Transcript
Ah, you couldn't find Halloween music, come on. No, we opened with this music. I'll turn on the Halloween music after live, from your CEO's pre-halloween scarefest. It's yet another manic Monday edition of business fans joined as usual. By analysts Hall. Matt mascardi? Yeah. Today's game. Yeah. Back from your deathbed. Oh don't say that. And today is moldy. Oh speaking of which moldy dead leaf pile called October 30th 2023, we have a scary headline game and will your car CEO. Keep its job game. Well, let's do something fun. I guess I have one short terrifying director to vote out. Perfect our show today. Yeah, that might be aggressive. Okay, everything, I'm really losing everything. We do is aggressive. Our show. Today is being sponsored by free flow analytics. The only ESG data platform to measure real board influence that part of the police is true. That is correct. That that honestly Analytics. Because you know why, Matt? We're learning every day is because nobody nobody wants to include people with get it with doing anything. Heaven forbid, you know the name of somebody who knows. Shity nobody wants to play that game. I mean I'm watching the birdie Madoff documentary on Netflix on my sick bed over the weekend and even JP Morgan is is implicit is uh you know complicit in the deal letting Bernie have his account over there doing all kinds of bullshit, they get fine, two billion dollars, two billion dollars and not a single executive even or direct even loses their job. I mean, jail management. Must have lost their job. Like two years later, like, as a result. It's too aggressive. It's too aggressive. I just can't understand how like, you have to be really well. I saw the Bernie Madoff documentary, it's been up for a while, it's really good. My 12 year old daughter thought it was awesome. Incredible. And I don't understand how that happened like for that long for long time, that's amazing. Get it. There's some amazing parts to including Bernie calling the SEC, directly on the phone and the SEC. Him do you run a hedge fund and he said no, and they said, okay? And that was end of the story. Yeah, and this is why we do. why we do what we try to do, we try to an unentangled, the right, the connections, and the webs of people, but Again, we're told over and over again that to back off its too much. I wasn't aggressive question by the SEC a bit aggressive. All right, let's do a show. Oh, because tomorrow is Halloween here in the United States holiday. No one cares about, except, for us. Well, children know. Oh, you mean the world in the world? I mean, the rest of the world. Yeah. Children in the United States, I think the European kids, they try they try, but they're not as gluttonous over there. So it's not it's not the same. So you so then they're just gonna have to bear with us while we do a Halloween episode. All right, Matt I got just in the last few days. I have the top eight scary headline games. So just tell me this is a quick and easy one. If you want to score from one to ten, how scared are you? And you can do this any way you want. Are you scared for Humanity? You're scared of yourself. You're scared for the company. You what? You scared for the shareholder or whatever you want to zero is I'm not scared at all. 10 is I'm Absolutely horrified and terrified got it. Let's lock the doors. Yeah. Okay, here we go. AI, 1% or seizing power forever is the real doomsday, scenario, warned, AI Godfather. Good one to start with right honestly. Does it get more terrifying than that? Let us, let's talk about who the yeah, AI 1% are. Okay, there are two things unravel here. Because first of all, okay, there are two sides of this argument. The AI 1% are. According to the, what to this AI Godfather are. Open AI. He's CEO. Samuel Altman. Yeah. Okay. Google deepmind to me, has Abyss Okay, and anthropics Dario umede, isn't it? Sadly, I don't even know two of these men, but these are the three men who were most responsible for a massive amount of corporate lobbying trying to ensure that the government backs the F off. What can we back up though? Yeah, guys. Google deep mine is owned by Google, whose owned by alphabet, which is 50% controlled by Sergey Brin and Larry. Absolutely. So it's not that guy, that guy might be in charge of like, developing it and he might be like, if. So, what's weird about this is, the Godfather is, was from Google, right? Like isn't it? The, the guy who was quoted here is there? Google Earth. Know, here's what's super crazy about this mat. Is that who this is, is the current chief AI scientist at Meta. Okay, this is this is yarn liquid the guy from meta is warning us that people like Sam Altman and and alphabet are gonna run away and destroy the world. I think, again, this is coming from meta. Here is what strikes me? Everyone who's talking is basically. Wholly owned part of a tech bro. Right? Like it's not like we're talking about the scientists who are developing AI as the 1% errors. They're not the one percenters. The 1% are Elon Musk. Sergey Brin Larry Page Mark Zuckerberg like like it's it's the people who control the companies that control the AI. Yeah, except but the two of the people you just mentioned Elon Musk and Mark Zuckerberg are part of this push towards AI, though. Of course, don't forget what this might. That's like the the chief AI scientist at meta saying we should. The real doomsday is that like Sam Altman demise hasse and Dario. Amodi are the ones we need to be worried about. No, they're not who we need to be worried about its every one of your bosses. Like the that's who we need to be worried about, isn't it? How scared are you about this headline? All right, I'm gonna go with a 9 out of 10. Yeah, I think that's the the reason why it's probably so high is the I'll get to this a little bit later. Is that who is, who is controlling this? Who where are the safe guards? Is it, is it the market, is it the listing exchange? Is it shareholders is not Regulators, they're all fake public or not, but they're all, they all could be. Is that what is that? A hopeful statement? Okay, moving on. Let's stay with AI a little bit longer. The next headline, humans could become part AI to keep up with super intelligent machines. According to open ai's, Chief scientists, okay. Now as part of my Favorite Dream over the weekend as part of my sickness and ridiculous, whatever I have, I it dawned on me and I'm sure I'm not the first one to have to come to this conclusion. It Donna me, that really what? We're witnessing is the creation of a new species, right? We're a creation of a new species to sort of to compete with human beings. Am I wrong about this? We not creating a new form of human being with the AI. Are you skeptical about that? Well, did we create a new form of human being with social media? I think that the social media is sort of the, the petri dish and database to help help AI kind of, figure out how to take over the world. I don't, I don't know what the end game is with social media, but to me AI is purpose is much more direct. I don't social media just kind of the the ruinous platform to kind of I don't know to. To make everyone hate each other and to cause so much to cause so much disinformation and distraction, that nobody knows where to look. Nobody Knows the heroes are or the, or the enemies. I don't know what social media is. All I know is that as part of this story, Elon Musk has said that neuralink is the way to get AI and people's brains, right? Maybe, maybe what social media is Matt is the the most ingenious evil grass like data, grab ever known because it is what people are doing is just dumping all of their brain activity. Free into free social media platforms, right? And and these companies are using it to create better and better, AI know. Create basically optimal Tech Bros. To learn how humans basically think how to and how to how to coerce humans to do doing things how to speak. Clear, not all humans. It doesn't learn how women think, or people of color things. That's true or any other ethnicity think it is very specifically, but building perfect Tech Pros but it's not women, it's not women and people of color who are in charge of AI though. Know, that's, that's my point. That's why AI will actually never like. So if you put imagine, all right, so imagine a scenario, you put the neuralink chip in your head. It's got AI enabled and and as this says, humans could become part AI. First of all, which humans are likely to become part AI. It's not like the guy, you know, peeing in a bottle in an Amazon warehouse who's like something like a guy eventually. But, yeah, go ahead. But number two, if you put a chip designed by a really small number of white Tech Bros in the brains of anybody who's not a white heterosexual male. What is it? Are we effectively like giving everyone? You know, white male gaze and white male privilege, along with the AI or actually not you understand cancel culture more now, do you understand it? It's like, the only thing fighting the AI dominant, right? The AI Tech Pro dominoes, The only thing that cancels out that line of thought like that that very specific way of looking at the world. That's what cancel culture is doing. Now it makes the the Elon Musk, you know, like and his anti-Semitism and Bill, Ackman doxxing, Harvard kids and all that stuff. All the more terrifying to me. I'm gonna give this So nice out of 10. Wow! I wonder if anything will be a 10. You you've outdone yourself. Well, I'm holding a 10 just in case. There's just in case worse than this. Okay? Before you before I make that nine final, does this help you? Do you find any solace in this other headline today? President Joe Biden. Today, this morning, I believe will sign a sweeping executive order to guide the development of artificial intelligent, some of these measures, so you're already out of this. Some of these measures include creating new Safety and Security standards for AI, including measures that require AI, companies to share safety test results with the federal government. There's a lot of stuff more like this. It's like an it's remember a few months back. The government announced voluntary guard rails, right? I get this is like the next step in that but do you find any Solace and he saw us that buys at least trying like first of all whose is like Joe lifting up the hood of the AI and making sure that it's all set up, right? Like that guy can't walk down stairs without getting Sleepy. And frankly, I wouldn't be so sure about that. There are no. The like, when we talked about guardrails, even if you put guardrails on social media, it fails every single time. Like we've not put up a single guard rail that works. Well, the exception of banning it, right? Like and even then people find a way know, there are no guardrails for something that ostensibly will be sort of activated on its own. Like you can program in some guardrails. And then what happens if The AI decides not to follow the guardrails. What happens if one Tech bro? Decides not to do it. What happens? If China's AI catches up to America's AI? Because America put on some guardrails and then Mark Zuckerberg's out in Congress being like China, China, China, China. And then, they remove all the restrictions anyway. Another question. Yeah, the downside. If you don't abide by the guardrails, do you go to jail? Another Five Dollar Fine, another fascinating moment from this Bernie Madoff, documentary, is that one point. He's asked if he's worried about regulators and he said, no because Regulators are people and people are politics and, and what he's basically saying is that, you know, with politics, there's, I can sway these people, I can control them, I can play the game and that's basically what you're saying, right? That, these, the people that run AI can use politics that have been just don't forget, you know, one of the potential Suppose pitfalls of a democracy is that the ever-changing leadership means that the only people who stay are the founders of these companies, right? They're there, they're not voted out right, as much as we scream that we're trying to get the alternative democracy to mean something they stay. But our regular elected leaders, they, they keep cycling out. And we already see that, you know, that we've talked about many times how the SEC is politically charged, you know, how the the Commissioners change by the administration and blah, blah, blah. But this is why I actually everything you just said is why like we build the data set that we built, right? Because like the point is actually see the politics in the boardrooms too. Like you can see we have data around how the companies Lobby, we particularly in the US S&P 500 companies. We have data about diversity and groupthink connections to each other. We have dated on, who's got the most influence and who doesn't, those are political and social factors that is you get people on a room. They argue about shit and like there's usually an alpha and usually someone everyone listens to usually the most persuasive or loudest person in the room and don't you want to know who that is because that's the person who's effectively, making the Strategic choices about companies. That way Outlast politicians, the average tenure of a director in the, is seven years at a mega cap or large cap company. It's more like 10. And when you talk about the average cumulative, tenure of those directors, it's 14 years on average, meaning across multiple boards, an average of 14 years. When you think about that, there is no president that can in this country, that can last more than eight by law. But there's many politicians in seats of the highest level of power. Like, even speaker the house, you don't get a speaker of the house. Usually, for 14 years. It's really, really difficult. Which means the people on these and that's just the board directors. That's not the founders and CEOs, who can last significantly longer when they're fake public company? Not to mention just the ownership, right? Just that the ownership families, the ownership blocks. Usually, the real terrifying thing to me isn't necessarily like the, like, AI, like ships in people's brains or AI is existential threat to humanity. It doesn't exist. If Not for the people building it, notice how all the people saying it's an existential threat. Then go back to work and keep building AI. Yeah. Well, so what are we talking about here? If you know what you're doing is horrible, if you know the AI 1% or that's the real threat or the, or whatever, the this, like fucking chip is, if you know, all that then don't make it anymore, the chief scientist. Yeah, have a cup of tea, read a fun book, not Ayn Rand for once and like enjoy the Fall Foliage or something. The chief scientists have open AI also came out today saying that when they released chat GPT, they knew it sucked. I know. All right, so that so he's the new it lied, they. But they thought everyone would think it was boring and stupid and they had no idea how like, the the level, this, it's, again, it's a social play, right? People get it. It's kind of funny or fun or quirky then they all do it and all the sudden it's a big thing and you realize, oh, shit. What are we just Unleashed? We didn't even like, finish this. What are we doing to your point? This is what happens when you let one demographic control, such an important tool, right? I mean, you're letting one juvenile Democratic of the human race run, this whole thing. Okay, so I'm guessing that Joe Biden's executive order to guide AI to guide, the development of is not lowering your score of nine. Know, it's not moving Square, I hope it does something, but moving on a little bit. Let's get back to give me some more holiday music. Come on. You want some? Oh, right. Let's see. Back to the game music. All right. Boeing one of our favorite companies. Boeing is Into hacking gangs ransomware threat. They announced on Friday that they are looking into a clay made by the lock bit, cybercrime gang that it had stolen a tremendous amount of the company sensitive data. That would be published online if Boeing does not pay Ransom by November 2nd. So this is also what's going on in the corporate with something that I'm always talking about? Is this like the the growing dystopian cybercrime Wars? I mean, I don't know. Like to me, it's just the beginning. But you worry about this. ah, Look, I know Boeing makes like, you know, parts for like war planes and stuff and there's a lot great. If, like the world's most active ransomware group out of Russia lockbit. Yeah. Um, I just, you know what? Like I feel like this is more like a six. Like, what? I actually still seems bad. Well, I actually hoped that they stole the sensitive data was like, how Dave Calhoun basically gave himself the job at Boeing, because everyone's been a bro on that company for 30 years. You can trace like the directors and how they know each other over the course of 30 years. It's the biggest fist bump, you know, board possibly in the United States. And what it, what what did they steal? How to how to make a plane fall out of the sky and not get yours out on time? Like so is that the sensitive data? I'm sure this sensitive stuff but frankly Boeing feels inept enough that this was both inevitable and there's probably nothing that people don't really know. It does make you think that To start to rethink. What boards are? At least who they're made out of, right? Like they're meant to represent a counterbalance to management right with that. We know but you're right there constantly stuffed with the same people that run. All the other companies isn't it shouldn't Society really start to rethink who gets to sit on these boards? I mean isn't he now really the time? Can you imagine sitting in that boardroom? When they're like should we pay this group by November 2nd? Like what do you think they have like what do we know like did we lose anything like that? It's like it have nothing. They could just say they have something because they haven't, they haven't revealed what they have. They have like one employee record for somebody in the Mailroom. Not moving on, 15000 scientists from 161 countries are warning. A new report that Society could Collapse by 2100 due to climate change. I don't have to more details on that one. That's, I don't have to go much more more than that. I mean, that feels tennis to me like my kids might be alive by 2100 and Can be a good thing. If you are off-grid living in a in the woods somewhere or maybe a bad thing, when everyone's got a weapon in this country and goes out to use it, uh, back to the 1%, is this headline Elon Musk desperately wants control over your personal finances this is according to reporting out of the verge. They say that in a meeting at the company Elon Musk said that it's not just basic Bank banking information that he wants. He said, quote When I say payments, I actually mean someone's entire Financial life. If it involves money, it'll be on our platform money or security or whatever. So he He's really still pushing towards this everything app dream that he has making X into an everything app and he is, you know, he wants everything, he wants it all. I mean again, this is I guess this is not a surprise with what we're talking about with neuralink. So the good news on this one is unlike rockets. And unlike cars, where he builds something physical, he kind of sucks at everything that involves trust in Social, right? Yeah. And from everything we're seeing over the past few years. I maybe we can take point. Oh, oh, one percent of the credit for this is that people are kind of catching up with a horrible, is there? You know, he Twitter is failing. Tesla is sputtering. You know, people are a little worried about this dude. So yeah, you're right. I like look I you have to give him credit where credit's, do he makes a he makes a great like widget like something that moves and flies and whatever right? Yes. But but it's also very clear and having he's great at fundraising and that's what mostly is kept him up. Here, it took him like let's not forget Tesla was not profitable for like 15 years, right? Like it took him a really long time to turn Tesla into a thing and took a really long time to turn SpaceX into a thing. These are not and both were funded in part by the government and he can say that. Yeah, we paid them back but it was, you know, like it you wouldn't have gotten where you were without those initial grants and government assistance and all that kind of stuff. But when it comes to like social and like even PayPal because he tried to like X like back in the day it does not actually seem like it goes as well for him. Let's not forget his someone else to trust him. Not just Marc Andreessen. Yeah, let's not forget his first attempt at this, everything up X is he referring to, he was fired from that company and it didn't became PayPal, right? He so, Yes, yeah, it doesn't always go. Well, when you have his horde personality, it doesn't always work. I just does not feel that. I give this a 3, I'm not, wow, okay, I'm with chocolate. Okay, next one, Abercrombie & Fitch facilitated X CEOs, sexual exploitation of men. According to a huge new class action lawsuit. Alleging, that the company, the company, not just the former CEO, That's Mike Jeffries. The company itself was complicit in a decade-long sex trafficking scheme. Let's not forget that Michael Jeffries, ran the company for 22 years. So talk, let's talk about time. So, again, talking about boards and like, who these people really are and maybe time to rethink like who sits on these boards, but that's a pretty chilling headlong, 22 years and supposedly had a sex trafficking skiing. That's a new one for the CEO world. I'm a little. I honestly, I feel Like we're getting less and less kind of globally, terrified? Okay, I should reorder these. You started off really high. Right? Like okay, this one feels like something that happened like, it's horrible. Yeah, I'm terrible. And the real terrifying part is that he managed to have a job for that long. That's the terrifying part. Like, I don't know, it means he's empowered by the people because Abercrombie because of the board publicly traded right. Absolutely, because yes, absolutely because of the board. So that's the terrifying part. Yeah, that like because investors are so terrified to vote out board members. Yes, that they sit in power and Empower a CEO like this for a really long time, but that seems like sort of background Terror to the imminent Terror of but still connected know. But everything you're talking about before they're finally connected issues, right? I mean, if we don't, if we don't figure out ways to have a voice and have some kind of control then, It's just, it's all going to be, it's all running amok, I'm with you, it's still five still five. All right, well then I I think I ordered this game wrong because the next two, I think you'll you'll feel the same way about the next story. Again, is about a board or CEO that just doesn't care. The headline, is Kanye West drew a swastika at a Yeezy meeting with Adidas and told a Jewish manager to kiss a photo of Hitler but here but this is At an according to the New York Times. But here's the more here's the more important part Matt, is that Adidas had this relationship with Kanye for more than a decade, right? And they only cut ties with him in October 2022. In fact, even recently. Adidas CEO, Bjorn gulden has defended, Kanye saying that, you know, he didn't really mean those things. A good guy. I was a nice guy. And I also want to draw your attention to the fact that drawing things like swastikas in and those symbols of hate in the comp company of Germany, where Adidas operates is technically, illegal. Matt is illegal. And yet Adidas, let this go on for a decade. So again, I want to draw your attention to a company in a board that did not do its effing job. Did they say when he drew this watch the good, is this like there according to New York Times that initial story of the drawing? That's what happened. At the very first meeting that they had with him over a decade ago. And that this was a pattern of behavior that happened. Oh, like over and over. They have, they have so many reports of this type of behavior is not just isolated incidents. Look, I'm gonna plead some level of ignorance here because I thought Kanye West was a like, like a new anti-semite. Like I thought he was like, like, because he got like really vocal on Twitter over the last like Two or three years and I thought like, oh, he's, he's coming into his anti-semitic teenage Hood. Like he's just coming out as anti-semitic. I didn't realize that he was openly anti-semitic a decade ago in meetings behind closed, doors with Jewish Executives. Present know that is not to mention name in in Germany of all places where it is absolutely illegal to do this crap, that is the one place where is absolutely banished. And let's not forget that, a few weeks ago, a lot of the, the Dopey CEO type like the Bill Ackman types are, you know, they're like they're trying to name and shame college students write for their Auntie, for what they're calling anti-semitic Behavior. Oh, where we're going. Shouldn't they be at the Forefront of this Adidas story? Asking for the for anyone, any executive any board member complicit in this to absolutely step down immediately, once 100% to me, this is a much. This is a much more dangerous Students protesting, I this one, the story itself is not that scary, but the, but the fact that like we have Bill Ackman, getting kids docs while Executives, sit by and are cool with this. And no one like people are coming to Kanye's defense. Meanwhile, who's defending the Harvard students who said something stupid? Nobody this one is I'm going to give this one a five-ball, so you're falling off the wagon here. You're falling off the wagon. Uh, finally the biggest cruise ships, keep getting bigger. It's so horrifying. The next. Yeah, Royal Caribbean's next new. Big cruise ship is gonna be up to 10,000 people. Oh no, that was in people. Never mind. You ordered it proper. This is a 10. I hate everything about everything. We know the companies, Just boards companies that just don't care. They just cannot. I'm sorry, like a special forget like climate change and all that stuff. That's like a 10,000 person floating petri dish get. All right I'm terrified personally, I know we have time constraints. Let me quickly get to the actual big story of the day which is that GM reaches a tentative deal with the UAW meaning Matt since I was out sick all three car companies now have settled their Ford Stillness GM. Now they've all reached tenant of agreements and they're just now waiting for the unions to vote to ratify this, which they will incredible win for the United Auto Workers across the board. Really, just incredible. So, I asked you Matt quickly. Do you think any of the CEOs at these companies? Should be worried about their jobs and we're talking about, A CEO, we talked about a lot at GM Mary Barra. We're talking about Kalos Tavares CEO over there at stellantis and then Jim Farley at Family, run forward. So, yeah, Tavares here is interesting. He was the CEO under Carlos gown at Nissan so and he came from Reno which is French owned, my guess is the merger between all of the like sub and entities that make incredible show over there. So it's a shit show. I don't think. Actually they could, they wouldn't even start. I don't think they know who's who. I don't even think they know who like, who runs what and our, it's fasting to look at. I, I do like tell people, this really should go to free flow, analytics it is fascinating to look at our data at a company, like still antis because it, I think it Paints the picture. Well, but it is a struggle to identify who really is in charge because it's it's basically a Amalgamation of so many car families and you got the, you know, you got this, um, the Elkin family of Italy which is called the Kennedys of Italy. Like yeah, he's the shit, John, Elkins the chair over there. Slanted like you have a member agnelli or something like that. Like, Porsche or whatever family you have. A member of the Peugeot family, who I believe is the vice chair. It's still into. So, it really is just incredible governance. Shit show. Yeah, it's like, well, it's it's literally like if the mafia unionized like, I think it might actually be literally that. Yeah, yes. So, but he's not out and Jim Farley just got the job, like, two, three years ago. And we know that and you look at our data again, which the true leader at Ford is the Ford family. William Ford, the 43rd controls, 64% of the influence there. This is a this is a Ford family decision and I think you're right. Why fire him? What's the point? There's no one, no one's gonna fight because there's a risk like the Have all the money it doesn't they don't there's not they'll control it. So that leaves you with GM's Mary Barra, who I will say, who, according to estimates GM squandered, a billion dollars waiting just to make to come to this agreement, which we all kind of knew was coming. I don't know what took her six weeks, but what. Yeah, what do you think? And it's a it's a democratic like it's a one share, one vote. It is highly like dispersed company which means and people were talking about how she was paid too much. She came out and said something stupid. Like, I don't make that much when she really made like if it was like a rounding error because and the she actually has and this is the second time that the worker's GM's got on strike under her tenure, she's sort of bungled. Yeah, and her level of influence on the GM board is just above the lead independent director. I thought they have Someone already in place. So, almost has as much power according to us. She's the longest serving director. So, so you're not gonna lose that expertise. If bear has gone, not to mention that just this week GM. Halts, it's a driverless Robo, taxi operation, Cruise after losing its license in California. So I don't know how Mary Barrick keeps her job after this. I don't know either. I if anyone's gonna lose their job over there, it was. It's gonna be married Barra. All right. Which brings us to my final 30 second bit. Come on. Give me some scary music. Come on. Oh, wait. Yeah, this isn't scary music. That means I need to do scary music. I think. All right, terrifying board votes on Halloween. So here, here's what I tried to do. Okay, yeah, tomorrow is Halloween, and I tried to go and see which agms annual meetings are happening on Halloween to find the most terrifying board. To get rid of. I landed on this company Paycor. HCM Paycor. Okay? Hey, core Paycor. If directorship was a horror movie. This is who your most terrifying director would be for an AGM Halloween, okay. It seems very negative. Yeah, go ahead, the highest paid board member Stephen Collins. That's a point zero eight four on earnings across three boards. Not one, he basically is never sat on a board that ever made more money than half of the companies in its sector. He's going to R data. Yeah, we're in our data, he has 13% of the pay core influence, any bets 360 on TSR. So he's below everybody who's on TSR. So, you don't get anything from the stock market from this guy. And you don't, you certainly don't get companies that earn any money. And that's of course across three separate boards, not just Paycor. But here was the terrifying part to me. When I looked at Paycor, I realized, oh, it looks like a private Equity farm called, Apex, owns, 62% of the shares, so it doesn't matter, it doesn't matter. It's a fake public company. I was looking at was like, oh, well, that's a terrifying director, but it's fake public. And then I looked through every other Upcoming annual general meeting for this week and I kept hitting company after company. Subsidiary, 52% owned by somebody family owned, founder owned, every single one of them just kept coming up is, you know, there's like one or two that weren't, but I looked like, Cody is a beauty company. We're coming up later this week. They're 52% owned by a different beauty company. Okay. So I was I so I got all confused like where are all the companies that you can vote and have have it matter. And that's when I realized that I did. I looked at the data. I'm free for analytics. We label companies, as by Dem by government types, they're totalitarian their aristocratic, they're Democratic oligarchic, all of these government types, 43% of global companies are totalitarian meaning. They are effectively controlled or controlled companies. The founder has on the board, has all the influence. The they have all the shares, their dual class. It's actually state-run or own somehow. 40 30% of publicly traded companies. Are not real. Public companies is what I found. That to me was the most terrifying, part know that is the Halloween finding, for me, we had the great godmother of governance Hall of Fame. Member Court, governance member now minnow coming up on our show soon. We're interviewing her on Thursday. I don't know when we're gonna, but I, I would like you to ask her about this specifically 100%. I do not understand the fake, the alternative democracy seems like a fake democracy. That's what it looks like and it doesn't need to be, right? I mean, it doesn't, I don't ya, I will look to see what what she thinks can be done about listing. Exchanges letting these companies list on their changes, it just doesn't seem right. Yeah, that's it. That's your terrifying, Halloween episode. Tomorrow's Halloween here, sort of like every other episode three float. That's Damian Ross. I'm your analyst Matt mcgarty and as Damien just alluded to we have a big guest. We're recording this week, one Nell minnow the Godmother of everything governance related. We're having the governance Illuminati on this show, we just had John the comic on the show now we're gonna know. I mean she's something special. I mean this is like unprecedented so come back. Listen we'll be back again on woke Wednesday until then goodbye.