Business Pants – 2022-02-04

Live. From The Majestic grand hall of msci. Dropout in a developed nation in several developed Nations. Now, we're in one developed Nation, it's a very special business plans for Friday. Okay, first, let's go, let's introduce everyone. We got our ESG expert, Chief, pundit extraordinary today, Emma Larkin, The Fabulous. Amar lurking are queen Ari and we have a fancy expert, Matt. Which I'm gonna I'm gonna hand it over to you. I'm gonna let you introduce our incredible. We have Emily chew and Emily, like Emily, Damian, and I go Fairly far back. We are the msci dropouts, but Emily's now, like fancy and at Morgan Stanley and one of the most important people in the world and Emily. Why don't you do? The do the title makes you sound like great to be reunited guys. I'm super excited about this so I can reminisce in management which became a woman He so Emily knows, um, more than all three of us or four of us. Combined, I'll say three. You have despite the yes, you were the shirt because I actually have sort of inferiority complex. I want people to think I'm smarter than I am. I think it's possible that Ari and Emily might be able to talk to each other like humans. And the three of us might have to sit on the side and pick our noses. But what are we doing today? What? What is the show? Well, in honor of our guests, we're gonna skip all the. We just lost somebody and I know of our guests, we're going to skip all the bullshit and get, right? We don't want to subject. Yeah, we don't want to subject Emily to all of our horrible things, like, asshole the week and most irritating. She doesn't need to worry about that stuff. That's tough is, but I do that accidentally. So what we're gonna do, We're going to play the good game and this is how the good game works. And I once again I think my dear, I'm not gonna say old mother because she listens to my dear mother, who suggested to me, many many months ago, why the hell don't you guys do anything positive. So this is our reaction to that. Where I we go through we curate thousands of literally thousands of lines and and and these are the ones that appear from first appearances appear to be positive appear to be good. So what I do is I take those and I throw them out to our extraordinary pundits here and they tell me on a scale from one to ten if they are actually good. There's almost always. Yeah how it goes as we play but that's how the good game works. I will warn everyone. Our listeners really just want to hear normally. So for Matt, Ari and Emma, keep your answers brief for one like try to get to the point. Give me a score. I don't want to say, I feel the need to jump to Ari's defense. Ari's, not the problem. Ari is not the problem here are. He's a problem in general but maybe not for this show. Specifically want to hear Thank you, Emily. Wow, you should be here more often. After this, she won't be. It's my role as everyone knows to shut everything down. Just to hear yourselves speak. I blame my parents. I blame my parents for that. Yeah. All right, here we go. We're gonna get right into it because we have 15 headlines. We have four pundit, so it's gonna take a while. So let's just do it. Let's do it. You ready with your bell? I'm ready. What's the category? Damien, let's start with big data. All right, here we go. We'll start with Google a Google hires first head of Tech in society and let me a little bit of background. This is actually, he's actually a black man. Actually a black man in Tech in an important job. I know it's shocking. And the role focuses on how Tech affects Society. Google hires first head up. Sorry. Should we just like a 20 on this one? I think I already was headlined a good list of. Don't speak for that. Well, I think it's been picked before. Okay, this is great. I am going to give it a 10. because all right, this person reports right to the CEO and this person Is great like his education background, his work. Like it's actually a person that seems to have experience in this space. So 10. I am going to go. Within eight. It's because basically a 30 for Emma that is basically a 30 for me. It's but I agree with everything already. Said the reason I took points off is because I do feel like the fact that they are hiring their first head of Tech and society as if they have never thought about the societal impacts of tech up until this exact moment when the societal impacts of tech are pretty semantics and many ways is a problem and so feels like reversing stupidity me so I do good point. And let me just and I'll add here that this is not a role traditionally seen in this industry. This is It's not like they're all their peers, have this role. This is a first actually is sort of like my first instinct when I saw this knowing nothing about the person who got the job was to rate the Ridiculousness of the title on a scale of and these are real titles. I look them up chief genealogical officer to Chief reputation officer Like Chief, like what is this? The head of Tech and Society is this just Google's Advanced version of Sheryl, Sandberg is like, oh no, we released on YouTube, a video where someone says the n-word 600 times Trot out our Tech and Society guy, he's going to handle it. Oh and PS, he's black. So that's great. It felt a little that way to me I I think it's fine. I if I was reading the dude, it'd be a 10 if I'm reading the role. Hiring for the role. Feels more five-ish to me, like, like, Don't Wake Me Up when something happens and it's not just a PR stunt, I don't know, but Emily's gonna tell us eight. All right, let's get to our fancy expert, Emily. I ask you this, who is right? And maybe, maybe none of them, maybe they're all wrong. But well, I think before I can weigh in on anything, I probably need to Put in front of you, a little bit of disclaimer than anything. I say here is not to be held against me and is not a representative long. Nothing I say is a recommendation. I think this is a really interesting development. I'm probably think that think Miss Emma locking is got is on the money on this one because it's a she's pointed out a couple of really important points here about I just didn't want to development. Now what I would want to know is Is this chicken Society person? What's their influence over the corporate lobbying policy? And are they in the room with the lobbyists that big Tech? The big Tech firm is speaking to I was pretty shocked yesterday to read a little snippet out of a thing. It was a New York Times about some of the lobbying budgets of these Tech firms totally eclipsing. The lobbying budgets of some of their other large Corporate America. So I think the rub is really, how is this taking Society first? And really going to be utilized and that's what you want to really know if you're speaking to the yeah. I think what Emily is trying to say is that she was playing worldly. Yeah. Get into it. I'm just wondering when they call this guy. Like, when is it like? Oh, this is definitely the head of Tech in society job because it does seem like social media is the bass. Isn't that the CEO? Like, that's the Venn diagram of tech and Society is social media on technology? It's just, seems like all right. Well, when you call this guy different from corporations, appointing ahead of sustainability, right? I mean isn't that? Yeah, which makes me go to sleep all? That's maybe that's the point. I think it's about right, you're on the money. All right, and Emma from now moving forward, you're not allowed to get excited. Because I'm sensing there was some kind of side deal between you two because I maybe some confusion that you have the same name, but really, it's not the same. All I know there is that off are matte, was talking some big talk about, how much Emily was gonna agree with him and this has been so she would agree. I said Emily's not only smarter than me still. Yeah, let's move up. That's a good, let's move on up next. We'll Facebook one more big data Facebook. There's a lot. I could have picked from with Facebook this week including Facebook saying that Apple's IOS privacy change will cost 10 billion dollars this year Facebook. It looks like it's stable coin project DM, sold it over to that. They're moved to the metaverse is ruining their profit but let's focus on the one that's getting mad excited or is he? I don't know. Daily active users fall for first time in 18 year history at Facebook are your smiling? The most? I think I'm gonna start with you. I'm not shocked. The only reason why I still have Facebook is because of all the vet event. Invites. That somehow keeps me tracking you. Where are you going? Yeah, I'm skeptical. I think you this is awesome. Okay, you're into this. I'm gonna, did you hear Matt reporting on yesterday's show, that the dip actually is, it's from 1.8 billion to 1.829 billion. That's not joking. Does that change your perspective on this head for the first time is all? I'm here. okay, I don't know if I am a go, Matt. I look the fact is like they lost six people and it's probably all Bots or like guys are us who live in their parents basement, right? Like it's not exactly. It's not exactly like the lost a lot of people. I want the, I'm wondering when the advertisers wake up and say this is an uninvestable thing. Like we shouldn't like it's not cool for us to be rooting through people's trash in order to sell them more things that they throw away or sort of like a Bill O'Reilly television show. The fact that the fact that the headlines Facebook's help subvert an election, they help. They were Central to organizing riots. They are like, the largest source of covid misinformation, in the world. And the the biggest stock slide in Facebook's history happens when they announced Apple did something that hurt them and they lost five users for the first time ever. Like, you don't think, was they lost those five years because of all this stuff. I mean, why didn't they leave like a January 7th, right? Like they were they were still on there. They just kept going up and the caveat here is their only counting Facebook, the platform not Instagram or Whatsapp, both of which saw growth. So really in aggregate. Facebook still grew its user base. It's the one where all the old people who don't like, like no one cares about. All right, I don't know. It's no way to say this is more than a fight. I want to like that. I don't live. Moscardi. This is why they call him Matt middling. All right, Emma, get to your score. So, we can because we're, again, we're really waiting. All right, I'm giving it a seven because, whoa, Emma, how could you be excited by this? Because frankly, I don't really care what the Catalyst for people leaving was I don't really care how impactful it is as a whole, right now, what it does mean is that the Facebook Stock went down that I am pleased about because that might translate into some governance changes because once Facebook stops making money, It's a problem. So I please and tell him. I'm hoping that maybe we can get a fake public company to become a more real public company. As usership starts going down. Yeah, just saying. We just the first week, I started to see an inkling of a headline media commentators saying, oh it has been 18 years with, you know, Zuckerberg at the helm. It's the first time I've seen that start to emerge, that may be a leadership changes. Due, I'm going to, I think Matt's on the money with this one because I like the idea that actually it was just some kind of like recategorization of users or maybe it was like a bot update. That maybe created a little bit of change in the glitch in the in the in The Ether there around how they're counting. It doesn't seem like a mass migration and in fact it could have been migration from Facebook to the other platforms. So I don't really that headline. Yeah, they all went to Instagram. Yeah. In some ways the the name changer overall was foreshadowing to shift in the company culture. I mean, I I think we've known for a while that Facebook had kind of, they had met their, they'd reached their saturation point. I don't know. I don't think this is a huge surprise to most of us because I don't know where they're gonna find these new users. They have the waiting to be born. Right? I mean. Yeah. And I will say The smart person in this room which is me. Oh boy. You know, and I have the records to prove it. I don't know what I don't know. What Miguel again predicted, I predicted Zach was going to be leaving. So I think Emily see here. My prediction was that he went he goes back to college that was my prediction last year. Yeah. Well your prediction is silly. Mine was mine was actually very seriously moving on. Emma. Let's go to CEOs. Rule, come on, whoa. All right, I'm I another one. I'm interested in here. Emily and on. Let's start. I don't care where we start. Here's a headline activist investors to push Peloton to fire CEO and seek sale. I'm gonna go I could have picked a lot of activists investors stories. But Peloton seems to be the one right now fast on this one. Yeah, you're already. 80% of the voting power is held by the CEO and inside her. So the company the activists own. What, what do they own? What are they doing? They can't vote. There's no, what's the point? This is a zero. This is like a headline to make me think of thing except the reality is that they can't actually do with things. Wake Me Up When in the real public company and they can get it done. And how do you propose they get there? What are they doing? They're seeking right, people, people will stop buying those dumb Peloton machines because they actually go outside and then Peloton just gets bought by some other bigger company, but it's not going to be activist investors who sort of force it. It's just going to be economically. And feel free to broaden the headline out of it in your voting. Like if you want to weigh in on active activist investors in general, Maybe that's a good thing. I don't know. I'm just putting that out there. Are you have able to have that again, please. Activists investors are pushing Peloton to fire, its CEO and to seek a sales. So they're they want massive changes. I'm gonna give this a Seven, good for that. Yeah, exactly. Thank you are, relaxed activism? Are he scores though? Are 1097 Larry likes everything. Yeah, and I like Ari the most so shush Um, to get at what I think. Damon is hinting at, I too do not love the phrase activist investor because it is incredibly misleading. Those activist investors want that CEO out? Because they believe that he is financially plowing Peloton to the ground which may or may not be true, but they're not activists the way the word activist implies. So I think that this headline is a four. Yeah. They're really have the ability to really. Which one because I do think that it's kind of exciting to have more activism out there. I think I'm interested to see more activist particularly on ESG related topics and themes stoping to to move. And so I think it's not a zero, but maybe a four. Yeah. Yeah, I think what she's saying Matt is wrong. This is me. Keep moving forward by the way. And by the way, or he's actually, right, because I think any kind of you don't get to say, you were hinting at Emily, but I, but I, I agree like any kind of activism from any kind of stakeholder. I think, is, I think it's Yes, it's that CEO. Yes, it's always a child child eating treadmills what you're referring to but it's not exactly like these activists are outside like wearing clown, costumes with peace signs. And hoping what are you like? That's fine. Like the fish that clean off the other fish in the ocean. They're part of the Eagles. There it is. Their bottom. Let's move on. Ring us out of here. Deep fake meat. Come on. Here we go. Here's the headline, big hot sauce wants more hot sauce is referring to food. The headline is referring to Food Company McCormick but I just want you to rate the headline. Come on let's go fast. Big hot sauce, wants more hot sauce, a big hot sauce is the greatest thing in the world. It's a 100. This sounds like Harper. Also I read a thing that if you put a lot of hot sauce in your food, it's because you're bored with your life. So I'm gonna give this a four What? Wow, I sorry my mind blowing. Yeah, my mind is blown. It's actually the space, the International Space Station or something over a period of time. The longer astronauts were out there, the more spicy things to use. Anyway, who would think, who would think that this is the headline that wakes you up. This is where you this Matt. Can you take off the ESG for sure, and give it to our because this is, I was expecting like just a breeze through this one, a little bit of fun. Yeah. Emma help us out here. I might be having an existential crisis, I yeah. Now I'm afraid, I'm a pretty big hot sauce user, which is why I was gonna give this a zero because I don't want a hot sauce Monopoly and they bought one of my hot sauce is a perfect. I did read the story, I'm sorry I have some context, they bought Cholula which is one of my hot sauces of choice. Oh stop it, stop it. So yeah it's a zero, I'm upset. You guys. Okay. First of all, before we get to Emily here, Matt is the only one that ever listens to me. That's right. The headline just to rate that like can you have some fun? Can you crisis right now? Give me a little bit of context. Let me know. Yeah. Rack. This is where the business news meets clickbait, right up. Thank you. And that's the first headline. I see, I'd be like what has happened in the world, what you hot sauce? Before, like, I feel more relaxed. Now thing. What can you imagine the like boardroom, where, like the four, like heads of big hot sauce, get together and they're like, what are we gonna do in the big hot sauce market? Like it's just fantastic. Do you give us? Yeah, it's like Hulk smash more Hawks Scored. I mean the that Emily's, right? It's a food company McCormick. They just they want to buy. What's the name of the company? What's the name of Chula and Frank's? Yeah. They're just, they're just trying to know they're not. Trust, in fact, in fact, it's interesting you point that out because Activision Blizzard is working on. I think Emily just dropped the prediction. The prediction of the week is the Anti-Trust investigation McCormick for hot sauce. And Emily's, right? It is meta hot sauce. So you know, take that with a Grain of meta salt. All right. Moving on to dystopia. Come on, let's do that. It's like, oh, that's The new mayor of New York City, the mayor of both Emma and Emily. It's your mayor Eric Adams. Is taking his first paycheck in crypto. Come on way in. Zero. Yeah Take Along are the are you're the block? You're the blockchain queen. Sorry. Yeah. Do you love this? That is it. All right. You have to just write. For hilarity, zero for Emma zero zero for Emma, 8 for our federal labor laws, actually require that you get paid in a government issued currency. So what he's doing is he's opening up a crypto wallet in which he takes his dollars and buys Bitcoin immediately and then has Bitcoin. Which, why would you say your paychecks in crypto? Because it can't be like it's a PR stunt. It's I mean like it's a stupid PR stuff too because as we're seeing its bitcoin's, not a real thing. I know there's a lot of like we own some and this so this stupid company but it's not a real thing. It's like now I will say before, we have Emily, tell us who's right, is that it's also a bit of bullshit political posturing because New York City is already the center of crypto. Yeah, beat out. Miami. Cisco is the North American crypto. That mean, yes. So he didn't even need to Panda anyone because it was already happening. So good question, it means, it means the most. It means the most transactions happened. I believe it guys, in Bushwick, that's what it is, no Emily. Allowed to talk about crypto and working for you recommendation. But I think Aries, right? This is an age. Yeah, yeah. Modernizing government. Here's my prediction that I feel Eric Adams is the next one, walking down a digital hallway. Like Matt, Damon and that stupid crypto.com commercial, it's on TV all the time. Oh Eric Adams and mayor of New York being like like this is how civilization is made crypto.com. Like that, that's coming next. He probably can't do that. Yeah. Wow. Oh God, we haven't even thought about that. Oh, government in the metaverse and I Yeah, yeah. Wow. Yeah, elected officials. Yeah. Can I just say, Emily's been here? We've been doing over like seven minutes and Emily's blown my mind twice already. Like what I? All right. You don't have to start match. She's already here. But you know, I mean like you. Yeah. Okay, stop it. You can't be pandering for votes and by the way, she hasn't agreed with you very much. That's why. It's why I said that, I need more. I need validation. Hi Emma. Let's move on to stakeholders rule. Okay, there are a lot of a lot of headlines to pick from in this. General category, could have been unionization. It could have been a lot of things. This is the one I picked. Yet you quit is from The New York Times, you quit. I quit. We all quit and it's not a coincidence. Let's talk about it. Come on. The great resignation is good. Yes. Anybody Okay, there it is done. Move to the next one. What is yes. Wait wait. I want to see if I understand already a? Yes. I feel like a yes with that was like a two exclamation point? Yes. That's like a 8 in your book, right? You know, finding new jobs. Try to do new things. Except it doesn't stop benefiting everybody the same way, but I think still good eight. Yes. I'm gonna go ahead. I am also gonna go with an eight, I think. Um, but I would I think you should know that part of the reason is that I think that the headline kind of sounds like a children's nursery. Rhyme, like an excellent. You all quit. Now, are you serious? That did go into my music. I scream. No, it was good from like yeah, I might just actually added points to my score just by just with that you're actually embedded in the story is a link to a study that was done. That shows when when your colleague's quit who are friends of yours, tend to see quick goes up and it was like, the most obvious study I've ever like, like you want to be like one guy with, you know, like, you're the asshole boss and no one likes left behind. I love this story. I think it's a 10. It's fantastic. I love it. Well, the choice. yeah, and now you Agree with you is managing people running teams trying to get stuff done. Yes, fill down my spine this yes it was not. It was that whole thing. Oh I thought about it and once you see everyone else quit you think. Oh maybe I'm in the wrong place and definitely quitting his contagious. This is a two Oh, you don't have to, you don't have to answer this question Emily. But someone at your stature Do you? Do you guys do you discuss these type of issues? I mean, is this something that when you're dealing with your managing a team, Do you and your fellow Executives do you resignation as how? Well know, really not just retention because retention is a normal problem. But this is a This is a little this is an outlier right here is a term that's out there. That's been bandied about a lot and I think there's lots of different Dynamics and cross-currents going on and I don't think it's Affecting all of the every industry or every country like the same way. So, you know, certainly like we talked a lot about making sure people have satisfaction in their life and in their career path and creating collaborative culture and particularly, you know, more distributed remote working environments, massive challenge. So to me, the more interesting discussion is not like oh, everyone's resigning which is like a like how do much with that? I think we need to create new ways of working where everyone feels included in this information flow and there's, you know, the ability to engage to create friends and lifelong mentors across great distances when you're not physically all together. And that's actually really exciting project. I think, I think, I think the face of work is changing and you know, resignation or not. I think that's kind of driven more just by the Dynamics of the labor market. I think. Well, I was sorry. If my mentor. Oh, boy, you. And I will say that before the show, the Emily Emily did tell me that. They weren't very happy with Dave Dave suffering. I actually, I think Emily. Maybe should I mean, can we replace Damian with Emily and then Damian and then Emily can basically run our team and I got talking taking my HR issues, there's no exist. moving on one of my favorite headlines for the, for the new year and Indigenous group seeks, 100% ownership of Canada's Trans Mountain pipeline, Matt. Don't you dare give this anything lower than a 10? It's a 10 and you know it actually actually we haven't heard Matt was on vacation. We talked about this story, why don't you? I don't want to hear him, disparage, this headline. I just don't, I want to give it a ten and have it be done. Look. I I like this story, I don't have a problem with the story. I do have this sneaking suspicion that we've handed indigenous, people, tobacco, gambling, and now oil pipelines. Like, do we just give them the crap that like, is the worst of us, right? Like, they're also money, man. They are. It's not, it's not the problem giving it to them. They're seeking it. Their ownership. So they have control other rather than it. Violating all the treaties that people. I know, it's just sad to me that that like, the control that they get is not like they're indigenous lands, like we just shoehorn them into like, little bits of land. It's not like, you know, it's not like good stuff. It's like, we give them like leaky oil pipelines in the ability to smoke. Pall Malls outside. Side of a casino. It doesn't seem like we're giving them the good stuff. But I like ownership, I think actually in this headline is about who owns what and the original owners, quote, unquote of this continent and every continent or indigenous people in those continents, right? And I like that idea. So, yeah, I'm I'll give it. I'm gonna give it a nine mostly because I can't give it a 10 because it's a oil pipeline. I don't want them to have oil, give them something. Not give. They have nice things, little context. Ten a little context on the ownership of this of this pipeline. It started with a Texan bass company Kinder Morgan, transferred to Canada and now potentially back to the indigenous groups. So it's a pretty fascinating ownership transfer there. Hopefully that's well Ari Okay, that's why are you yes, rain on the family. You Just seeks. Like isn't awarded ownership. Yeah. No, it's not. It's so so the the administration of Justin Trudeau has suggested that this could be a possibility in the future and I think that so we're not we're not at that point yet, but yeah, they're still in the process of seeking ownership of. So we're not there yet, so we're celebrating nothing. Well, okay. Okay, but I know you guys are all these weird short term. Estates but was right, it takes time. I got pressure didn't mind now. Yes. The good news is Emily that when Morgan Stanley fires, you for participating in this in this show you do have a you're a permanent fixture on good game. Sorry, Dave and Morgan. I know actually Morgan is listening. He just texted me. They're not gonna fire, they like you. All right, come on, moving on. Here we go. Lots of Spotify. Headlines this week from our perspective, we like them. Here's the headline spot spotify's problems. Grow as more artists, join boycott. I don't think I need to do. I re you look a little confused right slowly that I don't. What is it? Excuse me. excuse me, Emily has He trying to enunciate. So that you can understand me slow. Was it the end? Is that a period? Go ahead. Is this good? We like this. Yeah, no. Okay. I thought I said it fully but Ari's throwing me for throwing me for a loop spotify's problems. Grow. As more artists joining more artists that joined are like India. Arie old hand Crosby. Stills Nash the lead guitarist from the Eastern special, joined Joni Mitchell and Neil Young. That's, that's what we're talking and there's some podcasts. Yeah. People who have Mary, Trump Roxanne, oh, hey, the median age of the person that left. I hope it's snowballs into one, somebody, you just need one. Somebody remember when Taylor Swift was like, Hey you're not paying people, you know, whatever. You're giving them too little, so I'm going to take my music off. Where's Taylor Swift? Why am I should come save us again? Thank you. I hope it's snowballs into. Taylor Swift. Seven. Okay, I'm gonna go first. I'm very loyal to my, it's a seven. I mean is Emma knows my dream here? Is that we finally maybe this is the moment where artists realize that they don't need to go to a streaming service owned by two. Yeah. But Who control 80% of the voting power? Maybe they can start their own, maybe, maybe 2022. Why don't they start their version? And that's their own. And actually I would agree with that. Right, like, but why they're leaving like I'm did you Universal Music and 1996 have artists leave because they had Maryland, Manson write who was saying all sorts of terrible stuff on albums. I if it feels weird to me like I I get it and I don't like the things that Joe Rogan says But also, I don't get it because like, Joni Mitchell and Neil, Young left for covid misinformation. And then India Arie left because she was angry about racially insensitive remarks that Joe Rogan made on one of his shows. And it's like okay well then we're just we're basically just saying it's not like about Factor Fiction it's basically just saying we disagree with the things that you say and therefore we don't want to deal with the company who deals with you. and some of that it doesn't like, I don't have to like Joe Rogan but it feels weird. I don't know if if they were leaving because it was like two, dudes, two white, dudes from Sweden, own the rights to all of our music and we have no bargaining power. Right. Then I'd be like, 100% behind it, but that's not what it is. It's kind of like, we don't like another guy you guys have on a platform. Have you listened to stuff on Spotify? I can find some of the most terrible music on Spotify. Like it's terrible and and this shows on there, she make no scary. I feel like it's five. I feel like I stopped listen covid misinformation. That's all I know about. Okay. Structure, but I think the point Damien was probably making was the ownership structure. At some point interfaces with the content strategy and so the content strategy is maybe what the artist Damien, has no point. You know, leaving in protests of, I mean, I think this is, I think this is seven because I think this is, you know, this is I think I'm surprised that Spotify is kind of letting this get out of control a little bit and not kind of nipping it in the bud as as I think that they would need to, because this kind of thing can go viral. And I think it's not really serious until Oprah, which draws her podcast from from the, from the plot, another seven year old gets off the plane there. Yeah, I buy that right really gonna like Have an impact, but I so I think seven to kind of indicate this room to move in the direction. Okay. Just so, you know, the the subtext of all decisions Society is about the corporate governance structure of the corporations. They don't realize it, that's just you, I'm right? I'm deeply. Moving on in Emily. Whatever. Like 10 years if he doesn't agree with me on every single he oh yeah. Don't say that. It makes me sad. It's, it's also healthy intellectually Matt to, to disagree. I don't know. If you really, I know you went to like a a very strict formal Ivy League school actually, they caught they made sure that everybody had that's to say Like, have class outside we did. All Right, Moving On. Try. Here's the headline, tribes. Reach 590 million dollar, opioid settlement, with Johnson and Johnson. Its face. Sounds great. Is it enough? I don't know. Help me out here. Good. Johnson, he's gonna give it a seven. I'm giving a seven. Seven, money's good, seven. Have a billion dollars. I mean, I think what they're both. I think what they're both speaking to is that this these are hard ones to unwind, right? I mean, it's it's, it feels like a lot of money, so it's good when we reach settlements. Yeah. So I covered this earlier this week, so I have a lot of context. Go ahead. Am I loud? Okay, thank you. Wow. So I never know what I'm saying. You know, I repeat it. Go ahead, thank you. So they like you said it was 590 million dollars, go ahead, 150 million dollars is coming from Johnson & Johnson in the last 440 million dollars. This coming from actually, three other companies that were implicated in this suit that were the distributors And so that's being split between them over seven years, the 150 million from Johnson and Johnson is over the next two years. And unfortunately, and actually, the good thing about this headline is that there were 175 tribes that were involved in this suit. However, all federally recognized tribes, even if they were not a part of this suit can collect money from the settlement, which is great. So if you are a federally recognized Travelers, eat you can And that leads me to the next problem, which is these tribes range from like a handful of people to 45,000 people and the money can only go to restitution for impacts of the opioid epidemic. So, like opening treatment centers, Distributing clean needles that kind of a thing. So that's where the money is going to. But, unfortunately, one of the terms of the settlement was that there will be no wrongdoing admitted. They have, every Bank Post Office Yeah, which it nips. It, which sours it? I don't know. Give leaves me with the sour taste in my mouth is actually because if you divide all that money evenly between the I think, 500 and 570 ish tribes that there are if everyone was going to take that and obviously it won't be distributed evenly but if just, for simple maths sake, if you split that up, everyone gets about 800,000 dollars. When you put 15% to the legal fees so it's good, it's bad. It's a seven that's high. That's why all that. Like such an eloquent statement there. I thought you were going to at least go against these two like I I still am. Happy ultimately, I think that at the end of the day, I would like to see money go to the tribes, to help mitigate the impact of the opioid epidemic and I'm happy that they're having. And I have, I'm happy. I have it. I'm just upset that there's no admitting admittance of wrongdoing. That's what I'm upset about. Well, you can't talk much choice. I mean I guess or first first, I think it's a seven because that's better than five. So this is like, indigenous tribes actually getting Some verses, the home, maybe possibly getting something right in the case of all pipelines. And then it's not a 10 because I think that sounded a little bit paternalistic to me like a little bit. Prescriptive like you have to use the money this way and that way each tribe I imagine it might have quite different circumstances. I just don't know how that can be covered in one settlement agreement, so seven, Okay. Uh, thank you for that. Let's move on to our last category woke data. Here we go. Feel free to. If you you know feel free to speed up. Anyone make me You're you're allowed to you're allowed to here we go. Oh, a documentary. Critical of the Disney Corporation has been put out by the Disney family. Is it going to be on Disney Plus? That's a great question. I'm gonna guess the answer. I don't want to see this. So I'm gonna give it an eight four, interesting. Yeah. Yeah, this is like a meaningful exercise. Here, you Know. Yeah. Yeah. There's some I have to appreciate the Poetry of this. I guess. So. I think it's I think they actually gonna about criticisms. Yeah. Like Abigail Disney has been very I think there's a lot of potential here. Abigail Disney? Yeah. Matt here's the part you're going to like cuz I know you don't really care about this story, but one of the executive producers from the Disney family is named. Tess is the best part. I can't believe Tim Disney. When we passing out names, Tim was the best thing Tim up Disney, I love the content of the documentary. That's critical is all Senate centers on employee mistreatment like inequality, but also how the CEO pay ratio, basically, CEOs are taking home, you know, 60 70 million dollars a year. When the employees are making nothing. It did make me dig a little bit and realize that in 1941, all of these people's like parents and like direct relatives, 1941 Disney animators went on strike because they were basically in hunger lines because of pay inequality and the Disney Family fired them in stead of negotiated and until they were forced to accept the union. So the Disney family's money isn't exactly clean of the thing that they're criticizing, the current Disney Corporation for Doesn't mean that they're wrong. Well great like that's like you know like Jeff Bezos like a space dildo. Well I mean like to show that he could save the Earth right after he destroyed it. I don't know. I it is a five to me. I just to watch it and don't care, two things, he was just at Disney. I first of all, I hate this. Yeah, come on. First of all, unlike many firms like as many family firms, the Disney Family actually has no more involvement with the governance of Disney. So, when Roy one of the Roy Disney step down, I think in 2003, I think that pretty much ended it, which is kind of shocking in itself. But the Disney kids to your point, Matt actually made it very explicitly said in the documentary that our our ancestors would have never had people this way never would have done that. Never ever ever a little. Yeah, awkward. it's kind of a bit, so it feels like a little bit of An agency seeking headlines. From the air before. Right? You know, able to actually influence what the company really does. I will say you're definitely all wrong. It's a 10 because it's a movie about I mean, really? I mean, honestly, like I don't know what's wrong with any of you. This that's exciting development. She okay. She's gonna Remember we had a data collection project project trying to collect CEO parishes. It's damn near difficult. It's impossible almost so yeah, you guys. All right, moving on. Let's talk about let's talk about another kind of activists. This is a Emma's favorite kind of activity and it likes any kind of like nuns or churchy people who like put up shareholder proposals. Here's the headline Church pension to vote against minors, shunning waste standard. So let's wait a question about this headline. Yeah, go ahead there voting against minors. Who are voting against something like, is it? It's confusing to me. These are mining companies who are not adopting a new safety standard that was partly created by this pension group in England. That disqualified, the rejecting them because they're rejecting something. Yes, that's what I want to get clear on. There's like, it's like, it's almost feels better than it. I'm gonna go ahead and give the subtitle of this article, which is Corporate boards are under increasing pressure to improve the safety of their mining activities which I think. Yeah, yeah, gives to, which I'm going to give an eight. I would like to be safe. That sounds great. Emma. I think in general that Emily, I know you highest scores and I'm actually I'm actually not kidding. Oh no this is my average is gonna be the highest it's ever been today. I think a lot your emphasis on the good news. Damien maybe that's why. Yeah. Okay, your curation sucks. You Sure, Matt speaking of me sucking, what's your score here? I I don't really understand that, like, I don't know what they're showing. I know why a little bit, why they're shutting it. And I can agree with why but I don't know what and I know it's like I don't know this is I'm going to give it a five for confusion. Usually I you don't know you not you not knowing something. Never stops you from talking about it for 30 minutes. So I don't really, I'm a little surprised by Okay. All right. I think I was right. Oh 805 I mean oh yeah, go ahead specific adoption of the safety policies. Or is it avoid against the directors? Nominating committee. So this is all correct. But against yes, so Right? So I don't so very precisely. It is it is A vote against the chairs at mining companies, who did not voluntarily. Adopt a new standard that was partly created by this church pension group. Yeah, just get over. This is what ESG, this is what ESG is like, Matt, it's this level of boring and I think it's only in the sense of its exercised against actual directors, where issues and where they've had, you know, and whether the board has not responded to a pretty critical issue. I think that that is really where she'll hold active in his going. It's less about kind of lodging individual. Yeah, resolution is about specific issues and more about just getting to the heart of the matter which is like these the right people to be leaving, right? You, you're trying to say, I think what Morgan Stanley is trying to say that's an official quote from Morgan Stanley official official Club. And finally, and finally enough you didn't say both about. All right, moving on. Here's the headline. China Europe, electric vehicle sales, reach inflection point with fast growth. I want you to ignore the sentiment, ignore the sentiment. I just want you to write how much you hate the terminology inflection point is a no. Come on. How much you hate it a lot zeroes. Well, I don't like it, right. So Damien, he's the first time quickly in function point which I don't know why I. So it was already a problem that's actually give it a nine. Yeah, Emily. Okay, moving on. There's a highest. Am I will ever? Cars. Yeah, every day in our first meeting the day, every day I say ammo. Can you rate how much you like me in a scale of one to ten and every day? It's like a two. I don't understand what I'm doing wrong. All right, here's our Here's our nerdiest won will get in a long time, but here we go. This is because of you. Emily included. This one. Here we go. But I know Matt's gonna like this one, too, except he's not because I'm saying. Here we go. Wall Street. Dominated green. Financing Alliance. That's quite a that's quite a protagonist. Here we go. Wall Street dominated green financing Alliance told it has Rich World by us. What to give that like a two? For obviousness, yeah. Go ahead. I'm giving it a two for, you know, the reason why I bring these up, you know why I put these on the good on the good game because I think like is is making this, a point is shining a light on this. Is that a good thing. Like, you know, I think it's, I think it's an important sort of entry into this into this conversation frankly, but give it. I did not go into the contact with this at all. And I'm very curious who told who, right? Like, like it's so it's like, literally like a message for that whole Okay. Can I can I and I can answer that and it's like a riddle and a riddle because the, the art, the writers of the article are also complicit in this ritual bias because they said, they actually say this, Biggest African Bank says like they didn't even name the bank. It's like biggest African Bank, like it doesn't deserve. It's not its own entity. Like like I just find that to be like a pony, I'm giving this but anyway and Lowell score of a six. That's what I'm giving it because it's just so ridiculous. The group, they're referring to was the Glasgow Financial Alliance for NetZero. It's called gfanz, they represent, 40% of Global Financial assets. And the biggest African Bank actually has a name, it's a standard Bank of South Africa, and they're the ones pointing out that this group caters to the global North. They're calling it. So that's the contacts wool, six. Wow. I don't know. I'm trying, I'm trying to thinking out, okay? Biggest African Bank. I'm gonna start referring to all things like that. Biggest American tech company. I'm gonna say the name of the company. I don't know how I feel about this. I yeah, it's a typical one. I realize, what Two, two, two, four and six like even numbers here. I mean, Emily Emily. Yeah, I click on this like yes, what are these words? Yeah, thank you, thank you. The weather, the climate transition, which is what g-fans is. Definitely, you know, trying to Advocate and support and is moving all of the financial institutions along the curve of thought, leadership, and adoption, and practice, and it's all great. But there was not at Glasgow, I think enough consideration of how this is really going to how we really needed his energy transition in a way that's fair to the global South being from the southern hemisphere. I just tend to say well it's you know a country that are developing or didn't get to industrialize in the 1900s. So it's really important six. Yeah, Emily's, right? I get once again. You're all right. Moving on. Got two more headlines for the good game. For every fourth 2022, joined by our fancy expert. Emily Chu, from from places better than this. That's all I'm gonna say. Here we go. My favorite, it's early in 2022, but this is by far my favorite ESG meets pop culture moment. Here's the headline, Brian Flores former Dolphins coach Sue's NFL for alleged racist hiring practices, pretty big story that's already if you spend any time and he's in any sports media, it's already a story that has been pushed away, but the story itself is fasting, the facts behind the legend of pretty fastening and it's a 10 and if you read the follow-up stories, other black coaches, like the handful of them that have been have basically all come out in one way or another and said. Yeah it's a it's a fucking shit show. Right. Like and they're all pretty much in agreement with this. It's fantastic. When you open up as closeted, when I, when you think of a corporate perspective, there are companies that like say nothing like Facebook is like super secretive and whatever the NFL is probably the most secretive thing in this country, about what it does and how it does it, and it's a cloistered despite being with probably the most popular and the most socialist culture wise, like, entity in this country, and it's a cloistered group of billionaires is literally, we should. And, and this is a great because it opens up to can orbs 10. What can I say to Mad point that reading a lot of the follow-up articles about this? This is the concept that makes me super jealous as a ESG nerd because this is part of what we aspire to do at free flow. But as try to come up with new data points, new, you know, new rating systems to be able to articulate what we think are, you know, makes a good director or good CEO and they you know, the NFL has the stats to prove. There's some great articles proving about some of these black coaches that have incredible track records. But but what makes me jealous is that they have the stats available to track this stuff, right? They you know, simple things like wins and losses, and things like that. Again, that we're trying to create here. Believe it or not, we actually do things Beyond ourselves but it's but anyway, yeah, it's all right. The 101 else. Anyone in us, I am fascinated by it too. Considering the makeup of the players themselves. And the coaching staff and anybody working in the actual org. It's just crazy to me and the only thing I can think about, it's like women in the workplace and management positions and an executive positions. So I'm gonna give us a 10 and I think we should keep talking about it, so that doesn't get buried. Because everyone listening a crap on a demo. Nope. 10. I mean, it's it's a, it's just the same as in every other industry, right? So, you know, using the legal tools, available to you to seek some equity and Justice, it needs to happen across the board. And it's interesting the point about data Damien because it's exactly the same in Asset Management. So, there's data out there from Stanford University, that talks about that kind of looks into performance of private Equity, managers of color. And how it's it's just as strong or if not better than those who are not. And and yet less than 2% of invested capital and private Equity is with managers of color. Those long way to. Write, you know, reasonable right? And I think this is what like kind of perversely excites me about this story is that it's like a, it's a It's where pop culture, kind of meets the study that work that we do and it's like a way of it's a way of articulating like a language about what we study through something that people can just readily understand. I don't know. Like this is why I'm gonna stick with the story for many months because it really is the same, but it really is the same stuff that we're getting at. And but again, like it's in a Common Language. I mean, when Matt, and I started this company, we use Sports journalism is one of our Inspirations of the reason why we repeat ourselves so much and come up with our own categories is that we, you know, this is how Sports journalism, does it, and in. And so, I just think it's, it's, it's fascinating from my perspective that it's happening in that realm. Because I think that, you know, people, the people will unintentionally learn something. Because of this lawsuit in a different way than I think the call and copper Nick situation. I don't think it had it. Yeah, I don't think that story. I don't think that told the story in the same way but this is a, this is really more cutting. But anyway, that's my soapbox. Okay. Thank you. Yes, final headline. Thank you, final headline of the day. I feel embarrassed to end on such a wonky nerdy one. But here we go. I should have ordered these better, the EU. Unveils controversial. Green label for gas and nuclear. Yes. How I say? George W, bush, every time. It's unbelievable. Yeah. So the, so the European commission is gonna label, gas and nuclear green. And it's causing a lot of problems over here to end the show on this. Okay, yeah, I'm surprised and Emily. I actually, I want to, I need to lean on you for this because I don't actually know the guts of this, as well as I probably should. But I'm surprised they didn't, like, have an interim label for things like it seems binary like green, and not green, without an interim label, that's like transitioning fuel, right? And then and then you could basically say transition fuel times out after 10 years or something like that, and it becomes brown. But when they made it binary, It's like it's not green now. Like now we're just gonna spend the rest of our lives arguing about what green really is and greenwashing and we're gonna keep doing that. I hate it. I think it's actually the worst. I'm ending this show on a zero. I hate it. Whoa, Emma you go next. I think I agree with that. To be fair. I don't like what I'm about to do older, but I think it I'm gonna agree with Matt zero. I don't like a green with Matt, but I think I have to, yeah. I don't like a green with you. I do not have a point of this is but I do agree with that. Oh, you mean the good game zero. Oh look! We've got a, we've got to catch up sometime over the pain of the last couple of years that this is, interestingly Damian, the one that is the the most day today of what I have to worry about and you really and process of classifying these fuels as green or not. and, you know, I rate the EU 10 for a Goodwill and intention and wanting to move the economy of the region into a Direction that's climate safe. And, you know, just and fair and sustainable, but kind of closer to zero and implementation. And I think the implementation of labeling things in this way in of such a binary form is going to Potentially have a lot of unintended consequences and we're always about that space where we are. So basically are the kind of thing that's going to come from. This is now that you've labeled the fuels and there's certain way you can roll it up to companies and then when you're running a fund in Europe, you then have to be able to disclose well this proportion of your funds in green assets. and for those investors who actually don't get gas companies to like fossil fuels, this is going to be using for them and it'll be confusing for the fund managers to have to explain it and then for those fund managers that want to take a more nuanced approach like Matt you were talking about working with companies over the course of a transition period. It's kind of mislabeling what is potentially happening, or what you're doing. So, it's all in the interest of kind of trying to tip the chip, the, the force of gravity in capitalism in Europe, towards certain outcomes that are really quite prescriptive. And, It's going to probably have some unintended consequences. Is part of the problem here is that this is a political decision and we have like 20 separate entities all lobbying for. Yeah, actually, that's my actually, my understanding of it is that this is driven by the nordics because they have such a bit vested interest in oil and gas and, and typical and and nucleares like prevalent in France. It's it's actually driven by the energy sources that people currently have not. What is green? Yes labeling, these activities which is with what's happening at the same time is is a way of tackling it. You know others would say well you should just really focus on the underlying economics. The actual companies they're like reduced subsidies here at subsidies there and manipulated that way which they are doing. That's anyway, we're in a world now, binary green and brown. Here, this world so racist. Yeah. Well it's funny to say that because I think the binary is part of our problem in general in our culture like we're very much in a binary world. Yeah. All right. Thank you for that. That is the good game for February. 4th 2022. Let me quickly. I'm gonna quickly get us out of here, because we've been speaking for 72 hours. Ari, as always is the is the most positive of the group. 7.2 MLA coming in at number two. Six point. Three and awkwardly. Matt, never, you have exactly the same score five. That's right, I like that, but but proof like I was talking about with the NFL and the ESG pop culture moment. We have statistical proof, that Emily, the presidents of Emily chew. It brings up all of your moods. It's like a positive influence in your voice. I have statistical proof right here in a spreadsheet. I've been recording. The good game for for over a year now. Emily, you are a positive light. So that's come on. And nobody like Dave. Anyway, with that, said, Emily clearly won the week. I don't care what any of you all say, and I haven't have a prediction based on this show, which it might shock. Some of you Emily Chu, is going to get promoted based on today's edition of the good game. Just just be HR is gonna say it's just because of this episode, not nothing else. In fact, your performances has been, you know, it's been a bit unsatisfactory this year but your performance today was shining like a beacon of Joy. I got nothing else to say. If anyone else wants to blather on and give her production, you have a final prediction Emily's got to go in two minutes anyway. So we can just kill this. That's it, Emily's, the winner. Thank you. That was Damian Raul's Ari the data Queen Emma, lurking and Emily Jew. I am at Scott, we are free float media. If you like this, I assume you did. You probably didn't, but you can get us every single day. We do Biz nuggets negative four days a week. And then this long show, next week, we have any fancy experts next week too. Are we? I think we might do. We have? I don't think we have breath. I was gonna have a normal show full of assholes in US, great. So, join us next week. For more Biz nuggets, and free float media, subscribe, share, and all the things. We'll see you later. Bye.