Transcript
Horror. It's Friday and we are live. This is already the data. Queen joined by analy this whole matte. Lizardi and hazelnut Rollins. Yeah. Those last time he had hazelnut coffee. Okay so I don't know if I announced this but I went to Target and I bought a really rancid bag of his hazelnut coffee, right? And every Friday for some absurd reason, I I make the hazelnut coffee, although it's so bad that now I only do like a third of my cup as the hazelnut because it's so terrible but it's it's in there right now. I'm enjoying a little bit of Target hazelnut coffee. Yes very woke up amazing part about that is you're the only one. Who knows the difference. You tell us all. It was so proud of myself. No, I'm like, I'm bizarrely proud. It's your nickname. It makes sense. I know right? And so it's a dumb nickname has makes me just sound like the moron that I am. So Yeah, that's correct. I feel like I better live up to it. On today's Friday, when we cover wrap up, we're talking about Tesla, I do, never not, I need a 1314. Well, I'm certainly not. Oh, I think I am another week of Ari, putting a lot of effort into that you better make me feel good this week. I feel last week, you know, after last week, I don't think I could ever make you feel good. That was really bad. All right, let's do this thing. Let's start out. Story of the week that's you Damien. Well, I hate to start with it, but it's finally over at least Tesla held at shareholder meeting yesterday. Matt, let's just get right to the real story here, Matt. Matt watched it, right? I watched that live now, yesterday afternoon, is it true that Ummat mascardi and us free flow. Media free flow. We were mentioned. Yes, we got a shout out. We got a shout out and what the hell? And I would say, I know you didn't think this was like directly about us, but we also got booed, which was indirectly. Yes, it was about us and now because he also mentioned Nell, Wright mention nelman now so Jim mcritchie the great Jim MC Ritchie who files shareholder proposals about like deep governance topics every single year. He actually did a recorded, his was proposal number six and it was about declassifying. The board. He did a recorded, you know, a presentation at the shareholder meeting and which he quoted. Free float proxy countdown. That is where, yeah, people who do shareholder like, people who actually analyze boards and and agms and the shareholder process and governance, that is where they listen. Now, that is amazing. That was the best parole and then they boot Us cars. Look, I'm thrilled that he quoted us. You really Matt? But I there, there are two things that Matt has done. That are just incredibly stupid over the last few years only two really They are one supporting the pay package, the for Elon Musk, and two splitting off the so, the proxy compound is not part of the business pants pocket, it's a separate podcast which means that you actually have to go seek it out and subscribe to it. I don't know why. That was Matt's brilliant idea, but it was. So if you, if you're not subscribed to it, please subscribe to it. Comes out weekly. It it really is full of incredible analysis and information. It's a labor of love, jimikki is right to love it because it's great. I'm just gonna say it's great. It is I look I it is the right to it. It is the analysis that we wanted to do when we were analysts and we were talking to each other. It's like the Deep dive analysis and the debates that we would actually have. The reason why it's separated is because it's like serious. It's like it's for like more serious. Minded people like we make little jokes here and there, but for the most part, it's serious. And else's unlike this was all serious, it's clouded by our terrible personality. Okay, so the vote Tesla is obviously gloating. It usually takes like two or three days to get these results. Tesla almost immediately published these results with the SEC. I did a little bit of the math because let's be, let's be real here. Uh yes, pretty much everything that Elon wanted one everything. But It, but it hides the real story at Tesla, which is a lot of the tests, a lot of the Tesla shareholders, actually hate Elon, and everything he's up to. So, so one of the things that I did is I did the proper math and I deleted the musk votes, right? Because a lot of these things had a huge bump because of Elon and Kimball. So why? Yes. Insipid elon's brother? Kimball musk was reelected only A 21% said, no, when you remove the musk votes, it's actually 26% said, no, that's a high number. Same with James Murdoch, when you remove the musk bow 39% of shareholders. Hate James Murdoch, that's huge. When you remove the musk vote 31%, said no, to read, domestication to Texas. 42 percent, said no, to the devil level musk PA. That's what I'm renaming. It devil level musk pay as far as jimikki goes. His declassification share the proposal passed for 503%. Last remove musk. Got 65% said, yes, so I have more numbers in this regard, but the takeaway here is not just simply that, yes, musk one. But really unlike all of the dozens of companies that were covering and I highlight them, every week in the proxy countdown. This actually represents a very angry engaged shareholder base to actually does not like the CEO. Does not like the board because relatively speaking, these are all basically losses. Well, so I'm not going to front run my section on this because we will come back to it. But I have a new term. For what we're seeing. What we're still saw Boeing. What we saw at Exxon and now what we see Tesla and its de-facto dual class, these are defacto dual-class companies, they're not dual class. But we'll we'll do it in a minute. Well let's go to the assshole for that second big story of the week. I mean, you know, I, I'm sorry, I'm laughing at this. I don't actually care that. I'm laughing at this. We have hammered on this dude, Forever. This is two years. Yeah, this is the okay. He's the, the Tyson Food. Are he is John R Tyson. He's the son of the current Tyson Foods chair in the former CEO, John H Tyson and the great grandson of company founder. John W, Tyson two years ago, he was arrested for drunkenly ending up in a woman's bed like in the wrong house when he did not know. Somehow he kept his job as CFO because Tyson Foods is okay, with this type of behavior magic now, it's less than two years later, he gets arrested again. Here's the headline. Tyson Food are arrested again and suspended from CFO position two years after he went to sleep in the wrong house. So he's only been suspended. I don't know what that means, but here we go. Back to back to terrible. Speaking of terrible governance, right? You know, he was a family in the board. What are DWI Yeah, and and not only DWI but terrible driving. He was like, he was like speeding, he was running into things, but it turns out that actually those two things kind of go hand in hand when you're drunk while driving, you're terrible at it. Yeah, you like you're that you're because you could kill somebody around yourself. Um yeah. I got a question though. First of all, it's yes. He want to re-election and he is won reelection. Yes, of course you did. It's likely that we get, you know, six months from now. A long story about his issues with alcoholism whatever that is like great. But number two do they do what they did. Where was it was it Accenture? What the company that basically had all these accounting issues? It wasn't Accenture, I'm blanking on who it was where they there. What they did was, they took the CFO who was responsible for the accounting issues and they moved to her laterally. Oh yeah, chief of strategy. That's a perfect. Well, Matt here, isn't it? The guys, like 32 years old, he was promoted to see a photo two years ago. After being the chief sustainability, maybe he can go back into that role, right? That's a win for sustainability, baby. So this is what you get a family firms. Is what you get a controlled company is God do was hire him a babysitter. How's that so hard? Two years just about just fire him the first. How about just get rid of? Okay his last name is Tyson. He's got so much money just needs a babysitter. Don't need to be the CFO. Not everybody you've ever given birth to needs to work at your company. That's not the way that works. She doesn't like shame. They're a big story of the week, Elliot investment takes a 1.9 billion dollars they can Southwest Airlines look it's rare that you want to clap for Elliot but good for them. Well here's why I picked this story. I mean I bet that they know what companies are doing class companies and one companies, aren't they? Do they do that reading? Here's why I picked this company a we're talking about Delta Airlines in the proxy town this week. And B, we have essentially cited Southwest Airlines as a perfect Target for the last two years because hey, it's not a control company. So you have access and B. The board is geriatric, there is a there's a current CEO, the former CEO is the chair it all been there since you know, 1924, it's ridiculous. They're skill sets are not are not good for airline company. Whatever we have cited this, as the perfect Target and now it's a Target. So, yeah, so if you Talk to us. We like we have slide decks about this. We give it as a, as a case study to our potential. Jim mcritchie, quotes us come on, so good for Elliot, for finding, one of our decks lying around in a Lobby table and using it as an activist. Well, I love what the CEO saying. Oh, I'm not leaving. Yeah. What really happens at minimum? Can we get rid of the former CEO? Gary. Kelly. Who's the currently, the chair? Like, do we need to see? Oh, South West, Seattle learned. Oh no, leave it. Forth store of the week two Supreme Court rulings. The are about subjects that we talk about here pretty frequently. First, the abortion Bill access is preserved somehow unanimous Supreme Court decision, This medication was used in nearly 2/3 of all abortions in the US last year. So this, at least for now seems like an important decision. Although I heard that there might be trouble coming in the future, but that seems like good news for now and the second thing. This the US Supreme Court decided is it. They actually decided with Starbucks in a union case over fired employees. So, this is the Memphis seven. Yeah, so basically, they're making it more difficult for federal agencies to step in when a company is accused of illegally supressing, labor. So, this concerned, the, the Seven Memphis employees and startups who were fired, essentially for trying to organize. So the Supreme Court 8 to 1 on that one. So that's about it big. Well, just feel like Howard, Schultz somewhere is doing a Victory lap but all so Andy, Jesse and Jeff Bezos. Right? Like, yes and Elon Musk. Basically, this is A wonderful way to make sure billionaires never have to pay or be like, nice to their employees, to one eight to one eight to one. Yeah, well technicalities, I think going on in here. There's always technicalities Matt. That is my fourth third week. The four stories are Tesla shareholder. Vote, the Tyson are rested again, Elliott suspended, actually did a thing this time, come on suspended. Come on. What is suspended? These are pretty good. That's like stay home and get I want to be suspended if it's with pay, I know. I mean and then Supreme Court two big rulings this week. I mean there's only one stop, there's one that overshadows but I wish Tyson had happened on a different week. Just so they can get well, it's weird. I gotta tell you. What's incredible about this we should tutor our own horns. Is that? Okay, let's start with Southwest Airlines. Once I'm going to repeat that, we've, we've been talking about this company for years, this is the board to Target get after it. They sucked, we've been hammering on John our Tyson forever because this is just Shady governance. And this is why we don't believe in these controlled companies and this nonsense, it's not their private companies essentially and and third we got mentioned at the Tesla meeting. So I mean these are three weird Victory let's just be honest yeah I'm gonna go with Tesla. Yeah it's Tesla all the way, that's what it is. All right, moving on. Yeah, moving on. Stupid Tesla voters. Mine are Gonna be correct. The first one already. My? No. No. This is the one I was really excited about. When Damien, brought it up on the Tuesday, show, Canada, repeat. Yeah. Man's 5% of revenue from Netflix Spotify and other streamers like this. Wait, are they gonna take zero Revenue? Know, we know one Watcher, you need to, you need to make 25 million dollars a year first. Oh really, that's it, no comment. Yeah, so this is going to affect in September. And I'm so excited. It's projected to raise 200 million dollars in Annual fees and support local news and local content. So this is great. I can't argue with this I know I know feel good about it about it. Yeah and then number two it doesn't nobody can argue this either the Supreme Court maintained access to abortion pill and unanimous. Well I will say this in the poor, not the poor water on this already but go ahead and go to. I can't go too deeply into this but I did see several articles suggesting that while yes, this is a temporary victory. That this might be setting itself up for some, really heinous decisions in the future. We'll take the temporary Victory right now. Yeah, they throw out a lost a lawsuit yesterday. All nine agreed on something about abortion. And it was basically that the people suing had no standing, which is lame, but whatever. Yeah. And number three, Adults and teens turned to dump. Phones to cut screen. Yes. Well, what does that mean? Well Circle here, I love my friends are listening to record like vinyl. I don't know what that's about. Come on that that you don't know what that's about. What we're just going the lowest Tech possible. I have vinyl from being young, right? So I have it live in those times so I it's not like I went back to find 80 years old Lionel. Was it's a pretty hot item at least in hipster cities. I did. I like so we have to give our kids phones while we don't have to but you're having our kids phones and we have them dumb versions. We Get they were giving our old iPhones, stripped of apps, totally locked down. The only thing they can do is call and text. That's basically they can do. And there's a phone, they just like phone late phone 3, which actually uses e-reader ink, it doesn't even use like A screen and all it does really is calls and texts, and it's like, there's a movement to stop using your stupid phone like to make it less colorful and less even just how the apps like a drug. You know. Yeah, exactly. More like a list of things and you can keep things like texting phone calls, obviously, and also Maps, right? Because a lot of people are get lost. A lot of people don't even know, we're not like which way is North. So if I really, I don't know if I really buy that. I mean, I only started using, you know, consistently using GPS like five to seven years ago. And now, I can't 30 years and now I can't get anywhere. Like, I could get anywhere in Boston, no problem. And now when I go like, I am, like, I am, I am absolutely scared. If I don't have a GPS, how to do anything? So frustrated, with my husband, when we are on road trips, and he can't just read the signs. Yeah, like you know, where we're going, we're going east. We're following the same Interstate. Here comes a merge or something, just look up. All right, there's a solution, man. He's a solution for that. And that's not a dumb phone. You should get a new husband. He uses me as the dumb phone. He's like, are you which way which way? Which, all right. Oh my God. That's so classic marriage. So, classic Road trippin, where the person driving gets mad at the person not driving for anything that they do, like, you get it wrong. You don't say it fast enough. You say too early. You like everything. You're going to do is wrong. Don't worry about it. He is a much better driver but I am way more intelligent. Wow, you hear that. You're an idiot. Why can't you figure out how to drive? Well, I don't understand. Oh no, I can't drive. Well, I just lose interest of so therefore your genre Tyson. All right, so Canada taking five. Percent of the streamers Supreme Court access to women's health care options, and adults and teens going dumb phones. This one's super easy for me, just, I mean, I have to be preserving access to the abortion pill. Oh, that's what you're gonna say. He's not gonna say that. I'm going to say, don't Canada. Oh, did you? Yes, I can. Oh, my session. Just not how the game works. Wow, get a break the time? Yep. Ty is your own? Yeah, we're both wrong. The streamers win. I don't even know what just happened. Now, I'm gonna, I'm gonna say the winner is the Supreme Court. Yeah. All right. Can't bring us down after that good. Goodluck feeling good right now. I can watch this. Here's some data. It's the alliance for Hippocratic medicine which did not have legal standing to bring the case. In fact, here's a quote from Justice Kavanaugh sincere legal moral ideological and policy objections to. How do you say it for my first stone? I've never said, that's it. Exactly. I think the headline that didn't happen being prescribed and used by others, did not meet this threshold of standing to sue, but he also said that He, he empathized sympathized, he basically. Why do we have to, why do we care what he? Well, here's the headline. Abortion pill access is preserve but that headline is false. Because so, the asshole here is the headline writers about this. They calling it a unanimous Supreme Court decision to preserve access to that pill but it's actually unanimous decision that the person who brought the lawsuit wasn't allowed to bring the lawsuit, right. They actually said there are many lawsuits that would have had standing and they could hold on, they're basically creating a, like, a future pathway, right? So, but we need to stop celebrating this, like the headline is wrong? It access to it. They basically said that the morons who sued couldn't Sue that's only said. So it's not that we we still have access to women's health care that. Like the Supreme Court is saying like, you know, like basically made it impossible for, you know, to stop women from having access to their own Healthcare. They just said, no, no, somebody else needs to sue you wait wait over there. There are other lawsuits coming when they sue. Then we killed that. What's the date? I don't understand. There is the data is just the fact that the headlines false. It's all right. Number two and these have actually more data. Yeah, the first number is 87,000 87,000 dollars. That is the amount of in kind donations including 26,000 dollars of inkind donations for state. Congress, people who voted against the bill Banning saying gay. They don't really get against voted against know, voted for it, right? Like so they gave money to people who wanted to ban saying gay. Well, here's the headline Disney's Feud with the Santa's over and it's donating to Republicans again. Oh, great Disney you fucking assholes. This is proves that the whole thing was always theater. There was never anything about it. That was any, what was he remotely? Real. It was so, it sounds like a little bit too. Is it was the beginning of Bob Iger. Playing a game to get back to the speaking CEO. Bye Bye. Bye by making Bob chapek, look bad by publicly causing a fuss, but not really believe, right? I mean, he didn't really take a side. I didn't really do a thing, right? I'm wondering whether he orchestrated like, 80% of it, right? Because, like, this whole thing now, is so the, you remember how the oversight Board of the Disney District, that the Reedy Creek got replaced by DeSantis with a bunch of, like a guy who believes water can turn you gay in fluoride water turns you get, that's true. I mean, like there's yeah, I mean, he obviously was reading medical journals to come to that conclusion. Oh that same oversight tourism board approved to 17 billion dollar development deal with Disney where they can build even additional Parks, they proved everything Disney wanted and Disney is now donating to them to the Republicans who voted for Banning saying gay in schools. It's nothing. Nothing, so everything's normal. I think that it was I think it was CNBC that had a pretty in-depth reporting on this that outline the the hundreds that doesn't have ways that buyer was kind of chipping away eroding confidence and shapes leadership behind the scenes. And this was one of them, right, because he, he made a statement like on his own without getting permission from Disney without getting permission from. Bob chapek, he he caused a lot of little fires that kind of created a path to him, becoming a boomerang CEO there is, and this was one of them. This is the one of the big ones. I think it's insanity. Is what he didn't care, right? I mean, clearly it was, it was nonsense. It was theater. I mean like, but it was theater such that everyone ended up winning Right? Like I don't know. I don't like what was what I don't we were everyone was so distracted with this question of like woke Disney woke. Now woke whatever that it went to presidential politics. It launched vivek's presidential failed. Presidential bid like DeSantis is failed. Presidential bid all Disney got at 17 billion dollar development deal that it wanted, they're getting the donations that they want in Florida, Tigers back being CEO. Like what was that? We spent two years talking about this. We were talking about Royal Clauses sneaking around Clauses what was it something that? How about something that Bob Iger should be paying attention to? This is a headline. just tagged today, I believe called Disney spending Nearly 50% of parents with young children. Take on debt for theme, park trip. How about that? Yeah, that's scary. That's scary. I mean the whole thing is insane and now it's like, now they're gonna have a new, they're gonna have a new park there, 17 billion dollar park or whatever to get. This is the Whiplash, right? I wonder if Nelson, pelts is part of the conspiracy or he was just like, hey guys, I want I want in on this party. I mean, like he was a party crasher all over it. Ended up rallying tremendous amount of support behind Igor, right? Like shipping away at your creating enemies like having battles and then doing clever things looking clever then going up against even like a billionaire, crushing the billionaire and now you come out the other end and what like you get your, you said 17's to the same politicians who basically what he hated. All right, that's the point. That's the most important and lastly, yeah, I did, I wanted to do this one, you know what it's going to be, okay? But I wanted to do the sort of math. Behind this so that we really understand it. I wanted to know how often family members on the board are together on non-controlled companies in the US. I mean, it can't. It can't be that many, right? I mean, I feel like we've routed. This is one of the advances of the corporate governance. ESG error is rooting out this kind of nonsense, right? I looked at only non-executive directors and I looked at a company is that weren't controlled because there are 24,000 us directors Of the overall 258 are non-executive family relationships, one point, one percent of those directors. One percent actually seems high to me, this seem high but 250 doesn't seem bad out of 24/7. But yeah, it does a lot but I wonder what it was, 20 years ago. Yeah, but go ahead, but I think it can't possibly be that way for large caps. There are 6400 us large kept directors. 27 are not executive or not in control dual-class companies. So point four percent that sounds more reasonable. So then I thought, but like 0.4% seems a little bit more reasonable, meaning is really rare, but it can't possibly be that way at all for Mega cabs. We're talking about the 40s on Tesla is Tesla considered a mega yes Tesla cap how. I don't even know how but go ahead and these are non-controlled. Remember non-controlled, There are 421 directors and always one. One that Kimball not executive. Headline, Tesla shareholders, vote, proposal to elect Kimball look. I, I know there's, you know, there's a cult of Elon over at Tesla, I get it. And, you know, they're like they're, they're handing over this devil level of pay whatever. But Kimball I get that you want to like your, you want to reward your your favorite CEO, Elon but Kimball, why does it test support need? Kimball. So what is he? Bringing. I don't get Kimball gets free Chipotle for everyone. This is only that were true. This is the asshole. Again is investors, and this is where I want to get back to retail investors. De facto dual class know it wasn't retail investors. In fact, Ross Kerber, put out a piece for Reuters today saying that Vanguard actually voted against musk's paying 2018 and for it this year, that's so they threw me. I sent that article to you and I already forgot. I did. Yeah, you're right. They owned seven percent of Tesla Vanguard, but, look, this is what you're getting investors for. Your one, your sample size of one, family member on a board at a mega cap company that isn't controlled. Do we in production is your core skill at 42% of what he brings to the table, 42%. We know if it's not supported Murdoch and musk. Do we know? Well, we don't, we don't know yet. That's only reporting I saw at Reuters. But, like, look, here here is what I'm thinking. Passive investors should not be allowed to vote anymore. That's what I think. I think I'm okay with that. Every, I'll do it Index Fund you. If you are literally saying, we are not going to take a position on like, what assets are in the fund, we're just gonna follow an index or we're not going to take a position against management, then you shouldn't get the right to vote you. Those shares should not count those shares. Should be actually removed from the cap table for the purposes of counting the votes and what you're saying is not so crazy because when you consider that there are 469 Kimball musk, there were 335 million broker non-votes. So I mean, it's not so crazy that what you're saying should happen? Matt on average Black Rock State Street in Vanguard owned, a combined, a roughly 18% of every company in the United States. Wow, that's when you put the three of them together, if you need a majority just doing majority. Math. If you need a majority to pass a proposal or elected director, you actually need 59%, not 50% because those three just side with management every time, right? Like you, you're you're getting into supermajority territory of non defecto dual class owners and at Tesla, When you include insiders who owned about 22% of the stock, you actually needed 85% of shareholders to vote against Kimball. Mus. What what's really crazy to me, too? Is I looked at several the voting polls. He's for some of these institutional holders and the way they define independence is pretty clear and let's not forget that the chanter the Delaware Chancery said that the reason why they struck down that pay deal because this board is simply not independent. They still like, I don't these internal investors. Like, I don't know what they're seeing because at least in this instance, there's already a precedents from the state where the company was incorporated. At the time that says, hey, this board is not fully independent and yet they're still supporting Murdoch and musk. I don't know. There's no way one of those passive. That's the full A Delaware decision, but Matt, it was in all the headlines. Again, I looked at their voting guidelines. If you read the decision though, you could not possibly think that they were independent. You didn't there was like like the if you it's just so egregious, you know? But you also know, anecdotally. First of all, you know, Kimball is elon's brother enough said but James Burdick, we already know, like they're all deep, their friendship goes. So that's the other thing. Kimball got more votes for than James Murdoch. Did the part actually, they don't in the proxy. They say Kimball musk is elon's, brother. They say that in the proxy, maybe that was that it was on page, maybe that 12 under board Independence, do you think that was like, a political vote against the Murdoch family? I don't understand. I do not understand, is he kind of as an independent He know, he is not even counted as independent he doesn't live in elon's house. Well, yes, there is a rule about whether or not you could be independent according to New York Stock Exchange law, your independent. If you don't, if you're not beholden to the person for money like they don't like they're not a, they're not like like the household like dependent. Yeah. Or you live in their house. That's just stupid. This whole thing is so institutional investors and I'm talking to you Black Rock State Street. In Vanguard, you're not real investors you. You're just like you should not be allowed to vote for anything. That's an index fund anymore, you're always is real governance. Is congratulations in the short term I suppose. Although the Tesla stock is actually down 2% today so I don't because it was up for me reasons yesterday because now people are like, oh wait, did we just give like 50 billion dollars of shareholder money that you don't? We just did that? We do that? I don't really know what your game plan. Is long term for all you retail investors. Like I don't really think you understand because, you know, elon's eventually going to the game plan that Elon trained as long as possible, but can't plan is to give me an aneurysm, I suppose. But I don't, I still don't really get it because um, Three years ago it was at a 407 dollars now it's 178 dollars just really split. That's split. Okay well I still don't get it anyway. Well it's probably 30% so yeah. What's your three? The fake headline that abortion has been preserved in the US. Disney For basically two years of brilliant, Kabuki theater. You're a fucking asshole entertainment company. They didn't good job and Tesla shareholders. Not, I don't blame the retail shareholders and I don't blame the musk Brothers. I blame the passive. Index investors Vanguard Blackberry Rocks State Street. Congratulations on, literally destroying the idea of corporate governance. It's weird. I don't, Matt usually makes me really angry and depressed but I don't feel that way this week. Do you? I don't know. These are really Know, I don't feel that way. You know what, we're going in this one. I think, I mean, I am enjoying the Disney show. This is wow. Give us stuff talk about for two years. Thank you. Disney show though, isn't it? Yeah, no I think it's the Irish show. I am now fully a like 10 foil hat guy about Robert. You know what Vanguard voting against the pay, you know, a few years ago and for this time does not compute. Yeah, I'm gonna go in their logic is horrendous, right? I I skimmed over the article. Correct me if I'm wrong. Matt, their logic was that Since he hit the targets. They've changed their minds. But that's that's they said, in 2018, that performance has been good at the company. Even if he hit the targets, that's too much money in 2018, of course can I none of us are talking about that. None of the media is talking about is just the, the, the, the runner way greed here. The, the shifting of wealth, into one crazy massage. Forget the fact that he's a racist massage. That's not even the point. I remember that, but shifting, well, until one person's pocket. There's just something sad about our society at this is what we're supporting. I, I just that's the part that I think we're all just numb to. I don't know why. We're frankly because me while there are headlines about, you know, shareholders at Tesco or angry because they're CEOs, PayPal packages, this year's 10 million dollars, what? Like me. We're okay shifting this absurd amount of wealth that's already been demonstrated by the UN that could solve World poverty. We're okay, putting that into his pocket. The whole thing is to me is just a nightmare capitalism, baby. So what are you voting? I guess it's got to be, just to put a bow on it. Yeah, Tesla Cheryl, let's just move on. It's just like now, let's take our lives. All right. See I can make you upset. Oh, I don't know what happened. I got sugared right at the very end there. I got some cool headlines. Her headlining is this good? Make me laugh. We all doubled but make me cry when she started something. All right, I get started. I love this headline ozempic versus Krispy. Kreme, are you sure it's verses and now, bye. Yeah. Wall Street firm bets. Weight loss drugs. Won't be Donuts sales. I love that. I just love that concept like like like as if those two things are actually like fighting one another like I'm afraid of a Zen pick. Doesn't it make you just feel gross and nauseous and like, you don't want to eat. I just taking it all I know is that like I like the idea of the of like the parents Wall Street analysts are like we think Krispy Kreme will overcome the ozempic wave, right? Like that's literally like saying we think like people who eat donuts, cannot stop eating Donuts, no matter what you do, that's true. I think that's true. I can vouch. I love that. That's a great. That's a great headline and I have a second headline and that is game. Developers says, team can't add dating feature because team has no real life romance experience, wonderful. I love this game developers. That's governance right there. Well, I got someone called they're like, bring in the people with romance experience. I read that and I thought Mark Zuckerberg should have actually said, I can't make a social media app because I don't have friends like I have no social life like if everybody was that self-aware. I mean, he was just trying to eat with him. So, you know, he can do Sam almond say like I shouldn't be running an AI company that might destroy the Earth because I'm not letting their be actual oversight. Well and he doesn't actually know how to program ai go game developer. So there's like two, all right I have two also. Google helpless to stop. Its AI from recommending glue on Pizza. I just loved the Google. What kind of which kind of glue like super glue? I think I just Elmer's like the white glue is it because I did that. Well, I mean good. You could you did in like oh I don't mind that on my pizza. Super glue. Kind of scares me a little bit but is it because like it looks at a picture of pizza and, and like, translate the cheese as Elmer's glue with that. Maybe the fresh fresh. I actually think that there are there are articles on the internet about when they show. I know this is true when they show in a commercial, you know how they show? Yeah, he's a pizza like being picked up and there's like it's not real. They actually do you. Have a name for that. Just people. The food lies. I don't know. Yeah. Yes. Something like that. Yeah, that's not real. You're right, man. But if Google is getting its data, like scraping the internet for it, they would assume that as AI. That that is part of pizza. This is glue and it works. So I love that maybe. This is why Google's new CFO was from Eli, Lilly a pharmaceutical company because of glue sniffing. Is that why? All right. Japan, she let should let married women. Keep names business Lobby says, what does that mean? Tell me in Japan is trying to Lobby the government saying. it will be helpful to women in business if they could keep their own a name. Oh, I mean like they're married names. They're, they're legit legal needs before? They get married because right now cares about women in business. That's a thing. Can you believe it? And I love that the lobby is trying to. I mean, it's the business Lobby, so they have to show like, the business side of it, but the fact that they're trying to change this law by being like this could negatively affect businesses. Yeah. Is the business Lobby, the same as Hobby Lobby, is that the same thing? All right? Minor better. I think I don't usually think are the best headlines the week, but I think both of mine are clear. Winners, Joey Chestnut, who is that? He's competitive eater and like, you guys just know that this is the household, everyone knows everyone. The east coast of Joey Chester, Coney Island here yes Joey Chestnut was kicked out of Nathan's eating contest after he endorsed plant-based hot dogs, This is the real winner. This last headline quote, simulation of keyboard activity and quote leads to firing of Wells. Fargo employees. Yeah, I saw that one simulated keyboard activity. What? What does that mean? I don't understand like that's a How do you pretend type, what you've ever seen? Like those spy movies where they have that like bird with water like that and The Simpsons? Yeah, that's how, you know, that's literally what they're doing. It's simulated. Know, that's it, I don't know. But that's like over, is like over a dozen employees. At Wells. Fargo. Simulating keyboard activity. This is the greatest. Well, this is. This is that's one of those like arrows in the quiver of killing remote work, like, see you don't actually, you know, 12 people, although you use it, I just love everything. Weird always comes out of Wells Fargo. There they the king of weird 12. People if they were in the building they would just jiggle their own mass and not do anything. Well I said people used to tell me back when I worked for over here. Entity I used to work for a corporation, I won't say what it was is that was a Fortune 500 company. People used to admit to me that a they would Like they would schedule, you know, they would send emails late at night just to screw with their boss. Make it seem like they're oh yeah. When they were but also they would like they would jiggle their Mouse to. So it looked like they were online because we did we used to have like a little green light. Keep it on. Yeah. So I guess this stuff is going on constantly, it's all a bunch of fake nonsense. So um, let's just let our a vote for one of her own so that we can choose the real winner. I'm gonna vote for a game developer because first, we want to match. Yeah, I wish he had picked it. I was just I did not like it up because it's headlights. It's not really. Just, I don't know what to do. I mean, I like simulation of keyboard activity. I know you love that idea, but Also like weight loss drugs versus Donuts. Google helpless. All right. Yeah, helpless I like you pick. I'm going glue on Pizza. No, it's helpless to help. We can't do it. AI is doing it itself. It keeps my musicals about, is your reasoning, true. Is that really why? Because they look, I wish I could think of the name of that job of making food. Look good on TV. It's food. Stylist. Food, stylists. They can't control the AI to like it can't make it. Stop from lying. So right, it also lies because nobody cares about this category. I'm just gonna pick ozempic versus all right. Yeah, all right, nobody won because he hold on, I got one with the music. Well, he said nobody won. I got I got defensive. I think somebody won and I think it's Canada. What really? Yep, that's it. Oh, I like taxes. There you go. My, my winner of the week is quite simply maniacal green. But on a lighter, know, the real winner is probably us. I mean, this is our first, and I thought, annual meeting mention, and we didn't just to be clear here. We didn't we, we didn't prompt Mick Ritchie, right? We didn't like, we didn't bag him. All the, I'm not above begging know. He Matt, you were just randomly listening. I had already shut the meeting off because I was triggered immediately but I just couldn't take it. Honestly, Robyn denholm was not a serious person. So I I just had to shut it off, but so I just feel like why not us. Why can't we be the winner of the week? I think that, I think that would be fine. I would agree with your winner more than my winner, but I am going to go with Brothers everywhere, one, all Brothers, all brothers because if Kimball can do it. So can you have a brother, that permanently forgets, you a powerful position on a board? It's actually kind of cute to because James Murdoch is a very famous nepo, baby. So it's kind of cute there. Yeah, everybody's brothers are winning this week. I'm an only child. All right Fiction, come on. Okay, I have a prediction. Go ahead. Where's my music? You don't need a. There's no we don't. We don't sorry. Wow. All right, Apple. Well aquire a dumb phone company. Oh, I like that prediction. I understand ruin it by making it a smartphone. I like that. like, My bridge is at Elon Musk finally reveals. He is the second coming of dot dot. Dot David koresh. Oh, I don't like her name is Tesla. He renames Tessa to the branch elonian. Oh wow, anyone remembers 90s, cold Branch Davidian. Yeah, this is called humor. The only place you'll see here moving to Texas the branch alone, it's because it really Matt is over. I'm sorry, the one takeaway I have from that meeting yesterday other than the fact that we are, we we provide the best analysis anywhere. Sorry now, but she mentioned us first over. Yeah. I was usually best, but the real takeaway is Tesla, is clearly a cult. I mean, there's no other way of describing it. Because again, why do you need to shift that much well into one man's? But what is that? What's so important about just in case? It's a cold. All right. My prediction is after leaving Delaware because now Tesla is Rado messaging to Texas after leaving Delaware, because of some woke judge taking away. Elon's Delaware was never, well, yeah, transfer was never always business friendly. The most one of this is why everyone incorporates their the most business friendly jurisdiction, should know. He's on what you on, thanks a Texas Court. Musk's election to the board. Citing, his woke cowboy hat given that. Yes, he lives in Brooklyn, given that he's a restaurant tour from Brooklyn. Yes, hipster Central. This is all hipsters. He's wearing that cowboy hat and he's, he's awoke dude, from from Brooklyn. I like this man. We are like this removing him from the board for being too woke prompting Elon to then move the company next year to Florida. Oh where he can demand his own special Disney like district with its own Chancery Court. So finally he can escape the rule of law. I like this, we've kind of forgotten that Campbell musk lives in the wildest part of the world, right? That can't be. They're gonna strike that down. I mean, he's definitely listening to like, 2001 LCD, Soundsystem records. There's no doubt in my mind. That that's yellow. That's queen. I am your analyst home at. We are free float. Come back next week. I'm gone all week. I'm back. On Friday, might do a show on Friday. Banging out. How jet lagged. I am where you going. Can you plug what? You're going to London at a super like Secret corporate governance Illuminati conference. Oh, it's secret. It's not invite only. It's like sorry are very small group re though is speaking it green fin, she's not all near and that's not super private, right? Anyone can go to anyone green fan, New York City, she's on a panel with Doug Shaw, the friend of the show, go find Ari in New York City, on what Wednesday you speaking on. Wednesday Tuesday, she speaks on Tuesday. Go find our New York City, don't be weird, but say I love your stuff. Can I buy your data? She'll be there and connect it. Otherwise, don't plan on a proxy countdown list. Damien does one solo, we'll come back Friday, and then back first summer hours,