Transcript
Yeah. Hey, whoa. Live from a Vanguard. Scented throw pillow. Oh. That's up. I imagine Vanguard smells like lavender. It's yeah, another woke. Wednesday edition of business pants joined as always by endless whole map mascardi. in today's, Woke data flavored meatless cucumbers called February 7th. 2024, the top 10 stories from our ESG news headline, randomizer 8000 And a game called Black Rock Says, what's that, I don't know what that is. Simon a little bit, so I'll preface the show with the game. So what I set up is for every one of your stories, I pulled something. I didn't know that Black Friday, Black Rock voted on or came out and said not about the story but about something adjacent to the story and you're just gonna guess what they said. I think the real news to our audience is that Matt is paying attention to the pre-production of our show. I think that's a miracle, that doesn't sound correct. Our show today is being sponsored by free flow analytics. The only ESG data platform to measure a real board influence. Diversity, power gaps, Matt. For those of you who appreciate our show and I don't know why you wouldn't. Because it's more who you are in one weeks of show, it's more analysis, it's probably goes on a whole year of asset manager, but I will tell you this, not only do I use our database regularly, but you showed me away today of generating a report quickly about us a single equity. So that you can have all the data in front of you. It's actually quite useful and again, I am, I am a research expert. I've been doing this for 4000 years, I'm not just saying this. Well, I mean, look, you might just be saying this. No, I'm not a user date, I use our data, but you don't appoint as you don't have to take Damien's word for it and I mean I can show it to you, right? Like look, we're on a live stream. So here's what it looks like. I'm gonna show you right now. Oh, one table one. I know. But this is what it looks like. So if you're watching the live stream, this is what I'm talking about. This is who we're doing for the proxy countdown. Yeah, tomorrow. Dear dear, dear and Company. Dear and Company we're doing for the big vote. They got a vote coming up. I like when the companies are called and Company. I like that, deer and Company. It's yeah. Elton, John and guitarist. But it's got all the stats of the company, whether what kind of bored they are. Who else say the word? The connections between the board members, a group, think analysis, I mean, what isn't there here before I get to the show, I will say this no offense, to some of the some of our data providers include msci. S gauge no offense to either one of those wonderful data analytics. Provider companies, whatever they are. But our system is just easier for me to use on the fly when I'm doing research. It's just it's a lot of, it's the same data, it's just easier for me to use in going into msci and looking up an equity and download PDF and all that nonsense. There is an advantage you're looking at. I mean, we're analysts. But we're also storytellers is an advantage to look looking at a report that was generated by a Storyteller. It's just got more coherent, right? Stop it. No, I don't want to stop it. I want to do this forever. Here we go. Talk. Remember, these are the top 10 stories from our ESG news headline. Randomizer 8000. Here we go. To first, one, New York Community Bank or Stock slides, as governance risk in Focus. What does that even mean? New York Community Bank said on Tuesday, it was looking for candidates to fill up the chief risk officer and chief audit executive positions after Bloomberg. First reported about the departures a day earlier. But I ask you this, Matt. Could this be a situation where the analysts that Moody's goes straight to jail in New Hampshire? Because on Tuesday, Moody's cut, the banks credit rating to junk and warrant or further downgrades. How do you get below? What's below junk like maggots. What's rat carcass? What's below junk? I believe so but wait I want to tell you what they said. I want to say, what did they say? They said the downgrade reflects Moody's views that New York Community Bank faces High governance risks from his transitions with regards the leadership of its okay but but here's my point is that in New Hampshire, they want to pass a bill that puts ESG analysts into jail for up to 20 years if they do things like ESG. I got a question, does Moody's have an office in New Hampshire? Does it? So now I guess governance risk. So this would mean that if you if the law passes, if you're working at like the New Hampshire state pension, You cannot look at Moody's report at all because they said the word governance, right? It's just the way I look at this Reuters article, you can't look at the Bloomberg article, you can't. There's a lot of going on here, that that cites governance risk, including you can't listen to the shareholders because the stocks already down over 10%. You can't. Because of the governance risk, you can't listen to them either that's hard. That actually is hard hard. I mean, that's hard work to avoid all that. Well, here's their game. Yeah, let's play the game and you try this, okay? Like I want you to take a guess. What did BlackRock say about New York Community Bank Corps board 2023? What did they say like how do they vote? Yeah. Like what you're put yourself a black rock shoes. What do you think BlackRock thought about when they voted? Well 2020. Am I playing this game? Like an analyst or playing the game? Like a normal idiot that I am normal. Idiot. Mostly well. I would think that, if this All this is going on at New York Community Bank including that they don't have. There are vacancies that Chief risk officer and chief audit executive position. Is that serious? That's a major government's risk. I would think that BlackRock might be sending a message to it, at least 20% of the board with a against votes, know, you would be wrong 100% for every single member of this board and you knew that, but you played the game Black Rock, you know, if you bought our data, you could at least do something that I'm advocating for, which is just, you could create an annual vacancy if you think about it. If the average tenure in a board as well, I don't even know like eight years. It's like seven years on one board but 14 cumulative, across multiple boards. And the average board size is about 8 to 10 members. I don't know what's. So if every year you target one of these directors can be leaving anyway, right? Yeah, then what was performer didn't you could install people who have that expertise like maybe. This year, you want to focus on someone who has an has actual risk expertise. Except that what it is that you were suggesting is illegal in New Hampshire potential, but I'm talking about just avoided going to jail. That's all I'm saying. Next story. Remember, these are just in random order. Matt, I ask you has ESG finally become an adjective the way we think, the way we joke about constantly on the show, because here's the headline out of Bloomberg. Brazil, Mogul wants to sell the world's best ESG chocolate. See our dumb sense of humor, is finally gone mainstream. This is how we this is what we do here. This is like, if somebody took something John Oliver said and made it a product, don't do this. So horrible, this is about a company called Dango and Dango CEO. Tulio Landon said he believes the quality of the chocolate should be as good as its ESG credentials. So there you go. I just want to point this out. ESG chocolate. It's a thing. Yes, she credential chocolate is what he's saying? Let's play. So let's play the game. Dango is not a publicly traded company. Okay, not yet, not not currently, but there is mention that the CEO of Dango said, he said that, they where did he say? Yeah, he wants to be the quality as good as Lynch chocolate as good as Lynn chocolate enjoy. I love it. So dark black. Delicious. Black Rock says, what about Lindt chocolate? Is a publicly traded boy? Okay, I didn't know that. Yeah. Lynn. Oh Lindt chocolate. Okay. Then chocolate is about this is a bit of a curveball of a black rock, says, because I don't really know what's going on at BlackRock at Lindt so I have no reason to believe anything bad is happening. So I'll just say They don't say anything about lent. They say they love everybody at Linda because it's delicious. It turns out. They, they were a little upset with everyone but voted for almost all of them. So don't, so what do you talk about? Yeah, so here's the thing at Lindt voted four, most of the directors, okay? But they did pick out and against, who's a member? Someone, uh, Rudolph's sprungli. I don't know how to say anybody's name here. Well, I was gonna ask you, did they vote for a deeder wise, cop? They did vote for Dieter. What about Thomas render next? They did vote for Thomas so we're okay, but Sylvia dens and Rudolph strongly are both again, because they were named committee members and they did not like the nominee. And I'm committee chair was Ernst Tanner voted against, they were unhappy and this is what they said. They said it is that they're the ones who are responsible for the poorly structured board. Oh, so black rock is doing their God, they are looking at things. But let me point out a little Nuance here. Is that actually Matt is that sprungli and bourquin were actually voted for the board but BlackRock was really doing its job here. They don't want them on the nomination and compensation compensation committee. They actually have there's an ability in this jurisdiction to to vote on the actual composition of committee. So this is how serious BlackRock is about the data, which is why all the people at Block rock, listening to us. Now, really should reach out to us. Here's the thing, that's a little confusing. They the remuneration is not still a non-binding vote though, like, you could put the people on the committee, Swiss is a Swiss company, you can vote for them on the board. You can vote them off of a committee but then they you can weigh in on the composition itself and it's non-binding like anything else is binding. Let's forget let's not forget that. Switzerland is very neutral. They pretend to be neutral. So I think This is why it's not binding. Well my message would be for the Brazilian mole goal. Whose running Dango selling ESG chocolate. Do not choose lint as your ESG come because they're not great. I got a lot here. Come on, get go next. Oh Tesla CEO, Elon Musk, we talk about Elon on the show. Here's the headline, Tesla, CEO Elon Musk needs to shut up but not step down according to an investor. I don't even know how that works, but this is this is Ross Gerber. He's the CEO at Gerber Kawasaki wealth and Investment Management. He actually tried to get on the Tesla board years ago but fails. He said, quote the cost of elon's behavior is really hurting shareholders. He said Elon is a roading, the value of the brand he also says the he needs that the Board needs to confront him an expected. So the so that Tesla gets better results but despite all this Matt, he doesn't want him to step down. He just wants him to shut up. How does that work? I don't understand. Can we asked Ross to shut up. Actually, get like the guy owns 400,000 shares. That's a lot. He's the largest individual shareholder. I think outside of Elon himself. Yeah, but Elon Cell phones, 13 or 16% what company? Right? Like what's the CEO to shut up? But not to step down that's like, pretty drastic. Yeah, he's also said that Elon Musk is a drain on Tesla's returns, but will not sell, or vote him out, feels important. All this feels important. What is, what is the point of? I don't know. Talking if you just gonna all you do is go on CNBC and say, we own a lot of shares, we're unhappy with Elon Musk, but we continue to vote for him and do whatever he says, whenever that whenever I have a Elon Musk or I like to, I like to grab a couple of other headlines that I grabbed just within the last 24 hours. Just so you have a consonant perspective on good here. Two other stories, unrelated, but still on my centered. First one, Tesla sold, only one car in South Korea last month. How about that? For a CEO of a car company, that's one car, one car. And then also this other story from the guardian SpaceX accused of sexual harassment and discrimination and ex workers lawsuit. Former employees, condemned frat style atmosphere there. That's what's going on. Look on musk's world it's clear. Tesla is the Activision Blizzard of cars. They make great games that Activision Blizzard and they're horrible human beings. Well, I think division sold more than one video game in South Korea last month. That's true. I did hear that. Well, let's play black rocks. Says, let's find out what Black Rock actually, says, this one's important, right? This is one of the biggest companies in the world. Now, with the loudest, most richest, man running it. What do you think? BlackRock says about the people who are leading Tesla, Oh, I would honestly, I would think they'd be irate at this point. I mean, something has to change. I mean, there is so much value that could be unlocked at a company like this every month. This idiot. This is hateful racist, anti-semitic anti-trans, idiot is just is killing the brand, the value of the brand. But this fact 2023, they voted. No, I I would really hope that BlackRock made a strong statement. I gets at least, come on, at least, get rid of Kimball musk and maybe and James Murdoch. They've they vacation to get rid of those two idiots. Know. So the Kimball musk and James are like votes happened last 2022 because it's a classified. Oh, another way that Elon Musk exerts control over his company. Yes. Right. They voted in 2022 for Kimball but against Murdoch is. Could you imagine I can't figure that you're an analyst at BlackRock and you vote even one time. The brother of the CEO who has no expertise you should quit right now. You should quit your job. You are at the wrong job. Yeah, you're not doing any honestly, you don't actually need data points for that, you know, it's easy. And frankly, I bet the public school in your neighborhood needs. Bright people who went to good call, just like you go there work there, become a history teacher, whatever you want to do, but you are at the wrong job. If you're so brother. Yeah, in 2020. Black Rock said of Robyn denholm. Yeah, that she was. Not aligned with shareholders that she was not a good representative for shareholders again, he's the problem. She was a problem in 2020 that was their vote, but in 2023, when her classified vote came back up. Yeah. 100% for, no problem, no problem there. For Elon for Robyn denholm, and four X Tesla founder slash worker CFO, right JB Straubel. They all voted for him. So now Black Rock his sanctioned aboard with the brother a co-founder who was on the board and a Woman They said is not fit to run the board in favor of investors moving on. I want, let's do this one quickly. I don't want I want to plug the Harvard Law School Forum on corporate governance. We are. We enjoy the blog there. This is a story from there. It's called voting on ESG ever. Widening differences, right? All this is is doing, that is pointing out. That in the US, the support for ESG resolutions. Publicly traded companies is going down quickly since 2021. I mean, really just very fast like from 63 percent support, in 2021 down to 48% in 2023. And in Europe is remained. Absolutely steady at 98% support. That's it. That's the, that's the takeaway from this blog piece over there. So then what black rock say? About their voting on shareholder proposals? Well, I, you know the the simpleton in me that the populist mathematician me would assume That BlackRock support must also be down if if support is down across the US, right? That's my guess. Yeah, it's like trick math. You nailed it, you nailed it. You nailed it. Here's the headline that came out about a month ago. Black Rock, stresses Financial strength over here and company called they are voting against Cheryl to proposals almost uniformly. At this financial strike. That's the financial strength. Over ESG is not like a dog. That's a good dog, whistle. Yeah. For the Texas men with guns. Yes. Larry thinking to Texas. That's well, we'll get to that, we'll get to that. Oh, Meta Meta in the news. Media is oversight board, Matt. Oh yeah, they have that for another kind of board met. His oversight board has determined a Facebook video, wrongfully suggesting that US President Joe Biden is a pedophile. I could just stop the show, right? Yeah, we need. I mean, there's a doctor on Facebook, okay? There's a saying that the term that that video does not Violate the company's current rules while deeming. Those rules in coherent the board, right? Right. The board, the oversight board. Suggested that meta update, the rule to cover both audio and video content. Regardless of whether AI was used and to apply labels identifying it as manipulated. But here's the point, they're leaving the video up of the president being a pedophile because the rule isn't coherent instead of keeping the video off until meta. Fixes the incoherence of its own. This is the meta oversight board, and I want to quickly go into the meta oversight board because I actually discovered something interesting this morning that I didn't really know. First of all, Matt, The Meta oversight board is 22 members. Okay, that's a lot 11, women 14, people of color. What? So this is unlike anybody, this is like any public board anywhere, okay. And I asked you, I have a short quiz for you. How many of the profiles of these 22 members mention any of these things? Human rights, hate speech, moderation, civil rights role of media in society women's rights, children's rights lgbtq plus rights. How many of those 22 profiles mention those things, I mean, at least half, right? Like, if you're going to, if you're going to write, like woke wash us and and Gaslight us, it's got to be at least half 15 15 and a 22 profiles mention that. Okay. But here's the wrinkle Matt. Is that there's actually there is an oversight Board of the meta oversight board, it's called The Board of Trustees, right? Oh my, my head just exploded serious. I'm serious. And the trustees are responsible for for safeguarding the independence of the board and blah, blah blah. Right there, the oversight body of the meta oversight board and this board, Matt consists merely of six white people. Oh, that's already you see what's happening already and I want to play human rights in their bios. I, this is what I want to point out unlike the matter oversight board where there are no Directors of publicly traded companies. Here's what's going on in the Board of Trustees, right? The first of all, the chair is Stephen Neal. He's a director in video. There's also Maria week. She sits on the boards of Daimler truck. And in tap, these are two companies, our database. Matt, in fact in her most recent role, Marie LED IBM's entry into blockchain. So I have no idea. And finally there's Shireen shalabi he is the retired chair at rosmala, a dubai-based Investment Bank and retired managing partner of accenture's capital markets industry sector Matt. I have no idea what these people. Yeah, thank you. What would you buy base? What are we doing? Is this is yes. The oversight of a bunch of people who talk about human rights problems on the right and notice how the oversight board has no directors and publicly traded companies, but the board in charge of providing oversight of them. That's where you put marks, where you put your friends, that's your put the friends. Well, look, we know that the oversight board is actually capitalized by Facebook, right? So, Yeah, and that's another disturbing part, is that I looked at the charter, I looked at the bylaws and I wanted to know how much these members were paid. And here's the most information. I could get out of its by laws. Each member will be compensated quarterly in the amount specified in the contract. oh, that's a lot of information. All right. What do you got? Come on. All right. Here's what Black Rock says, what does BlackRock have to say about meta and their Community standards and user content? Oh God, I honestly I would think BlackRock would would rail against the the Facebook board annually. The metaphor annually because it's a fake public company. It's a dictator control, right? I would think that BlackRock, would, at least send a message on an annual basis, that we need proper oversight at probably one of the world's most, not probably at one of the world's most important companies I would. So, I would say they voted against at least half the board, you would be wrong. Not only did they vote for every member of the board 2023, but there was a shareholder proposal requesting a report on enforcement of community standards and user content. That's what the headline of the shower proposal, BlackRock voted against that report. I don't understand saying the company already provides sufficient disclosure so you see what happened. I don't understand. They Institute the oversight board and BlackRock can say you're in and year out. We don't need anymore information because they have an oversight board that Closest, you didn't even say the part that strikes you most agreements about this decision, which is that the video of Joe Biden that was doctored to make him seem like a pedophile? Yeah, was released in January of 2023 went viral in early 2023 and they ruled on it. Two days ago, they came out with their decision two days ago, so it's already been up 13 or 14 months. And and let's not forget that, this is an election year in the US. So congratulations, congratulations. We're, you're rotting the brains of our electorate, All Right, Moving On. Here's an interesting one. This one headlines called Disney Taps. Professor Ludwig von Drake to help teach how to vote is a real person. Okay, I watched this video, this is on a website called vote disney.com is a huge proxy contest going on at Disney coming. There's two different groups coming after Disney. It's this try and group and black welds, right? So this is how Disney dealt with it. They had a cute little animated video. It with a duck. Yeah. And I already don't like it telling basically dictating telling the shareholders, how to vote. In fact, these are some quotes from that video. Remember, it's important, you vote only for Disney's 12 nominees, okay? The duck also says, do not vote for the Tryon group or Blackwell's nominees, every shareholder listens to a duck. And it said, again important, you vote only for Disney's 12 nominees and repeats. Again do not vote for the. So the duck is telling shareholding what the board thinks, they're telling you how to, they're telling you how to vote the duck. Does seem like it has some sort of glitch as it can only say the same thing, but but does BlackRock agree with the duck or does it agree with Ryan and Blackwells? Well, again, I I would, I I haven't done, I haven't done a deep dive on Disney in the last 24 hours, but I would say, I would at least apply my 10% rule here. Right. There's probably a lot of Over a little bloated, CEOs on this board, right? Who don't have an expertise in Disney's area business. So I would say that black rock, at least targeted one director to remove so that they could put on someone with better expertise. That's me my God. I really love you talking so much when the answer is just they voted for everybody. That's all. So this is so The board. They support is the one that is the famously bungle succession planning, repeatedly repeatedly bungle succession playing so much that they can't find a new CEO. But this is the board. They support the fascinating part about these activists is when, if BlackRock votes for Tryon or Blackwell's nominees aren't they explicitly saying that the vote the board we voted for last year? Was not good, right? Because it's the same board for the most part and they voted for everyone with no comment. So now if they voted against somebody in four, someone else they're saying we're just realizing that the board was not that we liked wasn't good. What are they saying? It doesn't matter because they've voted for everybody. Let's move on. I don't want to spend a lot of time in this one, the EU agrees its first ever rule for ESG. Raiders. Okay. That's the headline. ESG ratings providers in the European Union will have to be authorised and supervised but the European Securities and markets Authority. Raiders will have to explicitly disclose if they're rating is covered. How a company's operations affect the environmental or social factors such as human rights, not just the impact of ESG on a company's bottom line. Okay, that's all I got there. You know what Black Rock says? Yeah, nothing. Nothing at all. They don't really comment on these things that I think they don't care. They're they're out of that game. They don't do any of their ratings, so like they buy the ratings from everybody. And then as we can see based on their votes casually, ignore them. I don't think the world's largest owner might want to weigh in on this though. Seems important someone may be weighing in but there's been no statement that I've seen. There's nothing there to see. All right, move on, moving on. I will ask you this will these new rules apply to former president Donald Trump because here's the headline Trump says Bud Light. Add was a mistake of Epic Proportions threatens to release list of woke companies met. Whoa, rating? Right, that's easy. You know this Trump's doing the is Trump's doing us. He's now us he's gotta like you need a criteria by which you sick call something. Whoa, what day is he using? Does he is he buying free floating analytics? What is going? I I really do want to dive a little bit into this post. This is from truth social, which I know no one's really ever heard of, but it's The competitor of the, I don't know why they need a right wing competitor of a right-wing company called X, you know, formerly known as Twitter. But I don't know what they have it. I want to go into what Trump said though because this is very much in our wheelhouse. He says the Bud Light. Add was a mistake of Epic Proportions. He's referring to giving a can of beer to one trans woman. Yeah, that happened One Time. One Dillon, Albania, one that's the mistake of Epic Proportions. So starting off a little bit of hate whatever, but Trump says, Anheuser Busch is not a woke company. Oh but I can give you but I can give you plenty that are in building a list and might just release it for the world to see why not. The radical left. Does it viciously to well-run conservative companies? He's talking about msci. I guess and sustain analytics. Right, there's one more thing he says right after he calls the very nasty but that's the way they played the game, right? He says why not the radical left does official to well, run conservative companies and people which they don't us. It's true but they don't do that. We do that. No no they don't do that. We do. We're the only ones not afraid to actually We talk about the people who runs radical. Um, he's okay. Now he makes a case for now. He he veers off and bizarrely supports stakeholder capitalism. Okay, I like this, continue says, on the other hand, Anheuser-Busch spends 700 million dollars a year with our great farmers employees employees, 65,000, Americans of which 1500 are veterans, they've raised over 30 million dollars and given 44,000 scholarships to families of Fallen servicemen and women blah blah blah. He's making the case is that part of the reason why they're great, Matt is not just the bottom line. That New Hampshire is obsessed with it's because the company does all these things first. Yeah, so so first of all Trump will be going to jail in New Hampshire for being here. GM analyst, right? Yeah, for sure. A second of all, okay, I always finish this. He says, Anheuser-Busch is a great American brand, that deserves a second chance. What do you thinks? What do you think, perhaps, instead, we should be going after those companies that are looking to destroy America. So, I don't know what he's referring to that the companies they're looking to destroy America. Are who is that? Like apple because they're very well because at Disney is that msci? Well, he laughed at the Disney fight. It must be what are the companies are looking to destroy America, that we know anybody who has a trans person. Hold video of something. Yeah, I don't know, I don't know who were referring to. Yeah but what I like about this is like the the trappy falls into when we made ESG ratings back in the day because we did that like with our bare hands were in the muck of data building. A little bit of red Plateau under one of my fingernails, we actually would look at data points like philanthropic activity and discount it. Because even the numbers, he's suggesting 30 million dollars for 44,000 scholarships, right? He's 700 million dollars a year on our great Farmers. We would, we would contextualize those and say, is this. Even material? Is it relevant? Is it having an outcome? He didn't even do that. So he's on ESG 1.0. He's nobody is Sri, social investing. Yeah. Either way is going to jail in New Hampshire, right? It's a win either way. Yeah, which means you need to tell me. What Black Rock says about Anheuser Busch? Well, I will tell you this black rock has been extremely much to. My chagrin has been extremely vocal about pulling away from its stance on ESG, right? It's it doesn't even talk about climate anymore and Larry thinks annual letter. It's just out, it's out on all that game. So, I would think that they would be very angry at her Bush for for dabbling in the woke Wars and they would probably Target some of the board to vote out. So, you're right, but for the wrong reasons. God, dammit. So yeah, I'm gonna give you credit though, because they did vote against a lot of the board because they called them, non-independent directors or inadequately independent. In fact, interesting, why is JB Strobel a straightforward pimple musk JB Strobel James Murdoch error price. The, the Delaware Chancery Court in fact, determined that it's not independently, or they said it was a joke. Like, yes, that was a joke. Yes, they're doing your fiduciary job for you and yeah, and if you need any evidence of this black rock, you can either buy our data or you can reach out to the Delaware Century report and read that 200 Page report about Tesla or read the proxy. But here you go. They when when faced with re-election of Alejandro Santo Domingo on the Anheuser, the ab board As a restricted share, they wrote non-independent director or inadequately independent board. Again So I don't know, I don't know what the standard is here, it's just somewhere. Sometimes you should be super independent. Sometimes we don't care if you're the brother. Ah, let's try to wrap up the show some more quickly too quickly. Five years after his Infamous ousting from the co-working company. He founded, Adam Newman is trying to buy back wework. I love this. This makes me happy and here's a shock. Matt. But we work advisors have appeared hesitant to go to the negotiating table with the company's Pharmacy. So there are, they're doing your due diligence that it sounds like they would vote against Adam. Nuna board on. Well I I don't have much of a black rock says here, but um, I'll ask you just straight up. Question will BlackRock be involved? Well, I would think yes. They're involved with everything are, they know? Yeah, that's correct. They will be involved. They actually have 134 million and we were secured notes, which are entitled to settlement. If they settle and about 102,000, we were shares which is equity that we get wiped out. Well, the the scary thing is that they probably would have voted if it had gotten this far as a publicly traded company, which it didn't because that Newman was ousted before the IPO, I believe, they probably would have supported his director candidacy, right? And the annual there. If they're voter Kimball musk and Elon Musk, they would have supported. Dave, probably would have supported the idea that his wife would inherit everything at the end, because that was in the, the SS Adam Neumann died, the all the power, all control over his wife. Speaking of which, let's end the show. Well done, my segment. I don't know if you have anything, I got one liner after this. So speaking of CEOs, dying meta Warren's that Mark, Zuckerberg could die at any moment and I'm not making a joke. No. I in the company's annual financial report, meta warned that Zuck has taken to engaging in various high risk activities, such as Combat Sports Extreme Sports and regular recreational Aviation, which carry the risk of serious injury and death. If Mr. Zuckerberg were to become unavailable for any reason there could be material adverse impact on our operation. I have a quick question. Why, why do they bother with all these disclosures at all? Why don't they just say one risk factor which is you bought a company that someone else owns and runs. Everything that person does anything that happens anything that comes to their brain or if they're dead, you probably lose all your money. Like, this is anything else. Isn't everything else? Sounds like a governance, too, right? So they're going to jail, right? Don't go to New Hampshire dies and because because the structure of the company was set up that there's absolutely no oversight than the companies in trouble. But this sounds like Carpenter's risk. No. Speaking of what is Blackrock say. In the 2023 Cheryl proposal, a metaphase about oversight, And risk. Well, I learn I'm gonna apply what I've learned on the show thus far. And that is this Matt. They don't care. Wow, you have finally hit it on the head if I could find the answer. Correct? Yeah. I would say your correct. Because they've got it, right? I don't even get the stupid sound effect. You did you got it? Eventually it happened. Eventually. All right. Which brings me to my little wrap-up. Why did we play BlackRock says today? There's I just want it because it's fun for nobody really or you could have played it because there was this headline, BlackRock CEO Fink wooze Texas after ESG spat So think who was incredibly forceful and his Larry Fink to see to CEOs about climate change, he called it, an existential risk bigger than the financial aid crisis, or 2008 financial crisis, without the benefit of the FED to backstop. It So, he showed up in Texas, as a co-sponsor of an event with Lieutenant Governor Dan, Patrick, who is the one who published the list of banned companies that included BlackRock. And now, Dan Patrick has called Fink the king of Wall Street. So, really all this is about, is showing you BlackRock Finance is not about setting policy. It's not about an agenda in fact they don't care about anything. They're only policy is not caring such that they just vote with the whims of their clients. They want to look a certain way. All they want is stock go up. It's all theater, otherwise, everything else is fake. And I want to say something that you a point that you may be glossed over a little bit in what Black Rock voted against at meta. Was this was a there, voted against supporting a commission. Oh, shareable proposal asking to commission an independent review of audit and risk oversight. That's right. Yes. So that seems like a very simple ask at a company that is run by a dictator, right? Who not only controls the voting power, but according to our dating controls the influence, the board is stacked. Of sycophants blah. Blah. This seems like an easy. A easy. Yes, right. Easy support. You would think? Yes, that's all, but that's all we got. So, I was a long show. We didn't have that much this morning. We had like, pre-production meetings. I'm sure we're gonna do and that weren't sure you. Yeah, I'm exhausted. That's hazelnut. Rallis I am your analysis, whole Madness cardi. We are free float, this was business pants tomorrow. We already said it, but on the proxy countdown, we are going to do for the big vote Deere and Company. If you want to know how to vote on that proxy, it's going to be there, but we got trade wire moves. We've got proxy cage matches going on. There's a lot going on. We got vote results. So check out that show tomorrow. Otherwise a Friday, we'll wrap up the week and we're gonna do it from the early side. So if you watch the live stream, get some coffee, and watch it. Otherwise, we'll see you later. Goodbye.