Transcript
Feels like summer. No, 25 degrees outside. It feels like Friday. Yes. And we are live and Alive. Some of us more than others. This is Ari the data Queen joined by analysts whole Matt McCarty and hazelnut Raleigh wrap up show today guys. What are we talking about today? All right, yeah. You never summarize the show? Yeah, I do. I say we are hating on Ice House. Yeah, there's a lot of that we do that. There are some billionaire things that surprises every time. Because it's not actually good. Maybe I believe in AI now because that summary sucked, maybe we should summarize see, we should submit our show notes. Yes, that's a great idea. Look into it, Damian please. Okay. We'll do. All right, well, this week or today, we have story of the week. We have a good list of the week, that's not a summary. Yes. The same thing we do every in the subject headline, is you guys don't forget, we have chapter one, we have chapter two, chapter three All right, let's do chapter one. You start? You start taking away. Know, these little light up the audio now and no particular order. I'll start with this one. Matt, I always assume I assume you're gonna pick them so I'm not gonna go along on this one. My first story that ISS is stupid. Yeah. I gotta say, we put out a pretty awesome proxy compound last week talking about the Disney proxy contest. We do, we do a pretty deep into that was over an hour that show the one to our one. Takeaway is there's no way anyone would vote for Nelson Peltz. I mean, come on, what we're doing here. If you were objective, all of the data suggests, that is the dumbest you can make, he's basically a failure, he's he doesn't know anything about media. His choice for his other directors and is stupid. And now ISS comes out this week. Is this comes out this weekend is backing Nelson, pelts, and nobody else. ISS your ridiculous. You can explosion from the media here, not only this. But here's the one that really got me this morning, according to the New York Times, They Are arbitrarily targeting Maria. Elena Lago, Messina, who was a director on a Disney for this stupid reason. Because multi-year concerns about her role on the compensation committee. What? Yeah, So she's been there for almost 10 years, why haven't you voted against her every year and and what are these concerns and don't these concerns basically, apply to the entire S&P 500. I mean, I SS. You just make stuff up as you go along and you suck. I'm sorry. Really dumb. Did they just pick the woman? Because women maybe? I mean, this is one of the Nelson Peltz picked. Yeah. They picked her because Nelson know they said the longest tenure directors, right? Like she's she's 74 years old. So maybe she's an easy pick but I don't care. But according to the New York Times that this is true. It again, they said it's because of her role on the compensation committee again. So yeah, not nothing new has happened. I assess over the last, the chair of the company she is like she wasn't the whole time. I know when did. When did she become the chair? Okay. Matt that would that would mean the ISS would have to do actual like research to figure that out. They'd have to open Multiple proxy statements and they're not going to do that. We know they're not gonna do that like three years ago, but again, that's complicated for ISS that they can't. They're not because director's don't matter and they're not gonna play that game. I don't know. It's yeah. Okay, so I like ISS is stupid. That's my first, that's my first story of the week. Well actually, yeah, no, that is okay. Well, actually the longest tenure director would actually be Bob Iger. Well, yeah, come on. We're not counting him. Because next door the week, Reddit has debuted New York. Stock Exchange, its share prices are up on the first day that I really care. The bigger story here is that, this is another fake public company. There was a voting agreement with founder and CEO Steve Huffman, where he essentially controls the company, with 47% of the vote. Because about yeah, another dual class shares system in Tech. And the other report is that he gave himself a pay package this year of 193. And again, there's good story was at the unpaid moderators who really are the backbone of Reddit for anything anytime on Reddit. The unpaid moderators were fighting back about certain changes that Reddit was making by by not doing their unpaid jobs. Basically, I think you were you were applauding them fighting back was not you, you got shares? Yeah. Yeah. There was, they got shares, shares to some of the happen. Yeah. It sounds like from early reports is a lot of those people are saying, No, thank you. They don't a lot of people are angry at CEO, Steve Huffman, and even one article referred to him. This is either a variety or Futures and they called him, much hated Reddit, founder and C Hoffman. So angry. Yeah. Wasn't Serena Williams's husband, that's Alex alexio Tony Alex he is no longer on the board of Reddit. He's stepped down. Yeah he was a co-founder, he requested to be replaced by a person of colour like and that's that happened. Yeah and that happened and that happened. In fact, I don't see His name on the ownership table. One of the names I do see is Sam Altman who will control my nine percent nine percent voting power at Reddit You know, that means, in fact, the the voting at Reddit is essentially Steve Hoffman who controls 947% and then it's just a handful of horrible Tech, Bros, Samuel Altman, Leland in of quiet, Capital Alexander tamas of V Capital, it's just Tech Bros dominating this. That's not surprising, but I read their deck that's one and their investor deck. And so their current Revenue model is all ads, just like all the other social media but they have training explicitly, their AI training data, and that ship with Google. Yeah. And now Samuel and nine percent of the company and you could just, you know, like if you're writing something on Reddit, you're effectively training AI to which means well, is it like the worst of Humanity on like, places like Reddit and In Twitter and that's where we're training. Our artificial intelligence, the future of humanity is being trained on those places. That people that I know that use it, they're all white. I use it, I use it. I think you qualify them. I check it. I mean, what? Yeah, I'm definitely white. I mean, I check it because, you know, they have a subreddit for the city I live in and I I go on there pretty regularly to see what's going on. Yeah. I mean I mean every time I Google it's like what ever Googled Reddit, Second Story of the week is, yeah. Another stupid Tech dual class. Fake public company that people are buying into and allowing to happen. I don't know how we keep letting this happen, but that's I just can't wait for them to be on an index and I get no rights. That's gonna be super fun. A third story, though, the week I only have three this week. The Department of Justice is suing Apple over an iPhone Monopoly in a landmark Anti-Trust case. I don't really want to get into this, but this is a pretty big after me. What's that? The iPhone Monopoly? You like it. Yeah, everybody out. This is one that I'm not sure I really care about. I don't maybe because I'm old, I don't. Really understand why anyone would care about green bubbles in your chat with your Android friend, who, I don't know why anyone cares about any of this. But again, this is a big deal. The doj is coming after them pretty. That's actually, not the Crux of it. Go ahead. Tell me there's an interesting part where they point out that well moneyed, like Microsoft companies have tried and failed to penetrate the smartphone market because of Apple. Yeah, this Microsoft and Amazon. I don't, I don't care the thing. I can't figure out is because it wasn't because Apple had like monopolistic behavior that kept them out. It was that the Microsoft phone sucked? Like it wasn't good. Just it's a heart. Can see your hard work sucks. He's like apple has a monopoly and it's not even a monopoly. They don't like, they don't own the majority, it's not like it's not like Facebook where it's like, 80% of social media is owned by one college. That's a More important Monopoly. Yeah. It's like, you know, 40, 50 60th and everything else is generally argument is things like apple wallet, for example, right? Like Apple One open up. Apple like to another wallet type of thing. I don't want another thing I want my apple look, I I appreciate the argument. I'm sure they're, they're absolutely correct. But Matt, I agree with you that the primary target here would would and should start with Mark Zuckerberg. Yeah. Because, because social media is clearly eroding, our society. I a hardware company that makes like, great phones. It doesn't even have its foot and social media. I don't care about right now. Like, do that in 20 years, I just don't care right now. I just don't even do all the things that same time. Okay, yeah. Well, they don't, they don't. All right, so that's my three stories. We've got ISS a stupid red. Really. I I had a anger headache yesterday and today over this I just can't comprehend. I s s, i I don't get it. I told Ari this morning, I had a legitimate dream and which I was walking through Disneyland with a princess from Disney. A asking about Bob, iger's succession, and why Nelson Peltz was doing this right there, was this compensation committee chair, Maria Elena was not, I don't know, she goes by Mel know I, but but it has seeped into my subconscious somehow, and I hate it. So I assess is stupid. Reddit is dual class stupid and the Department of Justice, sueing Apple kind of stupid. I think it was stupid, but I was stupid just wish to go after Facebook and Instagram. This is straightforward for me. Oh really? It's not only white, right answer. I gotta hear that. Just wow. It's To me because I'm, I'm saving them for assholes a week. I'm gonna make Damien break the tie. What's your vote? I think, actually, it's the correct vote for news is Department of Justice, sueing Apple. But I'm not going to vote for that, because, okay, because another dual Class C, now I'm sorry, we all subscribe. It's it was oversubscribed and it popped almost 50% and its opening debut. And they said, they should have shut the price so much higher and they didn't. And it's another social media Tech. Bro, driven dual-class company that. Now, we're gonna have to talk about with all the other Tech Bros the rest of our fucking life. I don't do because. Yeah, go ahead be more important because they're used to this to train. Ah, yeah. It's like so I'm gonna go for that. This is hard because this is the text. I message I sent to Matt before the show. I I sent i s s and read it. Proxy are giving me an anger headache this morning. So yeah, these are the two things that are bothering me. Did you put coffee? Maybe the caffeine. I have been drinking instant coffee this morning with it problem. Originally I was gonna agree with Ari because it has the most direct effect on us as a company because I I just really, I assess is just such a fraud to me that they're passing this off as corporate governance, the story of your week Damien, but I'm hoping that Matt covers this and I'm absolutely gonna veto everyone and vote for that. One is the winner is being asshole the week but I am going to go. I agree with Matt, on the Reddit story because You everybody. Everybody, I talked to the US Government Frets constantly. About how do we, how do we control AI? How do we control big Tech? How do we can control all, you know, all this? This is the simplest guard rail to put into effect on day. One is to strip. The ability of companies in this sector of having dual class fake public company writes in the open markets. It it's the easiest way out of this. It's absolutely step one. I don't know. How were the only ones? Who recognize this? It's crazy to me, I and I assess msci. Morningstar, you shouldn't even cover these companies. You should make a stand and say these are not public companies. I mean, I mean, I honestly I'm not much of a like a it needs to be regulated kind of person. Like I don't generally think that I actually think that everything else is regulated, Matt. But I think that when it comes to do a class companies right now, like the standard at msci and I could say this because I was there was it gets on an index if it's tradeable, it's liquid enough. If the markets allow for trades to happen it's like it's Almost like a technical definition of what is investable as in. I can buy and sell it with with relative ease. But there is no and msci said because they they actually put out clients surveys about this. There is no shareholder rights version of tradable. What is the point of being a shareholder? If you have no rights, I mean, even in private companies, you effectively get rights relative to the size of your investment. Like you, you often get bored seats or seated at the table or you can demand conversations. But these companies Zuckerberg doesn't care about anyone anywhere except for what he wants to do because he doesn't have to like, this is insane to me that we keep doing this as a bare minimum. I think regulated Regulators need to step in. If they won't do it in the US, they should do it in Europe and say you are not an investable asset, a public asset. If you do not have shareholder rights attached to it one share, one vote. That's why is that hard? I mean, it says, right in the S1, the class beholders will control all matters, submitted to our stockholders for approval and even says that that CEO Steve Huffman. He, he, you need his approval. You can't even appoint anyone as a chair. He can veto that. Yes, that's it's bananas. Yeah. I hate it. All right. That's all. That was a hate Fest for the beginning. All right. Let's go to something good. So many good things. Yeah, Ari is very excited today, but we're gonna start off, you know? This is gonna it's we're gonna Crescendo here, okay? Okay. I'm into it. You don't leave her to unload. Super woke Ben and Jerry's after years of fighting with independent board over Israel and Native American Rose. This headlight is from The Daily Mail. What? But I thought this was good because Ben and Jerry's is to become free from you, but they sold themselves willingly to Unilever. But you know what? I think they came to regret it. I think it'd be free though, or is private Equity gonna buy them or something like that? Like, do we spin off? I don't know what that means. Okay. I wonder if I feel IPO, they'll just be in Ben and Jerry's. You can buy that. So I used to buy it. Lasts those. Not lift. What are the lives? Strong bracelet type things? Yeah. Lance Armstrong. Yeah, right. But in Jerry's had their own, I used to buy those. What now, you bought the bracelet. I don't understand. No, you wear it. Let me ask you. This are, is this another win for the anti woke movement? Know. This is a win for the. Are you sure movement because they sound like they're pressured Unilever, basically to get get rid of a pretty successful, know you wince at the end, but Unilever is getting rid of all their ice cream. It's not Ben and Jerry's, they're getting rid of they own Magnum. They are, why don't they get rid of the ice cream? Because they hate cows. I don't understand what is this? I mean, isn't ice cream. The only thing that makes money It's like 19 dollars for for a popsicle. I think it doesn't make that much money as well. I think they're getting rid of me. I guess he's dairy free. Yeah. Yeah, they have dairy-free. Look, I'm gonna agree with you. Free ice cream for once. Our, I'm gonna kind of agree with you because I'm kind of feel good that they're free from, you know? Yes, thank you for what sorry about, what comes next? Like, is Sam Altman, gonna buy them, I'm a little, I'm a little stressed about that. I, I am looking forward to see the money was first gonna buy them. She's she's ecstatic. Taylor lifelong, dream board, member Jesse's lifelong. Dream is to not, not like owner's. Basically have one store, where she's the manager. Like, that's right, I like that dream. All right, what else? Here we go. This is the biggest joke of the week. Ginsburg family and to give RPG award to MUSC Murda others. Others. Others. The others isn't it, wasn't it just like Martha Stewart or something? Etc. No. Oh no. Listen to this. So This explain this honor this RPG award. It was first awarded in 2028. This is set up by a foundation. That some whatever first awarded in 20, whatever the foundation. It's the Dwight, the Dwight D Opperman Foundation. Thank you. Yes, it was set up before RBD died with the intent to recognize and I quote, and extraordinary woman who has exercised a positive and notable influence on society and served as an exemplary model in both principles and practice. And now it's being awarded to billionaires, Elon Musk and Rupert, Murdoch, and others. Here's how long it took me to trace this this problem back. I so the one of the women who's now running the foundation is Julie Offerman, right? She's the daughter of Dwight from and Dwight's no longer with us, I believe she's a nepo baby. Dwight started some company in Minnesota but I looked at her open Secrets donations she's a Maga donor. She's just a big political. This is just a big political Game with her. That's all this is. The award was set up to recognize women. I know forget about the extraordinary part, I know. Like and now it's given to musk and Murdock. Two people, two of the biggest misogynist in the in the yeah, I would say. The best part of this actually was the press release that the the foundation put out because the Ginsburg family was like this is a joke and then the foundation basically recanted they said we're not going to give out the word this year, we're canceling, the award and they put out a press release where they discussed like we're not going to give out the war. The award is meant to be blah, blah, blah blah. And then at the end it's just says that is the only comment we will make on the subject and it's like Julia or whatever. Elon's Twitter to see what he said. All right. Well, you kill me a little bit with this one. How, why is this good? Why is this good? I think this is hilarious, which part is hilarious. It's not good for women and not just a man get you are cynical. Yeah. It's sort of like, hilarious. It's not here. Category is not good. She called whatever I feel like it. Yeah, we should just category to the Arias of the week. All right. Listen to this. I have a crescendo and this is When the Beat Drops come on. It's not even know what you're talking about, which I like my musical metaphor. Yeah, hey Google this. Yeah, the AI boom makes millions for an unlikely industry player. And Guerrilla. Explain the small Caribbean. Island. Yeah. They collect a fee from every registration on the internet. Yeah. Who's address ends with AI, right? And they were giving this in the early days of the internet and like, like France was giving data fr. This has brought in millions of dollars more than 10% of its GDP last year. 40.00. This is good. This is the right use this category. This is the best news I've heard in a while boring. Villa winning the lottery without even buying a ticket, right? 10% of GDP. It's incredible. That's a lot of hit by a hurricane, a few years ago, you know. They said they really needed this. They went up to the whole sob story, which I very much ate up. I think this is great. Did Travis Kelce? Tell us a story because then you would have eaten it up to Hawaii. Well um, you know, and the best part is that Elon Musk is giving some money to this too. Because he's got a bunch of web address, which makes our three sum of goodlift here. Ben and Jerry's is free. The Ginsburg family does not like who got that one and the AI boom makes millions for Anguilla. This is easy for me. You want to go first. Now they're going to have healthy. Yeah, I'm gonna go now they're gonna have like that's how they're gonna spend the money. That is how they said that. Yeah, I'll wait. I'll hold my breath on that. I am going to go with I think there's no, I really want to just be contrary in and pick Ben and Jerry's is free but it's Angola. I mean, it's not that Jerry's a lot. Oh, look, I'm I am. Okay, I don't I guess. I don't off the top of my head. I don't know enough about Unilever to say, it's a victory to leave and I'm more concerned the whole controversy in 2022 when they said they were going to stop selling their ice cream, and it's really occupied territories. Yeah. Okay. But there was like, you know what? It, you're wrong. Remember, I'm more, I yes, I remember. Maybe you have to say, I don't know if I remember it, but but I'm more concerned that this is like a anti-wolf victory. Like they, they were pressured into however, you want because they can't take the controversy anymore claim, doesn't matter. It's not, it's not a winner of the week. It's, I wouldn't even fight Ari right now. She is, she will not fighting her fight you. I'm fighting her pocket. I think she's ready. All right. Ass. Holy is to the weak. Yes, there are three options and they're fairly obvious. It's one of them Damien. No, no. Number one is just issue. We're not agreeing with you. Number one is just ISS. Um, look, yes. I mean, the I don't need to say a lot about this. They backed spells you. Um, but the the analysis that basically costs investors and thousands of dollars, one of the reasons why investors aren't buying free flow, analytics, sort of on mass is because they have ISS who just tells them how to vote, right? And this is what they're paying for from ISS, quote dissident nominee, pelts as a significant shareholder could be additive to the succession process. Could be good. Be sure. And so could I not? They didn't even know their that he is not a significant shareholder, he borrowed 80% of the shares. Okay, neighbor. Matt, this is the media industry. He's acting like a significant. This is ISS. That's a quote. From my SS. Sulos potential presence might create added friction on the board. That's why they didn't backwards will will. Yeah, um, might and rasulo creates friction but not pelts. Yeah, I know the guy who's been this is always like 25th attempt to get on the Disney board. He's basically tied up 40 million dollars in shareholder value but on the waiting constantly him they're fighting him so rasulo the guy who we've heard no words from creates fiction on the board where pelts represents Ike Perlmutter who hates Bob Iger? Like what do we even talking about? And then they they went on in Disney's release. They they pulled this issues that Pro Motors involvement is quote and unfortunate distraction. Okay, and that he quote, May cast a baleful shadow over the board if pelts is elected. Yeah, Kudos ISS for using the word baleful in a invest. Well, they do have they hire English Majors? Apparently only because they didn't do any governance analysis, they cast baleful Shadows, but this is just stupid in every direction. This is Mega governance. This is like, let's just stir the pot. Let like find a rich white guy who says, you know, the thing that all the, you know, people are thinking, but he might do something good, but it's good to just change it up every once in a while that's like except except that ISS. All have three directors from Blackwell's, all of whom would contribute more than Nelson Peltz. Well, effectively what they're saying is that those directors would not have much influence where pelts you'd have to listen to him because he's a big fat because he's loud. He's loud Mega like flowers, nothing about media. Yeah, meanwhile there is when you look at the data, there is zero evidence that pelts is actually good as a board member. In fact, there's a strong history of under. Performance. Yeah just we're not the only ones saying this. I mean there's several media Outlets not covering the fact that Nelson underperformance pretty much everywhere everywhere I mean Jeff sonnenfeld just wrote this article about it, be good, you could be good, he could be added Hey, Pals is so like he. He's so not good. Like, on paper that he actually got people. He knows who's been on boards with to send a letter to the Disney board saying that he'd be good there. You know, who does that people who aren't good. Like, if you were good, you wouldn't need a letter from your friends being like, no, we swear, he's good, right? Like, hey, do that ISS when you having dinner tonight? You know what could be good in your lasagna sugar Why don't you try it, put some sugar, some powdered sugar on your lasagna you so I assess in maybe the biggest spot in activist in the last five years in activism you fucked it up by doing literally no research. So did they have to come out and say something? Well, I said, no that's good. It should have erect. They have to. But they could have been like glass Lewis and just said it could have passed essentially and say go for the Disney slate. I said, I thought that's, I thought glass was front running them. I thought glass Lewis putting that up man is was likely to also, but clearly pelts got to ISA. Well, I mean There's so much politics. I hate it. I hate it. Let me repeat. I want to repeat myself before, because the part that really irritates me, is there? The this thing about logging miseno to vote her out based on not new evidence? Nothing that happened over the during the last proxy statement over the last year. It's just some vague reasoning that she's that she's on the competition. Okay? A compensation committee. There's some vague reference to some PayPal policy issues again. Nothing's new. These policies have existed for a long time. She's been there since 2015, that that's the part that truly kills me because that's that's just nonsense. It's just arbitrary nonsense, it's not arbitrary. She was chosen by pelts, okay, that we know from the Disney book. If you've read the Disney book like Disney War, the one about Michael Eisner, you know, that ISS at the time and this is back in the day, the know, it's a mid alts, right? Middle ISS met with Eisner and the Disney board and they met with the activists in Roy Disney at the time did Roy, Disney's Stanley gold with the activists, which means it's a Gwar See that ISS met with pelts or, or pelvis as people. In considering this so. Allowing pelts to be on the board and kicking off. Flock of Messina is just a political move for pelts. That's all. I just don't know how this serves ISS I just don't think. Yeah, it makes them is like there's cronyism does not make them look like true analysts. Well but they've been they've done this. This string of ISS choices include launching an ESG skeptic voting policy, which is a direct sort of like even though they don't vote against management. Right. So flagellation, it's like a tack on their own kind but they're basically like kneeling before the altar of Maga and is Nelson Peltz. Any different, he's a magadu dude, in fact, and in fact, just this week after apologizing for voting for Trump in 2020 because he was embarrassed about the inspection just this week. He says that he's actually gonna support him again. He's so so I assess something is going on. Something weird is going on. You have no credibility. Like I don't know. This is here. Yeah, but this Is completely ruins, a credibility forever. Anyone who's on the fence of like trying to find and this is not just a prop us up, but anyone on the fence about trying wanting to like break up their their relationship with ISS the number them releasing an ESG skeptic nonsense and this decision should give you enough evidence that just find somebody. We're not we're not, they're not doing any analysis. If you want to actual numbers behind the directors, you want to make a decision based on like data and Analysis of that data that isn't could be additive. Or like, in Starbucks's case, they said appears thoughtful, the board appeared, thoughtful about Labor issues. Like if you want actual data like this person has been additive. Here's the evidence of it. This person does have a positive effect. You want real data and Analysis you can get it. You don't have to go to issue ability, just to be clear. I am in principle, I am not against Targeting members of the competition committee for poor pay policies. But but when the policies do it over the two, because there's nothing new happening in their people that you should have been voting against her perpetually annually. So that's why I'm calling that out because it's not, they're just making stuff up. I think that's the part that really irritates me. Is that they're they're just cherry picking just some weird reason to make a decision. It's just, it's not true analysis, I don't know what it is, actually I got. So they're number one, number two, in the same vein, only two black rock. Oh, Look when is the ESG like people like are going to learn that you you can't cozy up to the anti-walk you're not gonna like go over to them and be like oh you know like it's cool like you have your Viewpoint, we have our viewpoint, but we can work together, it'll be fully destroying, it's just theater because the the great ass kiss of 2024 didn't work in February. There was this headline, Texas laws blackrocks, king of Wall Street and change of tune. That was because Larry thinks showed up at a conference in Houston beside Texas, you know, Vice comptroller or whatever and talked about how BlackRock helps Texas invest in fossil fuels and light the world on fire. They spent a whole conference talking about it and then just because isn't Texas, like the biggest producer of green energy also, yes, correct? Yeah, that's correct. They don't want to talk about that. They don't want to talk about that. So but then this week that had line was Texas schools, funds polls. 8.5 billion from BlackRock over, ESG investing. Your your great askis doesn't work, they're going to make you not only did they, are they do they get you to like show up at a conference and talked about how amazing every you are at everything? But this this is like now you've put yourself in a position where you don't have the money and you kiss their ass. You look like a fuking idiot, like, because you look any worse than you currently do BlackRock. The whole thing is crazy, Matt because I'm gonna get paid first, you know? Yeah, here's a done. This whole story really is too, because when you look at the Reuters story covering this, this is an article from a few days ago. There's a picture of a protestor chained in front of Black Rock headquarters. Basically asking for fossil fuel. Divestment something that block is that's the thing is that they were never woke in the first place they were. We've been in the neighborhood. You weren't they're not gonna be so I I applaud Reuters for picking that photo because it proves how insane all this theater really is. And and how Larry think you're really you're really bungled this one instead of instead of like taking a stand which you would maybe attempted to do at one point in your life you're just kind of going with the wind constantly, which is why you're gonna continue. You're Gonna Lose to both sides. Now they're now the left in the right are both gonna think you're crazy, but that's the point. Look, I'm talking to you. State Street and Vanguard, and Morgan Stanley and Goldman Sachs. Any of you investment banks that are terrified of the anti-walk taking them money out. Grow a pair and tell them to go fuc themselves because we're pair of Yeezys. I don't care what you grow, a pair of a pair of anythings, Nike Air Max. But it doesn't work. You're not going to go to them and talk about how you love fossil fuels and then they're gonna be like, oh, great now we're gonna invest with you, they're going to use you as a political football because they can because you keep letting them if you call the bluff and say, pull your money. If you pull your money out of all of us, you have no where to invest and the worst part is, we are the biggest investor in your stupid economy as it is. So guess what if you pull out of us, we'll just divest from Texas. Imagine if BlackRock said we are going to dump every single asset that we have in Texas. Now we're talking I like this. Imagine that instead. What are they do? They just cry when they when they when they lost the money, it's fucking stupid. All right, come on. All right. Now my number three. Oh holy number three, they're more. I'm not gonna reiterate all this if you want a full thing, you go to the proxy countdown that we did this week and we'll talk about it. But number three is lead. Independent directors. Okay, not dependent directors are a joke, that's why. Yeah. All right, here's the story. Here's the story. McDonald's CEO can jinsky. Yeah, my Chris kimchi assume role of board chairman. So not only for the first time in 20 years. Did McDonald's refused chairman and CEO like in some sort of Voltron like move of power consolidation, but they simultaneously named Miles white. Yes, Abbott Labs CEO, the lead independent director. Here are his independent credentials to be lead. Independent director, he's been a director since 2009. That's 15 years for those who can't do math, he is connected to 58% of the current board and has over 40 Loops back to the board in the last seven years. So he knows everyone has been on this board like over the last seven years without a doubt and that's as far as our data goes back right now. But when we push it back even further you knows everybody, he was on the board for the disaster. That was Easterbrook and miles is part of both the Chicago Mafia and the Boeing American board aristocracy Boeing American board. Yeah, like the Abbott Labs, the Eddie, the caterpillar, the 3M, the like, the Boeing, all those board members, all know, each other, and they're all, you know, you know who's paying a lot of money for sucking right now, Boeing 3M McDonald's already. Had to pay a whole bunch Wells Fargo where Rick Hernandez was the chair of that board. He got kicked out. Have you noticed a pattern that these board members who keep recycling themselves? There are a not independent and B cost you a lot of money if you want to one of them do want to know more about this, listen to this week's proxy contact. We do go and a bit about the reason why this happened one of the most infamous directors. Rick Hernandez Jr. Step down from the McDonald's board. And It's a lot of good information, there's a lot of summarize like that the highest point there is about half of us, large cap boards have a lead independent director and a strong executive. And of those nearly two-thirds, they have overlapping 10 years of 10 plus years. Oh geez how are you independent? So those are your three options you've got. I will say that in America, at least, I think what we found is that, the lead independent director, really is the defecto chair because the CEOs have somehow managed to convince the market that they are. It's a joke that they are the chair and the seat or the same time. So, we developed this practice of having leading independent directors to counterbalance their power. So, Yeah, I think that's what we're seeing here, right? Is that these are the actual chairs know? I mean, they're not really lead directors, they're chairs she call them chairs though. It even like implies, they don't like set the agenda of the meeting though. Unfortunately, the CEOs, the agenda here their management, that's the way it is. Is there basically manage? Yeah, it's a terrible, it's a practice that I talked about this in the show to the proxy countdown. It's a practice that meant well 20 years ago, I think it was an important governance change, but it the corporations have abused it as Matt, like, your data is pointing out and, and I, it's time to revisit this. Yeah, so your options for assolas. This week ISS, blackrocks, big kiss ass fail and Lead, independent directors, who aren't independent at all. And they probably don't look, I this one's easy for me already. So you go first find, I'm not gonna go that SS. What create It sounds like she's making drama. They're dummies, I wouldn't call them assholes this week. Oh you're dummies versus assholes. What a horse real assholes here, which are the lead independent directors that are no the data. What have they done this week though? And I'm sorry, but but nothing beats this week. That's what. Okay, nothing beats is. I'm sorry. There's there's stupidity equals assholed them because on the back of creating an ESG skeptic, what is that ETF? What was that, know what the word skeptic means. I mean, I just, you know, like Flat Earth or like, I'm skeptic of the Earth is round. Like that's not being skeptic that's being dumb. I mean, yes, yes, thank you. That was bad enough but but I don't to support Nelson health. I don't have this whole thing that makes him assholes. I'm sorry I I'm gonna agree with Damien here because How dare you? Yeah, because it's the correct answer. Number one. Are you need to download last week's proxy countdown covering Disney to hear why supporting Nelson? Pelts, absolutely idiots. See we're saying that they probably in their focus groups did consider ESG dumb as the name of the policy, but yeah, knuckle dragger. Do we have any headline is for this week? Oh, I got one. I have two. Okay, Matt when she starts. Um, yeah, because we haven't heard enough of me for the last 30 minutes. Here's one of them. The headline is content. Creators worry. Now, listen to everywhere to this content creators worry about missed education in a world without Tick Tock. That's just too much. I love that we do. Would we have to imagine open up books? We would we wait, are there content creators to tell us what to think? Yeah. Maybe you're reading that wrong. Maybe what they're saying is that they worry about? Where are we gonna post or miseducation like, oh, that's what they worry about the distribution. You and The second headline I pulled was Nvidia. Announces ai-powered, Healthcare agents that. Outperform nurses and caused nine dollars an hour. This is the worst. That's the worst name. Well, I just I make that I couldn't get over the nine dollars an hour because this is like like like like everybody's is anywhere that nurses are wildly overpaid. Like oh, so nine dollars an hour that seems really expensive. I don't want to get dark again here but to me this proves why a world run by Tech Bros is the absolutely, the worst case scenario and why not only do we need to get rid of Duke last year's and we more women in leadership because the name them they're completely missing the point of one of the great benefits of nursing is just that human contact. I mean, I my dad spent years in the hospital and those nurses basically saved all of our Frigging lives. Well, it's their sanity. It's their, it's their Humanity, their presence, their knowledge, their expertise. They're, you cannot replace that with an ai-powered Healthcare agent and only a man, only a tech bro. Would think at this as being a good solution, it's terrible. I don't like to rant mode and I'm sorry but if those nurses could Outsource some of their like menial tasks, they can maybe focus on the human side of their jobs, a little, whatever justices that is true. I just Elon Musk and hire more nurses. I just can't get over nine dollars an hour like because it's like it implies you know, those like we're spending a lot more than 9 0. 0, 0, 0. First headline is a fun headlight. Let me get to my headline. I'm gonna I'm gonna lighten up, please show us, this is how you interpret a funny headline ready, Bentley CEO. That's the the car, the luxury car. Bentley Bentley CEO says sales are down because the rich are experiencing quote, emotional sensitivity due to the cost of living and don't want to flaunt their wealth with a new luxury. Come on. I thought that was funny. That's cute. Japan's, labor market has a lesson for the Fed. Women can surprise you. Oh, what they can actually there, they have brains, I don't know, I didn't click on it because that's not how you play this game. That isn't how you play this game but that is it that's actually a legitimately good because it's like, it's like the ISS analysis of could be additive women can surprise you. Well, that's a powerful patriarchy. If that's the headline, the implication being there that they have not supposed to but come from Japan's out, they can Japan. All right, listen wait wait on our headline news. Yeah. I he's gonna on his nine dollars. Ruined David. I'm gonna vote for Aries because it fits with the ISS one actually. If I just Surprise you. And since I don't care, I'm gonna just agree. Let's move. I mean, what are we doing here? I'm gonna go first. Yes. And I'm gonna say Ben and Jerry's for one week Independence. Wow, that's really good. This one, I'm cleaning it really was a year. My winners are obvious and that's Reddit CEO, Steve Huffman, who's a total summary? Comp is 193 million dollars this year and actually the true winner that nobody is talking about. There's no anger directed at her is CEO Jennifer Wong, who was getting 93 million dollars. So those are my winner, I can get behind that. My winner of the week is Nelson Peltz, obviously. Like I just got an endorsement. He hasn't been relevant endorsement from idiots though. Yeah, I know it doesn't matter. Someone's gonna listen to it. You know how many conversations on LinkedIn? I've been on back and forth where people are, like, I support Nelson Peltz because I think he'll shake it up. I'm not kidding. It's like, that's the Donald Trump argument against Hillary Clinton and look at you. It is so stupid. It is so lacking, any analysis like, I really think that, you know, having an actress a male troll attitude, it's just a single woman or person of color. Yeah, stupid, which brings us to predictions predictions. Well, you know what, I predict the last week that Nelson was gonna drop his proxy fight. This hasn't happened. He's gonna drop it. He could do something. Oh my God. We're well, they're gonna what they're what was happening right now is Solicitors are calling up all retail shareholders and asking them whether or not they're going to vote for pellets and why they entire trying to talk them into voting for peltz's card because try and hires the solicitors to go out and do this. Basically, it's just like an election, a regular election and so when they're done, they will count up the votes that they think they have based on a large sample and they will go to Disney and say, we look like we're gonna pull 30% of the retail vote. Plus, we have this many shares already. Plus, we think we can get an institution or two rather than going to vote. Just put me on the board. Now, they're gonna, that's the way they're going to play this thing. So if you're right, he will drop it and join the board before it goes to vote. That's how you'd be right? All right. I like that. All right, I hear my prediction is ISS does something stupid. Oh yeah, I already got this one, right and I predict that Nelson. Peltz wins. Aboard seat. until I SS ruined it because I thought, You have thought that I says, wouldn't come out dude because I thought they did actual research analysis. Now that was your big mistake. I thought when I thought when Disney trotted out the that all the Heirs of the Disney family, they tried it out George. Lucas, they got Jamie dimon. They got Michael Eisner all supporting. Bye. Byron Disney. I thought it was over but ISS ruined it. Ruined all the fun. That's that's the carry the day. To Crown. So I'm at mascara, where free float, come back next week, you know, we're actually gonna have to do a proxy countdown. We have a big day on Thursday where we're not gonna be in the office so we're gonna have to like figure out what we're doing countdown for doing it at all. But we'll be back at least on Tuesday because we have a business nuggets to do and then we'll see how the week goes until then. Good. Bye.