Transcript
Live. From a post Thanksgiving, shame Shack. It's the ESG Industries, only weakly work data podcast, featuring analyst whole matters. Yeah wait is this the only weakly woke data podcast or is it the only one featuring me? Well, there wasn't in my copy editing. There's a, there's a comma after only week, weekly, Wok data podcast. So technically, it's oh, not the only one featuring me then. And today is the below called November 29th 2023. The business World loses its most famous sidekick in a stupid game. Yay. Well, well not losing, not losing the famous sidekick, that's no clapping matter. We we wanted to just let's just do this thing. Yeah you seem like you want to get it over I have no energy today. Well what's that the businesses? All the business news headlines are disappointing me ever since the open AI debacle. That there's nothing else. No one's reporting on anything else. It's just like nothing's happening. It's just like there's just they're talking about cyber monday sales and that's about it. I'm gonna prove you wrong with all my headlines. So let's do yours first. Charlie Munger Vice chair at Berkshire. Hathaway is dead at the age of 99. All right, let's just get some of the monger's over with the. The one thing he wanted to do before he died, you know what that was? He told this at the NBC, the one thing he wanted to do before he died, it's gonna be something weird like eat deep dish, pizza. Oh, you actually pretty close really. You have the right category and there's a rhyme there, but this sums up this the the foolish folk singing. This of this Duo, right? The one thing he wanted to do before he died and again, he told us to see, NBC of all places was to catch a 200 pound, tuna fish. Whoa. It's a strange thing to say, it's just a really weird thing to watch and also pretty stupid. No offense. I mean like it is you what? You're just the thing that you didn't get to do as a multi-billionaire was catch a tuna fish. He said it one of his worst mistakes. His worst mistake was his investment in Alibaba. Does that include personal mistakes? I feel like that might be a short. Like a shortening, it's just a professional mistake, right? This quote sums up Charlie Munger a pretty. Well. He says, I got Charmed by the idea of their position in the Chinese internet. I didn't stop to realize, they're still a goddamn retailer. It's going it's going to be a competitive business, the Internet. It's not going to be a cakewalk for everybody so this is kind of way he talked and thought. Yeah I mean the internet container is you know do you think well see investment man, do you think someone had to explain the internet before he made that investment? Here's some other good Charlie Munger quotes. He said I've done almost and you know what what I love about these two Warren Buffett and Charlie Munger is that we get a window into them that we don't get for any other CEO. I don't know is true. I want again, Matt knows this. I want to hear all these stupid thoughts from all the CEOs. I just want to know we were trying, we want to put the people back on the market. We want to focus on these people, that actually run your companies and make these decisions that you're investing in that you're buying in that you're shopping out whatever. But anyway, here's a great, Charlie Munger quote, I've done almost no exercise on purpose in my life. If I enjoy, if I enjoyed an activity like tennis, I would exercise. But for the first 99 years, I've gotten by without doing any exercise at all. You know, you did pull a headline that said, which I thought. And now we're just in like, fetish mode Charlie Munger 8, peanut brittle and exercise this whole life. Is he a super Ager? Because he lived to 99. Hey, this is what we've done with these Special, we've done this before, but we've gotta shows these guys, because they're rich and old, he said this about the 2008 financial crisis. The bubble in America was caused by some combination of megalomania, insanity, and evil, in Investment Banking and more Mortgage Banking. So, he's so, you know, right? It does seem right, I appreciate Charlie for this, he's very few other CEOs, Vice chairs, whatever, whatever had the guts to say something like this. I mean, it helps to have several billion dollars and does you can push around the market, every all of those people called Buffett and Munger for help. Yeah, right. So not to mention that Buffett and Munger Bought in at the crash and got even richer. Yes. Yes, as you do when you have several billion dollars and finally, the story that Matt referred to that we we love here. The probably are. Yeah, he's one of my favorite. I mean He's not a CEO. So this is not our favorite CEO story but our favorite person in our database story that we've come across so far, Munger once I and I think we left out this part of the original story. We told because the original story we told is that he was planning he actually made the blueprint for a windowless dorm at the University of California in Santa Barbara, right? Yeah a window it turns out that that's stupid design as actually been scrapped, it was the students. In fact, the numbers hated it, that's not being built. But one thing we may be glossed over is that he actually did donate 110 million dollars to the to the university that he went to University of Michigan to build a windowless dorm There's a windowless storm at the University of Michigan. Paid for by Charlie Munger. I love these two quotes. He said, you never saw a happier bunch of students that was followed up by a quote, from a former resident who told CNN in 2021 that she had a bad experience isolating in her windowless room during covid-19 saying it was the low point of my experience here. Of course isolating in a windowless dorm created by a billionaire. Can you imagine like in the dead of winter? The University of Michigan? You already get no light. And now you have no windows. It is Drury up there. I've been to Ann Arbor and I've been there in the winter. It is absolutely Drury up there. Look, I think this is the existential crisis is I was thinking about this last night. This may be the passing of the torch of old capitalism, which is like some version of, you know mid. She's burger at a diner with a big thick Shake. Yeah. Like he like like I can build my company from the ground up, like that idea, entirely transition now because this is the end of that torch getting passed. So now like the caterpillars of the world are cute in comparison to oh well there's meta. And there's Google and Amazon. And now open Ai and muskets Empires like it, it has passed from The folksy olds, megalomaniacs to the young terrible Mega Millions. Yes. And the proof in that is that that peanut brittle, you were referring to and that headline, that's a company. That's a peanut brittle from a company that Berkshire owns. Yes. That's right. Clear. They literally they own. Nothing. Moving on. Let's a few more open. AI stories. I wanted to cover. According to interesting actually, there's two interesting to hear about the openai judge that. Yeah, because don't forget, there is a supposed to be a new nine-member board. We only know of three people in that board, that's three three Tech Bros. Well, I guess it's two Tech Bros and an awful old man. I think they should have a tech bro. Cage match to determine the rest of the tech Bros they put on the board. So, okay, that's where a court to Reuters. They are reporting that chat GPT owner, open AI is not expected to offer Microsoft or any of its other investors including Thrive Capital which is run by Jared kushner's brother seats on the new board. So they're they're claiming that they're not going to get seats on the board which surprises me, I mean we don't know where this is going to play out, but this surprise I don't know about you but my fake news alert in my head just went off. I I do not think that it's going to be possible for them to avoid giving a board seat to someone connected. Like if they give a board seat to read Hoffman, would he be a Microsoft representative? Would he be read Hoffman Foundation? Who funded open AI at the beginning? Would he be like He's like, there's going to be enough people who are sort of, centrally mixed with everyone here that they could all agree is. Okay. So it looks to me on paper and obviously, they haven't made any choices or it's not been disclosed yet, but it looks on paper, like, oh, you know, they're not gonna give it to their investors. Yeah, I'm pretty sure they will. The other Story coming out of openai is I brought this one up because of you, I think you were talking about this woman on LinkedIn, her name is timnit. Gabru, there's an article saying, she is the ex she was fired from Google in 2020, after riding a paper that pointed out, biases and AI. She covered that here. Yeah 2020 covered. That here. She's saying that there's more chance she'd go back to Google the join open ai's board but I want to talk about this a little. Oh, And again, the openai board so far as has drawn a lot of criticism because it has no lack of diversity. But to be fair, they've only announced three out of nine seats. So I don't, you know, I, yes, I agree. And they, of course, they fired two women who are on the board, but we don't know what the rest of the board was gonna look like. But she she shared her thoughts about joining open ai's board yesterday and she says, it's repulsive to me. I honestly think there's more of a chance to go back to Google. I mean, they won't have me and I won't have them. Then me going to open AI. I just feel like the person on the board, who would have a horrible time because they will constantly be fighting an uphill battle. I don't know about this though, but where better to serve then, right? Why shy. Oh, this is what I don't understand. I hear these arguments a lot, right? But this is like divestment versus investment, right? What? Why not be part of it? If she was asked like, This isn't this the perfect place for her? Because I know it'll be a struggle. Look I yeah, that's a given but so what outcome of this was very clearly. They do not want the board to do their job, okay? There's not asking for governance, but we're speaking in hypotheticals here and I and this, it's, they probably won't invite her. But if invited again, wouldn't this be the perfect place for her to use her voice and to use her position of power and her research? What did using when Helen toner? And I Hear You Tasha McCallie used their voice. What did it get them fired. Maybe I said fired like shame public, shame, shame, shame, shame for a week. Oh, that that like there you do your job Tech, Bros were accusing her openly of being all manner of things. Like these are people who did their jobs. You see our burden. It already did this, right? Like she already He came out and see our burdened. We're told we're being too aggressive that trying to measure the performance of directors suggesting that some directors should be voted out. Some should be voted in trying to create board. Vacancies, we're being told where two aggressive doing that and these directors, that openai these two women are being told that they're too aggressive doing their jobs, providing oversight of management. So what how do you win in this situation? How do you win? Oh, the messaging is all the same. No one, governance, everybody wants you to stop telling them. Nobody wants the person who raises their hand in the room and says, oh guys, this might fuk up Humanity. Like, nobody wants that person. Everybody wants you to show up and get rich. I think they want. I I appreciate the idea to that it would be repulsive to join, but I think you should do it anyway. I, we do lots of things that repulsa. He know how many days I eat, leftovers like that. I should have thrown away. Like I repulsive, I think the Biden Administration should hire timnit to regulate AI in perpetuity. That's a very woke sounds, very and then you've got a situation in which you have real leverage. Those are the real levers. Mark Cuban is selling a majority stake in the Dallas Mavericks. Yeah, I saw this and it was like a surprise, nobody expected this know, to the, to all people, the largest shareholders of Las Vegas, Sands. The Adelson family so donors for the Republicans. Yes, so this is odd because of all of his cronies, Mark Cuban, seems like the most liberal. He's always the Democrat leaning guy in that room of central Hardy sharks. Okay, so, the Las Vegas says, the Edison Family. Put out a filing at Las Vegas, stands saying they're going to sell. A 2 billion dollars worth of company stock. Oh okay. And in that filing, it said that they would use the proceeds to buy a sports team, right. It's all in black and white. I just wanted to point out that just how crazy this these public markets are and why it is so goddamn important to know about the people in these public markets, Matt that this means that they're selling roughly 41 million shares for two billion dollars to buy an NBA team, okay? And there's still after selling 41 million shares, they're still gonna have 352 million shares left. I mean, isn't it? I mean, to me, this is just absurd. All of this is absolutely absurd and, and this is why we want to be. I mean, maybe aggressive and knowing who like, is, who is managing your Capital who was making decisions, right? This is Kudos, kudos to you, if you can sell two billion dollars worth of stock, And it's only 10, it's 10% of your students, the company and percent of your stake. Yeah. And normally that but you're the company that you own is a pointless. What is it? Like gambling and hotel? That's because he was nothing to see it. Yeah. And finally. Ah, the president of the UN climate Summit. That's cop, 28 as he planned for oil and gas deals behind the scenes. Oh, nicely done. This is this is according to leaked documents obtained by media Outlets this week, he plan to use the stalks to Lobby dozens of countries and Business Leaders to increase exports of oil and gas. And here's why I'm covering this because a I wanted some way to talk about one of the cops, it's caught 28. I mean you know, I it's hard to know what to talk about you want. It's hard to know but this is a good one. But the real reason why I picked up on this story is that the man to talk about is actually the CEO of Abu Dhabi National Oil Company. He has an actual name His name is Sultan al-jabbar and Matt he's in our database. Yeah. He's in our database twice because he is a Abu Dhabi. National oil company is also at first. Abu Dhabi bank, at both places, he controls over, 30% of influence. I also wanted to point out that at first Abu Dhabi Bank, this is a bank that features only one female director and she has 0.2% of influence that's actually surprising that there were any though. Okay, I'm just pointing out the reality of the, the way the world works, this is the guy who is the president of cop. 208. Can we, can we just yeah, starts tomorrow and Dubai. Can we have a moratorium on all coverage? Like this one. You gotta like this one. It's not great. I mean the whole thing. We're going to a petrol state with a basic A humanitarian and anti-human regime that we know about. And we're somehow cool with because they have a lot of money to go talk about saving the Earth. That's what we're just like to someone in our database. This is the CEO. It is. All right, let's go to whatever I'm going to do. all right, we're gonna play a really Ridiculous and stupid game and we're gonna call it who wore it oversell it. Don't over it best. The rules are simple. Here, I read two headlines. I'm already excited and you have to rate, who wore it best? Who was that? Here's why I'm excited because their headlines involve, and I spent a lot of time telling these headlights and because I'm involved. Yeah, it's you and headlines. It's your favorite. Come on. I don't know what we're doing here, but let's try one. All right. Just so, you know, the rules. There is no scale, there are no rules forever is or best. Is this game is stupid. You should treat it thusly. Here's an example to get you warmed up. Okay. Who wore it better? Paying your horrible workers or paying to keep shareholders happy here the headline. Yeah, GM says, union labor deals will increase costs by 9.3 billion. And GM, initiates, 10 billion, buyback, boost dividends and reinstates 2021 guidance. After UA. Can I tell you something good? Or at best. Can I tell you how much? I hate this one CEO. Mary the game or no, this just this, this Duo of headlines, CEO Mary Barra has already announced the extra cost of the cars because Labour won this deal, right? She's already blaming labor for Greece cost of your stupid car, so that put it. Yeah, when Joe Beyer goes and buys the car, they're like lame. It's fucking labor, got this? Yeah. And it's 575 or married Barry. You could stop this by back and then you don't have to add an additional price to the stupid car. So, who I mean I don't this is a hard work better. I gotta say the buyback is the buyback. Got the buyback where I better. You get the gist. Are you ready to play the rest? I don't understand, but I enjoyed it but this is gonna go. Here we go. I even have some gentle music to play me. Ready for this? Yeah, go ahead. All right, who wore it better anti-Semitism or being Peter Teal's? Bro, I don't like either one of these here. The headlines Elon musk's ex may lose 75 million by years and amid Advertiser flight and Neuralink Elon musk's brain implant start up quietly, raises an additional, 40 3 million. I mean, to help you, okay? Twitter shareholders, got 44 billion to to bail themselves out and allow it to become X to anti-semitic, you know, I don't mind me. Yeah. University and neuralink has raised 320 million dollars. So far led by the founders Fund in Peter Thiel. Who wore it better. Huh? Is this the same X that the the mayor of Paris? She just quit it that call? She called it a global sewer. Yeah. That's that's the one. Yeah. One of my favorite quotes out of France, a long time calling x a global sewer. Everything that comes out, I'll just go with the I'll go with Elon, musk's X may lose 75 million dollars. I just yeah, that was the right answer. I just want to ask for. Yeah, go on move on. I don't. All right. That means we're on to the next one. Yeah. Thank God. You restarted the music who wore it better? Yeah. The Accidental on purpose death of humanity or Larry Summers here. Headlines open, AI staff. Reportedly. Warned the board about an AI breakthrough. That could threaten Humanity. Thank you for Sam Altman. Was ousted. Thank you. And number two, the open AI drama has a clear winner, the capitalists I'm gonna go with the first one because it's just supports everything that we've been shouting about it. Which is the board was merely doing its job. That's correct. It just so you think about it, I think about it. For all you people out there who are bent out of shape that the board fired Sam Altman know, I just think about this headline, open AI staff, reportedly warned the board about an AI breakthrough. That could threaten Humanity. Yeah, and there are two key. There are two key parts to that it is. They warn the board. Sure was the people who you just fired. Yeah. For Force. Yeah. Sam, almonds boss. And then threatened Humanity. That's what they warned the board. I just want to be clear that you're getting that. That's yeah. So so you're right about that just for the just for the record too. I saw this headline, Bedrock exec questions without evidence if a former AI open AI board member is a Chinese agent. Yeah. I tagged this one, I don't understand this. What the hell is that? There is some executive some tech bro. He start up a giant and when I say giant I mean like one of those super jacked white boys, like yeah, you know, yeah a little like you. Yeah, very very close. When on CNBC Squawk Box Squawk on the street and just threw out. I think she's a Chinese agent and they let that they let this happen. No evidence, no nothing, just that. They must be a Chinese agent for a lot. Having a loudness to have CNBC allowed. This happened to, at least tell him to shut the hell up. I did not watch the clip because I just looked at the picture and was intimidated. It's just All so worth saying that Brett, Taylor who's on the board, orchestrated, the 44 billion dollar shareholder. Bailout of Twitter because he had 14% of the board influence at the time he was one of the more influential people are moving on. Now, you Who wore it better? Yeah. A 10 billion dollar Earth fund Grant or a 1 million dollar annual docking fee. Okay, what does that mean? Here's a headlines renewable exact on quote Relentless consumption. Driving the climate crisis quote. It seems as if people are behaving in a way we would never tell our children to behave. Yeah versus Jeff. Bezos is super yacht is so gigantic. It needs to be docked next to oil tanker. This is a, I mean, this is chicken in the egg, right? Which came first Because those only has that super yard because of Relentless consumption, that's gonna hold so hard to shoot. I'm gonna go with Relentless consumption, because because we've had probably about a decade to digest. The fact that this Relentless because assumption is, you know, destroying ourselves, these destroying our planet. And yeah, everyone I know is is feeling the pain of inflated prices inflated housing costs, and yet, Black Friday Cyber Monday sales. Just this week set records, the largest however, how 12 or 12 billion dollars spent I yeah, gobs. I don't know. That's how it works. That's my book. It's worth saying that Jeff Bezos owned 69% of the influence over the Amazon board and Jeff Bezos who owns. Oh what 100% of the influence over the Earth fund has allocated 1.6 billion dollars of that 10 billion dollar fund while his ex-wife. Mackenzie Scott has given away 14 billion dollars somehow she's well she loved. All right, who were it? Better mental health or Mark Zuckerberg? Oh boy. Hear that lines. There Is No Smoking Gun, linking social media. Use to mental health harm, a study using data from over 2 million people found, okay. Or Deliberately designed its platform to hook children by exploiting, their psychological shortcomings court, documents show well, this one's obvious. It's the meta deliberately designed its platforms to hook children, they did wear it better this time, who do you know who the author of that study was the first headline. The author of the study was it was an Oxford study, I believe, okay it was in Duck. People did Zucker any funding going to Oxford from the Zuckerberg but if you follow the money and there might be and to be fair here, I mean finding a Smoking Gun in general, especially in situations like this is extremely difficult. I mean right? I mean to to make direct links is extremely difficult. So this? So the headline is completely misleading. So I'm gonna say, I mean, they they said there's no Smoking Gun. Just that means their links and correlations, and all they're doing is the academic thing where they pretend. Like. Well, we can't say no misleading. Yeah, I mean yeah. So yeah, it's it says what it says, it's okay. But it's I should say that Mark Zuckerberg, I have two stats on this that Mark Zuckerberg has 72% of the influence over meta. Yeah. And Mark Zuckerberg has 72% in the well over meta. That's the only thing that you need to know. Yeah. This is one of the companies. I think our data does a great job of exposing the companies that are controlled by certain board members certain CEOs where they don't Own a majority of the voting power, right? But that's correct. But as one of those companies that you don't actually technically need us because he everyone knows he controls the voting power. He controls everything. So, like there's a story thing else. Yeah? Just, yeah. All right. Point where you hate this music? Who wore it better. I actually the music is my favorite part of the game. The game I hate. Who are better? Having no women or making money off black people? Headline. Number one, gender diversity isn't happening quickly enough in private assets, shocked. Yeah. Or you us minority owned businesses have 1.3 trillion growth potential. JP Morgan says, hey, I'm gonna, I like the US minority on businesses of 1.3 trillion growth potential, making money. I see this is the same way as a To Walmart with like a stupid organic products. The reason why they started shelving them is because they were, they were selling people were buying organic products. So hell. If this is how minority-owned businesses get a leg up, if this is how they start to, to get some capital and power because JP Morgan tells you, there's a way you can make money off of it. Fine. Let that be the way fine. I will say this, though, there are a couple stats that are important here, one of which is that that you us companies and JP Morgan among them the diversity or the gender power Gap. At us companies on average and by gender power Gap. I mean if you have 10 people on the board and every person you know you're one of ten your 10% of the board, right? But if you have five percent of the power somehow, you're you might represent 10% of the board 5% of the power. That's a power Gap, negative 5%, we create those were the only I want to have this data only one. So you want to talk about diversity, there's some math here that we're doing the average gender power gap. For companies in the US is negative 10%, meaning on average, women May occupy 26, 27% of us boards but they actually have 17% of the power of those boards. That's a rough average. The hope I, I hope the Hope here is that the progress we've made with putting women on the board in the last 10 years will will appreciate right there. They're influence, will appreciate in value. So hopeful right in the next few decades, right? Because these women will have their 10 years will be longer. They'll have they'll have gotten other executive positions by being on these boards, right? Like their power will grow by being on the board. Let's hope that you can keep your fingers crossed. Okay. The Second Step here is the diversity power gap, which is the same power Gap, just people of color instead of women is Negative 6%. Meaning, you know, for if there's tent 12% of the board on average is people are people of color. They actually have 6% less power than their representation. It's still worse to be a woman. What I like, it's still worse to be a woman then to be a person of color. About what I like about. This is when I look at JP Morgan who says the incredible like 1.3 trillion in growth potential, JP Morgan says, JP Morgan has a negative 14% diversity power Gap. They actually don't have any power for either women or people of color. So good. Good on them for recognizing the growth potential without giving them any power. Are you ready for the next one? Yes. Who are it? Better. Nepo, baby or daddy. Here, your headlines, Antoine arnault steps down as CEO of berluti, and lvmh shake up, okay? And this headline from 2022, lvmh's Bernard arnault restructures holding for long-term, family control. I love a good headline. That says it makes it sound like like he stepped down his CEO but his family. Controls all the companies like what is, what was too much work. I'm guessing how much, what is that? I'll just I'll say daddy says so yeah. That was the only correct answer. Daddy says. So there are no Zone. 70% of the board influence collectively and I looked a woman named Marie veronique a Bellow. Belloy Malkin, I can't say her last name very well can't say any of those names. Very well she owns 0.2% of the board of influence okay she only sits on the lvmh board. Yeah and she's connected. According to our data, to no one else in the boardroom through direct connections, I think they should make her the CEO, isn't she? The perfect sort of Puppets CEO? Just make sure the CEO and then looty. And then appoint me to fill her boards because that's got to be a good board to sit on, right? What goods retailer. Right? Imagine the the swag bag for every board meeting, right? It's be really fantastic food. Imagine the food lvmh come on. And with this one, Who wore it better. Academic hand ringing. Or dual-class shares. I feel exhausted already. Okay, sit tight for this quote. This is a quote, from a Harvard Business review article in a new paper. We contribute to the ongoing debate by highlighting, a range of factors that may erode. The seemingly entrenched managerial control of founder, CEOs, in both private and public companies. We use the term ousted in a broad sense, referring to scenarios where founder CEOs, despite having carefully fortified their control choose to resign amid pressure, they name some some examples, Travis kalanick, Adam Neumann are well known examples but also John Foley appellate on Matt Solsbury at Blue Apron, these cases illustrate that. Contrary to the perception of founder CEO and trenchman. As an insurmountable barrier, there is a complex interplay of financial legal and personal factors. So Wait, that's the first headlines. That's the first, the second one is Mark Zuckerberg opposed banning plastic surgery filters despite their alleged harm to Teen Mental Health, because it would be paternalistic. Oh, Uh, that first long-winded academic quote is the winner. That. Wow, really. That's the wizard. There's no there's no complex. Interplay of financial legal and personal factors. Is it it's that you have to suck or B you so much or just be such a vile horrible vampire to our Earth, to lose your job. If you're a Founder CEO right there. It's not complex, it's not complex. It's it's, it's it's even less complex than that. Because there's one thing that everyone of those that you don't have to be vile, actually, they don't care how true does the VCS have to lose interest in. You have to lose money. That's it. The money has to be like, this is not okay anymore, you're losing me money and that's it. That's the whole thing. I want to say, the stat, this on the stats. On the last one though. Yeah, out of 2400 publicly traded us companies 646 of them 26% are totalitarian which means way too high. One in four companies have a Founder CEO, chair, combo dual-class, shares or family ownership, one in four and they're saying contrary to what we think about entrenched Founders one in four on average. Those boards are 20% connected to one, another compared to 15% for the rest of us companies. And they deliver the same exact TSR as the rest of those come. So you get no extra But you get control out of them. Yeah. Meanwhile, Mark Zuckerberg owns dual class shares. I put that into, like, the Malcolm Gladwell category of statistical manipulation because really, just because you can find a couple of examples of under CEO, six people are different, and you're right. You're right to point out that you talked about 600 companies that have this kind of control and you find one, epic failure and Adam Neumann and that's enough to support that. It's the system is fine. That there's a counterbalance, you can fire Sam Altman because it's okay, it's fine. Our show today is being sponsored by free flow analytics. The only ESG data platform to measure real board influence and diversity power gaps. Wow, look at you coming in hot with that that was Damian, walnuts know, you're hazelnuts, hazelnuts him, you're free float. Come back on Friday. We're gonna wrap the week. We are still working on that new show. We're gonna watch this. Yeah. But it's getting better get there. It's gonna be called we have a name for it now. What's the name? Its proxy countdown. A terrible name. But you'll look for that coming. Soon until then good. Bye.