Transcript
New Year, same old Music Live from an ESG shape, rotting Christmas tree corpse. It's the ESG Industries. Only weakly woke data podcast, featuring analyst Hall. Matt mascardi. Whoo. I took our Christmas tree down. Yeah. On December 26th and today's ESG flavored milk, mustache called January 3rd 2024. The anti d e, i machine and the Harvard board. Oh, nobody's excited about 2024. Our show today is being sponsored by free flow analytics. The only ESG data platform to measure real board influence and diversity power gaps. That's true. That's true. You are the Dei problem for Analytics. Okay, let's just get to it. You ready? Hey. Hey, what do you have any? Like what? Before we even get started, like what was your? We basically took a week off here. What you do? Seems like forever? Oh man, I it was gluttonously. Awesome. I it actually was 17. I think I've gained about 15 pounds since to be fair since things, giving all the way everyone's telling me like, duh, that's normal, but I, yeah. But I want to feel bad about myself. Why do I have to feel like everybody else? I want to feel stupid. So, did you make a resolution to lose a 150 else? I I stumbled upon something in the last few days is that I was never hungry anymore, and it kind of, I kind of felt sad about it. Just felt awkward. Wait, I was, I woke up full I in fact, yesterday, my first day back at work, January 2nd, the first day I, you know, tried to start eating. Well, I didn't eat until about 7:30 at night because I wasn't technically hungry because I was eating so much food. I'm seriously like a polar bear living off, but it was clearly, the only real issues. I live in Portland, Maine, and we've had no snow and it's terrible. It's the worst. Yeah. It's it's climate change your what. Okay? But forget all that you need snow to cover up. How ugly? Everything is Well, I mean that's the that's the real point of snow up here is that it's just trashy and ugly up here in Maine. We need the nice white snow to cover it. All my, My secret is to lay out in the snow myself this and nobody noticed like how I expanded. All right, what do we got going on for first woke Wednesday? Yeah, 2024. This is a, this is a bad one. This isn't exactly. Yeah, because we did we did a full anger pivot this morning because I got, unfortunately, I got caught up. Reading, Bill, stupid, Bill ackman's, anti Dei rant, Bill Bill. I know you you at least are a fan of the show and you have friends at listen to just come on the show because I really want to yell at you. I just really want to. I think you're terrible person and I really wanted to tell you about that. I really want to share that feeling with you. Can I just say that when anybody like in his thing it is like 4,000 word, Twitter screen. Yes. Which Auntie? Yes. He posted his thoughts. On anti-Semitism. Yes on Twitter on X on Elon musk's. Yeah, the most probably the most famous anti-semite in the world, Maybe. Kanye West, maybe maybe he's tied with him. I don't know. Yeah, just like men goes, this is where he goes to post Adidas. The CEO last year said, Kanye West was not a bad guy. Well, no, one said that about Bill Ackman yet, nobody well, Bill Ackman. Did say that Elon Musk is not an is Right anti Beckman. Himself said that he's he himself is not a bully. So I guess I have to believe him even. Yeah, just bullied a black woman out of a job at Harvard, so I don't know what's going on, and he did manage to focus on just three places where he didn't like the reaction to the Hamas attacks, three places where the leaders were, what were all the leaders, all the all the leaders were women. Yeah. It just that. And it's important to point out because it is really hard to find three of anything where the leaders are women in our culture. It's yeah, it's really difficult. So the hats off to Academia for actually having The Bravery to hire women, but yeah, Bill, good job. You good job. You know what you were doing? You? You knew you were focusing on them for that reason, because that's what as we've been screaming about the entire 2023, this is what the anti Dei anti ESG movement is it, is simply a moment against women and people of color. That's it. We can't fit any other, okay? You can have to tell me the, I will tell you at the end, let's go through it. So this is what happened, we pivoted our show to this because we just go to Angry this morning. So I'll start you off with, with just some of the DEA. I headlines that I've already captured first. I'll start, let's start off with the only good news of the day. Okay, this is at a fortune. I already don't like it. HR leaders say they're still committed to Dei in 2024 despite the anti woke backlash. That's good, right? Very good. Oh, sounds troubling somehow, you know, you know which people inside a corporations, are the ones that get listened to the most. They are the everybody loves HR, the women, and people of color that run HR Corporate America. Like, yeah, of course, the HR leader look HR leaders are in a position where they kind of have to say this. Because if they didn't say this and I don't know all of the people of color and women who work in the corporations were like, what is happening. Now that everybody hates us because all of this anti Dei stuff, it's like you hate like inside of msci, when we were there. There was a women started. Women LED group that would meet about women leadership, right, like that wasn't. Yeah. Remember in Boston, right? It wasn't like, you know, by corporate mandate. It wasn't a Dei officer. It was basically women inside the organization saying, hey, we need to sort of mentor each other because there is no path forward for us. If we don't Mentor each other, we need to like, talk about these issues and and bring them up. That is where Dei officers, and the whole movement came from. It was people inside saying, there's, we need to create our own way up because we're not being given it, no matter how hard we were, and how good we are. And now the, like, the HR department is the one just like, in the pandemic had to clean up the mess of the pandemic. They're now get to clean up the DIA, right? But for them, but don't forget that. You say they have to do this, don't forget, they're they're doing this. Because they are women and people of color, right? It's the well, yeah, the executive branch of these corporations where that's still true majority. When is true ever. Yeah. And and not to besmirch msci, but I went to one of those meetings in Boston. It was a breakfast. One of the board members was there. I and I'm not forgetting her name conveniently just so I don't Point her out. I just I honestly forget her name but she was asked about being a woman on the board of msci, being a board member and she basically said, I don't care, And the whole room, the deflation, the whole room just went. It was a sad Awkward Moment. Yeah, I will say this and there's things that happen that I can't say it, I will say this. There was pushback on the women who were sort of like having these conversations for well, some time. Yeah, before it became accepted and that in and of itself, tells you what you need to know about, why it's important that Dei exists, right? Like as a concept as an effort, as a initiative inside these corporations, because there was legitimate pushback. To like, women Gathering to talk about their careers and and furthering themselves. And I will say as a side note that this woman was on the board because of an activist investor. So this is I think this was value value value. So there are pointing her. They're clearly not appointing her because of Any character. Yeah, the workplace diversity that stuff. All right, so the other headlines, this is from moral money, Financial Times, They had an article out what the drive for cleaner. Capitalism will look like in 2024. I don't really know what they mean by that, but but number three, In their list is ESG backlash evolves into Dei attacks. That's number. Yeah. Well I think what they're talking about is regulation on the states and federal level here, I asked, well, I think they're actually just catching up to what you've been saying for like two years, which is like you know all of this ESG backlash is really just about women and people of color. So you and saying that for a while 2020? This is from Washington Post. 2024, might be due or die for corporate diversity efforts. I don't like that. I don't like that. So that's such a, that's a ridiculous, come on, and they say, as lawsuits rise in opponents, like Elon Musk, declare that D E, I must die because companies are pulling back from some initiatives. So we're afraid they're not they're like they might be pulling back from calling it. I hope you're right but but there's no you cannot. Now I hope he'll go back and say what we're gonna hire 80% white men, right? Like we're gonna put all like the entire executive team is. They're already all white men like true. What are we going back to what do or die? It's already that. So let's go right into it. Elon Musk says D E. I must die and criticizes diversity schemes as discrimination. Blah, blah. Comment comes days after most criticized reports that compensation for IBM. Executives would would be tied to their ability to meet Dei goals when hiring blah blah. So I I point I pulled this one because I wanted to talk very specifically about what he's talking about here, right? I just want to remind our audience, what he's talking about. Wait, you're gonna add Fact what he said? No, that's not gonna work, so IBM, has it? Yes. It has a diversity modifier. The modifier was based on the Improvement and representation for executive, women globally, and Black and Hispanic Executives in the United States. We do leave out the Hispanic part. It's not just. We say that anti is targeted a black people only. It's obviously both, right. I mean, in America, at least that's the target. So, this modifier, Matt, this modifier, which was not exercised, its never been exercised. Just I'm just telling this to Elon Musk It creates listening, what it does, is it creates you can potentially, you can add a little bit of annual bonus or take away. A little bit of annual bonus for the, for the names, executive offer for the search for the CEO this year. It, it created a potential range for his bonus to be between 3.3 million dollars in 3.6 million dollars. So, essentially Matt it has the power to, to either take off 150,000 dollars or add 150,000 dollars. That's it. That's the that's the modifier write 150,000 and just so you are super clear here. That 150,000 dollars represents less than 1% of his total pay and beyond that. Speaking of msci, if we're going to use total realized pay which also adds the amount of money that he made from stock options and and that represents 0.4% of his total. It's a nothing. Absolutely nothing. This is The Gaslight though because if you say this in a public filing, people will just say, oh my God, like we just spent six months talking about ESG now is driving, CEO compensation. So that's why all the companies are doing all this woke, shitt. I don't like everybody needs to do some basic reading in addition, it is less than 1% in almost. Every single case there is not a single executive on the planet sitting down being like we need to Pivot from what we're doing to concentrate on Dei. So I can get a bigger bonus because the amount of that bigger bonus is infinitesimally, small compared to all the other stuff that you get a bonus from. And let's not forget that. In the case of IBM, this is we're talking about CEO, arvind Krishna The women globally, black, Black and Hispanic Executives in the United States. All improved slightly last year, okay? And yet still, they did not exercise the diversity modifier, okay? It was not even, it's not even being used, it's not even being used, it doesn't need to be used, it's less than his allocation for private jets, usually, right? Like they were talking about nothing. So moving on, let's get to the story that triggered me in the first place. Bill Ackman, just posted a 4,000 word essay at 2 a.m. yes on Elon musk's X. Cataloging his arguments on why Dei needs to die. This is Basically, less than 24 hours after president, Claudine gay at Harvard. Step down. I don't know if she was removed. I don't know if she voluntarily stepped down, I don't. Yeah, there's way, you know, I don't, I'll hand it off to you at this point before we get into talking about Harvard's actual board because, you know, there's a lot in the Press being talked about this on both sides. So I don't know what we have to add here, but what we can add is to actually look at the Harvard board, no one, no one does this stuff. No one actually looks at the people who actually make these decisions at these places but we will, but I will say this Matt, I will say this about black men, he's a terrible person. I don't think that you want to add anything, do you want to add anything? Oh he said this. He said this which particularly triggered me and and and and step back for a second and consider the if you want to consider the history of anti-Semitism in our world which is been going on for thousands of years, let alone talk about, you know, like World War Two, which was what 80 years ago at this point. Here's what Bill Ackman said. He said d e, i is the root cause of anti-Semitism at Harvard. Ooh, breaking news. So that's started in the last year. So this is what we've discovered Bill Ackman has. This is what we he has revealed, is that it is in fact, Dei, which is the root cause of anti-Semitism. It's not anything else in the world. It's d. E. I he says a lot that there are there are nuggets in there and this is what I keep terrible. Not get all the gaslighting. Now there are nuggets in there that are or feel true, right? Like and there's just enough of them where Like is something he's saying reasonable but it's the cuckoo Charleston theory of research, right? You throw out, throw out like cherry-pick data points. And you add a question mark and you get conspiracy theories playing? Yeah. But it's like, he's talking about like, how singling out. One class of person is a version of racism or Reverse Racism or whatever you want to call it while. Meanwhile, he single-handedly using his money influence of powerful friends. Yeah, is bully, pulpit, which is only because he is a billionaire, right? Like we're not, no one else. Would you listen to his thing? You had to say, we have you even a smaller audience and we have here at free flow. Almost it's hard to do that, but I was honestly like the only reason like, he basically targeted three women at these organization at the academic institutions, specifically Play. And he's made excuses for everyone else who's posted actual anti-semitic things. Elon Musk posted replacement Theory, he's calling it actual truth on X and Ackman backed. Him Ackman said because you don't understand Elon he shoots from the hip, you don't understand it. Yeah. Claudine gay doesn't like like violently reject, the Hamas attacks fast enough for his liking and she's she is furthering, anti-semitism. that, that Doing the same. Same thing, he hates but he's doing it with billions of dollars at his disposal. And proving that what we really want is one protected class. You can say what they think and everyone else should do it and everybody else. That's it. That's the whole thing here, I'll move on to the Harvard board. Here's the one quote, that really got me. This is actually the quote that got me going this morning. He says, when one examines Dei and its ideological Heritage, what? Heritage? Yeah, well, don't forget, he's he's being cheeky there because that Heritage is kind of referring back to the Confederate error of our country. That's always the word used to, to support the Confederate times, right? Confederate people Heritage, he says. So one examines d e, i and its ideological Heritage, it does not take long to understand that the movement is inherently inconsistent with basic American values. Our country since its founding has been about creating, and building a democracy, with equality of opportunity. For all my, he is talking about An economy, a Constitution created by slave owners based on a slave economy. I mean, he is this is what absolutely got me crazy. This one quote, I mean like I'm sorry because if you if you actually if you then translate, if you take out the words, Dei and it's idle ideological Heritage and you replace it with like enslaved. If one, examines the desire of enslaved, black people and women who like, who had no right to vote or do anything. Like when one examines that it does not take long to understand that them, wanting those rights is inconsistent with basic American. You could you could put abolitionists in there, you could put Frederick Douglass in there, right? I mean, abolitionists would be inconsistent with basic American values, right? He's kind of not wrong because the American values were on the fact that slaves were worth less and women shouldn't vote. That's how American values. So, like, it's the ending part where he says, founded on a, creating and building democracy, with equality of opportunity, for all know, it was white male landowners, yes. Like that Beyond land owners. Slave owners met slaves are not disputable like facts. We know that to be the case and the point of like the Dei movement is the long Arc of doing exactly what he's saying, which is creating opportunity for all for everyone, some sort of equal playing field and nowhere in his screed. Does he mention money or class? Because yes, super upsetting. If you were to tell him that he got a leg up against somebody who could be equally smart and equally accessible successful. If they were in his position where he was born, the way he was like access to opportunity. He had their skin color was different. If their gender was different, they might be as successful. That is super Are harmful to his a self-image of someone who feels like they're a self-made success and I'm a billionaire because I'm worth it. Like, well, well before I move on to that because I think that's the story here is this protected class because this is what we talked about at this company all the time. This protected class of directors, who investors refused to do any due diligence about, don't care what their names are. Don't vote them out just, you know, put their hands up. Don't want to offend anyone because Matt there is actually a board we'll get to this in a second. There's actually a board member at Harvard who sat on Bill ackman's board. Yeah. Correct. Okay. But before we get to that, can I just say one thing? The the other irritant here is this this whole notion that Bill Ackman and Bill Ackman himself and maybe Elon Musk too. They are the ones who understand the criteria that we get it to be leaders at Harvard to be the president of Harvard. Right. Because this suggestion is of course it's not a suggestion. It's blatantly said Claudine gay was only there because of diversity. Virtues a black woman, but but so, Bill Ackman. He holds the, the knowledge of what makes a Harvard leader, right? I mean what this is the thing that gets me too is that but that's always the case. Always the case. Always, they know. Yeah. But we don't know. Where is this know where, but where is this scripted? Where is that? Where are the the traits of leadership? Where are they written down this? So I can go. Look at Moses. Got Harvard board. Okay, let's look at let's go, let's move forward. All right, let's move forward. Do you want some move forward? Yeah. Give me some move. I gotta calm down. Give me some move forward. All right. so what nobody else will do, but us It's actually look at the Harvard board. So this is the formerly known as the president and fellows of Harvard. All about the fellows, of course, of college. And they call this fittingly enough. They called this, the Harvard Corporation. This is the actual name of the board, right? This is so, so this got me to thinking. Yeah. And I actually met when I started this project, I didn't necessarily think it was gonna get me to where it got me. I thought you know what is angry and upset know, we're 20 minutes in, we're still yelling know. My sense was like my sense was like what was it really a corporation? Did the people on the board act like our directors and our database because we cover what 9,000 different publicly listed companies we have? But Matt it turns out it's the same thing. Absolutely. Why don't we even start with the I'm gonna go kind of randomly here, feel free to jump in. Let's start with the new intern president, the guy replacing gay all out. Sorry Alan Garber. Okay, no joke, Matt. He sits on two publicly traded ports, in our database on vertex, Pharmaceuticals, and xxxsis. Another Pharmacy, Matt, he is already a corporate director of this guy. Good. That means we can look him up. I've just saying like it's the same. I I'm sorry. It just I'm just gonna go down and tell you the other Harvard board members will also sit on publicly traded corporations can Chanel, he used to be the CEO and chair in American Express. He is currently on the board of Berkshire Hathaway and Airbnb. He used to sit on IBM Procter & Gamble on Facebook, Paul fit and oh yeah efforts Paul Finnegan. You used to be the director at CDW Corporation, Karen Gordon Mills. She used to say, on Scott's meal for grow and Arrow Electronics. Penny pritzker, she's the chair of the Harvard boards. She is from a very well known Chicago family, that started the Hyatt Hotel chain. She is on the board of Microsoft, Tracy, pelangi and she pelland Edition. Sorry Tracy. She's the one who serves on Bill ackman's board at Pershing Square Holdings. All she just stepped down to December 23rd. She, and she stepped on because of quote increased demands of her executive and other board coach men which is absolutely bulshit we know because there are no increased demands that. Happened within the last week and what we don't know is it is she embarrassed to be associated with Bill Ackman? Or is it a bad look for one of his board members to also be on the board of Harvard, which just basically fired. Just spent he I like you have to guess that like she's on the Harvard board. She is under direct attack from the guy who runs the company that she's also on a board of and she probably has a sense that this is not going to go Claudine gaze way, right? Like right at some point. She must recognize that and probably pulls out. She had to pull out of somewhere and pulling out a Persian Square means. She is aligning herself with Harvard more than Ackman. I guess that's something but something Shirley Tillman He used to serve on the board for on Google for 13 years. And finally, there's only 12 people on this Harvard board. And finally, Ted Wells, who was a well-known lawyer, who represented basically every corporation. You can think of including representing Exxon Mobil and people of the state of New York versus Exxon Mobil. So he's that was a big suit alleging that Exxon Mobil misled. The companies investors about management of risks posed by climate change. So this is the Harvard board. I got to tell you one other feature before you jump in here. I don't know if you want to, if you have having the add to this, but there are also quite a few nepo babies on Harvard's board. First is, of course, chair. Penny pritzker, of course, she her family, her family, what the probably, maybe the most richest family in Illinois. Again, she's her her grandfather. I believe started the Hyatt Hotel chain. Her brother is the governor of Illinois you have. caring Gordon Mills her Her mom and her dad were both CEO at Tootsie Roll Corporation, her dad was a CEO at their for 53 years. A Diane Nelson Tootsie Rolls. Deanna Nelson, is a nepo baby, her grandfather, founded the company that she works for a cold Carlson Holdings. A company that owns such properties as TGA Fridays. So there you go. So there's also a bunch of nepo babies on the Harbor. So again, the only reason why I'm pointing this out is that it essentially is the exact same makeup that we see corporate boards. So there's very little here about very little about like traditional academics, I mean I I let me at least mention that biddy Martin She's the president of Amherst College so that's a good thing. And then surely Tillman was the former president of Princeton that's really the only kind of academic expertise you have on the sport. Well, let's talk like meritocracy, right? Like because and we can do this like we've got four of these. These people as directors in our database that are active right now and that's Tracy. Paladian Kenshin, alt Penny pritzker and Karen Mills caramels a third of the Herbert board. We're talking about. That's a third of the board. Karen Mills is not. We don't have a good day Wrong. By the way, you haven't been on the board for a while. Wait, before you get into the Alan Garber, the new interim president, who's on the board, he also is sitting, so it's, it's five out of 12 direct. Yeah. We don't have, I don't think we have enough data on out. Okay, so like, I don't have the date on him but Karen Mills, um, is new to a board, so we don't have data on her. That's, that's deep yet, but Penny can and Tracy, we have data on and look, penny pritzker. Is she bets 9:20 for Ibotta for earnings 576 for TSR? She's like her. Biggest problem. Is she sits on a lot of controversial boards? Otherwise she is like a run-of-the-mill. Sort of director, Nepal Ken Ken Jean auel is this about Penny pritzker just to highlight her nepo baby status. This is a A good fail up kind of person. She was the chair of Superior Bank of Chicago when it was seized by the FDIC in. 2000 won. Whoops. Yeah. But that clearly did not affect her career negatively. Those have a problem if you're a billionaires and from the pritzker family, right? Like but can you know the same this basically the same as Penny, pritzker 580 said of 87 earnings 5:29 TSR, he's a run of the mill director. He's he's like and I'm just talking performance metrics, I have no idea if he's like really interesting dude he's on a lot of boards. He goes a lot of people say he knows a lot of people. He's heavily interconnected. Yeah, I have a heavy hitter American Express Berkshire. Hathaway Airbnb, IBM, Procter, & Gamble, Facebook over his career, that's incredible on average, he knows 20%, the one in five of the directors, who he's on the board with from other boards, right? Like he's connected To everyone everywhere. Like he is a highly interconnected dude. And Tracy is the only one in our data who's in all star. 714 overall batting average 602 TSR, which is just above average there, she's really good on carbon earnings mediocre. But overall she's a she's a, she's an All-Star. She's she's doing really well, which gets me to my theory. Yes, of what it is about a board. Like this, this is just like I've been waiting for your theory on the Harvard Corporation just like yeah, nobody is Joe. I am I am the woke boards that we like the woke companies. We keep talking about what they have in common. I went through and I looked I just looked at race and gender identified gender where I could of everybody on this board, right? They are 64% white, they are 64% women, and it's a 55% white women. This is a female powered board. Like, there's only one white man on this board. Yeah. And can I say, I'm, I'm glad you pointed this out because I looked at like Harvard's biggest competitor, which would be Yale, I suppose and out. Because my initial thought, when you told me this was well, you know, all academic, exactly. Next probably female majority, right? Because I mean as they should be, because they the there, right? Yeah. But yeah, 17 member board. Only six are women. So this is actually you're right to point this out. This is a quality of Harvard's board that is unique. This is a unique quality, the most of the trustee boards, you know, like brown is a little bit more Progressive but very few of them are majority female boards, right? At specially at this level at the ivy league. Heavy hitter are like, you know, massive institution level It doesn't help that three of the eight women are. Nepo, babies, like nearly half the women have Rich daddy's money, right? Or rich, husband money, or grandfather or grandfather money as a case, maybe right. It is a 36% non-white board and like I said, only one white man on the board. So here are the two things that I think are really aggravating and then I'm going to give you some corporate comps, so okay. These are this is a board with women in power who got there. The same way men used to get there every single time which is inherited wealth. Like, there's a lot of inherited wealth, but in the hands of women on this board and women who control the money and the purse strings at a corporation, these are the women who do the allocations. They, they are picking the leaders. We do not like it. And if you want evidence of this, just look at the anti-woke voting patterns. We did this with strive strive votes against women on boards on a two-to-one ratio. They, we do not like women in power particularly powerful women. Yeah, this is not anecdotal evidence. This is a, this is a clearly, a campaign that targets women. So I went through all of the companies in our database, where female influence at those companies, and these are companies where it's, like, not totalitarian companies, it's not dual class. It's not like, you know, single shareholder, lead companies. But these are all of the companies that have female influencer close to greater than, or close to the amount at Harvard, which is over 60%. It we'd asked by Harvard has over, you know, 60% of the board is female. Then what companies have 60% of the power that is female, okay? From the bottom up, you have Northrop Grumman the the major military contractor president, it seems surprising. Except that the thing you're going to find in common is almost all of these companies have been attacked by the conservatives as going. Whoa, I was gonna ask that, but yeah, good. I'm glad you pointed that out Northrop Grumman. What? There was a big press release in a magnet or a big piece in a magazine about how they were focusing on the rate of people of color and Leadership. And they've gone woke, they have 60% of female influence American Electric Power 61%. They were the only ones I couldn't find anything about them going woke except for the fact that their CEO did say in 2020, you know, we've Side with diversity and inclusion, and it was post George Floyd. So I guess is a matter of time, but the rest are Cummins. Which was attacked on Fox News, Duke Energy, which was also attacked on Fox News. AMD, which I found Twitter rants about how AMD went woke because here's the quote from a user on Twitter. They now make promos with blue, haired people, and drag queens, and all that stuff. So, now they're woke, they're what we don't like them, we don't like AMD anymore and it was like, people talking about like, why you buy Nvidia stock? Because AMD went woke and Intel, you know, sucks for some, they they have a sucky chips, so there's no competition. And then, finally, of course, at the top, is the Progressive Corporation. Oh, yeah. 68% female, influencer big right up by the national Center for Public Policy research about their Dei policies and how it's Regressive, Progressive Progressive, CEO indicates that a person's Viewpoint is determined by race and sex. This is Scott Shepard's group. They do all of the anti-wobble filings and there. So there are active Target and they're at 68%, female influencer, non totalitarian board. They're the most In the US. Yes, CEO overalls, female influencer, CEO, Tricia Griffith over there, Progressive Corporation. So, what you found, what I found is the more companies have high powered female Executives, female influence on the board. The more they are targeted as woke and there's a consistent pattern of white men with money. Target highly successful powerful women or people of color, that's it. But for what? That's it. But other than like, Latent anger narcissist like for what reason? I don't even get the reason it's just to protect their class further into the next generation. Is that it? I don't even know how the Dei program at Progressive Corporation and CEO, Tricia Griffith. I don't even know. How does that even wrinkle Bill Ackman? I don't even understand. I don't even, I don't know what's going on. I really know is that like, who in their right mind is at the national Center for Public Policy. Research is spending their time reading progressives Dei policies, right? Like this is our job. That's our job. We dare you. 50 once again there there, there they're, they're doing anti-esg work by doing ESG work. Well, it's also it's really hard to get mad at Progressive because Progressive stock in the last five years is up over 175% right? Like so we're riding up Dei stuff at a company that has not had any problems in the last five years. The last like decade, but they're up like 2000 percent. We're talking about companies that are that? That's a successful. Well, let me and on this then because ironic coincidentally, I also pulled a story, earlier, Lululemon's, billionaire, founder, chip Wilson. He's slamming the company today for its diversity and inclusion efforts, right? This is and this is a company Matt, which stock has gone from basically 10 dollars to 600 dollars in the last 10 years on a complete up line, right? Like just one of the most successful companies known To the world. And this guy, the founder is is a billionaire because of the people who were placed them, because of how good they've been at their jobs because it's his shareholdings that are increasing in value because of among other things, they're great, Dei efforts and this guy is in the news today yelling about it all the woke stuff like Target was up like and their last quarterly earnings. They were up like 27 36% year over year for net income, ABM Bev the the you know like Bud Light like they were they were up 7% year over year for court. So yeah, like we're not talking about companies that are failing because of no d e i or ESG or sustainability or all of that stuff. We are talking about an angry group of very wealthy entirely white men attacking anywhere. They see the potential of Leadership having power, right? Like, is there that's the only correlation at this point and we saw it with strive. We saw it everywhere else. The only correlation I don't talk about her system. I hate it. I'm so that's not the way to start 2024. I know what a way. Threw it away. That's Damian Ross. I am your anal soulmate. With Scotty, we are free float. We got our proxy countdown show coming. Oh, I'm exhausted. Yeah, tomorrow we are talking about, Walgreens Proxy countdown at Walgreens. Let me tell you about Walgreens. I love Walgreens fun to talk about that because it's the only, I think it's the only company our database where the executive chair in the major shareholder. His wife is the CEO. Yes, I think the only case where it, yeah, and daughter, and they're not even the founder there. Like, that's, it's bananas. So we'll have some vote recommendations on the proxy countdown. Where if you want, like, serious data on us for to get it on Friday. We have a monster prediction show for 2024 and then next week we're gonna go back to doing three weeks. There's a next week Monday. Wednesdays and Fridays business suit up 2024, we're coming for you. Yeah, that's it. Until then goodbye.