Business Pants – 2023-07-14

Live from ESG month. Yes, it's a business pants Friday show here at July 14th Studios. We get a whole month. I thought it was just do week. Oh, it's oh, It featuring all your favorite. Queen BS, man. Matt mascardi actually. That nickname needs to change pretty soon on today's weekly wrap-up some conference stories. Yeah, No One's Gonna care about those but let's do it. Yes, she month. Auto Beastie, oh, in men from Florida. Hello, let's do it. Let's do some men from Florida. See everybody, everybody moved. I feel I'm gonna do this under protest because we don't have Jesse the money whisper today. She's getting married for the 17th. So, I think the same, man every time. I'm not sure. I wouldn't even judge. Honestly wouldn't even judge. But we are and Jesse went to an actually important conference a couple weeks ago. And I, yeah, I went to a bizarre conference the same week we were gonna get together and Report out on the show but now, Jesse's not here. But what's to do it anyway? Yeah, we're gonna report. Well, Jesse can give us an addendum next week. It'll be fine. Green business. It was an important thing. Yeah, shout out to Greenhouse, Boston. Yeah, I want to hear about green business. Lets have already talked about it first, I'll start. Well, I gotta tell you first day on Monday, I had. That's when my panel was. I was moderating a panel. Just yeah, buttons aren't working anymore. The buttons. What the panel called Ari, the panel was called, ESG data, a defense against greenwashing, oh, I'm already confused. Which, you know, that's a lot like a Hogwarts class of Defense. Depressing. The mentor Bowman. Oh, one of the everything with you, one of the panelists was like Is G has done nothing for No One. Wow! Wow. Oh, like, we're over. It was quiet. Do you quickly remember, you don't have to give names but who which representative which organizations did the panelists represent? Do you remember how Valley Investments? Okay. Cap Cape Gemini. Yeah. Cap Gemini. What? The University of Pennsylvania. Oh yeah. And I like, yeah. And a software company, okay. So, all right, why do we know why them? Why are they on the panel? I don't, I don't know. It's a whole bunch of dudes. Are it was one woman on a panel full of dudes, you know? And they adding more dudes as they went along. They had Female speakers for the keynote and stuff. The mayor of Boston Michelle Wu. So for a few minutes it was really cool. Love her as a very excited about that one for president Michelle. But the smaller breakout sessions, I saw there was a lot of just white men. Okay, that's panelists. It was it was a i it was a lot about Excellence. Yeah, that's how, that's how I knew I thought. But I thought you said Matthew, green Biz actually did a good job. Getting a diverse set of participants. I mean, I don't know. Diverse participants, they got good ones, they got some good participation. I mean, it's one of the bigger ESG conferences now They it's green fan and they do a lot on ESG sustainability and ESG and capital markets. But it's it's, you know, it's decent conference and Grant does a great job running it. I've met him, he's nice dude and he does a good job running it, but we met some listeners there. What? I mean, our email like people who actually listen to us say things. Yep. And they, they came up to me and Jesse and they're like, oh, I feel like I know you even though you don't know me like, wow, that's a podcasting is, it's only mildly awkward for that. To be the case. Yes, no, it was really good. And so, at first, I was scared that no one was gonna show up to my panel. Like, you know, I felt like I was six years old expecting nobody to show up to my birthday party. I had that feeling you have. You've had that feeling before. Like, that's a real, because I don't even consider that at six. Oh, really? Oh yeah. Oh, I've ever heard anyway. Ah dark. I felt I felt the same way about this so anytime you know I talked to anyone during the day on Monday it was like, please come to my panel. No One's Gonna Be there like beggy. Anyway, it was standing room. Only, I was scared that we were over all the fire codes. They were five years about fire codes after we know. No One's Gonna Come that. She worried about fire room was packed and I was like, crap that I have to speak in front of it was a walking closet. It was mostly her husband. No, no, it was legit, but it was really good. We had great discussions. We picked on Exxon for the surprising, like, throughout our session. As an example, of, what the hell are we doing here with greenwashing? Like right? How do we value Exxon so much? When the Earth's gonna blow up and they're one of the Main contributors. As an example of a contributor, honestly, this is the Exxon to realize they can make money off of potentially helping fight the climate change. So, maybe, maybe they will hold honestly, I the one of the best constructs. First of all, you left out the part where you bring a bell. Yeah. Because you use the bell. I did use the bell at the beginning. Yeah. And conversation got Pretty heated and Lively. Oh, tell. I don't know, like three fourths of the way there, pavlovian effect that Bell so much power. Like before the session, even started. I rang it, just because I hadn't actually rung the Bell before. I'm like, let me see if this thing even works. So I ring the bell, which is, you know, one of those Hotel. Belly Bells. Yeah, right from 1952. Yeah, coming get. Yeah, and the whole room just shut up and looked at me that was like, wow, they would I control you people? It's a bit of a Karen moment to bring a bell, but one that I enjoy about the way, but you did ask like you did give it as a moderator. Like a fairly strong conceit with like it had like sections and questions and like inflammatory questions. Yeah. And you know, and after one of the panelists was like, is she has done nothing for no one, you know. I even said, okay, how do you expect the numbers to do with thing? People are supposed to do the things so why aren't we doing the thing? Oh, right, and then after the panel yeah, afterwards after the panel I got some comments from people and one of the comments was that This person's specific person said that. They enjoyed that. I spoke more than other moderators. Oh, good at. Which point I realized that? I think I effectively made myself a panelist. Yeah, and just moderator as you should. So, Look, if you're the smartest person on the panel, you have to make yourself the panelists that means they are, I think you got angry because usually you talk, when you get angry, right? I mean, I was just asking a question as the best question was like, I am imagine the most. Well, I can't say best. I imagine the most inflammatory question was. You asked. Whether exons market cap was a green wash because it like, if it's supposed to represent the long-term value of that company, and that company is effectively set up to destroy. The climate is the market cap, a green wash, just to make money off the structure of the, I mean, but that. Wouldn't that make it sort of, like, by saying it's valued at that today. Any ESG investor would be buying a green wash? Because it's not, you might not actually last like it's a fake number. Except I think the exons in the world are gonna are slowly catching on to how much money can be made in the transition too. Oh yeah. I like shell. Who was like, oh, we're gonna do this thing? Just kidding, we're not. Yeah, if I had, if I had any sound effects right now, there might be a drum roll or a drum drum roll. What else? From the event or anything? Surprising. Oh, Other well, Monday. I was Halfway listening to the sessions. I went to because I was freaking out about my own panel to say it was a chiller day. And one of the most surprising events that I like Happened to them the main ballroom and it was called a new conception of ESG, the builds common ground, which you might think that it's fast, right? Yeah, but but it was led by Bob Echols and Leos Shrine and two old dudes, two white dudes. But Leo Stein, who is overtired? Delaware. Judge, he's a firecracker. Nice. He was one like collectively ESG needs to hire him to be the messenger. Like he should be a witness at the Congressional. Jesus. Yes Jesus he should have totally why Why are he just he just had a way a Gift of Gab, but he just had a fire in his belly. What? Yeah, I mean, first of all, He was on the bench he was chief justice like in Delaware, right? Like where all these corporations are Incorporated. Oh dude they So, he feels very strongly for corporate. He has a lot of strong feelings about corporate governance. but he was just so no nonsense, like it actually reminded me about it reminded me of YouTube when you're like How is this happening with a cultural Wars? But his everyday is, yeah, like every day, maybe we could maybe we could hire him and replace Matt and I One Fell Swoop. Oh yeah. He said like I will never be invited to be, you know, on a board of any Known corporations like me, keep my mouth shut. I would like to be on a board though. I haven't eventually be on a board. I will never be mad. Eventually will be. So anyway just the way he cut through like the culture wars, no matter which way you lean on the or where you are in the political Spectrum, it was just trying is the shit Leo stripe, I love it. Damian was yours, my takeaways. So I went first religion. Wait, before we go to that was any of the food good at greenfin. I my favorite thing was also Jesse's favorite thing which is which was brownies. Oh yes, so many. But you could just make a brownie Massachusetts where they laced with anything lace with, like ecstasy or Molly, all right? I would say I'd like to hear what Jesse's takeaways are but she's not here. So who cares? Yeah, so you tell me how is yours. I went to a, I went to the Collision conference in Toronto, a Tech conference. It really what it is is it was over 40,000 people and essentially, it's really essentially, it's tech companies. Pitching their horrible products to anyone who will. Listen everyone, every person me, I mean, they were even desperate to talk to me, but but the reality is, there are there are investors there. And, of course, you can get 0 access to them. I don't even know how you have to. I think you have to pay to sit down with them, so Uh, that's that's what I went to in Toronto. Beautiful, lovely International, Cosmopolitan, Toronto hats off. Should they renamed it? Like Collision seems to suggest like people like accidentally buy entropy like hitting each other. And it makes me think of interface. Yeah, I wish I could calling it by mistake collusion. I didn't have any idea what they should have made a collusion Trump. That's too many people for a trump. Was there any good panels at a collision? Okay, my I'll tell you this, my favorite know, the answer is no my favorite really? It was a four days. It was absolutely Feast of blowhards who added absolutely nothing. It was really incredible, it only done on me later in the event that people were paying to be on these panels. They were paying to be moderators, they're paying to be panelists. They actually had no, they had no Insight or wisdom into the topic. For instance, my favorite Pointless one was and this is part of the corporate Innovation Summit. Yeah, the panel was called how to lead in times of seismic change. What impact have the past three years. A period of significant disruption had on corporations and what lessons have been learned. There's a perfect for me, right? That's perfect panel pretty high level though, I'm gonna go, I love that this included the CTO from booking.com, really. Yeah. Looking.com what is a lot of Executives from publicly traded companies? All of whom I reached out to interview all them said, no to me, I'm shocked here was my, I looked at my notebook, here's my takeaway. Nobody's talking about leadership during times of seismic change Zero. Its all just like fun. Little sidebars and and fun little just anecdotes about nothing. That's the whole Wow. Well I'm glad we sent you. Seems like Honeywell spent let me talk about the the Dei events. I went to one was called culture and belonging what actually works. And one was called harnessing the power of Dei to drive business value. Did he found all the women? Exactly. That's where I find. All the women might take away from this was that I was the only man in the room. Wow. And the state, and the state of Dei in 2023 is a sad one because one of the events, someone actually asked the question, raise your hand. If you were forced to be here. Wow, the state of Dei in 2023 and one of the panels was hosted by ey Ernst Young. And believe it or not, they started off the panel by by playing a video that seemed like it was out of the American TV, show The Office featuring people of color and overtly gay men who work at. Ey crazy. Ey, wait back up. Yeah, overtly gay men, were they like flamboyant gay men like it like in drag in Provincetown uncomfortably enough that you understood why they asked white man to be in part of the video, they needed them to be. Like, do you think they coached them beforehand? Like, we're gonna do this video about Dei. I need you to be gayer, like, they would have the only gay man in the village and asked so. So after they played the video, a representative from ey said, first of all, how good was that video? And the whole, it was crickets from the audience moment. Here my here, my takeaways for us. The one thing I kept hearing is that there's an absolute lack of data metrics in. In this field, I have a, I talked to a bunch of people. I have a long list of people I can reach out to, hopefully they can be of some use, come on the show, but but there was a lack of data metrics in general. Now, there's not world, we have them. Okay, so we should add to ours, we should sell ours. We need to push this. That's your job. What are you doing? Those cells, these people. That's I'll leave you with that. Yeah, do that. You should do that. All right, because we spoke. I didn't think we speak about conferences for 18 minutes. Now we're gonna go on to the story of the week. Let's do that. Do that first? Go do it quickly. The first story of the week, Hollywood actors to begin historic strike at midnight. That was a that was already passed after Studio talks breakdown. So oh, everyone involved with the production of TV and movies is now on strike that. and I bring this up because there's only two industries that are allowed to strike in America, Sports and celebrities basically Sports and TV and cars. Okay, but nobody likes those people, when they go on strike, nobody supports them, right? Don't forget big speeches. That the president of sag? Yeah, Fran Drescher, who used to be in the show called The Nanny. She actually gave a very good speech. One of the things she talked about was the scene amount of money that media, CEOs, make and she's right. I picked the top seven biggest ones, including Netflix. Comcast Warner, Brothers, they according to msci. Those seven CEOs took home 72 million dollars last. Wow, that's not wrong. so, Yeah, there you go. That's the first big story. Second, big story is one of those CEOs. Bob Iger at Disney. He decided to extend his own contract. Yes. Oh, good for him. No, I mean, Yesterday. Wow, what timing? Yeah. No not only that he gave himself a raise, he stuns a good job, you get a raise when you try to get it in before I can no longer do this, I don't know. I don't know what he's trying to do. As of two days ago, his Target annual bonus was 100% of his base salary as of yesterday. Now it is 500%. I mean it was not very high before the same time. In many he's been all over the media, talking about bunch of crappy also said that he finds the strikes for fair wages. Quote, unquote, disturbing Well, they are disturbing him because that's true. He can't understand the finer contest. So Ken ball, Ken doll Bob Iger. He's, he's kind of becoming a villain all. I have no boomer this Boomerang, this third or fourth? Boomerang. I think this is the one where people start to hate Bob. Iger. That's my prediction. No, I don't think so. So I was talking to worry about this, this morning. I went back 20 years to the proxies at Disney, and I was trying to figure out like, how is Bob Iger still there, right? Like who keeps re-electing him and first of all, the, that's a working progress. The board is just incestuous, they all know each other, right? And they all know, I got, in fact, one of our favorite Apple directors, Monica, lizana, who we all know. She's also on the board of Target and someplace else. Another place. She's on three boards and she joined the Disney board. When I go joined the Disney board and she was the head, she was on the nominating committee when they chose igar as the CEO. There are people that like long-standing relationships with that guy, keep bringing him back. But number two, the reason why he extends for two more years, Is because he needs to get through the presidential election. Is it run for president know he needs to protect Disney through the presidential election cycle, that? Okay, they know that Disney's going to be a target of the right already. Is already is and who are you gonna eat the minute? They changed it to chapek. He became the Disney becomes a target of conservatives. Like still is a target though. It is a target. But now he his argument would be, I'm unwinding this. Like I'm fighting them in court. I'm doing a better job at it. Like Steady Hand is bad. That's that's right. Steady handed back. Does his threat now he's threatening basically, just gonna sell all the TV properties. Hulu ESPN, he's gonna get rid of all the Marvel bulshit. Is that part of this is like a peezing The anti know, that's just a business move. I think it's if he does any of that. It's a business move, but no, no one know executive Marvel please. No executive raises their hand and is like, you know what, I'm gonna do I'm gonna sell everything. I'm just gonna sell it all because then like, the people don't come in and like, give you the best price, you let me ask you. This is calling the strike. Disturbing is that, is that also appeasing, the anti-wobble know. The reason why the strike is disturbing is because unlike Netflix, who will go out and buy content from Korea that they'll sell like squid game, you know, they don't and they have documentary and stupid. Reality shows. Netflix will turn out content non-stop Disney has like television shows and they need the writers, they need the up fronts and they need the money from advertisers. It is disturbing to him because he's like, That's disturbing my Revenue. You're disturbing me. Before I move on, I do want to speak to your comment about insert your sport. It's unusually, incestuous board. As an example, I looked at the pay committee that granted Bob his Miracle race because I mean, where's he going? He doesn't get that raise, he's not going anywhere, but the chair of that paid committee is Maria laga know. She's also a board member at Coca-Cola. There's a new board member. New Committee Member who just started on the pay committee at for this annual election. Her name is Carolyn Everson. She also comes from the Coca-Cola board. That's how they do things 67%. If you go on free-float analytics, how they do it? Free float, analytics.com, 67% of the board is connected within two degrees, but but that's really is how it works there, right? I mean, once again, assuring Bob stays and gets what he wants and because if you just passing it down to friends, All right, move on. Number three, story of the week, ESG month. We actually live streamed about this. We cut. I've been covering this all week, but all our lives. The Republican Congress is longer than Black History Month. That's Jill. That way. Watch one of these Congressional hearings. And it feels like feels like black history decade. This week, there were four panels most the one, the one yesterday mostly attacking ISS and glass Lewis, attacking proxy advisory next week. One of the ones that they're covering is called climate risk, our financial Regulators politically independent, that's what do you so that's the third one. ESG months. And finally, the fourth story of the week, the FDA as of yesterday, approves the first over the counter birth control have a baby and just so, you know, this month's too late. This over the counter birth control. Pill is already available in over 100 other countries. So congratulations, have a separation of church and state. I love it. Thank you machines because I was right, it probably will be in Connecticut but it probably won't be in most of the United States I'm guessing. All right, so our story options here are over. The counter birth control approval, ESG month and Congress where it's basically anti ESG by hers contract and Hollywood actors strike. I mean, I know what I like to voters. Well, The strike is historical. Yeah, I'm really interested in what's gonna happen. I mean that's probably the right choice of story of the week. Well I do find it funny that some of the stories that I've seen like the leading stories it's like Emily Blunt leaves, you know, red carpet thing, they're not. Yeah, yeah, they're not a lot of doing anything. They're not a lot to do promotional events once the strike I know. But I was pretty sure that Emily Blunt's not hurting because of You know, no hurting for money. Of course, the top level of actors is not hurting but most actors different headlines, different stories they made that area. I will say that. You know, what's your favorite HBO show or whatever? Even the actors in those recurring series they have second jobs. They're not, they're not exactly know, but they're all pampered and Rich if you ask and it's not about the Pampered Rich part. If you ask anybody under the age of 25, what they watch, they watch tiktok and YouTube. They don't, all of this is pointless. Like this is done nothing to them. Yeah. Like they, they used their parents log in for Netflix. If there's a big Mimi thing to watch or they watch you their friends and like, people they influencers on YouTube and tiktok. So yeah, what I said, watching streaming services, my kids walk by me, and they think I'm crazy for watching like TV. Like, I think I'm nuts, they think you're crazy. Like, the only thing. Anybody watches is live sports and that Doesn't fall under this purview anymore, right? Like that. So there's no leverage. I don't understand where this is going. Like no one's crying about Brad Pitt not being able to do another movie, like, no one cares. That is true. So is that your vote are? You know, my vote is over the counter, birth control pills. So that every college campus could get a vending machine up full of them. I like that one too. No age no age limits on this one. All right. Not just 18 and over. Anyone can get these I really I really want to pick ESG month because Mel minnow like testified and she was awesome. But it's not really, I mean, it's such Kabuki theater. It's so stupid. The there was one guy in the kudos to Glass Lewis and I assess their people were not like my favorite Witnesses I've ever seen, but they sat there and there was like intentional. There was one guy who said, you know, like could you please describe the conflict of interest from the consulting services that you offer along for ESG scores alongside your, you know, proxy advisory stuff. And the guy was like, we don't offer consulting services and then he was like, oh so you're saying I'm like, let me read from this page that says, you do ESG scores and he's like, you know, we do score but we don't do consulting services with the Company, it's not what we do. I was quickly like Googling a lot of the evidence. They're submitting as part of the evidence. They're all opinion pieces. Yeah. Ads from The Wall Street Journal. None of this is actually from actual journalist from actual researchers. I mean, it's so bad. Like Nell was standing like in front of people in Congress and having to be like exasperated with the questions about, like, you know, like, oh, you know, ESG has distorting markets and she's got to be like, do you know what? Like CEO pay would be now, if not for transparency and these markets, that's all this is about. I don't understand why you're so confused that we want transparency. They do need Leo's trying there they do, they do so um I'd like to pick that but it's so dumb. It's so dumb. I can't pick that. I'm gonna pick Bob Iger. I'm gonna Big Bob like because first of all, no one like it's gonna get headlines in six. People are going to pay attention to it, but it is the encapsulation of the problem that we are. Solving with free float analytics. That's true right? Like so to me whenever there's a story that's like a big enough story, I gives himself a bonus, reelex himself for two years, the his entire boards in the bag for him like is this the old way of doing boards that were trying to get get rid of? I think that's that's where I I'm the tiebreaker all of being the tiebreaker. I actually gonna agree with Matt, and this one. Because, yeah, I want to promote the product every time, but you're right. And the exciting part is Ari that we're about to get a new data. Refresh, Susan, Arnold chair. A long time. Chair of Disney's has stepped down gone. So we're gonna have a chance to see all the updated influence numbers on the board of Disney coming soon. I'm excited coming soon to a not a theater near you which is the writers are on strike. That's it through the week that Bob Iger is is extending his own contract. Giving himself raise selfie time that his entire industry is essentially is on strike for for wanting, you know, a living wage. There you go. Great timing. So Shameless I admire it. All right, we're up with a good. I know Arya is good stories this week. Yeah. And I'm gonna start with this headline. Working women's record-setting, come back, I don't know. Like come back, what does that mean? I know we're gonna like it but Amy's remote work. People remote work is helping out women's employment and therefore the diamonds, not gonna like that. It can't I know Jamie Diamond or Elon Musk or any of those other dudes, but after women were either losing their jobs or quitting their jobs and droves during the pandemic. With some analysts, even calling 2021 a she session which is funny because I didn't I don't remember hearing that. No, I heard that zero time session work from home, has helped as many as 1.3 million women. Return to the labor force. Wow, that's just the US just in the US. That's actually that's a huge number, right? And what I do remember is Economist analyst talking about how this she said. Well, not not saying she's session, but wipe out a generation of progress for working women, but 78% of women between the ages of 25 and 54 are in the labor force today, which is the highest peak since 2000. Wow! Well, getting paid appropriately. Not actors right there, and not doing less at home. We learned that's going to happen in like 2137. I I'm glad you picked this story because it does point out that the heinousness of the Jamie Diamond too. Yes. Rail again, no way home constantly, they're not randomly against the actual work, they're using work. As they're talking point, they're saying things like you know, best creativity happens around the water cooler like meetings are better in person. But what they're really saying is we least for the next 50 years, really, expensive, corporate space. We bought properties, we need you in them, because if I have to write down that asset on the balance sheet, that's a huge fucking loss that won't come back, right. Like I can't. It's not I'm not gonna be able to write that back up. I can't leave the space pay for it. I'm under contract. They also won't be able to pay for it. If they can't find enough workers. If 1.3 million women are seeing home. I mean, in their mind, those two things that like they're not. Solving for that problem. They don't care who's working, they just need them in the office so that they can justify the value of that asset. Well you, I'm just saying realistic to about modern day Global corporations. Is that often? Your team doesn't even sit with you. You might have a manager in one city, you might have a supervisor in another city, your team might be in a third cheaper City, it's hogwash. This is just that you're all huddled around the coffee. The sounds like water to experience, the sounds like a lift. Well, it's true. My direct Supervisor was in New York, the one of that no, wasn't London, the one about that was in New York. The team that collected, the information was in Mumbai or Philippines or whatever. So, what did it matter? Anyway, I just I just pretended. Like I had no Superior and then it was fine. I don't for your children. I didn't have to worry about it. Yes. My children, do rule. Yeah. What else are like that one? What else band? Number two. I have two headlines for this. I'm calling the category Europe doing carbon things. Oh, this is the first time you've had a double Branch time. Anyway, this is a headline from Politico Airline boss. Wants you to take the train. And it is Dutch Airline KLM. CEO Marion rintel. She told Politico she. Yep. Wow, we are moving our customers from plane to train. Wow, yep. She's incredible story. She said this as she is under pressure to cut carbon footprint specialty for short flights, the flight they pointed out in the article is from Amsterdam to Brussels and they have seven minute flight. I think it's actually, but it has a climate impact that is 14 times higher than rail. The Dutch government is also trying to reduce noise pollution by limiting. The number of takeoffs and landings after his pollution klms Hub, which is the main airport in Amsterdam? Um, so rental, you know, she's just straight up. Came out was like, yeah, we're gonna put in Europe, that, I just actually, a former State Railway CEO. Oh, feels like corrupted about how to make like, and we're like, oh yeah, this is like, she's just like giving her friends and money. Yeah, of course we're jaded. She knows how to get customers to make free floating analytics. When you're not jaded train ride, work over a 55 minute flight. So well, the reality is though, I will say that. The reality is though, is that train travel in Europe actually works? It's actually delightful. It was supposed to America or whatever that America, it's an absolute Nightmare and slow and smelly and disgusting. So that's not that bad. So it's a little smelly, it's okay in the Northeast a little bit. Yeah, yeah, don't go anywhere else. Yeah, my second headline for his category is Paris to charge SUV drivers higher parking fees to tackle Auto Beastie oh just want to say oh Beastie is so great. This is so great and I'm gonna read you a quote from a council member that said that the goal of the higher parking fees was too focus on an absurdity auto Beast the inexorable growth in the weight and size of vehicles, circulating in our cities, particularly in Paris, like I have not heard of a more French thing than this is pretty friendly. And don't forget the French already banned. Those short flights that you're talking about. Yeah. Last year I just want to go France to come out with an article. How to slim down your car. Yeah. Like this is just so great. I love it, I love that. There you are gonna pay more, okay? I'm amazed people in these European countries are brave enough to have a big car. It's scary. I mean, maybe it's different if you're coming from America but the streets and everything. So narrow, it is pretty small SUV. Yeah, that's pretty small bill. This is pretty good. All right. And number three, my last headline. Ensures Retreat, and Florida, signals crisis with no easy fix. Yeah, I love this good. I loved it stories because they make the ESG argument better than anybody can't tell us. Yeah. so, I don't know if you remember, but State Farm said that they were gonna stop is showing homeowners insurance in California as the fires And now it's a farmer's insurance in Florida. And this is a quote from the article Farmers is ending some policy policies in the Sunshine State actions. Sure, struggle with the rising cost of covering climate change related damage. Now, farmers are announced their decision this week, but they didn't say why. However, it is not very difficult to figure out that maybe has something to do with the record setting numbers of billion dollar disasters. A key happening. It's more than that, too. Because insurance is governed state, by state. And in some states, they artificially depressed, the cost of the policies. So the state says, you can't charge more than x for a policy and the insurers, raise your rate, you can't raise your rates. So the insurers are going in and saying, well, like now you've put us in a position where we actually can't do business there because the payouts are too big. Yeah, this is probably a stupid question, but why isn't Insurance control by the government? I mean, because I, I get why you're utility. I get why you're happy that they're pulling out, but I would about the people who are losing their cars, they shoot. They, they now have to be covered by freaking State money and well, unfortunately, all so they will be covered by federal money. But what I'm getting is freaking Florida needs to do something about it, like maybe about not reelect to Santa's. Yes, there you go into super shitty. And yeah, so what we're it's a disaster when ensures pull out the state does step in and offer insurance. They typically offer insurance at below Market rates because they recognize the problem but there was there's a story a few years ago of one property in Texas, Corpus Christi Texas which gets hit by hurricanes like almost every single year that this the government has revealed their has rebuilt 16 times. It makes absolutely no sense. Why how was the storms are getting worse and worse? Every time the damage gets worse and worse, and the insurance keeps covering it, and they keep building in the same exact place. Because there's no incentive to move because they rates are artificially low for the first time ever. I think, like, last year, maybe two years ago, State Insurance was run at losses. They're just losing money. So, it's right, it's nothing, it's not run by the state. It's that the states are making choices to, like, work choices or choices and we keep electing these. Fucking idiots who keeps saying like climate change isn't real but the insurers have modeled it out in a way that no one else has knows how real it is, knows what the payouts are and they said markets are uninsurable now. That's what they're saying. We can't make any money ensuring here. I love the problem though. Here's the problem. Maybe it's the genius, the behind the people of Texas, who named their cities, you know, Corpus Christi? That's the body of Christ. Yeah. Yeah. You keep getting resurrected, you have to write building there, right? Like you have to keep building. I think that's true. All right, so we got three to go on, working women, come back because this one is from home Europe and carbon things and ensures retreat in Florida. It's easy for you go. First, this is a great week Arya. I think when when Jesse's not around, you really shot. Well, I just know I love all these stories, but I but and I didn't even occur to me until after you explain the first story. Just how important that is? How important that figure is 1.3 million, women return to labor force. I mean, that we're only talking about what's the population of the US right now. 300 million that is significant. It's, it's highly significant. You know I'm saying? Yeah, I know, yeah, this isn't a fine, this isn't like a 10 million dollar fine at Wells, Fargo. No. So I'm all in on that one, I think. And especially in light of the really this week, Jamie dimon is whining against people who have to commute 17 hours to his, to his office and blah blah blah. So I like that. I I picked like I when I saw it I thought this could be good list for the insurers leaving Florida. I still think it could be, but I think women coming back to the workforce. I actually think that if you combine women coming back to the workforce with the continued move to unionize in sectors that aren't unionized like, tech companies and and even banks have been talking about unions Bank employees. I think you could see women actually, effectively at the center of this unionization move saying, whoa, gonna have to be. You can't you like this works? We want the right to work from home and that becomes a right that they kind of enshrined in some of the unionization. Also, I'll go with women working. Also, the women come back. The only woman here doesn't have an opinion. No, you just like that one term Auto. B City. That's hard session. What's wrong with you? All right, I just like that. The one woman here doesn't have a say, I like that because the vote the vote is unanimous, heard you the first time? I don't know because you guys freeze every six seconds. All right, here we go. As holy is the week. Are you ready? There are three to choose from first up and this is one reason why I didn't choose Florida. Jimmy Patronus, Jimmy Petronas is the Florida CFO Ellie Florida to see. Yeah. So he's like the state treasurer Finance Chief Financial Officer of like Treasury and yeah, that's what he calls himself. I don't know. Yeah, he sounds like an extra and soprano like yo is Jimmy Patronus. Let me and like he does sound like he's gonna he wants to be for that. I can say whatever I want. Here's a quote, he said this after Farmers pulled out quote, I sincerely believe that with today's actions Farmers Insurance as well on its way to becoming the Bud Light of insurance. What does that mean? He is blaming wokeness on the fact that farmers is pulling out. In fact, there's It is insurance. So, I mean, sure, meaning, they're angry at DeSantis is that the implication he said, no, they're pulling up basically because they're woke right? Like, he woke stunt. What are they, what are they angry about? Like, why? Why I don't understand? I did. I yeah, that's just drown us. You gotta bring them over. Yes, this is not a financial decision, not a financial decision. This is about their place politics. Well and you can never say that about insurance companies. Yeah, the last would you repeat? Should you, you know, like Bud Light, whatever, but he is right to compare Farmers to Bud Light for this reason. Farmers Insurance is owned by Zurich re a European reinsured, just like Bud. Light is owned by a b in Bev, a European manufacturer. So, okay, Europe, he's right Europe and they are woke. Here's a free float analytics, pull, quote 50%, Female board and zero. Power. Gaps are great. The ladies actually have the majority of power at Zurich Reef 53% influence. Damn Europe. The board team strength is carbon and only a quarter of the board actually knows each other. So this is like a legit. Well, you know bored. I have a question for you, Matt. How do we know if companies in your are woke or if they've just like they're, they're influenced by the culture in which they exist. I think they just are, no, you'd have to back up and say what woke is before we can figure out whether or not they are you made the point many times that Norwegian companies despite creating the the first Mandate of this kind. Yeah, our decidedly unwoke because the yes they have on the board but they get them absolutely different places. Like when you ask Danish women if they're feminists, I think only 10% of them. Say they are. Yeah, they spit on you but it's like they just it's not A thing to be a thing there because they just fucking take it. Like, they take their rights and they don't let it go. You know what I mean? I hear you, but here was Jimmy, Patronus is orwellian follow-up to that quote. He said, quote, I have asked my team to put their heads together and holding Farmers Insurance accountable to Florida policyholders. Quote, I want additional scrutiny on Ice Company. They're going Disney on them. What made me chuckle is the the brain power in that room must be staggered putting the heads together. Imagine, I want additional scrutiny on this company though. Is there anything more like gross Disney and this is the Republican Party the last business friendly than that. It is really Petty and really stupid, and it's like, what do they investigating exactly? They get, they gonna demand the models, are they gonna? I think they're gonna ask for how many gays there are because, no, some jailbait. I do have a gay danger alert here. Well, I was gonna say my, before we get into that they're gonna do what they did against sbv. They're going to do a very ESG move, and they're gonna sniff around for women or gay people. Yeah, that's what. Thinking they'll do and they're going to find some because Farmers, does have a chief people and diversity officer. Oh, Mark Welch. It's a man. It's a man, it's a man. That's right. It's, he's a, he's, he said, actually a black man. Okay, so farmers also, here's what they State on their website. Quote Farmers Works to foster a diverse and inclusive, workplace, and yada yada yada. We believe in creating experience of inclusion, helps encourage feelings, belonging value, respect. And empowerment, here are some of their perks at Farmers. They will ship breast milk home to babies for lactating people. They will, they will do paid parental, leave for anyone who's having a baby, including the Case. Um, there's tuition assistance, the CEO is signed the diversity pledge and this was my favorite, they sponsor black golfers and a black golfing Association. There are black golfers, that's what blew me away. Blew me away. We got a dog. We get a double check that one. I'm not too sure. It's actually gonna get scrutinized for this. Yes, for 100%. And you're gonna have your rings so you can save your money. And they're gonna blame the fact that you left you. You wouldn't be losing money if you weren't so focused on these diversity initiatives and not, they won't mention in those hearings. That eight other insurers have gone bankrupt in Florida in the last two years, trying to ensure thanks to climate change and they won't mention the fact that farmers said in the statement. This business decision was necessary to effectively manage risk exposure. That's what they said in their statement. So Jimmy Patronus. I like it. That's the secret. The Secret of ESG is just. He didn't say materiality though, I love this story. Number two was supposed to love assholes. Yeah, well he's an asshole. What else? Come on here it is. We know it was coming, don't hire brown people or gays here's the headline. Republican Attorneys General Warren top us businesses over discrimination if you're worried about the type of discrimination, they're talking about you're right? It is illegality of racial quotas and race-based preferences in employment and Contracting practice. This is this is coming directly from the direct from the Supreme Court. You do you remember, actually, when we had So long ago, we had no interest in brown people and we kept gazing the closet. That's what they're saying. Now is legal because if you hire a brown person you're gonna have to justify it. Them not being you know an idiot. Well, these are the Hideous talking points. Yeah. I just saw a headline this morning of the suggestion that Michelle Obama stole her her wherever she go to school. Harvard. I don't know. She's princess. She stole that position from a white man. Yeah not even a white woman. A white man. Yeah she did. I stole his name was Gus? Yeah. That she stole it from Gus and then finally I have a and a Redux asshole. It's getting angry at stuff. We just found out about round two. Oh, do you remember back in? Like, I don't know. 2021 when we thought like we would go, then the Liberals would go find a tweet from like 2012 and cancel them. Yeah, someone for it. Thoroughly enjoyed that time. Here's the New York Post article about cancel culture in the Liberals. The headline is what is cancel culture. Everything to know about the toxic online Trend? These are the people who are fighting to keep the Washington football. Team is racist as possible. You know, they were saying like cancel culture is a Scourge on society. Well, Shoes on the other foot now. Because here's the headline Maybelline suddenly Under Fire from conservatives over using bearded. Lgbtq influencer in a makeup. Add something it had done for years. Just gonna say that's not New Years, they do mean since 2017, they've done this. And what consumers May believe they care about women's Cosmetics. They've been doing it for six years and they're getting canceled by conservatives. Now it's a boycott. So spending other time looking back at all these companies and what they They won't give women control over their own bodies, but they're worried about makeup company. That look It's a good thing. They found it when they did because if they didn't, this could have gone on for decades and our children would have thought bearded makeup, people are okay, like, can you imagine a world where anyone could put on makeup? So those are your assholes of the week. They are Jimmy Patronus The Sopranos extra and acting Florida CFO. The Attorney General's, Republican attorney generals saying us. Businesses are now illegally hiring anybody who is of A different race and giving angry at stuff. We just found out about again, Maybelline Under Fire for a bearded person. Oh, we lost our video again. Well. I'm torn between Jimmy. and, Don't hire brown people or gays. Can you hear us? Damien, I can hear you. I write the video went down. That's fine. I'm just so torn, but I mean oh we saw this coming after the Supreme Court's decision and it just doesn't talk about it last week it doesn't make it any easier or better so I'm gonna go with that one. Yeah, it's and we knew it was coming but it's disheartening is horrible, my vote. Well first of all, I was tempted to vote for Ari because what the one of the golden stories of the week that already turned down, was that France is not going to be subsidizing, people for repairing items and said of throwing them away like things like shoes, or whatever. Instead of buying new thing is constantly, there were gonna subsidize people with to get them repaired, right? He would pick that story, I think it's wonderful. Yeah. All right, considering getting a recliner real poster. The buying a new recliner just because it didn't want to throw it out. Yeah. Or is France. So the week and because I like, when people can break ties here in the show is to me is no brainer. It's definitely the Jimmy Patronus the CFO or just for for once again. Just like the hearings that we watched yesterday that we live. Streamed a bit yesterday during ESG month. But mostly in picking Jimmy just for completely missing the point. I mean he is this special way. Yeah, but he is the top. He's a treasurer of a state and he's completely missing the point which is just getting my boggling all these brains in a conference room to write. Yeah. Again together again together, you hired people that he hired those heads together, baby. Yeah, that's my vote. Matt. What do you think break the tie? I'm gonna break the tie and it's going to be the Republican attorney general's warning, top us businesses over discrimination. There is no way like this is Playbook, right? We we took it over away. We stacked the Supreme Court. Thank you, Mitch McConnell. We you know we then change the, we went backwards and changed the rules because you know, we're changing Roe v Wade. Every president that's ever been sat where whatever we're gonna change all those rules and then we're gonna use this new President to force companies to what are they going to fire? Every brown person who's ever worked at lgbtq person? We're putting everybody back in the closet. It's really pure asshole. Stuff, Patronus caricature. And just slowly becoming just two very different countries, right? I mean, it's the American Taliban, it's the worst, it's I imagine that that these things will not go into effect in blue States. These type of things these rollbacks because those attorney generals will not be fighting this the same way half of us, just need to move and brave the sun and the mosquitoes. I guess that migration is already happening. Are its Colorado? That's it. That's the show know, we got predictions in winners. Yeah, I'm gonna go, I'll go first with Winner's, I just picked an easy one. Women who live in states where they can get access to the over-the-counter birth control pill because I imagine in those same states that you just mentioned that somehow they're gonna, they're gonna figure out a way to make those pills illegal. So, I'll at least say that for now, the winner of the women Blue State who can get access congrats women for living in a luckier Place. Yeah, you know, after reading the Farmers Insurance, Fringe benefits. I'm going to say people who work for Farmers. Wow, good runner. Good winner and understanding that list. Yeah, I don't understand the sending breast milk home. What does that mean? They they hire a service so that if you're an employee of the company and you are lactating and you have a baby so they will take it at a controlled temperature. They will take they pay for refrigerated sending of breast milk back to a child. So like a courier service during the day. Yeah. For breast milk. Yeah. So it's kind of like the opposite of a Domino's Pizza. Not a. Not a heated bag for pizza, but a chilled bag for breast milk. Yeah. It's a lot like Domino's Pizza. Yeah. My winner is actually, Bobby. And Brian, Kelly know. Why Bobby kotick CEO of Activision Blizzard, Brian Kelly, his BFF and chair of the board they have 56% like 14% influence collectively and they own 4.3 million and 1.1 million shares of activism. And now everyone's talking about Lena Khan and how like she's losing against Tech and all of that stuff and the on the flip side and the Activision, mergers going through with Microsoft looks like it's gonna happen on the flip side. No one is talking about anymore. How kotick is going to cash out, after being the poster that was hanging on the wall, the Cosby Suite, like he is such, there was such a painless culture, he blamed that on a on the labor movement, right? He did blame that on unionization. So and that man is going to cash out and that's a big win for him like that. The mergers going through and no one's talking about him anymore. That's just like winning. Do we have predictions? I do not I have another quick prediction, I think, actually, I think the tide is turned. I think that I actually think that the next few years, I think Ken doll Bob Iger, I think he's gonna leave. He's actually gonna leave Matt for really, he's not going to Boomerang back again. I think he's an elite before the end of his contract, because he's he's gonna realize. That being the CEO of Disney. It actually kind of sucks. I am going to make a prediction for Jesse and Jesse's prediction is that Bob Iger extends, his contract us another time at the end of this one. Can't leave. Not leave. Can't find the doors anymore. Can't find the door. All right, my prediction. Is that someone on Twitter which is now like like basically true social anybody on threads, it's realizes it's that's the adult social network microblogging site that no one cares about someone is going to discover that. Once a gay person worked at a McDonald's drive through in 1994 grooming, and McDonald's will get canceled. I predict that someone's gonna find something from 10 plus years ago, and canceled the company as a result, that's what I think. Well, as I've learned from our show, Matt is that most of the outrageous. Rhetorical things that we say become true. Yeah, it's really, really sadly. Because true everybody check your time. So yeah, it was like John janky and not great and then everything failed. But other than that, that's our show, that's already the day to Queen and Damian. The guy and I'm full of BS. I'm also full of free float. That's what I gotta go analytics, Go free float. The show is sponsored by free flood, analytics.com. That's where we get our data from because we make it. That's who sponsors. Actually, I use a daily for sure. Really not just show prep, you can use a daily for investing. Lots of things. So go there. Otherwise we'll be back next week until then.