Transcript
Live. First day of December, is that all right? What are we doing today? We are going through the show today. Weekly wrap up. Friday, weekly wrap up. This is why I deleted this script just to put me on the spot. Well, I have. Who do I have hazelnut. Hey Jessie. The money whisper As holy ass. I mean BS. Holy Is You Asshole is of the company, though. Yeah. What if we ranked each other? Come on, you'd have to win that every week. Well, that's not even a competition. Know that is a competition. Jesse, let's talk about your linoleum countertop. Right. Damien does exhaust. Wait, hold on. He's not coming back to my house. Hold on. Next week, I yes. I made a comment about Jesse's countertop but I did. I said that purely out of conjecture. I don't even know what your countertop looks like. Just your countertop, you've been just his house. I don't remember your time. I have nothing against your countertop. It's like veneer. I don't know. It's plastic way to set the record straight. Probably full of pieces. Let's do the story of the week. Yeah, please start. Stir the week. Charlie Munger right-hand man of Warren Buffett dies aged 99. What if anyone shocked rude audience, can I say that? I I had this prediction. I think it was a annual prediction that I had this prediction. Okay. Oh, you're doing prediction you don't, I don't you had your prediction because I had my prediction, my prediction was very precise Ari. Mine was that Warren Buffett would die. And then a few days later Charlie Munger would die? Because they're basically a long term. Oh, he said Buffett was gonna go first. Yeah, and I was, I hate to be more but I was excited because King yelled at the audience, King War crime, a hole. Henry Kissinger also died this week and I thought he was 100 and I thought oh, these things come in threes, someone else old is gonna die, it's gonna be bop it. But then this morning, it was former Supreme Court, Justice Sandra Day O'Connor died at 93. So I'm not gonna be Buffett. So I lost that one. That's that's the first story that we Second Story that we can unfortunately, is once again Elon Musk basically He was sitting at the New York Times dealbook Summit. They call it, I think they call it some stupid name and I know it existed until Elon Musk. Well, there you go. He said in front of a live audience, essentially. Well, he he literally said, he said, if you're talking about the advertisers who pulled their money because of his virulent anti-semitic posts, he said, if somebody is going to try to Blackmail me with advertising blackmail, me with money, go fuck yourself and then he repeated it. Go fuck yourself. Is that clear? I hope it is. Hey, Bob referring to Disney CEO, Bob Iger who pulled his money. So now we're, this is the stage. We're at with the richest man in the world. CEO of Linda's. Brain exploding, no Linda's on this. Is she be surprised but actually Does Elon Musk think that Twitter is real life now. Like now like just he talks and tweets at least he's living by his he's dunking. On comfortable watching him like it was? Yeah. It was like he's tweaking like what's happening? Hey Bob. That's great. He was really, he was, he did seem a little unhinged D. Yeah. Even for himself. You think? Yeah. No. Like, yes, he seemed really really uncomfortable. Well, and but I mean like it, the preceding. It was his half-assed apology for the original like tweet, where he kind of says like, he's backed into a corner and says, I regret it like by after Andrew Ross or can ask him like five times. Like he finally kind of says, I regret it then immediately leaps into. But if advertisers are going to Blackmail me, blackmail me with money, they go fuck yourself. Like he's just immediately was like he, it's almost like because yeah, he could apologize, no yelling at somebody like blackmail me? Well, he's setting himself up for martyrdom there's bullying me he's up for his company is tanking. Twitter is tanking. He's lost he's lost, you know, at least 44 billion dollars. Value and he's gonna blame the left, he's gonna blame the woke world for destroying. He already. Blamed the ADL for the intent defamation league for destroying corporate, you know, company value. Now, he's just gonna blame all the work. Advertisers, who hate his anti-Semitism calling it? He's gonna be a First Amendment martyr even though he has no idea what the first amendment is even about because one which could claim that these companies are exercising their free speech by not advertising. You know, with a virulent hater. So he's just playing a game now but he's doing the he he said he has to quote Demons of the Mind, Right? Like he says that as part of the interview, he also said and and talks about like, hey, he doesn't sleep. He's never like he's never happy anymore. He's been talking a lot about that stuff and he's going down and yeah and yet the board at Tesla lets him stay in power. And and the culture and the culture continues to support this Maniac. They stay on Twitter, they keep buying Teslas. He even said in that interview, the reason he's like basically acknowledging that he's a horrible person, everybody hates him, but I Tesla's are better. So people are gonna still buy them. So go fuck yourself again. What a Business Insider headline that said that on Wednesday, he talked about everything except the Cyber truck, reaching the next Milestone, which is almost delivering one. I think. Well I guess they know shareholders of the, you know, other company upset well according to reports which I didn't capture these stories that the cybertruck has been announced for 2025, and it's already. He's basically already lied about a million of the promises. The price tag will be 20,000 dollars higher, but people will still fetishize it. They will line up to buy it. The share price will go up because this guy is, he's he's caught old, he is love, he's a Door opening up until they see it because it's real fucking ugly. Like, all right, I can't talk about you anymore. That's the second story that weak. Speaking of Bob, I got speaking of Disney, the third story of the week is a Disney, is once again in bored on another proxy contest another battle. Oh, billionaires, For billionaires. Love to think that they know how to run Disney better. I suppose so Disney is fighting its latest battle with Nelson Peltz by appointing two members to its board. One of them is the Morgan Stanley, CEO, James Gorman, and another is the former CEO of British media conglomerate Sky. His name is Sir Jeremy Durock. I already hate the sir. You did say the keyword there, my favorite keyword appointed, they just go out and they say those two now are on the board. Yeah, no, you know, voting, there's no conversation with shareholders and it's all meant to like block. They also changed their bylaws, they changed their bylaws to make it harder. For activists. And let's not forget that the main beef against the open eye opening AI bored doing its job was that they didn't consult shareholders, and there's no way that Bob Iger is your right man, he's not Consulting anybody. He's just playing a game, he's playing. He's battling with Nelson, pelts. So that's the third story that we came and forth story of the week. It's back to open AI because there's a few more things lingering. What's happened now? And is officially reinstated back a CEO at open Ai and I had said, a few things, a few little tangents here. I wanted to go off on. And one is that he? He says, he Harbors zero ill will towards the one of the male board members that got help to get rid of and that's Ilya sutzkever. And notice, he did not mention the women, the women are long gone, illya is still somehow part of the company, you know, because you know, because he's iliyah, I guess, you know, Microsoft also is taking a non-voting, Observer position on open ai's boards. So we were questioning what was gonna happen there. That's a strange one. So, I don't I I don't really, we might happen often so has happened. Yeah, so to ref. So what we we always say when when there are merits directors, who usually are founders or former CEOs, is that they just their presence alone. It has a considerable amount of kind of immeasurable influence and I think that's the role of Microsoft here is that they're going to sit there and uncomfortably stare at people. Yeah. Do you guys you guys are too young for the X-Files, right? You don't remember the X-Files. He's already knows vaguely the song. There was there, like throughout the series. Do you remember the guy who had sit like in a dark room within the chair and smoke cigarettes? He was, what was his cancer, man? That was his name. Okay? They called him cancer, man. And that, that is, I think actually, in the bylaws they're gonna write in that Microsoft's board member. We'll sit in the back of the room. Smoke cigarettes it has to be the shadowy part of the room, everybody else will be talking. And then every once in a while, they'll say that's not gonna work for us, and that's it. That's their Observer role and I think his eyeballs will be something in Dallas eyeballs. Right, they're gonna be a direct member. Yeah, it's just being AI member. It's being meanwhile reports. Sam Altman went on an 18-month 85 million dollar real estate shopping spree. So this included, multiple properties in Hawaii. San Francisco. So, this is the Guy. This is the guy that all the workers. Open AI are worship. They actually did come out that the, I mean, this was known but The vast majority of the shares are owned effectively by the employees and they had a share buyback. That was about to open for the employees to cash out of their positions by selling it to New investors. So when Altman got ousted, the buyback plan was like suspended temporarily. So now you have all these people who are giving the promise of millions of dollars even though they were working on a non-profit That was supposed to be mission-driven that's during their world. And then the board members do their job and try to keep it in driven, and all the employees are like bill of goods. Where am I gonna get my million's? No, not. I think that this company is full of fucking. I'll sign anything and everything. Yeah, this is why at opening AI. There's another report open AI staff, reportedly warned the board about an AI breakthrough that could threaten Humanity before simultaneous fired. And at the same time going on this week, former Google CEO, Larry Schmidt warns, the AI could endanger Humanity within five years and he says that, oh, he says, the AI companies, guardrails are not enough to prevent harm and and Nvidia CEO Jensen Huang Says artificial general intelligence will be achieved in five years, and AI will be fairly competitive with humans at that time. So this is the backdrop to why the a openai board did its thing. And this and yet Sam Altman is back. And he's now he has 25 homes, too. So, yeah, I didn't know that 2028 was the new 2050, like we're talking about climate change by 2050. In fact, it cop right now, which one of the stories of the week, such a fucking green wash. It's unbelievable. It was gonna tell you that. I'm gonna tell you that, King, Charles had a speech today saying, that we're reaching a Tipping Point, you think I was Gonna say so over. Here's of Saudi Arabia, are really worried about climate change, right now, the four stories of the week. Charlie Munger dead, Elon Musk telling the world to go, fuck yourself know just advertisers Disney World. Disney appoints to newborn members in a proxy fight and Sam Altman. Back a CEO open AI. Hmm, I really think that the Elon Musk story and the Disney story are almost just Disney stories, both of them. Everybody just it just seems like every week Bob really, really hates Disney. And I don't understand it on of Disney headlines. I think it was a week of Bob. It was a week about, well, Disney released their Q4 earnings, and everything was down, except for like, you know, basically Sports. I blamed it on the messaging of their movies. Yeah. Well, those on too many seats, too many Marvels, like, Marvel's, I think? Yeah. I think it's Marvel movies. Do we need when you zero? But there was, they added to their risk factors political risks, that could because of the sort of like Schism the Bloodlines storm like, yeah. And then Musk Basically looks at Bob Iger, apparently, was in the audience? Was he not heiger was one of the speakers at the event? Yes. So musk says go, fuck yourself. Is that clear? I hope it is. Hey, Bob like what? And then he's looking around like, what he wants like a reaction? Yeah. Like you either want something just. That's how young boys act Jesse. That's it. That's accepted. That's accepted Behavior. Dress like a young boy, too. This is the accepted Behavior. Yeah, he had like a Aviator jacket on, like a leather bombers. What are you voting for? Oh, you guys, you vote. First. I'm voting for Charlie. Charlie. That's just not the right answer. Yeah, because I it was a shock. 99 year old died. That's the shot. Did you see the article about what he ate? You know, from Nebraska, he's from like California somewhere. Jesse. Just so you're clear that peanut brittle is a, is A peanut butter, he owned, it's a company that your own. Yeah, so I I do think that they bought only companies so that they could eat candy that they like, right, like they just okay with that, they love that sound on the boards of all the ketchup that could people didn't get to him, I guess. Well, I guess not. I'm more shocked that he did that. So we've got both from Munger and a vote for a windowless, Crypt. But I I'm gonna, I'm gonna make Damien, oh, break this tiebreaker. I'm gonna vote for Disney. Yeah, Disney. Oh, so Elon gets no votes so. So well Elon saying go fuck yourself. Like, does he say that every day on Twitter? He's just living Twitter now. So I don't really care that much about what he has to say it's Twitter. Like but but the Disney story feels like not only does it have legs but it is deep in our wheelhouse and it's sort of a big deal. You're watching like a like, you know, I grew also said he was going to step down by 2026 and, and blamed, his current tenure, effectively on chapek saying that that guy was disappointed. Man, now goes to take over the man, he chose and had full confidence in. I think it's more interesting story I'm going with that or the man he chose because he knew that there's a possibility of failure and he could come back. Yeah, whatever. Whatever. How you frame it, how you feel? Tired breaker. Charlie Munger just seems like a boring Choice. Yeah, correct. He's 99. What was it? 3%. Influencer Berkshire, Hathaway or 4% influence? I think it was 3% with my prediction. He had 100% influence over Warren Buffett, though. That's true. Samuel Altman. That story is, it kind of Evergreen? So I wouldn't call it the story the week. Hmm. Wow. Okay. So he's just asking I guess. I'll just agree. I don't know if I want to agree with me. I'll agree with Ari. I'm here. That's just because now I'm thinking who's going to replace him on the board of Berkshire? Hathaway? No one cares. Whoever orange says, Although to match your appointment because I was gonna agree with you, but she didn't feel like agreeing with you. Why? Why is it acceptable? It is our company. Basically in a category of billionaire activist investors. Why is it acceptable for them to have a point of view? But when we try to try to open vacancies or Target directors were told that we're too aggressive and like I don't I don't know how to tell you this but yeah, we don't have any money and they have billions of dollars. That's the reason why, that's the reason why they're a lot to be aggressive, right? Because if we had five billion dollars, do you think anyone would say we're too aggressive? They would just say we're doing our jobs. So we're data-driven activists and we should be pitching the companies to these people in the, in the investor, in the activist investor world. Do you have any of their numbers? I've picked up my calls yet, I think we're moving on. Thank you announce yourself. Good list of the week this week. All right, here we go. You and we love a good un declaration, don't we people? Yeah, do we and I love a declaration as good. A good thing. You and declares pieces. I'm done. There's my phone here anymore. This is actually the first time that the UN has used this type of framework to address pieces. So hopefully you know, this elevates two more International and well National Action here in the US, but this specifically talks about the Cape Fear River in North Carolina, Cape Fear where no, absolutely Well named after the fact that I can't say it Bill works. The chemical plant has been polluting Cape Fear for over 40 years, 40 years. Yep. So the UN sent a letter to three different companies just a letter. Okay. Yeah. Wait, they said three hole letters. That is good stating that this is a human rights violation. But the reason why they sent three different companies which is Dupont cut Morse Morse and portiva. Yes, right is because your copy, I can't, I don't know where that is because company. They're so good at blame shifting exercises that they split up and reinvent themselves to make it difficult for Regulators to try to pin anything on any company and hold them accountable, which is why we should be focusing on the people. People, the people. You see what you're kind of doing here? I'm not sure. I don't want to crap on the story. But is there any? What do you know? What does it mean? Like, what is this declaration actually mean. Is there a significance? It's the first time. Still thinks that the UN carries any sort of weight, they would care about this. Okay. Well, I'm gonna wait to listen for the people who think the UK. Well, I know of 10 people in Vermont, who do. So, anyway, the three companies back in June, they did reach a 1.1 billion settlements with us water systems. And just this week on Wednesday, they reached 110 million settlement with the state of Ohio. How did Ohio get involved? Thanks, dude. Oh, so for something happening in North Carolina was it because the Declaration or other polluting everywhere? Oh yeah. I do, is they just point fingers at each other? It's like, oh I'm sorry. We're Dupont. Now we are not comores. We don't have anything to do with this so just more like an exhausting, a story of the week it does. It does have this ring to and also like years 40 Years of pollution I'm mildly concerned that we think that. Okay so these companies dumped shit in water for 40 years. How is about 100 million dollars for doing that, right? Like as if that on dumps the shit, right? Like the money doesn't actually do the anything, it's like it's all performative. Well, actually, the chemical processes that are happening in North Carolina are happening in the US because for example, Europe has Bandit. So they export some of the stuff they have to do to those chemicals. Do it on us, soil. It's kind of like when we used to send her trash to China. Until China is like no more. So just turned this good list of the week into actually. Yeah, probably I'm guessing they do this. In community, in communities are communities where people of color live as my guests too. All right. Moving on. Come on. I can't you killing me with that one? Okay. Next up. America's first. And thermal. Plans Meandering to my closest co-hosts here with geothermal not hands but two years after Furbo energy in Google signed a development deal. The enhanced geothermal plants started. Supplying power to the grid years. What? I don't understand exactly. What do you mean too fast? Sorry, my sarcasm doesn't translate. She's getting defended. Okay, because it is incredibly fast, say which is awesome. I'm from the Northeast, I can't wait. Okay, they dig deeper and better than other geothermal things. But the reason why Google one better Google wants to do, or they partner with this company is because they pledged 24/7 carbon free energy in all their operations. So data center data, centers and campuses are on the world and they want to get their not by just purchasing Renewable Power, but accelerating the devil's Innovative energy. I don't see this one other than the fact that Google exists. But yeah, I mean, I'm I do, we need another one. Go ahead do the next one, so that I cannot care about it. And go back to this one, and just vote for it. Virgin Atlantic complete first ever. 100% sustainable are fuel powered Transit transatlantic flight on commercial airliners question about this. Yeah. Well, first of all, we don't need to have the flight. So why do we need that? I don't want the sustainable. Are people? I want them. Come on, you've gone somewhere before three, you just because my wife makes me doesn't mean that I want to go. Now you have a nice house. Don't, you should stay home during your vacation? You're telling me I 100 about anything, but sustainable Airline fuel. Yeah. What makes it sustainable like? I have no idea, the composition of it. That why we call it? Sustainable Airline fuel. Is that a green wash? Is it actually like the future? So, If the way sustainable Airfield so staff is developed is through. Like oil corn. And other waste, they turn it into fuel. That's already a proven thing. What would make it more sustainable than the current Jet fuel. Is if there was already an infrastructure to produce it and be able to deploy it to where the Jets are don't why can't we get it? Does it burn like does it weekly if you're just a mission? If you're just exactly if you're just comparing, I'm reading it. No, it's ever know reduces and Atlanta flight know, it, reduces a missions, says here, as much as 85% comparing just a burning of jet fuel, which is like crap fuel, same fuel in your car, but just dance her. And crappier, if you're comparing that or feel with the ones you make from corn, it is way cleaner, 85% cleaner. However, to get this sustainable are fuel to Jets, they have to drive it to places, therefore, offsetting like such great advantages because there's already a system in place for you, exactly. So it is way better. So they just need to build some pipes. It's really what you're saying. They need to build infrastructure, this one's not that bad. I guess. Yeah. Why do we get that bad? Not to put you on this bar already. But do we know what is the problem with building? The infrastructure is just? We should we should say that the reason why Damien and I are asking Ariel, these questions is she was actually and engineer like designing airplane parts. So this, so this is we have no idea. They said this couldn't be done for such a long flight as well. Oh, due to Performance things from the fuel itself and that was false. And now, Richard, Branson's like I'm showing you up and there were passengers on this flight, right? This is a, this is a normal commercial. That's, yeah, I like, so I wanted their with their passenger flight that I figured it was an empty flight. I didn't realize there were, they would actually put people on. It said normal commercial plate. Wow, so they didn't even know. So the people that wasn't like, But to your original Point map, I wonder if this is the same as, like, our fascination with the electric vehicles, right? You're not really Are you solving anything here? You're I think you're not changing, not changing the behavior of the consumer. You're gonna be more flying now because there's more corn to burn or I don't even know. I mean, I I do I would say. Um so Ari did a project, we a consultant project for asset manager, who owned airplanes and dissected, every airplane that they own the years. They were built the amount of fuel that they needed based on how far they flew the likely, you know, fullness of those planes. All these factors, how many people how many business seats? There were to sort of like get you to a place where you could say, well this plane's carbon emissions are X based on all all of these factors and there were like 20 factors. So it does it. Did I had no idea that any of this existed but like found out through this projects that there they fly planes that are empty all the time because they have to there's regulations about it during the pandemic. They were flying empty planes to keep Roots alive like there were all they do. Just literally Like shit on fire for fun in this industry. So the fact that they're doing any of this is kind of good. Um those are three pretty good. I mean, pfas is actually a human rights violation. Okay, there was Declaration by the UN, everybody cares about it declare, this is bad. Um, number two, America's first, enhanced, geothermal plants up from running into years, which is a short amount of time. Damian, yes. And originally Atlantic complete first ever sustainable are fuel. Like, I'm gonna, I'll start off here because it's going to be a curveball, the and mainly maybe to keep it interesting. But I the reason why I won't pick the geothermal player, or the transatlantic, Flight. It's because again, I think steal my pick like that. No, okay. Here's the, here's my rationale and this kind of the worst One's Gonna Win. Here's my rationale, is that again we're not we're not changing consumptive Behavior, we're just finding like Band-Aids. I I don't like Bravo to Google I suppose, but you think that EV drivers drive more because they have EVS know, I think that we need to invest in infrastructure away from the individual ownership of cars. It is a, it is a maddening is maddening and we're not stop translating flights, okay? It's not gonna happen, Okay? But again, I can't build a train fast and over the ocean, over concerns or dig a tunnel. Can you hear the behavior of overconsumption? Is clearly what's killing our planet? I'm sorry, but I can't see any other overconsumption has got to be The biggest ill that I can see this isn't. All right, option. This isn't gonna promote, I don't flying, I don't know. For the Declaration, the benefits of humanity that Google serves to me is nil. Flying constantly is a sickness and I, I'll be, I'll be, I'll join the 10 people in Vermont Vermont to continue. I will support the UN and its efforts. I think declare something like this is human rights Foundation. It is important. I mean, I'm sorry, but we're spending like we're spinning. A half hour upset at Elon Musk telling people to go, fuck yourself. So, but there are other people in the world, working in the other direction, and that's in the UN is still one of those bodies. So, I'm gonna, I'm gonna support their. If they're only declared that Elon Musk can't be an anti-semite, it would have been solved. That's my vote. That's my vote. All right, Jesse. I think Matt should go now. Oh Jesse agrees with me. Yeah, she does. Which means my vote is pointless. Well. Oh, okay. So My vote is for the, I like both of the second too but I I'm gonna vote for two years is what I'm going to vote for. The the fact that we are talking about 2050 at all for anything. Right is fucking lunacy, we apparently Google can sign a development deal and in two years they have power. Yes, they're two years to a green wash, their greenwash deal. Know, they have power, we have why don't understand what's getting updated, Google, give it up. That's fine. But this is what makes the world go around. All I'm saying is they don't let a man vote. Can a white man just get his vote out. Can't wait, man. Got his vote out, although I guess according to Elon Musk. I'm not white anymore. So maybe I'm not. Maybe you're the white man. Two years is the correct vote for that. Yeah. Fuck declaration, you blackmail me with decorations. Goodness that's done. Which means we're here. I will not speed it up. You have to let a white man talk. All right, I got three for you. I'm gonna start with this one. This was the headline. State Street adds option to fully back, corporate boards. Here is the backdrop State Street, the BlackRock Vanguard, they're offering voter Choice, which means if you own like a State Street ETF or investment fund, a mutual fund, they are offering you the ability as a retail investor to vote the proxy yourself. The past that down to you, okay, that sounds good, that feels good. Okay. But what State Street has done is they worked with ISS to craft a couple of options so that it's easier for you. The default option that Stitch Street currently offers is 400% for management. That is the default option. So how do you vote against what you you over me, you you can pick and choose or like it's like from the standpoint of the individual consumer, the they they're actually not solving that problem. The problem solving for is would be really hard. To track every retail voters votes. For every individual, there are 80,000 active directors on Earth right now 85,000 or something, right? So if you had to vote for them, that's 99% of your voting. That imagine if a person actually went through an entire portfolio, the S&P 500 has how many directors like 8,000 of them 9,000 directors 7,000 directors. So if you own the S&P 500 and you're voting individually on 7,000 directors, and State Street, then has to aggregate. Everybody's individual choice is. So what they did is work with ISS to give you like two, default, three default, you know, three options, the primary option being just vote with management. This was the quote from Laurie heinel at a State Street. She said it, if you think, quote they're doing great or quote, you're aligned with management. Let's go all in. So basically you look at your fund, the fund went up. And you just say, go directors. Let's go all in your scent. For this is purely a stock, short term, stock driven decision, right? As nothing. Nothing to do with long-term risk. Nothing to do with any kind of ESG, is just a short-term. Do you like the share price? That's it. That's what that's all. But that's all All the, you know, unless you have a retail investor going to free-flow analytics.com and doing their own research, all a individual investor has access to data wise to make a decision, is the recommendation of ISS or state students, how they came up. That it's, in fact, I did this whole bit and here that I'm going to skip, picking out a guy who sits on a board who bats in the bottom of every category we have. He's he's in the bottom, 25% of every single category, including the bottom, one percent of controversies, he's only set on board that highly controversial, who was recording his name is Alexander Winans, he didn't step up, but according to see it's gonna talk about it, you would elect him. In fact, he sits on the board of uber and last year you got a 99.2% vote for despite all this already. And now State Street's going to move every retail vote in his Direction. All They're pretending you have a choice but they don't give you any information and they only give you like. That's so they give you basically it's options. High, five option. It's like a Gaslight option. You are you, are you are, you are being told you have a choice but what you're really doing is serving the protected class? You are not voting anybody out, man. Doing anything different and what's worse to me is, it's all because they're hiding behind this notion that it's just too much work. It's too much effort, right? I mean, that the reason why we have to do it this way is that it's just it's you can you imagine the great effort of trying to understand that these companies rewards? Right. Look like there is no effort. Yeah, I'm scared the directors, but they there are the fact that we build the thing at free full analytics shows that there is data you can do it. Yeah, I was gonna say it's also a great effort. It takes me a month to rake my lawn. It's a great effort. Yes, I could hire a company like free flow to come and rake it, but I go through the great effort. So you're right. Either go through the great effort or higher free flow analytics to regular oil. Yeah, that the underpinning of this is something we talk about all the time that we know that an academic paper came out like a month ago that showed 57% of stocks, have underperformed us, treasuries since 1926 basically if you're invested in the stock market more than half of the stocks, you invest in do, worse than buying up getting a bond from your grandmother. Like like, you know, when you're born like, Aunt May gives you a bond and is like congratulations like that, it was better investment. Then you investing in the stock, half of the companies in the stock market and yet only globally, zero point two percent, Zero point. Two percent of directors are ever voted out jobs to Ability. It's it is like class. It is, what do you grow up? I wouldn't be here. Like the, the Full Employment Act for compliance officers and lawyers like this, the Full Employment Act is become a director. You will never lose your job ever. It's like so they're facilitating that but doing it. Making it look like Choice. It's the ultimate Choice. Can we just skip your other ones for this one to move on? No. Because you're gonna like the next two, too. Know, I like this one. Here we go. The next one is Mary Berra. Know I'm not voting for her not already don't like Her. She drives a Hummer. Yeah. Here's the headline GM. Announces record, 10 billion stock buyback more than its spending on UAW raises as its electrification stall push stalls. Here's all I actually linked all of these things. They claimed that the labor strikes that labor at these companies were killing the electric car. That's these are all links. These are all news reports quotes. They are, they kill their killing electric cars. They they are the reason for inflation. They are hurting the economy. They are triggering neighborhood. The labor strikes and labor at these car companies are responsible for these things. Whereas BlackRock who owns 10% of GM, Vanguard 8% of GM Mary bar owns 4.2 million shares in 20% of the company influence. There is no headline talking about a 10 billion dollar stock buyback that goes to them, does any of those things? Not one well, you know, labor is why and and I was gonna make this point, in your, in your last story. Is that what what everyone seems to miss at places like State Street? Is that you you, when you're looking like at your board? For instance, if it's gonna be a General Motors, the reason why it doesn't serve shareholders to have a protected class of directors, is that you should absolutely have someone a director at GM that has Human Resources, expertise, or or expertise in the labor. In labor, right? As opposed to just rubber stamping everybody you, you could be fighting off long-term risk, and other ways. You don't have to just vote your board through every single time. Well, State Street will help you vote your board through but you sound like a socialist. Now, if you're getting 10, Million is 10 million, 10 billion billion. I was saying 10 million. I'm like, wait, that's nothing. Okay, 10 billion share BuyBacks sounds great. If I'm those people. Well, it sounds great if you don't share is then finally Sam Altman. Oh, All right, and this is why this is the this is the sequence of things that I read. Sam quote hurt and angry Sam Altman, opens up about openai boards failed coup. Wow it seems it's so sad. So this is so in the wild imagery it's like he's certainly I'm hurt and angry about it. It's not by the way, it's not a clue. When the people who are your bosses fire. You that's not a cool your bosses fire you and they did their jobs in firing, right? But then I read this Sam Altman, says he Harbors zero ill will towards former AI board member Ilya sutzkever. So now he's just hurting angry at the two women. There are only four votes. And he's angry at the two women. Yeah. Because the fourth maintained his board seat. He turned his board seat. Just the third vote. He Sam's still likes and it, but the two other boats, he really regretted it. Remember regret it. He's because his wife because elyas know because, yeah, it was like Greg Bachman, brockman's wife, called ilha. Yeah, something like that. Yeah. Um, then I read this opens. Open, AI staff, reportedly warned the board about an AI breakthrough. That could threaten Humanity before Altman was ousted. So now Allman is sad or hurt and angry at the two. Women who listened to the concerns of the staff about threats to humanity? Then Damian pulled Altman, went on an 18-month, 85 million dollar. Real estate shopping spree. Which made me think he's angry. Her angry at the two women, who almost didn't let you buy a state in Hawaii. The little trick that Sam opened in the past, which is this, like this kind of setting himself up as a martyr at openai, because he doesn't actually own any shares. Yeah, he doesn't draw a big salary. He pretends to be a non-profit. Yeah, he pretends to be part of the working class here, but me, and while as you're pointing out, he has investments in over like, 400 different entities. He's a extremely well, he man, he doesn't need. Equity openai. Then I so I keep reading. Open AI, says white men, Brett Larry and Adam will work hard to build diverse boards. So, so now I have a prediction there by the way, certain angry at the two women and to get back at them, he offered their seats to White Bros who will make the board, more diverse with more women play, one of them, Larry Summers, who is on the record as saying that basically that men are better scientists and correct. Yes. And then open AI had announced, they promised they they were not going to is the quote open AI unlikely to offer board seat to Microsoft other investors. So they promised no more Tech Bros. We've got these Tech Pros. There are no more Tech bros, we're heard at the women, but we're okay with that. We're with the people that we have. And then yesterday, Microsoft gets open AI board seat as non-voting. Observer. So alert her. We were, we promised no more Tech Pros except this one Tech, bro, but he's just an observer but we don't have any women who can be observers on this like white Tech. The whole thing is all Kabuki theater, okay, it together. Yeah, vote. State Street, State, Street, State Street. I mean, the default the default mechanism, there was to support management, 100% sure about that with us and think about that. Yeah, that's great. We could have offered actual choices. Think about the think about the craziness of that you can you can go to your local sports team and you can boo a guy for an air ball and a three-pointer, but you can't have a say in the people who run the biggest companies in the world. Not even if you only piece of the company crazy. That's all. Even though I really like the openai, that was disappointing. That was just exhausted. Hi I'm gonna continue the exhaustion. Oh boy. This is this first one. What you got really gonna make you roll your eyes Jeff. Bezos is super yacht that's enough. So gigantic it needs to be docked next to oil tankers. It was like six feet longer than than the length, the max length where you could dock it in a normal. Oh my God. Docs space. So it needs to be next to oil tankers but this is this is exhausting considering here or some of the other headlines. I read while preparing the biggest delivery business in the US is still longer UPS or FedEx. It's Amazon. Oh Amazon says, Black Friday Cyber Monday sales about was its biggest ever Amazon packages reportedly over small, post office, delaying other mailing other male. Oh, so in case you just want, I want to add a little more fuel to the fire. It cost, $137,000 dollars to operate. Yes. Yeah. What do you have a day? Every single day? It costs 137 dollars 100 dollars to operate the odds. Two, that really is like three full-time living wages, right there per day. Yeah. Yup. Exactly. And that's not even considering like all the pollution Yachts are like massively polluting, you know, actually looked up the how much the docking fee was for the yacht? And did you know the docking feet apart? That thing is only 2,500 a day 24 hours a day. That's pretty much there. Yeah. I am surprised that, I mean it was just an oversight. Six feet, two long who wants no specific like yacht, dog. Like I'm sure there's other ones that if you're a billionaire, you don't want your nice super by oil tankers. Yes you do. It's yeah. What else you all right? Washington School Employees Sue. Monsanto for 165 million. Over toxic contamination, leaked from light fixtures, I hate Monsanto. And they have so long, so I love that they're suing. I love that, they got a settlement. That's not what's exhausting. But what's exhausting is that Washington teachers at Sky, Valley Education, Center in Monroe, Washington say that exposure to polychlorinated by phenols or pcbs that leaked from light fixtures gave them cancer and brain injury. Monsanto obviously knew about these pcbs, knew that they shouldn't be in the lights knew that they should not be using these chemicals and did. Anyways. So there was a verdict against them, which is great but still I think it's way less than they should be paying. Right to compensate for what was happening and just in case you need some more background information. You Bayer Monsanto is behind glyphosate, which is one of the most dangerous chemicals that is poisoning. Our entire food supply in the US. It's all known as Roundup. And as of November of this year, they had reached settlement agreements in. Nearly 100,000 lawsuit cases for Roundup paying about 11 billion, which is but way too little just still exists. But the 100,000 losses here is the number and I tried to look up. So, obviously Santo is owned by Bayer. They have like 20 people on their board, I was trying to get some stats, how terrible they are, just crazy. But if you, if you invest was State Street, State Street will tell you that, just just look at the short term stock price. If you're happy, then go all in on management because that's Only point of a corporation in 2023. There is your short-term game, that's it. They're killing teachers. Thank you. All right, I really got to him. Yeah. So then we have I had to cover the Xeo I had to cover. There's a CEO at X, that's actually I know. This is crazy. Exeo, Linda Greenough tries to bail Elon Musk out of trouble again. As she labels his expletive Laden ran against advertisers as a candid exchange. Linda be a hero. Just quit, like my point just quit like I saw this. The Hollywood Reporter has this like, animated Tweet of her hanging off of the X logo into fire. And it's like, yes, that's exactly what is happening. Why look she stood by him? When he basically retweeted a white replacement Theory, I know fully anti-semitic post. single fuck yourself seems quaint in comparison, doesn't it like you know I don't quit but would you call it like, She what, what is why? Why is she there? She's probably listening to way. Worse from him behind closed doors on totally but we know she has no power. We know, she's just there to clean up his mess like, but where is this Advantage? How is this advancing, her? I don't even get it. She can't be paid that much more as if she went to another company. It does seem like though, everybody who knows him behind closed doors because a defender of his and either because he of power proximity to power, right? Or the way he is behind closed doors, like he goes out in public and tries to dunk on people and be cool and he's actually an anti-semite and terrible. But when he's just sitting around stone with his friends, like, like I don't understand how people keep defending him. Bill Ackman docked. Got Harvard students, docs for saying less shit. Then he on musk has and he came to musk's defense, right? I don't understand, I can't. I don't understand how her reputation isn't being marked more by this by her stickers up for him because there's a portion of the United States that loves this, you know, that, you know, I mean that's why Trump is even in the polls, right? Anyways, that my advice to you Linda is just fucking quit just quit. Leave everything, right? Candidate advice, I'll give you that advice every week. All right, so those are the stories Bezos. Super yacht, washing to School Employees suing Monsanto and Linda yakry no bailing Elon out once again. I think Linda Karina, I think you're going to is gonna become a verb after this. Yeah. No, you know, that you know, I gotta switch. All right. David go first. Oh, me the most exhausting, when did I feel the most depressed when Jesse was talking? It usually starts right at the beginning. And continues right to the end, right? To the end. I mean, I'm going for an overconsumption theme, I guess I would vote for Bezos, if I'm going for a I hate State Street theme and You would. Vote in all the directors at Bay Amendment Santo just because, you know, you feel good about the Start program. I go for that one. And of course, I love to hate Elon Musk. So this is a tough one. All right, I'm actually also making my mind, I don't know, I know exactly since I'm the first guy you go, it's Bezos. Wow. You said his name right? For the first time, you must really hate him today because there's no way that like the This is what we subsidize, right? Like like by being a Prime member getting your package. The next day, instead of like three days later by, this is what you subsidize this on the back of USPS, you have a USPS logo on the side. I mean like it's like a dude who can park his super yacht next to oil tankers because it's so big is what and we fed a shies. It it's so exhausting to like really I was like this country fetishizes this, right? Like the culture is kind of like he earned it. This is like he's living his best life and we don't want to one day. We can get there all so everybody's busy taking pictures of themselves on Instagram so that they can look like they have a super yacht like Jeff Bezos. Like I it's just I'm gonna for the Monsanto story because once again it's a I'll call it a failure to protect our class of Actors. We don't care what's going on. We love, everybody knows who controls the soundboard, just by reactions. All right, I'm exhausted by Linda. Oh, Jessie. Oh my goodness. Jesse was just ready to just end the segment. Now, get out of your under an hour if you, if you break the tie quickly. All right. We're not gonna happen. I'm gonna go with Monsanto, because I have a deep burning heat fuzz in my passion, fiery, but don't be aggressive and vote up the directions and don't vote against any of the directors. Okay. I'll go quickly. Tell me. Waiting for stupid and the buffet, Munger Bromance is forever in history. Now, I didn't have a fight before he died. I hate that we're like, oh, the Bromance wins, the performance wins. Anyone else. I also, I hate to say this but Buffett and Munger, there was an article Damien pulled about why they won't buy companies with shity leadership. And this is the quote, that the two of them bounced off of each other Munger said, quote, if you want to ruin your life, spend it trying to change your spouse, it's really stupid. And then to which Buffett said, quote marrying somebody to change them as crazy and I would say hiring somebody to change him is just as crazy and becoming partners with them to change. Them is crazy. This is like the ethos of our company, like, like figure out who you're who you're investing in, not what. So I you know, the kudos to buffet in Munger on the ones way out. Jesse I chose fours because they compiled a whole of Shane highlight highlighting names that they regret picking for their 300. Mostly financed. They started with SPF and Carolina Allison, of course, don't add like, because she's like a sheep in this, okay? But is Elizabeth Holmes, I think she should still be on it. Why is there so many women at the anywhere near the top of this list? There's so many men to choose from, you know, they're mine. I just didn't list them all. Okay, good. All right, predictions. Oh, I have a good one. I have I am predicting, who the first female board member at open? The, I will be. Whoo. Wait, Just so everyone's listening. Got the first. first, female board member opening, AI will be Condoleezza Rice. Wow she is the head of the Hoover institution on war Revolution piece at of all places, Stanford University. She's done other public boards since she's the perfect woman for the board of opening. A perfect one. All right, well I also have a board prediction and I think Berkshire Hathaway is gonna add Power Buffet or Warren Buffett's grandson Howard gee Buffett. Another Halloween another house. That's a weird prediction about like, it little Howie, I think, I think he's gonna want to keep hunger. Junior. No, no is there. No. Other mongers on that board. Know because yeah, Jesse do you have a prediction I do good is going someone, one of our devout listeners is going to forge her this. And she is gonna quit. And that's really, he's four. This one for mush mouths. Yes. And of the Year? Okay, cool. All right, I have a prediction while I play myself out. Nelson pellets is going to hire free float to show that Disney's new wringer board members bad, a collective 465, for TSR With Dara as abysmal sub. 400 meanwhile, pelts himself bets a better. 537, the results is I grew Relentless, pelts joins the board and both tiger and pelts. Say, the idea of money balling, your management teams is the idea of the future. That's my prediction and they make a movie about it. What a terrible movie that would be. This would be the worst movie ever made. Hazelnut Rallis. That's Jesse the money whisper. It's already the data queen and I am your analyst whole mattress. Cardi? We are free float. We'll be back next week until then good. Bye.