple. ESG, is coming for your toilet paper. Oh, do you remember when we had an appearance on this show by Tucker Carlson? Yeah, I think related to talk to her or absolutely Jason. He did a whole episode where he talked about how you were brushing your teeth with wokeness or something didn't wasn't there. So that like this is the same story is that they're angry that someone put out a research paper. Basically like analyzing the the difference is in toilet paper, the manufacturers and their their how they manufacture their their commitments to Clement. Oh all the stuff that you can. Imagine that comes out of these papers. They're angry at that because that they think it means that that people on the left. Basically, want to take your toilet paper away from you. which, which actually, that was basically day two of my training. Msci was, how are we going to concoct a system to get rid of people's toilet paper? What? Yeah, we do. Yeah, we really want people not to use toilet paper anymore. Here's my headline. Real Madrid's 1.9 billion dollar Stadium, cancels all concerts because the music was too loud. I don't know where to go with this one. Like I instead of just turning the music down a little bit, they can't find the volume button. It's just I think it was actually Taylor Swift to killed it too. And I think the last and I it wasn't it was it was this was back in may they haven't had a concert since May. Yeah. Really. This is true. This is true. This is actually, you can play a stupid game but you can't sing a stupid song. That's right. Yeah, kind of depressing? Yeah. Who won the week? I got 23andMe the 23 and more 23andMe directors, the board. We talked about them, a lot, the show for pretending. To look like independent director Heroes. When I as you pointed out, when really all they were doing is they're just mad about the share price. Yeah, it's correct, that's correct. But it's going around that they're gonna there. You know, they're gonna look like kind of folk Heroes for. Yeah, I know, you're not, you're not, but they do win for this this PR move this stunt, they're pulling. In an 8K too. They didn't put out like a press release. This is an 8K that where it came out. It was a letter to the CEO and then they had to get released as an 8K. Really? The winner should be the 8K AK. Yeah. What a great place like you? I wouldn't use, I would agree but I spent so much of my week looking into into hundreds of AKs that I hate the AKA, I had a similar winner except the opposite winner which was and what Jackie? Okay. She in 23. And she is the CEO and founder and dual-class owner. And the she me of 23 and me. Finally, she can conduct a board meeting in just a bathrobe if she wants to there's no more fake listening. There's no more like sitting on your blackberry while Gary talks. Oh my God, this guy won't shut up. He's just gonna do what I say anyway because I got now she can just show up imagine her walking into the boardroom for the first time and it's just crickets and but she has to have board meetings. So she's there by herself. This is it sounds amazing. This is a weird one. We've never had like winners that are diametric opposites. I know I yeah, I don't take this one. You got the people that left and I got the people that are staying. All right, let's go predictions and get the hell out of here you go first cuz mine is a little bit long-winded. All right. Mine is really short my winner or my prediction is John Donna hoe. Now, ex CEO of Nike, newly retired, retired. I'm tired. Yeah, retired retired. He's yeah, he got, he got tired. So now he's retired. He joins the board of 23andMe because he's so used to like over voting Founders and he's got so much time on his hands. Do it. Hey, you're playing that music? I got a pretty good. Know, I know you've got a prediction. It's a little you supposed to play it out. Stay with me here. Okay. Originally I was thinking about Southwest Airlines Target affiliate management, right? I thought this could be a glass Cliff CEO, right? Southwest Airlines, perfect moment for a glass Cliff CEO. It's an activist involved, right? And I just don't like, Southwest is a bit of a dumpster fire. What better? You put a woman in there. She lasts 18 months and you're fire her and then you get a man again. Like I just thought it was a perfect moment for that but then I looked at the I looked at an article called long-term returns of Paul singer's activist targets, okay? They were, they highlighted 15 companies. That Paul singer has Elliott management has targeted and I looked at all 15 of them, This includes companies like Juniper Networks. PayPal, I'll KOA All 15 of them are run by dudes. All of them. Oh no. So It kind of kills my prediction. So I'm gonna just say it's gonna be a man, but I also want to point out that I saw, there was an article in June reported that Paul singer is under scrutiny for gifting conservative Supreme Court Justice Samuel Alito an undisclosed private flight and donating 10 million dollars to Senate, Republicans Super PAC. So I guess I guess my instinct here is off. Paul singing for me a man. It's gonna be at any point. Yeah, it was a good prediction before we get here, drop. All right. My data dropped this week and this is why it's massive Is all of the independent directors on totalitarian boards. Whoa, every single one of them. Wow. Their influence and their performance. You can see it all. It's a lot 19,000, directors, free data dot LLC, free floats. A lot. That's hazelnut Ross. I'm your analyst told him. I'm scared. We are free float. If you like this, go check out, you do proxy countdown. We just covered just covered FedEx, Fred, Smith and FedEx, and FedEx board. We all so, dropped a Wednesday, we dropped older Primacy, which is not us. It's Mike Levin and lifted, but there are, there are two were there under our tutelage? Yes, they are way above our, no, no undertale. So I I know what episode is coming up next next week and the week after that, they are fascinating Fascinating People. You need to That's a serious podcast for serious nerds. Who want to get serious about governing. So go check that out. Otherwise we'll see you next week until then goodbye.