Transcript
Yeah, you live from the anti-esg. Phone booth on the corner of 27th and Broadway. It's an all-new terrific. Tuesday edition of business pants joined by are the data Queen and analysts whole, Matt mascardi, I was trying to do the same thing. Matt, it's a real picture, it's a real intersection. Where is that? I know Broadway's around the 40s. I don't know where the 20s are. It keeps going down Broadway, goes all the way to the West Hartford office and today is proxy scented lead directer. Oh, I forgot to change that joke from last time called April 30th 2024, the good game and our new, top five list, Throwdown, show, whatever. I don't know, I'm talking about when you say forgot to change that joke. Yeah, that's assumes. It's a joke of some kind. That's somebody remembers. Yeah. Like our show is today is being sponsored by free flow analytics. The only ESG data platform to measure real board influence and diversity power gaps, among a slew of other things that measures but those are two of the highlights that I like, yeah. I mean you don't say TSR Well, director changes that copy anyone in this office is free to change. You know, just nudging. You're the head of creative. I'm nudging. Like acronym. Oh, that's a sponsorship from our small. Oh, that's their, that's their cars. No. It's their car. But are you, they sorry. Hey, do it for the good game music. Do you? That's that's it really, I don't know, I don't know is that we've never had good game music when I hear that music now I think of Caitlin Clark. Oh, I don't think that the women's tournament has that music actually. That's only the men's tournament music, right? Because the women's on yes, even the music remember last year they didn't have like the final four awarding or whatever. No, that's not right, they didn't like that. They didn't have like specific wording to Matt to March Madness, it was just for the men. Well that my man by that could be branded by. I don't know. CBS or Paramount has a new, has a their CEO just got fired. So maybe the whoa, nothing interesting is happening in Paris. Let's go. Good game. I got I feel like I have good 10 good headlines. We'll see for y'all. Lots to talk about today. Let's get going, I'm deeply cynical. We'll start right off with proxy advisors ISS recommends shareholders, vote against BlackRock CEO. Larry Fink's pay Well, really. Ask. coming out against Larry Fink, all the reasoning is a little Yeah. I mean the reason they say is they're recommending against anything that's true. They are something I actually have more ISS later on the show but what are the reasons in the article was that his 27 million dollar PayPal package? This year is higher than the industries median, pay for CEOs. That would make me think to Issa ISS is always recommending, right? Against like above median pay which would be great by me. I would be down for that like that's identifiable. Metric. I'm sorry. This is all Auntie ESG like, like hug. Like they launched ESG skeptic. You actually think this is a pro anti-e issue. Wow. That's exactly what I think you you're you're making a stand that we are ISS. We don't we're not like a blood like the woke Black Rock thing like there is literally no 27 million. They've voted four pay packages this year that were more than that. And well more than if their thing is more than median then they should vote against literally half of the pay, like every page should be voted against, they don't do that. They're not voting against like there's like a reason. This is a big fat zero. This is a big. All right zero. That's like good score, right? What they made. What they world but they made the face of ESG. That's see, that's correct. Yeah, I will take this dog. Whistle sure. What? That's what I thought. I thought we'd be at least be happy that anyone was Voting against CEO. Oh, like, it needs to be for a good reason. It can't be for some like I stupid me. I didn't even think about that angle but you're probably right. You're probably is some weird political fight. All right, next one, this one really is for Mac because I just wanted to hear Matt laugh at this. One sustainability, activists Take Aim At disposable Hotel slippers. Yes, finally. Long time ago who actually uses those. So does anyone actually throw those away? Because I've never used those, I think they throw them away regardless of, that's a problem, but aren't they? You know, aren't they in a plastic bag? Usually, they are. And I take great care where to go to hotels, to not touch too many things so that they can reuse it. But I think they just grab everything and throw it out. Pretty sure. That's correct. I think they just grab it all, Chuck it sorry they take your slimy, catch up packet and they throw it right in the truck. You know, how to have all these. I mean they have a bunch of toiletries in the bathroom but they all have like sewing kids and like yeah. Oldest other, you use that I I don't know, I think it depends on the level of Hotel you're at like, if you're at a like a no offense Holiday Inn. But if you're at a holiday and they're reusing that stuff, oh, holiday and you're not getting. So in kids, That's true. There's no kid available. Come on, is this good? Is this good for the world? Come on. This headline, this is terrible. This oh we're gonna be worse off because this is conversation. I'm gonna give this a three. Wow, I'm gonna give this I like it just I like it because it's such a ridiculously small thing to take aim at. No one's ever talked about. Like literally there's no conversation about like the Mounds of Hotel slippers in, in junk, piles, I want they're not washing up in like A dolphins blowholes isn't that there's what I'm hoping for? I'm hoping for the next Marriott. Proxy statement that there's a shareholder proposal against disposable slippers and that Marriott spends. Three pages like Exxon going off. About how the world is suddenly like anti disposable slipper. I, I'm all for this, mostly for the comedic Niche value of it, but not for the bigger picture. Come on, give me a good number. I'm giving this a seven. All right here, here's the next one, shocked. Now, the reason why I selected this headline is because honestly, I want you to rate the, the, the idea that this is actually now a headline. Now, like, I see these headlines, like, this all the time now, so don't miss rate the headline. We can't accept of the headline, both either one, but I'm just amazed that people are catching up to this concept. Here's the headline, Walmart CEO, made 976 times the median employees pay last year, this is, wow, you know, this is just like a nerdy archaic, CEO pay ratio that's deep in the proxy statement. Wow, fast 10. Right concept or headline 10. Well I'm here. I'm here for the wow. I'm going to give this. I don't think this is Asia, headlines. I think I think this headline comes out a bunch but maybe just in our world recently recently. This headline would be an 11 if they named the Walmart CEO. Exactly. Yes 100%. Yeah. In fact, having mentioned that I'm docking at one, I would have given it at seven now I'm giving it a second. Oh, here we go. All right, let's get to it. Here's the next headline, glass Lewis. Endorses six and core a nominees and in the proxy fight against Norfolk, Southern and just this morning ISS also coming out. Nah. Okay, it's a little bit different. What is this is doing, but they're also supporting six, anchor directors, not the same directors, except like, for instance, John Kasich is on ISS as list, which is already making me think. Like you're kind of ruining the game ISS, like you're gonna come. You know, let's all focus on the same directors so we can get them elected. But the other thing is that they're That glass Lewis is actually recommending a vote against the CEO Alan Shaw at North Carolina ISS is not doing that. But anyway, I want you. Yeah. Yeah it's pretty unusual. It is kind of unusually. Yeah, I want you to raise this whole last thing and Isis is like two. The glass Lewis did more of a thing there. Much more aggressive stance and Isis doesn't want to be left behind both of them. Copied our thing because he came out first on proxy countdown with a really detailed. In fact, they're they're going for more Ankara directors than we did. We only went for three but we picked three to vote against on the Norfolk Southern board, one of whom was Alan Shaw, the CEO and chair and are just what we we wanted to vote against both CEO and chair and just said, get rid of the power structure, you don't need to flip the CEO, you can get rid of the power structure and let the board. Have some Independents. They're going a bit farther, but we were better reason. Did how many times did ISS say that? This would probably be good for the company. Maybe probably like 13 times. Yeah. That sounds right. Perhaps. What do you think about this? What do you rate? This is this good. Do you like proxy contest? Glass Lewis the ISS one. I'm gonna I'm gonna ignore because that was afterthought. That's an African endorsing six and not in the headline but knowing that they're withholding from Alan Shaw. I'm giving it a 10. I think that's there. Maybe doing something right for one. Uh, moving on Portland, State University pauses. Boeing donations amid student protests so Boeing. Wait, I'm sorry. Alright, Boeing University and they're like, no, thank you, exactly. So Boeing and gives about 150,000 dollars and Portland. State University is like no we don't want your money Boeing. Wow, this is dumb. So triple it when isn't it? Yeah, uses as your green washed like Charities, do good or proud, why not? I will say this is not really, this is not purely about all the headlines that we've been covering in the news. About David kellen's, failure, and all the horrible stuff. But the students are actually upset with the the ties to the fact that Boeing is a weapons manufacturer. Oh yes. Matt is already out on the swan. I don't understand like so. So we haven't talked at all about the student protests that are happening in this country. No. These are the weird student protests that maybe we shouldn't be talking about. But the other one like protest talking show, we're not like a politic show. Yeah, that's not a politics show, right? So like, that's why we don't end up talking much about it, but this is where it kind of fuses. What I think students are allowed to like have very loud, aggressive ideas, about a thing and protest about it. I think that's all in the purview students. I actually think the reaction to all these protests have been ridiculous. Like, they're Overkill, we're having Senate hearing about that with the like where we're targeting female presidents of colleges and yelling at them about anti-Semitism. The all of it is an overreaction is political theater on the other side. The students are doing with students always do and whether or not they're right, right? It's not about their stance. It's, that's what they kind of do. This one, seems like one of those things where it's like, you know, this is when like Portland State, I think you're you're over, Acting like you don't have to not take the money, why don't you take the donation and then pay for a fund to you know, that does it like and divest from weapons manufacturers or pave, use that money to pay for a scholarship for kids who are going to study weapons destruction? I don't know make up a study like do something else with it but it does seem this seems like Slightly Stoopid. I'm gonna give it these Slightly Stoopid 5. This is a I find this one fascinated because it's like it is part of the same divestments conversation but it's like the from the office it Direction. Yeah, it's weird. Your divesting from, I like elves, they're literally divesting from themself because can't win bow and can't win anywhere like even their money's. No good, their money's too dirty at this point and I don't know why this is the reason why the guardian picked up the story because it's just too. They can't resist a good bowing story because I don't know why, I don't know why it's in. It's an a major news happened with Boeing Last week, I don't know a slide, the emergency slide. Yeah, that just happened actually. Yesterday, actually, that's happened. Are you giving me? I give it a. Yeah, I gave it a weak sauce 5 and you are saying you, how dare you A moving on, this is an easy I'm hoping this is an easy 10 from Ari, UAW and danger truck. Reach last minute deal to hike pay by more than 25% of potential strike of over 7,000 workers including with. That is for the first time ever profit. Sharing. Hey, wow, I like that. You, aww. So, Sean Fein is that UAW? Is this all yes, like he's got a future doing something. You what is President though? It's really great. Come on Ark, give me the 10. Wonderful profit sharing. I would have given it at 10:00 without that button. Now, it's just beyond I wish I could do it. I look, I will admit occasionally when I am not wrong, but maybe like two. But it clearly the labor movement is continuing at a pace that I did not expect you know in this I'll say it in the automotive sector. I don't you know, I don't know how. Yes back everywhere else it's it's shit everywhere else that's Starbucks is pulled back and you know I don't see I'm gonna give this a nine. I give it a night I don't give ten tens. Okay. Principal How about this one? And this next one, this one I'm calling is, is this Boeing secret war against climate change? Okay, And I hadn't thought about this maybe Boeing are is a genius. Just kind of like covid was American Airlines will reduce service on these 12 routes from the US to Europe in Boeing Fallout. So because the planet might be saved, right? This, this is deep, this is the deepest conspiracy there. Ever heard hurting a considerable amount of air of service. I mean, really it's pretty incredible. This is a different way of combating climate change. Even I hadn't thought of yeah, you know, Climate Change is Gonna call Boeing up and tell him to keep it. They don't want their donation. Keep the roots. I, I mean, if Boeing's master plan was two decades of cronyism to build bad planes to save the environment, I would actually, that would be an 11 for me. That would be one of the best executed. Most well-thought-out Master plans I've ever heard of. In this case, I do not think that's it, but I'm gonna go with. I'm gonna give this an eight. I like a good though, are you just good? It's as good as what the pandemic did. Well, it did a good thing. I know, but just feels Wrong. I will give this a seven. What did you is that the? Is that where the pandemic actually killed people, but by by removing bowling from the sky by not letting people fight of Europe, you're saving people's lives and the environment the same time, right? It's like it's like a vaccine. Let's stay with Airline. We have a couple, good headlines still from Airline Airlines. Are the new cruises? I just like this is the good game. April 30th 2024 a. You're gonna like this one man. I don't know who would like this one a 100 and 101 year old woman. Keeps getting mistake. I mean first of all why is this woman flying so much? I don't know. Why did where did she need to be a 101 year old woman keeps getting mistaken for a baby on flights and says it's because American Airlines booking system can't handle her age. Come on, that's a good. Keeps with the SS keeps. Yeah, I just want that. It happens all the time. Like every time I get on a flight, first of all, don't fly American Airlines anymore. That's one just she's so old, she doesn't realize there's more than one Airline, you know, second of all I had 101. Stop Flying like it's not a good idea anymore. At some point, just stay home. Where do you have to go? And, and third of all, I love the idea that American Airlines basically is, like, people don't live to be over 99. That's all our system can do, right? We did two digits. It's like that. It's like why 2K Redux with an old lady? Remember why 2K other than I clearly do? I've heard of it. Yeah. You were like four. All right, Max. He just scoring this one. I love this. Um, this is a 10 for me. This is great. Yeah, I only give tens to 101 year old women. That's my rule, or I'm gonna give this an eight just because she's still going this. This next one is incredible, and I really think it's gonna make Ari, happy, staying with airlines, are going to start giving out automatic refunds for delayed or canceled flights. And I gotta tell you, I hadn't really heard a lot about this. I'm assuming this comes from Biden Administration. Yeah, but this the list of things that they're airlines are going to automatically have to refund for you for are incredible. It's an incredibly exhaustive list. This is like one of the bigger wins for consumers. I've seen in a long time and I know you have some problem with something I have going. Them. Yep. Yeah, so I did this headline, my money from me. Thank you. I saw it yesterday and it was an automatic shoe-in for Friday so I'm gonna give us a 10. Oh, Matt, want to crap on this one. How do you find? It's impossible to crap on this one, they will give you money back, if you sneeze, if like, there were things that were like, if your seat gets changed without you agreeing to it, they have to refund you, some portion of? Yeah, wash up to the gate and be like, I want something go wrong. I mean, that much money, like, give me what I paying for, right? That's correct. This is a 10. This is, this is actually a good thing. And let's end on a downer, I guess, or maybe it's an upper last headline. You're supposed to pick good headlines. Well I I only picked this one because I just like someone accusing someone of something. I like I like I like what people, I don't like it called it is and I like to fight and I like to headline, the way I read Facebook, co-founder Accuses Tesla of being the next Enron. Oh that's that's good. Yeah was and fittingly elon's response on Twitter was he says what a retard? Oh wow. I don't. I didn't either one of you would know how to, like deal with this one. This is part of the reason why I put this one in here. I actually I have like an n-word sort of a version to, right? It's the r word. The oh look, I got I'm purely acting a journalistic fashion here because again, I'm looking right at you, you Tesla shareholders, you gotta you're you are problematic, your problem children that you keep re-electing. These people on the test support. There's something wrong with you. I mean, there's something crazy. I don't, I don't care at all about, this is just too check more on. What about the idea that you can now say, Elon Enron? What about that? Rhyme. They like that. Oh, purely a plus one. I was a risk in this is a zero. Wow, I'm gonna give it a don't care as a five, all right, but it gets plus one for the end Ron Elon. That's that's plus I really 6. I really ruined the, the average really demolished. All right, so let's wrap up the good game for April 30th. 2024 the winner, the big winner, this week by a lot. I don't know why Matt's in such a good mood. I don't maybe because what the orthodontist did. You have a break zero? Did you get a discount this morning? Oh no, definitely. Never Matt. Come, let's start with Aria actually. Are we had two zeros which is very unusual for her. She comes in just under six and Matt with three tens comes in at a 8 just under eight. So, Matt that is unbelievable. Let's move on. Let's move on. It's funny part is Ari has been mad at me all morning, so we are, we have been tasked to make lists Based on data, from our platform from from people analytics every week now and we're gonna battle in our list to see who was the better list. The competitor, the competitors. This Week are myself and all right. So we're gonna present our list to Matt and Matt's gonna tell us. It's better the worst outcome. Yeah, let's do it. Accidentally told, Matt, he didn't need a list. I'm pretty sure of a good correct me if I'm wrong already. This is data that you can only get here, right? Like your list that you created you, we can only get here, right? Correct, okay, so let me start with mine. Is just simply us companies with the most hall of fame directors. Is that simple. Now, wait a minute, you gotta explain what a Hall of Fame. Director is, what? Why don't you you want to explain it? That's pretty, that's pretty self-explanatory. I mean, it performance? Come on. Yeah, but what, which performance? All of them, all four of them that we have. Okay. So we do relative performance and relative is based on the size of the company that you're on and the sector that you're in. Uh we do performance like batting averages for that are on free-flow analytics.com. You can go there sign up, you can see all this is all free Carbon intensity TSR ibida which is earnings and controversies which is how many times the company you're sitting on the board of is in the news for doing really heinous stuff the most Haynes controversy. So everybody gets batting averages and it's nice. Apple Apple's comparison Hall of Famers. We average, those to give you like an overall sort of batting average and Hall of Famers ranked in the top I think 90th the top 10% of all directors like in the world. Yeah, so it's these are like the best, the best, the best. Really if you're curious, why don't you get out of a piece of paper and jot these names down? Because maybe these are companies you want to look more into. Number five is with five Hall of Fame directors. Number five on our list is Adobe okay. Wow wait. Is that number one that represents 42% of their boards? So tied for fourth place, I guess is three companies because they have to their border Hall of Famers that's Deckers Outdoor. Nordson Corporation, who knew who knew heard a nordson so far only know Adobe. Okay La. Okay, I I knew the list itself might be a little bit dry, but I just like it. I want to introduce the concept of Hall of Fame directors coming in at number three, would be a company called inter parfum perfume, I don't know this company. It's French, right? It's got, I don't know. But why is what if it's French? What's it doing in our country? Everyone here, we don't speak French, we don't even like the French. I don't know what that's true Freedom, right? And then the top two spots, Are held by. This is a conglomerate of companies that somehow I've never heard of. I, and it's funny because we were talking about this morning, you had a different problem with her data. We're talking about Indian directors and Indian conglomerates, right? Where? Yeah, were, you see one or a couple of individuals controlling several listed companies under one conglomerate? Like yeah. So it's messy. Here in the US. I guess we have that, we don't have a lot of them, but and I've never even heard of this guy, or this group of companies, so that's why I'm glad I picked this category today. But coming in at number two, was a company called Brookfield. Infrastructure Corporation, with five Hall of Fame, directors, directors representing 63% of the board and coming in at number one, is this from the same entity Brookfield Brookfield. Renewable Corporation was seven directors but Matt I know what you're thinking that these are the same directors but they're not. There's only one direction in common on those boards and let me tell you, there are six Brookfield boards. Yeah feels business, core Brookfield, Court Brookfield, blah blah, blah. And there's one guy named Jeffrey blidner. He's on all six Brookfield boards. He's a Hall of Famer on on all of the he's just a Hall of Famer. How will I never heard of this guy? How have I never heard of Brookfield first? I know he said This Is Us companies. Brookfield's Canadian. Oh, did I, did I do my filter wrong and Excel? Well, I think they're Canadian base but they might have us listed, so yes listed company. But a Canadian headquartered company. They do, they do they just a lot of energy and REITs. Well, the two ones that I did on this list the Hall of Famers the The one with the most Brookfield Renewable Corporation is a US listed company. Yeah, I think they're all us listed but but yeah, they these are weird companies because it's like the management team sits across multiple boards. They're all sort of subsidiaries of the holding company they're like Macquarie in Australia. They have all these weird sort of sub entities and you buy pieces of sub. Ndc's effectively what you're buying when you buy Brookfield is a portfolio assets. So Brookfield. Renewable is a portfolio and acid. That's not nice and Brookfield. Infrastructure is a portfolio of infrastructure assets are that's my list us companies are the most hall of fame directors coming at number one Brookfield. Renewable Corporation. 7 directors. That's the 70% of dealing with Brookfield. Yeah, I hate them too. The list concept is fine. Execution is mediocre. Let's years to win blow this. You went first and I told Matt show up, this is great. I did current directors, on a US board and they have the highest instances of financial re-statement. Whoa, what does that mean? What instances of financial statement was that mean? It means that whether or not they're on the board, the year that they're that the company had a financial restatement. So these are direct or restat. These are Jammu, who sit on boards? That consistently restates stuff. Yes, I love it. We have this data going back to 2014. Wow. So from 10 years, I know it's 2024 well from 2014 24, it's 11 years but oh, 2024 doesn't count. Because they're not gonna already restate 2024, they're not that good and my free, but if you look at our data, maybe there's a trend coming here. And we do count 2023 but you know, there could still be time to to restate 2023. So just with that knowledge of 10, possible years I have got it. I'm starting with my first place. Well, you started with stars because you've already won the list concept. This is all right. Now you're voting against yourself map because the Hall of Fame concept is yours. You came up all the concepts? Are you think that like any of the concepts or no, I don't think directors, know, directors who got started for on the board of direct financial statements? That's not your come on, get over. I did not know it's old school. So first place, it's a tie. Between starting a first place. So, yeah. Starting in first place. Yeah. Notice that she's starting in the first place. She's ruining the, the ruining the Intrigue. So maybe you should take a point away from her for that. I still in first place. No tie between Perry troshyna. I think I'm saying that, right? And Thomas Haggerty. Wow, have 10 free statements 10. So that's 10. So you're talking about on all the boards that they've been on in the last decade? Yeah, they've had to restate financials 10 times. Yep. And for Perry, half of those come from eBay and the other half come from Allstate, most recently, restated in 2022, and eBay has finally chilled restating their financials. In the last couple of years. After going strong, six out of seven years, the last one being in 2020. A little bit. Is it possible that maybe if you're a company that is facing a lot of recent statements that you might want one of these directors to help you Wade, through this person because they're since they're, they have experience and being Jammu I'm not saying they are undesirable. I'm just telling you are incurring it. Yeah, do We don't have that here. It's not part of the list. But if either, one of them is part of the audit committee, you 100%, do not want these people on your car, washes information are another point away from you and your list. For not, I think, I actually think, without this data, you don't know who's sitting on your board. Who's on the audit committee, who has a long history of restating financials? That like, that's bad. That's no good. I hate to tell you about, I think the BlackRock would still tell you it's too aggressive to vote against an audit Committee Member who was been on the board during 10 different financial reporting. That's correct because you might probably are good at their job because you might bump into him in the buffet line at the Country Club and he might, you know, give you a weird. Look, I don't like Buffet lines. I'm just gonna say that for the happy face at Country Club. It reminds me of cruises I've never been on who's next on this Thomas Haggerty. He also has 10 resting. In four of them came from Fidelity. Wow, he has been on the board since 2005 and I'm sorry, I can't go back. I can't remember right now, as far as 2005, but in third place, this is a cool, third place tie, we're moving on. I want to know more about Thomas Harvey. All right. Keep going to place. Tie between two Williams. Oh, we stayed in financials eight times. Wow. So William Foley, he's the chair of fidelity himself. You know, he knows Tom Haggerty. Oh, this is where Tom Haggerty was, was also a director at the Industrials company done and Bradstreet. Oh wait. Where's there a boat? So willing boy and Thomas on the same boards together two words wow, one of them just had long job. Bozos, I know best Pals right financial statement Pals, that's the keys on another board together. Like if you were on if you were done investor would you be like you two more on just like you travel in Paris State Wherever You Go? I mean, isn't everyone just remembering like back in like seventh grade math class when the teacher was separate you from your buddy because you're doing too many, like arms, write jokes or whatever one in the front, right? Yeah. And the other one in the back left corner or better. Yeah Thomas Haggerty you go on this other board and brilliantly. You go on this board and like Tennessee or whatever. Yeah. Okay um He is tied with William Kennard. Oh Who has eight restatements Two from AT&T, four from MetLife and two, from Duke Energy. I got. All right. Kennard is the most impressive on this list because he has recent three different. Yeah, that I know he's tied for third place, but he's no, he's the place. Winner, that is an amazing heart. And now for 5th place we have our 5th dude. Yeah. Fred who has, who is currently a director at Yelp but he was also an eBay. So he's got six three statements from here one with Ferry Casino Car. Wow. And I do have an honorable mention because all right, cheating a little bit here. Go ahead, all these people. They've been on multiple boards, right? So I wanted to find the worst single border single board for stator. Yep, single board, rester and I included the whole world. And I came up with June Wong from aluminum Corporation of China, Limited, He had a real man. He had a restatement streak from 2014 to 2022, and I was so disappointed to see that he actually has stepped down from this board. So we'll never, you know, the streets broken know. Yeah, they restated him off the board. He they it's funny because in China, his nickname is the, he's the cruise control of financial resters, financial statements. All right, so I'm gonna weigh in here on who the winner is. And the winner clearly the top five list Throwdown is most definitely Ari. I mean, there's no doubt that was gonna say William Kennard. Well me because Ari, she presented her first place. She started with her first place, so she just ruined all but listening to Ari's List, It immediate follow-up ideas, which is, I want to know what percentage of restate is like, know each other. Like, if you looked at a network of Restasis themselves, do they get on boards with each other. Do they are their friends? Restorators is restating like something that like is like a badge of honor for these people. I want to know everything about, there's a side. I think. Maybe they're like betting on this or something. Who knows? What yeah. How many times can you restate like what's the over-under on restatements? We can get away with and still get a 96%? I think that's a fabulous list. I think everybody needs that list. So go to Free flow, analytics.com. Sign up that list isn't on there. If you want that list, you just have to email us and you have to ask for it. Because we have it we'll give it to you know we're good, we're chill. Yeah we might not give it to you and sell it to you because we're all so hungry but that's our show. That's hazelnut Ross and already the day to Queen. Come back on. What do we have Thursday? We're doing a really interesting proxy countdown. Oh yeah. What are we doing? We are covering like 30. Cow and we're gonna show you how to use Big Data. The big free flow analytics data to come up with votes, For a 30 companies at once, and then on Friday, we'll wrap up the week, we're gonna actually do the Friday show. We're gonna have to do it super early because because I won't, I wish, but until then, goodbye.