Transcript
Where's Ari? Ari has a real job. It's Friday. And we are live and alive. This is not are the data Queen. I am hazelnut Raul's joined by analysts whole mattress. It's kind of it's just depressing with that. REM depressed. I look I know but somebody has to do work at this company. Well, she can get a bunk bed and do extra work. I mean how that was can you get resist? Child and do all the data Samsung gramming and headline that I don't think any of us are covering Samsung just announced that it wants its Executives in the office working six days a week. So why can't why can't we put our way to work either on Saturday or Sunday? It's her choice. She can work Saturday or Sunday and then she could have done the show with us today. Do they know that everyone else is talking about four day a week? No, this is Executives only. And Executives. So now there's an incentive never to become an executive is what you're saying, good. What do we doing? Good today is weekly. Wrap up more Tesla and an extremely special and long-winded and potentially boring and definitely ranty screed against a hole from. Yeah. But I think a little bit from me too. Unfortunately yeah you get a cameo. Hole this week because you got so triggered. I don't know. So triggered I'm already over. You're gonna do it. You're gonna do it right? Start us off with the story of the week. Look, I want to start with an apology. I'm sorry that I'm covering these two companies again, but I honestly like they do seem like the story of the week. I don't know, I it's terrible. I can't help it. So Tesla big in the news this week for so many reasons, for a lot of things. First of all, the one that I'm most fascinated by is that Tesla seeks to revive musk's 47 billion dollar pay deal after judge says, no. So they're, they're proxy statement came out this week. I did a lot of hate reading of that, a lot of. So what they're doing is they're asking shareholders to approve. His horrible pay plan again. They're all so asking shareholders to let the company move from from Delaware to Texas, because of course, right? And they're also asking the shareholders to vote for the hardworking Kimball musk in nepo, Baby. James Murdoch. Why did you say hardworking? I know that's what. That's what Robyn denholm said. So yeah, the hardworking, Kimball musk and James Murdoch. Also in the news when it comes to Tesla Tesla, just some random headlines Tesla is recalling. Its cybertruck Vehicles, do to Dangerously defective accelerator pedals man, who dangerously defective accelerator pedals? Oh, that's a cybertruck at the door, just random. I mean, you ran over here. I've been driving for like 80 years, you know. I still get like, there's occasional. Like twinge of fear that I'm gonna accidentally like overdo the accelerator at the wrong time, it but Tesla, just puts out cars that are already had that built in a defective accelerator was another one of the reasons the recall that it's ugly, it's the ugliest car ever made all in the news, this week, Elon Musk fires more than 10% of Tesla's staff, after alienating pretty much everyone who might have bought a Tesla. That's one headline, these layoffs have caused so much confusion that security had to figure things out at the door. They actually had to set. He, they scared some workers badges realize that they are fired and to send them back on the shuttles, back to the parking lot wherever oh wow. And then Elon Musk finally apologized for something but this is for sending out incorrectly low Tesla Severance packages to some of the people who have fired. So that's all going on a Tesla this week when he fired. One at Twitter he just sued them for like I don't know the first place. I don't know. I don't know. Why is he like, I don't know laugh. I don't know, shareholders of Tesla. What are you doing? What yeah. What is going on and what is a way shareholders at Tesla? Your share price has gone from about I don't know I'll run 400 dollars less than two years ago to its current. I haven't looked today but what is it? Look. 150 like what are you doing? What are you doing? I'm gonna talk about Tesla also but I do want to say this about the share price in particular, he hit his tranches for the pay. Because Tesla was effectively a meme, stop during the pandemic when everyone was home on, Robinhood excited about anything. That wasn't a deadly pandemic. People were buying Teslas and they were like you know on Reddit and they were buying up Tesla stock. In fact, none of the fundamental supported Tesla and we look at him and in the rear view and we say oh he was a genius but maybe he was a blip of the moment and Tesla is a good car run by a Mercurial and crazy human being and it's not ever. It was never worth what it was trading at. So well he made all of us have a dangerously defective accelerator, pal, that's kind of interesting. This is what the 30th recall for Tesla really. So all right go move on sorry. Second when I already apologized for there was a congressional panel this week, covering the story of Boeing. The headline Boeing whistleblower details, his concerns to Congressional panel. That's from The New York Times. Here's a few Choice quotes and other headlines from the story. I'm not gonna sugarcoat this. This is a criminal cover up. According to one whistle. What a quote, another headline, a Boeing engineer turned whistleblower, there were four whistleblowers in total says the plane maker needs to ground. All of its 787 Dreamliners. Like now, that's what he's saying. Oh good. Okay. And then, another whistleblower said that the company threatened him and other Engineers to keep quiet about safety concerns. So there's a lot of bad stuff still going on. And let's not forget, Dave Calhoun still the CEO because we're waiting for him to decide when it's appropriate for him to leave. He and yes, he did. Get a raise we learned last week. He got a raise from last year. So, this is all. Yeah, the most egregious thing about, it is forget the raise, the raise is ridiculous in and of itself, but is because of that, he literally got to like by extending himself to the end of this year. He gets himself to, you know, I've got enough time as CEO to vest, all my shares on termination over retirement. So he's gonna get four walking away 30 million Dollars, right, like for a job. Well done. That now was standing if you walk into a room and there are not one whistleblower or two whistleblowers, but for whistleblowers at one company, do we need to even hear what they have to say? Four people are blowing the whistle, how many how many whistleblowers do we have here? We fire. We have just, we have just Ari and Jesse. Yes, that's whether or not on the show today, all right. Next story of the week. This is one that I want to cover and we haven't covered, but I feel like this is a perfect story for us to headline is Emily or Lakisha guess which one hiring managers chose. So, this is research out of the University of Chicago, University of California, they studied racial by and by sending over 83,000 fake resumes to Matt to publicly traded companies. This is where yeah, interesting for us. So, as you can imagine, unfortunately, resumes with black sounding names were often less likely to get called box. But you need to say that. They only like this was a controlled experiment in as much as they use the same resumes with slightly exactly saying or no say, oh know exactly the same resume but just tweak the name, right? Yeah. So it was effectively like this wasn't like the meritocracy this wasn't strives Maritime. Yeah, those doing the hiring favorite resumes, that might be presumed to be from White candidates by 24% on average. Okay, now, this is what we get, interesting. The researchers are naming names among the more than 100 Fortune, 500 companies involved. Hopefully, we can get access to this full list but I wanted to pull out some of the interesting cases here. So the three companies, I guess that did the worst that were the most discriminatory against non-white. You know, candidates was applicants, was genuine parts company that's the company that owns NAPA Auto Parts, I'm shocked. Okay yeah and according to our data, we have diversity A power gaps. We we have gender power gaps and diversity, power gaps, but we only have it for a limited set of companies that the diversity Power, number Gap numbers, because the the data people that we're working with only collects it for certain companies, right? Well they have it for a wide range. We're actually in the process of getting more space, but if you want, shout out to denominator their diversity data is awesome. It's great. So this is why this data matters. We're seeing it like in effect right now. So it genuine parts company. 21% of the board are diverse but represent only 11% of board influence according to our data, which is a telling a number and then another company that did poorly, I don't Nation, they only have one lonely guy, one diverse person on the board and he only has 6% of them influence of course. And then if you come, if you actually combine that with the, with the, the female power Gap, 38, Percent of AutoNation is either people of color or women and they only have 16% of influence, so, no surprise, no surprise. Not great. And then the other company did poorly is Costco. The one that I was just talking about this week's Costco, right? And they only again, only one lonely person of color on the word, just one guy with 9% influence, but here's where it gets even more interesting because of the companies that did, well, they include Avis Budget Group. Now, here's here's let me tell you about the Avis Budget Group board. Please do first of all, this is my new dream board. Matt, the CEO, Joe Ferraro is not on the board, what? This is like my this is my dream because I've been saying for years, how are CEOs on the board? How was this spot? Why, why are there on the board? Why good question? So, Avis Budget Group gets that CEO. Joe, for our not in the board. Also met 50% of this board is people of color half the board, including Vice chair and all those people including Vice chair, Jack deep power, and complexity, compensation committee chairman. So there you go. And finally, the other company that they say does well, is Kroger, which all so, Um has a high percentage of people of color on the board. 36% in the board is actually diverse, which is pretty. I don't know the numbers. I don't know if you have those numbers but that's really high. I mean for that's really high. So yeah, I just think it's like this is like a real life example of another way that you can use some of our influencer data and our power Gap data. All also say having nothing to do with our data. I think part of the study showed that the companies that did better, tended to have Dei policies like hiring policies and their HR heading grain them more. I think there's actually a link to actually paying attention to diversity equity and inclusion and like, I don't know how that would exist, but that's a perfect segue to my fourth story of the week. I something we haven't talked about, we actually haven't done an analysis of the board of this company, because it's a new company. I don't even know if it's in our database, but but here's the fourth headline, four star of the week. Donald Trump's company. Yes, he has a publicly traded company now, and now he does. Yeah, has diversity and inclusion policy while he rages against it. So they themselves man nicely. They have a Dei policy, really nice. I had to throw that one in there because just because that's my everything in January. Trump said he would eradicate all Dei policies and anywhere. So for the one company, the one publicly traded company that he's involved with. Okay. So I'm just think yeah just in case you need it. The language around that Dei policy includes things like we believe that this is important and we we consider all Dei as a when filling any position on the board or for all employees. I mean, really, I'm actually thinking like in the history of our country that's something that should have started. Happening officially in 1863 maybe 185 around there. That's that's when This this debate should have been over. I'm just saying. All right, legally speaking stories, my four stories, it's Tesla's stuff. It's bowing multi-location. Hearing it is Emily or Lakisha and it is Trump's company has all on you and there's nobody, there's this, you're the vote. Well, no, you got a channel Ari, you channel are, and then you Channel yourself? Do I want, are you? I don't care. Okay, fine. Well, as Arya would say, I'm voting first. Yeah, I think Ari would just go for Tesla. There's too much going on there. You know, I don't want to. Okay, I don't, I want to, I want to do Emily or Lakisha, that's what I'm gonna go. So, I can tell you, I mean, look, you can break it, you get time. Just look, these Studies have happened at nauseam. There was a study about applicants to Juilliard. And and music schools, when they remove the gender from the application, I mean the applications are like, you write some stuff, but you send in a demo tape, you send in yourself playing music and they found that women were accepted at a higher rate when you just remove their names having like that. That's just the yard why? Yeah, listening to the music and saying, and then looking at it and be like, oh, it's a girl, like, but the mute like, like that's not Julia, it's insane to me. Yeah, but this is another in the barrel of those studies that everybody would these are these are what to say that like d e. I doesn't matter and these policies are still stupid and they're trying to bounce there. Everyone just yeah. So so I'm going with that. Okay, I'm gonna because I refuse to vote for for Tesla. And because I you're probably gonna cover Tesla some yeah, some level. Yeah. And because I love I love how it overlaps a little bit with our, our data know, what doesn't actually suggest Alpha for those of you. Not that. I even know what Alpha means. But what oh no, there's no Alpha. I'm just happy. I also well, but I'm just happy. Yeah. How are we gonna? We, we can't. We shouldn't even have come on. We shouldn't even have civil rights because what the Civil Rights proven Alpha know. I mean, what do we should get rid of civil rights in general? Get rid of all equal rights. But but I just love that. I discovered a company today that didn't have a CEO on Sports. So I'm gonna break the tie and say, yeah, I'm gonna agree with you that, that research your breaking the tie over, who's not here. Yeah, there you go. That's the story. All right, you do it. All right, I'll do good least. I'm gonna go quick. Go quick. There are three goodly lists. Number one, here's the headline, Apple removes WhatsApp, and threads, from Chinese app store. Okay? So right now the US is talking about banning tiktok unless it by Dan and everything. I don't care. They want to ban tiktok. First of all, I love it. Fun Band also show Media, don't don't like discriminate against just tiktok also ban the autocrats that on the other social media things, the authoritarian regime, I'm okay with that. Exactly what China did they retaliated for the proposed, ban on tiktok by Banning Zuckerberg, but because they recognized him as an authoritarian regime, this I love that. This is another reason why I'm fine with apple. I'm fine technically with Microsoft. I'm okay. Look, I'll let you exist if you don't have an authoritarian regime like you just pointed out. Great socks. Share one. No snap no Spotify know, like stop it. No, yes, stop it. This should be no dual-class companies. So I like that. I chose it for ra for what's next. Number two. This headline fools, gold could actually be worth money. Here's why I don't know what that means. Here's why I chose it because I feel like Ari would have chosen. Yeah, that batteries. It doesn't need a battery stories. Yeah, it Fool's Gold actually contains lithium as part of a lot of fool's gold which is in short supply and needed for bad ways for the green energy transition. I don't mind playing the fool here because I am a fool. But what the hell is fool's gold? I think it's a real thing. Yeah, it's like when you were a kid, you would get like fools gold and it was like it's pirate. It's it looks golden and looks shiny and golden and it's like lovely. And you used to pretend when I was a kid that it was gold, but that is that like beyond meat? Yeah, but except geological Beyond me. Yeah. All right, and third and I think this is probably the winner for Ari, not for us necessarily. Here's the headline. Eight years into America's e-scooter experiment. What have we learned e-scooter experiment. Okay. Scooter experiment. These are. Yeah, well, you know like another country is there more civilized. They actually offer these things. They are talking about it as an experiment in this country. They put like those electric scooters out the one. See, like, in Paris like cities. Yeah, exactly. You can win them and you actually disrupt traffic and, and teenagers get run over by by cabs and yeah. Oh yeah, well that might be the net, the negative this discussion. But I want to talk about multiple Studies have looked at the rental easkoot in the United States in their asking the question. Is there actually a net environmental benefit to these? And they're asking it by finding out if you would have walked but took an Easter Yeah, then then you should basically an American you should walk. Well, it's worse for the Improvement where you took the e-scooter, right? Is it well? Because if you take the e-scooter, you're using energy for the battery, and then you have to recharge the Battle Force is walking like versus walking. So they're trying to figure out whether E Scooters actually just discouraged walking, which is better for the environment or whether there's a net benefit because you're taking Easter when you would have driven or taken some other. Yeah, I don't believe I believe that if you would have driven, you're going to drive anyway. Well, what they found was even though nearly half of the respondents said they would have walked to a multiple surveys, across multiple things. They would have walked, but they took the Easter, the net emissions gain and ended up being a positive for the environment. Because enough idiots with drive cars in those cars are all uniformly terrible because they're not mostly electric cars in this country. Yeah, that you actually are saving carbon emissions. Using the e-scooters. So they're calling the scooter experiment a win. Well, I mean, really especially for like European cities east coast cities where they're really? There's a high density of population. They do actually make sense. I mean, I do I'm guessing that people in Topeka wouldn't do it because they probably I'm sure Topeka is like a half a parking lot anyway. It's probably easy to drive around right why streets there? Unfortunately, the studies did not prove whether or not you scooters create Alpha so that was not part of the stuff to be good. Does it does? So those are three options, Apple removes, what's up threads? And China because they had to Fool's Gold, actually has lithium in it for green energy and he scooters are good. I'll just I'll just go for Apple removing what's up and threads because I'm just happy. Anything getting removed. Makes me happy. You know what? I just agree with you. I love, I love, I love her. Tyrion regime giving it to another good authoritarian regime. It's the China versus Zuck move. So I wish for that. Um, which brings us back to Me. Oh, It's time for Ashley. This is gonna be a lot. All right, okay, I'm here for it. Are you sitting down? Yeah, listen up everybody. That maybe some of the things At first of all, I want to talk about. Alex edmans. I wish you wouldn't. Yes so does. So does everybody yeah? All right. Look I have to preface this. This is a lot like Bill Bowie who if you listen to the show you know that this is worse. This is worse. So Alex edmans is a professor. I actually respect a lot of his work. It's very good work. He does great work. He's an interesting dude he's a professor finance a London Business School available. Most of his career has been devoted to the intersection of ESG sustainability and finance but like everybody in finance he's always asking. Does this help performance? Like is this a performance benefit to a company, right? Very, very male question. It's everyone keeps short excited, very male, very like, very Earth hating. It's very, I saw that commercial on Fox News at 2 a.m. we can help performance, but he wrote a bunch of papers trying to pin down those performance links with the ESG. And he what? Saw when he was looking at other people's papers, was a fair amount of flimsy research. Now, I'll say this, most the papers he's talking about are not purely academic papers, it's papers that are like McKinsey McKenzie's job is to drum up business from McKinsey. They're not an academic research Powerhouse, that's not what they do. These they're not publishing in journals like that are pure reviews, they're I would something else I'd already quibble with the premise anyway because since this is like this is a new field, a lot, a lot of what we cover in ESG is very new. Like, I remember, writing trying to write papers about female CEOs, but but like, but but there's there have been none. So, sorry and is seven, there's not there hasn't been a track record, so I know Alex would come at me and say, like, you know, this isn't like academically rigorous, but it's like, hey, we're starting something new here grow up. Okay, like, well don't attack don't attack. It's just, I just think it's It's equivalent with the idea of attacking it in the first place, but go ahead, you keep going. Well, this is where it fell off the rails for me because and why I nominated him because, so over time. All right, his name. Yes. Go over time. I follow them on LinkedIn. I liked a lot of his post and he started posting more and more where we would pull out these studies particularly around, Dei and point out how flawed they were and would use the hashtag. May contain lies. That's the rhetoric, I hate. Yeah. And he, he released a book now called may contain lies where he goes through all of the things. So, I asked my wife, who's a surgeon in a researcher. She does research for a living like medical research. She invents stuff pierre-paul reviewed, Publications, does all that stuff. She's been doing it for years and I said, is it normal for an academic not to like debunk the study by doing their own study or trying to Recreate the study because that's not sexy. That's not interesting. Is it normal for an academic to take to a blog or LinkedIn or go on webinars and be like that study sucks. Here's all the reasons why may containers and then write a book about it. She's normal if you need to be famous and you have a big ego that's she said, if you're a narcissist, that's what you do. Because you like, it's fucking terrible, he's already jumped a shark. Because because just by using that rhetoric make contain lies, he's that's clearly not. What these researchers are doing. Just because he finding faults in their methodology, that's one thing. But to our Network, we're already now accusing them as being Liars. Like, and they're all liars. Yeah. All liar break, give me a break include. Yeah, people we know and we've worked with the great Rick Marshall, who Rick's a Liars. Yeah, I basically, I've worked with Rick. I know Rick, I I've hung out with Rick is not a liar. I mean, It's not even know how to so lazy and stupid and male of you. It's so boring. You're boring. Keep well, so, so culminates. A culminates at the Pinnacle of this. Yeah, in the last week and the reason why he would be this week's asshole. Yeah, he did a webinar. Unfortunately, I did, I saw this unfortunately with stripe management terrible, which is Vivek ramaswamy. If you don't know who's striving from Swami's pet asset management company, he founded it on the premise that there's too much Dei. It needs to be a eradicated. We need to move to meritocracy. It felt like angry men in cell if it felt very angry. If there was something really off about it, really well, uncomfortable, the data shows that strive votes two to one against female directors, and it's not supported by the performance. We have the performance metrics that we can show the women, don't underperform. Well, talk about not having Alpha. They don't even try to evaluate the people, right? So these directors, they don't even know. They basically are looking at it. And saying, are you a woman with voting against you? You could see it in the record, right? Like, you don't have to take my word for it. Just we downloaded every vote that they've done and we can see the number of times you vote, and at some point it becomes statistically like it's not a statistical anomaly, when you're just floating against women. And this is why we said long ago, that the war on ESG is a war against women in the warranty, is a work against black people. It's that simple like, it's that crazy. Simple. The webinar was titled Dei may contain lies. Here we go and Edmond really on it. He was. But why would he want to be a part of his book? Says, making his book is called may contain lies. He's on a book tour and he's effectively saying this anywhere that will listen to him to sell the book, including through strive and what happened was. Yeah. Just like with Bill Bailey who was anti-s and we'll get to him in second. What happened was, The national Center for Public Policy research that's Doug. Charles favorite organization has a, has a shareholder proposal at Boeing of all places asking for a quote report on risks created by the company's diversity equity in Russian efforts. Well, you must did suggest that black Pilots also like had lower. Exactly. Trying, the conservative movement right now is trying to link Dei and every safety problem at a company, every failure at the company and in their filing as a. They can they do a denim to the filing like a support statement to the filing. So in Boeing's filings the national Center for Public Policy research cited. Alex, edmans on Dei may contain lies weather, this coming and the whole thing is basically trying to cite Edmonds work and what he said on. On the thing, including this is a quote from their filing. This is what Edmond says is there filing but they said the negative impact of These bad studies. Then trickle, down to all hiring and promotion, and compensation decisions, sacrificing Merit for diversity. By limiting, the pool of candidates, under consideration in this way, should be expected to have a negative impact on performance. They are drawing a negative link. They're twisting, what, even with Edmonds is saying to say, having black like, man, mandatory black people is negative for performance. Yeah, that's what they're trying. This is like, the version of like, the clan. If it was intellectual like, like the clan at a debate club or something so Edmunds. Yeah, I know you. Listen to the show religiously, that's the closest Clan if anyone is confused by my joke. Like I like I respect your work. I shut the fuk up right here. I don't care if you want to study, like a link between Dei and performance and you find that it's not there in your study. Fine. Trashing other studies. Because you don't like their methodology not doing it through academic rigor, just doing it because on LinkedIn because you, and or because everyone else alive, or because it gives you a bigger publishing contract, whatever it is that you need at a life. It's and then doing stuff. Like he wrote this paper called rational sustainability, where he's like trying to be like I know how real ESG gets done like okay, fuck face. I actually collected the data points for 15 years. What did you do? You just, you're telling me everybody else's paper sucks, but he put out this paper. The way there were 40. Something 43 citations in the paper. 20 of them were himself. Yeah, excited himself. 20 times. I tell you, I probably over yourself. I'm probably the reverse discrimination like, in that research. About the resumes. You know, I I'd be like the reverse of that. Like when I, if I got a book or research that had that on it with, I didn't know if it was a man or a woman. I would assume. It's a man just rip it up. So maybe Alex is right, maybe Alex so so Alex and he doesn't really need more. We know, we don't know. We don't need. You will need more. Yeah. No I'm saying. Can we just vote now for? No. No. There's there's a lot more. There's a lot more. That's a good one. That's a good one. I want to see the floor. Now, for number two, To you because you have a problem within a different single academic individual. Yeah, I I don't really I I'm not super prepared for this old. I did I did attempt to like to hear piece. I jotted out some rant teeth things about this when I saw it. So, so the yeah, let's the Lester Crown professor in management, practice and found and founder and president of the Yale chief executive Leadership Institute. A lot of titles. This guy Jeffrey. Sonnenfeld, he's a perfect. Yeah, speaking of guys who like, who he basically, he sounds like Alex Edmond. He, he needs to say crazy things in order to get famous to beat his narcissism to get rich, I guess, but he had a, here's what triggered me this week and it really triggered me. He had an article called Norfolk, Southern is getting back on track, but activist investor. Ankara is trying to derail it in a vicious proxy fight. So he's already doing Alex edmans bulshit right there. First of all, he's he's making a derail joke right in the headline, I know he's mocking his situation where the Norfolk Southern these Palace on Ohio and basically destroyed the community for, I mean, I know but it was worth the pun to his point. No, I don't think it directly killed anyone but it was it was it was and still is devastating that Community will be for decades. So thanks for the derail pun. And by the way, Jeff On Enfield. You repeated the derail joke two more times in the article because you're an idiot and you're stupid and I'm sorry but you suck for this and there's other thing I hate. Is this very unacademic way of Framing and argument by by saying? I calling a vicious proxy fight. What is this? That's an academic tone. He's calling the proxy fight vicious. Matt why? What is? Well, just about it here. Why is he? Why isn't academic at Yale? Why is he using such leading bulshit linkage? It makes me crazy know. But here's, here's the question that I would ask. Why are you writing about this at all? Well, I don't know. So, like so. So are you this research for a living? We don't take a stake. We don't know any of the people. We're just, we're just trying to fight like, but he did the same thing at Boeing. He immediately jumped up to support, Dave, call who, and before he was he before he died to say that, Like, hey, give this guy a break. He's working hard. He's laser focused son of your laser focus. I'm sorry, son. Felt you're crazy to me. You're like, you're a weird. Like I hope you're getting paid by these companies. But I wish you disclosed that because I don't really get you so I'm gonna I'm gonna outline a few things that really drove me. Crazy. First of all, I also want to say for anybody who is listening to this, please tell us Geoffrey and have Jeffrey call me. I'm sure what Damien is Damien was even more agitated. This is like, the whole level vegetation, they get away with this, I hate that we go to meetings and people want Alpha and this guy gets to trot out. This tired nonsense that with no like no, I would say, Alan Shaw. The CEO of Norfolk Southern is turning around the organization. Okay. So he's like a 25,000 word, article and Fortune basically saying, like Alan Shaw's. The greatest. This is the CEO, it's a lot. So I'm just gonna highlight a couple of some of the things that triggered me for. First of all, he does these like sloppy things, which I don't expect from a research, or maybe I expect it for me because I'm not an academic. He says things like, Accuses anchor of attacking the CEO. In deeply personal terms. These are here Jeffries words. These are Jeffries words, I read personal terms, I read every document. Yes. Well, this is anything about their kids and this is what drives me crazy, and that they would teach no student at Yale. Let alone at high school, where my kids go, right. But he, he backs up this assertion. Matt, he backs up his, his calling, a deeply personal attack by, by creating a single link, a hyperlink to a 50-page investor case, used by anchor against Norfolk Southern. So, he doesn't even, he doesn't even pinpoint where the person attack is, and I read the 58. Yeah, she's not a single person attack against the CEO, right? So, it just already am crazy. He then goes on, he has another, this got me down. A rabbit hole of Jeffrey. Sonic, I found another instance where he mansplains in White Plains. To form our Harvard CEO Clawdeen gay. But he says that That because he says that in her own published statement that she referenced racial bias is a factor. But he actually said that you that she's wrong because he cited 86% of people who attended some conference. He was at who sang that there was no racial bias involved. Studying gay, the former president of Harvard because his buddies say there's no racial bias. So so hey black woman shot up my friends say there was no racial bias I'm already. I'm already going crazy here but let me just do a few other things that point on a few things that made me crazy. He does a lot of dumb jokes. He says, the he says his son's CEO, Alan shock and proudly, sing the old folk song. I've Been Working on the Railroad, all the live long day. Again, he is like, he has multiple derail jokes, you know? So accuses He acute, he, accuses Ankara being vicious. He says that they're gonna, they're doing a, they're part of a Great Train Robbery. He was referencing an old, an old movie. He's calling them a sailing. He's he's calling, then he called them struggling. He called them that they're profiting off. Other people's misery that they're wildly. I'm using all his words. They're wildly and charges. I mean, he's just, it's just like you can actually after accusation without any Credence behind it. Yeah, well, you can just still this down, he does Sonic felt produced for whatever reason, a 50 plus page, slide deck and that's showing Norfolk Southern's performance. Could I just tell you that? This is what got me off on the first place is because what both of these sides do very well, right? Because I have been in this business for a long time and where I where it always gets feels very disingenuous to me. Is this is that what both sides do is produce 800 page power. Point with highly cherry-picked data, right? Because they what they never do is present what you're supposed to do. Honestly, an intellectual honest exercise, especially from an academic, is to present a little bit of both sides of the argument, but what sound Phil does annual. Ankara also does is just cherry-pick data that supports their side of the arm and that's what proxy contests have become that sound like admins. So why they're so like irritating to me? Like I don't, it's just it's a disingenuous exercise. Yeah, it's it would be one thing. If Norfolk Southern produced Jeffrey, sonnenfeld and yells slide deck. I would expect that, but Jeffrey, son and fell in, Yale seemed to not be. There's no, they didn't cite anything that says we're linked to management and Southern know, but they still somehow produced a 50 plus page. I don't know why and we don't know why. We don't understand why and here's the other problem. Yeah, before you get to that and I'll Is that? Nowhere in that deck because what anchor is trying to do is install many new members on the Northern boarding, getting rid of Alan Shaw. What what Jeffrey sonnenfeld does not at all. Is any analysis on Norflex? Existing board member? He does none of it. Now, there's not one mention. Yeah, in fact he weighs three, he wasted 1800 words in his article on what he calls a golden age for railroad growth in that section Matt. All he says is that the industry is primed to do well but he doesn't make an investment case. Why the the current board or Alan Shah should be the stewards to lead them through this? Like so that's section, I don't care. That the industry is going to do. Well why does that? Why should Alan Shaw on the board? Be the ones who were there to lead them through it? That's actually not even done by him. That's it. There's a there's a headphone owns a position that basically no I looked into everything in that section he's citing research by a hedge fund but who's long railroads? Okay that's so what are we doing here? So why don't? I don't know why those two. So but give me some analysis on the existing for and then give me some analysis on Anchorage proposed slate because there's a lot of good people in that proposal. So Jeffrey at least spent some time telling me why they are like I don't know what you're doing. Like I don't get like, I don't get why this passes for an intelligent research and why he gets away with this, why he gets to call them vicious and why he gets to accuse them of deeply personal attacks on the CEO, but I just don't get why this is passed off. As normal research, Matt. This is why I was so triggered, like, I we're gonna cover Norfolk Southern's the proxy contest in a proxy count. I don't want to show as it gets close but I do know that sonnenfeld basically his his backing, his like, the research that he did focuses on how Alan Shaw who's been CEO for one and a half to two years, it has is turning around the company since he's been CEO. Now, what it doesn't say, is any context before that, that Alan Shaw has been with the company since 1994 that he was president before becoming CEO. He's done operations, including safety and comp And opiates for Norfolk, Southern prior to this that they had 112% increase in safety like accidents between like during his tenure, as president as doing Intermodal, Ops all these things and that if Norfolk Southern didn't turn it around since the East Palestine derailment. What are we? I mean, isn't that exactly when they would turn it around? Like Dave, Calhoun being laser focused on safety now? Yeah, exactly. Again laser fit laser focus. David Cullen. Laser, but those are Jeffrey sonnenfeld words. Those are his words. So they're doing a great job. Let me, I offer the biggest train disaster ever. Let me point out two more things because this will be the last time I'll ever talked about this. I want to point out two more things. He says that makes me feel that just triggers me. He's this is his quote, anchor is attacks. Over how Shaw? Handled first of all. Attacks. I don't just I just don't get this is like 8th grade Debate Club. I mean, I'm sorry but this it's not really know its political. It sounds like Paul it's politics. Yeah you mean it's manipulative language Mr. Sun and fell. You're manipulating this argument with with this kind of bullshit language. Okay, he says angry as a tax over. How sure over over how Shaw handled East Palestine landed with a thud again, no evidence support this. Since it was hardly supported by any factual evidence nor the lived experience of those involved in the East Palestine tragedy. Making it look like a rather naked attempt to profit here by exploiting the community suffering. So he's accusing, anchor of all this Matt. And yet in the same week, Um, so Norfolk Southern this month, Matt has already agreed to settle a class action lawsuit for 600 million dollars for the people of East Palestine. But there is already a reporting now that there are several people in these several victims of this crash and he's Palestine. Who don't want to sign off on this, because if they sign off on it, they can't go after Norfolk Southern ever. Again, one woman says quote, my health has been a huge Factor. I've tested positive for vinyl Glory, every limp node in my body is inflamed and my home still reeks of chemicals. So she doesn't want to sign off on this because she doesn't know the future of her health condition where and Jeffrey sign of fall fell to saying that that anchor is not is not actually supporting the factual evidence nor the lived experience of those involved in the East Palestine, you while these other articles are coming out. So this guy is like the worst, I'm sorry. But this is the everything you're saying is just Landing with. A thought. Oh I'm saying and the last thing I'll leave you was this is he does some Tucker Carlson argument arguing which I hate, I love that, I love that. Here's here's his only analysis is only mentioned of anchor. Slate of an anchor proposed nominee. He says Given the escalating unreasonableness of anchors demands, Perhaps, Perhaps it is not coincidental that even one of anchors owned director, nominees has wisely withdrawn. Her name from consideration with perhaps more to follow. Okay, Matt double play, that's actually know why. Yeah, and the only statement she came out with was you know, that she's busy with other things. Which is why every director retires from anything. And she's he's doing the Tucker Carlson by saying like he's stepping down. She's stepping down fell. This is possible. It's horseshit. This is such horseshit. I don't I get it. I'm done. I'm meanwhile he didn't even mention one that Christopher Jones who went from having no safety experience to get a doctorate in safety experience. He didn't even mention his on the board. Now, we didn't mention that once the board at all, he spent. Yeah, nothing no time. So now I have another Like 15 minutes asshole. Are you ready? Because we got it. We have to go quickly. I'm gonna try to go quickly but we have to talk about as whole number three. There's only number three. Oh my God. And it's Robyn. Denholm what's wrong with us? You know, it's always wrong with it. You know, what's wrong with us? Is that because we're the only media outlet that does this? Like, we're the only people that focus on directors, on CEOs, on chairs were the only ones who call out Jeffrey, sonnenfeld bulshit. So we feel like we have to go on and on because there's no other representation of this point of view. I mean, that's my perspective. I don't think of it as much as a point of view. We're just we're just well, Robin then evidence. The chair of Tesla. Robin Denham gets the come out and say, in her proxy statement, that that Elon Musk is not been paid, she gets to say this, I know she does. So we have, I feel like we have to fire back at these people, but here is why I'm using Robin Dental. Well, first of all, like, this obvious reasons to choose the chair of the board of Tesla Robinson, home is the chairs Tesla go to the trucks, read her words. So let me, let me I'm gonna just do a Side-by-side comparison, Elon fired, his like, 10% or more than 10% of Tesla officer. He did a via email and a memo. Here's what Elon wrote. Over the years, we have grown rapidly with multiple factories scaling, around the globe, with this rapid growth, there has been a duplication of roles and job functions and certain areas and the proxy. Here's what Robyn denholm, wrote the proxy, not related to, this is independent chair. Robyn denholm writing in a proxy statement in a filing the board and Elon. Not, that's not like this. Okay? This is what Robin wrote over the years. We have grown rapidly with multiple factories scaling, around the globe, with this rapid growth, there has been a duplication of roles and job functions in certain areas. It's word for word. Yeah, it is Elon. It is extremely important to look at every aspect of the company for cost reductions and increasing productivity Robin. It is extremely important to look at every aspect of our business for cost reductions and increasing productivity. They the letter yeah. Supporting the firing. Yeah, by Robyn. Denholm is a copy of the letter. That looks like Elon scrawled on a napkin and sent it to his entire staff. And this is in the letter to shareholders, to shareholding them to not only pay Elon Musk, billions of dollars to go against the Delaware chance rate. But also to re-elect his brother to the board and to follow his petulant wishes to move the companies. Incorporation to Texas because he's bummed out and pissed off at. So let's go to the move, let's go to the movie independent chairs, the independent chairman. Well, first, Elon on January 30th, the same day. The decision came down from the Delaware Court of Chancery rescinding musk's pay package from 2018. He must puts out an X poll or Twitter poll should test. The changes state of incorporation to Texas Home of its physical headquarters on February 1st, after 80% of his followers said, sure, followers on Twitter, right? Yeah. On Twitter. He said, the public vote is unequivocally. In favor of Tesla, Texas Tesla will move immediately to hold a shareholder vote to transfer state of incorporation, Texas, which is not even his call. I mean, he doesn't run the board. I mean that is that is musk grading. Yeah. Like the company like it's a private company. Well, like but this is how Tesla operates, right? This is how its board operates. Not they don't operate for the benefit of the shareholders they operate. It for the Benefit of Mr. Musk but the proxy comes out this week, okay? So Robin has to write in like at the time they have to be like, oh well this is actually us. So Robin has to write, this is what Robin writes in the proxy that came out this week, notwithstanding these communications meaning musk's tweets read. Domestication is a board decision. Not a decision for achieve executive officer. She says that. Right? And she says on February 4th, this is three days after musk says, we're moving. Yeah, The board met to discuss these issues among others, including the multi-year history of companies discussions regarding potential red, domestication. So multi-year now she's referring to discussions about moving that have never been aired publicly in any other proxy or whatever. In order to evaluate, whether to read domesticate test lot, the board formed a special committee which ultimately was comprised of Kathleen Wilson Thompson. Yes. She's probably like the only version of of some what of some Independence they could find on the board. Know she's the she first the actual Committee of course first of all we're calling a one person a committee like is that actually a thing. She's the only person of color on the board. She's been a director since 2018 but she and Debbie Joe gabbia were chosen for the committee. But gebbia recuses himself later leaving just her. Why does he recuse himself? And the only reason why it was just those two is because the only two, not named in the Delaware Chancery courts That was my point, right? Because four creating. Yeah, peace about how compromised the board. Yeah, yeah. That was my point, right? Is that they had to find the one person who maybe they could they could pretend was independent. That's said Kathleen Wilson. Thompson was actually on the board of Vulcan Materials with Elaine Chao. Who's Mitch McConnell's wife who sat on News Corp with James Murdoch. So she is directly connected. I mean, oh yeah, to the board anyway so there's already connection doesn't make a difference. Yeah, but this this special committee starts off by looking at the very precise question or should the company be incorporated, where should the company they write very specifically, quote, where should this company? Be incorporated at this time, then there's like three pages about how they got it down to Delaware versus Texas. Like it was some sort of process like wasn't musk saying we're going to Texas. They said, first identified jurisdiction is where Tesla had a Then they reviewed all corporate law in those ten States or five states and found them to be mostly substantially the same with some you know differences. The differentiator then was that Texas is where Tesla's headquarters versus the other states magic. We got to Delaware in Texas. That's magic. Then they recommend Texas because they have further discussions and Gabby a steps off the committee at this point because they changed the community's remit from just where, should the company be to include? We want to re ratify musk's pay that became part of the committee? This special committee? Should we put this to the shareholders to reroute the pay? At which point gabbia steps down. And here's a quote from the proxy if you're reading closely. Yeah, he stepped off the committee because quote out of an abundance of caution because of the potential for unfair attacks based on perceived conflicts of interest unfair tax. Yeah, Gabby steps down because he's worried that people will think he is compromised, which Jeffrey sonnenfeld might call him vicious step down if you're not compromised, obviously, right? Like if a little bit of digging will reveal that, you're not compromised, you don't step down but he basically didn't want to get attacked for it. They then go on to do both things. You don't want to get attacked me, shouldn't be on the Tesla born in the first place Den. Home goes on to, you know, as you said no V for support for Kimball musk and James Murdoch who are quote, hardworking, and dedicated directors. They they go on to say quote because the Delaware Court second guest Poor decision. The investors Elon has not been paid for any of his work for Tesla for the best six years really gets to say that. Yeah really. Does he have to give Twitter back because that cash money, cash out, his Tesla shares to that money. Like what do you mean he is not been paid? Well, this is yeah, this is the, this is the ongoing observation of bullshit of CEO pay, right? Is that they they find millions of different ways to make false statements, right? I mean, so now somehow his Equity is not pay, right? It's well, all I know is that the, this is the ultimate Gaslight this entire, the entire proxy statement is a Gaslight, and there was a moment in time where Robin Dem home might have been independent on this board, somehow, but at this point, it is absolutely clear. If you are copying word for word, whatever, Elon Musk wrote in a memo. He scrolled and you are reverse justifying. The fact that Said we're moving to Texas and then you're saying you can't say that were we should move to Texas. Like after a special committee comprised of one person who is the least, compromised looking, but we can find links in seven seconds to the existing board members. That is the ultimate Gaslight. If you are an investor actually this is the this is the proof that anything that we do matters. If you are an investor and you own Tesla, there is zero Universe 0 you. There's no justification that you could come up with to re-elect anyone on this board to ratify a moving to Texas. The pay. There is no justification for it if you want to like because you like a vicious attack, if you want to, you feel bad for Elon Musk, because he not wealthy enough, you want to re ratify the pay that like, do your due diligence, or whatever. But if you hire Kimball Asking James Burdock for the board again. Yeah. What is the point? What is the point of view? The point is that that you're admitting that the, the corporation of Tesla is there to please. Elon Musk. That's easy on us. It's a tickle Elon Musk. So those are three assholes. I actually have two. Can I tell you assholes? And I'm not even gonna do them. We'll try to say quickly because I think we're already entering the seventh hour of our show, but this this is why this day to that we produce is so important to me as a as an analyst and a researcher, because it allows those who use a data to free data, free flow, analytics.com. Sign up is free to analyze Tesla from this perspective, which is the our data shows that Elon Musk controls 69% of the board influence and end of story, right? Yeah, that's it. End of story that this is his board in fact, even even Robyn denholm, who has been a chair for over for 10 years. She's on every committee. She has a, she has less influenced in his Brother, Kimball who is a nudnik, okay? So so this is why our data is so important to me because it allows me to understand how the board is actually run, right? Because because there's no other way of quantifying this control. I mean, yes, we can anecdotally quantify up by you doing a detailed analysis of her statements matching up with Elon statements. But, but beyond that, this is the only quantitative way to prove that this is elon's company. This is his board. This is him, it's all him. There's no doubt. So those are three options. It is Robinson. Alex edmans and Jeff sonnenfeld. I can't I don't think I can vote on this. Like all three. Can I vote for all three? Know you have to pick one? I'm really winner for the week. Otherwise, what's the show has no point? I mean one would think because it had a point. Okay, one, one thing I would go with Sonic Phil because I spent so much time against on a felt, but I surprised you Jeffrey. I think you're probably listening because I know you love me because you Expect that I have that I'm, you know, because I'm entering a healthy intellectual discourse with you, which I'm sure you respect, because you're, you know, you're the professor of the century or whatever you are like you're the greatest Professor ever. So I'm sure you respect me for that but but Jeff, I'm not actually not gonna vote for you and I'm not actually gonna vote for Robyn denholm because I'm, I been living with this experience for forever. Like, this Elon Musk story is old, and she should have stepped down after the Kathleen. McCormack at the Chancery. She should just step down for that out of embarrassment and been like, this is ridiculous. This whole thing is it's a mockery of the, I mean, she's another board position. But you know, they're making a mockery out of corporate governance in general. So she should have already been stepping down. But that's a, that's a tired story. I'm going right after Alex edmans because this, WOW, mischievous manipulative way to to attack black people to Back women to attack Dei in general because of your like, your understanding of the right way of doing everything is just like, it's like it's academic mansplaining and it sucks. I just hate it. And I and and, and really like you should go home and think about that strive and these in the National policy that using your words that gets to me. I mean, do you What you're contributing to, I mean, this is important stuff, Alex. This is not about your perceived, you know, academic Integrity or their integrity of of paper writing. I mean that actual effect and actual effect that to me is the point, right? Like, because you may be living in a world, that's more nuanced even though you're calling. Everything may contain lies, which are, you know, Nuance at all or you're living in a world with no hardship because you're, you're clearly willing to throw a yeah. Another monkey wrench into Decades of civil rights struggle. But you're bullshiting books that suggests that people are lying during their struggle to get equal rights. I mean, you're just like I mean, Lazy. I mean I'm sorry. I'm I'm very triggered this week. Very triggered. Yeah. You're very angry this week. I am going to go. I'm gonna go with Robyn, denholm. Oh, and I want to Get specifically because you break either. Well, how often are you break the time? Yeah. How often do we see? Like, you just wrote down the words that Elon Musk is like an empty shell. She's a vessel. Shill I have to go for Ari. I would you know, are you always agrees with me, right? Are you the thumbs up that she always agrees with me? Yeah. Holy Week, which brings us to Can we get over the show? Yes. Can we just can we go quickly now? Yeah, now we can move quickly. Headline is the week. I have two options. Go headline of the Year tonight. You don't know. There's that I have two two, this too. So first headline is Tesla's Board needs to be refreshed. Corporate governance. Experts says oh, is that me? I'm a corporate going. Like, I clearly not like Really, really, that made me laugh out loud. The expert was the Weinberg Center for corporate governance. The University of Delaware, Charles Elson, who should we target Kathleen? Wilson Thompson, she's black. Is there any more obvious thing like I was just a news headline there's a board needs to be refreshed. Unfortunately it probably is. But what's your other headline? The other headline is the headline of my dreams. Yeah which is gay furry hackers attack, right? Wing news Outlet. That's a good one. I love everything about that. All right here mine, I call him stupid or stupider. All right. I have two stupid choices for your first will will Texan. This is oh this is a terrible. The anti Dei anti ESG woke Wars of God. Here's a headline. Will Texan's accept new woke, cups from Starbucks. The cups are what here's why they're woke because they used, they feature, 20% less plastic. Oh, that is woke and because they have raised bumps, that help the employees identify them more quickly. And because the, because they're all used the same lid, because they don't have to, they don't have to waste, like, making too many lids and this, it's a, well, just 20% last lesson, but now we have to wonder if Texans can handle this. This is the state of our existence. I didn't read the article and I like that. They said these cups do feel sturdy though. My other stupid the stupider. Here's another headline. This is from the guardian. And speaking of our favorite Nelson Peltz, it's good to see another pelts member back in the news. I don't want to, I don't want to ever stop talking about the Pelt. I know he'll talk about him forever. How about this headline, from the guardian Nicola Peltz, Beckham a Billionaire's daughter, she's Nelson, pelts, his daughter, Nicola Peltz. Beckham. She made a movie about abject Harvard. It's as bad as you think. That's the hell. So she's doing what they're calling poverty, porn. She's she's a To, you know, it's a it's a it's a nepo baby, making a movie about poor people and you'd expect something else. Triggered you this triggered you to all right. RH chose two headlines also. Oh God, but they are very fast here. The headlines, first up Wendy's will offer free fries. Every Friday, through the end of the year, you have to buy something first, just free fries. I have no idea. I just read that line. What else? Um, and number two is McDonald's. New marketing Billboards, that smell like it's french fries. That's the winner for me. I mean, first of all, I think Ari's hungry, the money that they're probably saving by like removing ESG and Dei language from their proxy statements maybe, yeah, they're spending on Friday. That's my big one. Also that's just a big winner and let's move on to who won the week. Get out of here, addictions, and get out of here, because We got rid of our woke, our woke data Wednesday show, which usually had all our boring arguments against. Now we're just boring people in the world, okay? My winner is very cynical this week. I'm a kind of ashamed to say that I'm shocked but I I just had to find some good news in this. My I'm see my winners, the 10% of Tesla workers who don't have to work for Elon Musk anymore. Oh wow. And I say that hoping that they'll get obviously that they'll get a good severance package and they'll and they'll get they'll find not accidentally low. Yeah they'll find good work elsewhere. I definitely don't want me out of work, but I just can't imagine working for that Tyrant. So maybe that's Aries winner of the week was better than yours. It was potatoes. Why? Because they're getting killed, they're getting killed because of the well look, he's forced to breed and make more of them for all that Price. Rite on Bill. Who's your winner right on Fridays. My winner is woke applying. So someone talked about this. Yeah, go ahead is here's the headline. Republicans delay war on woke, appliances to focus on actual war. That was an actual headline, again. This is the current state of our discourse. We are now calling appliances work. We were calling cups woke. Yeah. Just just so, you know, I thought like this was like an exaggeration, I thought it was like, oh, but they were actually the House GOP. The conservatives in the House of Representatives in this country had dubbed. This Appliance week in which they were going after Biden Administration asking for more, efficient appliances, and people's homes. Absolutely, they call this is real life. This is real life that they had to, but they had to scrap it because there's a war in the Middle East. Actually, I love everything about that. That's real life. People realize is the winner because now they can, they can go on being woke. What are your predictions? You got any predictions is unusually optimistic. I I and I know I'm gonna be wrong. Some always wrong. And my and usually when I'm when I'm optimistic, I'm a fully wrong. That's a chance. But I actually think like with everything going on The toilet, the tides have turned at Tesla, the tides have turned on Elon Musk. He's just, he's destroyed to Twitter. You know, the people people don't want to, you know, don't want to buy Tesla's anymore. He's destroyed the share price of Tesla Delaware just short. He's just, he's just a fool. You know, the accelerator pedals don't work. All of his promises. Do you know that that we were supposed to be on Mars by 2024? That was one of his, his old promises that people would be on Mars by 2024 so. But anyway, my flight when I'm saying is that the, you know, the genius Legacy of Elon Musk is constantly crumbling. And I actually think, I actually think that shareholders are gonna reject all this bullshit. Oh, I think now was the year this year. I actually think this is the year. I think you're wrong. Ari, is prediction here is Idaho's. GDP grows 43% in the next year. Remain has potatoes too. Just not as many. About, I don't potatoes. That's where it comes from. All right. Which leaves me with my prediction. Come on. My prediction is For the proxy countdown, I actually listened to Abbott Laboratories. We did the proxy countdown. Yesterday Abbott Labs was the company. I listened to the first quarter earnings call. And there was this nugget that they said in the call, the towards the beginning, the company launched a Nutrition. Shake designed specifically for people. Taking weight loss drugs like ozempic to offset muscle loss from the weight loss, drugs. so, my prediction is that the makers of the weight loss drugs, Now, everyone who's taking those weight loss drugs, have to go out by an Abbott lab, shake to get some more muscle back because they lost all that muscle. Well, the makers of the weight loss drugs. Need to offset that muscle regain because now they're getting more muscle. So they're going to launch a new pill called ozem blimp, which adds a small amount of steroids so you get some muscle but also muscle eating bacteria. So it does not too bad. You can take all three medicines and finally, You get the weight off. I mean prediction, I actually agree with God. I think we're gonna get to a point where we're gonna see everyone's bodies, like constantly like gaining muscle and losing weight at the same. Like a weird balloons. Oh my God. That's it. That's he's not raw less. I am analyst whole Matt miscarry we are free float. If you want free data, this show is sponsored by free flow analytics.com. Go put your email address in. That's all you got to do. You get free data on 80,000 active directors across the entire world, how influential they are, how they perform on everything from TSR, are you? It's all there. You can get a free so go do that until next week. Goodbye.