Transcript
Live. See, I know now that Emma uses that live to help her edit the show. So I got proud of it. So I'm gonna screwed up by doing it again, live from a Thursday. Bungalow and Upstate Vermont of all of Vermont feels Upstate to me. It's an American pile of Biz nuggets. Join us always by Emma, unliking lurking. Yep. And super Matt Osborne Miss cardi, I am an entirely pickled brunch. Whoa, that's gross. Hey, in today's leaky as fagg of business nuggets called February 10th. 2022, pellet on Chipotle Spotify, McDonald's, gazpacho and a big steaming bowl. Full of noodly. Tesla including extra mammalian suffering and other shit that may or may not work properly. Tell you as opening's go. That did not make the care at all. I'm just out. I'm out somewhere else now let's get out of it. Make me care. Ready? Yep. Quick sip of my delicious beverage it's not delicious. Yeah, I know what kind of rancid there we go. As I tease yesterday, this is my first tease. I have a few more fun tidbits from the treadmill. Wreck called Peloton, here we go. First The 2800 fired Peloton. Employees are receiving one year. Subscriptions to Peloton. Yeah, this is like when your girlfriend dumps you but ask you to keep living with her for a year. Nothing emotionally. Complicated to see here. Next There's a slide deck circulating created by Blackwell's capital. A major Pelton investor which has some fun anecdotes about John Foley. You know, the guy who still controls 40% of Peloton voting power and still an executive and probably the company's second most important position that's board chair. Here we go. First, there's a section called Foley on Foley. Oh featuring some Love featuring some lovely quotes from The Foster. Here we go. I love. These are great actually. There we go. They're all quotes from former CEO current executive chair. 40% voting Power, Man. John Foley Pelton here go? I think I'm not a very good manager. Oh, I interview almost nobody. What? Nice next. Well play. Next, this is all real. Next. And answer to the question. Is there anything about being CEO that you don't like that? You like to delegate? He said, Zoll trues, a quote Finance Our, our CFO does 99% of Finance, I engage because I want to know how we're doing. But to say, I don't add value to her operation is an understatement. You can also say the same with technology. Oh okay. Ours, our CTO doesn't get any help from me. I'll go sometimes a month without talking to our CTO, which is which, as a CEO of a technology company that's kind of rare and insane, okay? And next, finally, the question is, yeah, he was the president of e-commerce of Barnes & Noble before founding Peloton. Yeah. But book, sold himself. He was Burns Noble. Where's Burns Noble now is Barnes & Noble? Yes. Oh, And lastly, an answer to the question. How would your colleague's your co-founders, describe your strengths as a manager? He replied and actual quote, I'm not sure. They'd say I have many strengths at all. That is inspiring stuff out of an Excel. Okay. Then there's a slide about his child, eating treadmill, non-apology nightmare that we extensively covered here. I'm just talking about this like because it's just proving that Blackwell's employees are huge fans of business pants. That's all okay. And finally a peek into some of Foley's horrible and self-serving decision-making. Like when he appointed his wife to be in charge of peloton's apparel business, Prompting him to say another quote, we don't really need to make money on our apparel business because it's not our Core Business and investors. Well, this is what happens. This is what happens when your company is around by a fake public company dictator. This is, you know, I'm just say whatever I want. Yeah, let's wrap up the Peloton news with this more reporting. This is from CNBC Peloton, held a virtual All Hands meeting yesterday. That was meant to introduce new CEO, Barry friends with corporate dictators McCarthy, but in Stead turned into a metaverse in Fight Club. A current and former employees started. Firing off, angry comments about this, week's announced job cuts and accusations of mismanagement. Here's some of the things they said I'm selling all my Peloton apparel to pay my bills. This is awfully tone deaf, the company messed up by allowing people who are fired into this chat. That's true too late to moderate this, and then some good ones. Let's go. Barry and hi, Barry. Welcome to Peloton. Ultimately, the call ended earlier than planned. Shocker. Again, why are we today forcing Peloton employees to hang out with their ex-in-laws? I don't know what's going on. Anyway that's it. That's my Peloton reporting. I'm done. Important to note that selling your Peloton apparel will not pay your bills because they don't care if it makes any money. Hi, I'm back. It's me. Yay! Sorry if you don't. I mean like, you were always here. I was listening to the show, you're always working. But today, I'm looking a little bit less and I have a Chipotle story for you. Here is the headline, I'm sorry. I know. Chipotle CEO says, that the chain isn't having a problem hiring after it raised prices to pay workers more. I have to admit this headline, confused me. So, I'm just gonna talk out my confusion, and if you have anything to add, please do let us begin. Chipotle confusion part 1. Chipotle is supposed plentiful labor. So Chipotle raise, its average hourly wage to 15 dollars an hour in June of 2021. I'd like to emphasize that 15 dollars an hour is not their starting wage. It is the average wage of a Chipotle employee, which obviously means that there are many employees making below, 15 dollars an hour. So don't let that fool you. But part of my confusion checks out, part of my confusion is due to recent events that chipotle doesn't feel the need to acknowledge. I feel kind of important to me as the article points out Chipotle was having staff walk outs as recently as late November of last year due to understaffing and quote impossible working conditions. So I'm no expert. But the idea that you can fix your labor issues in a couple of months, as an make, a huge amount of sense to me, I don't know, labor experts, let me know. Moving on to Chipotle confusion part 2, raising prices Chipotle raised their prices by 4%, in December and CEO. Brian Nichols said that prices will likely get raised again this year to compensate for inflation and increase wage and food costs. While that might sound reasonable, this is where I got lost. Chipotle is planning on opening 235 to 250 new restaurants just this year, if inflation is so bad and costs are so high. Why would they be spending money expanding? I'm not sure and I became even more confused. When I took a quick peek at Chipotle's 2021 proxy statement and found that there's CEO got paid 38 million dollars in 2020 in 2020 Chipotle's. CEO pay ratio is 2,898 to 1 which is the 5th highest of all S&P 500 companies. In 20201. I am here's to you. Thank you. I am baffled at how a company as benevolent as Chipotle. Could be blaming, low wage workers for price increases. It almost feels like and I'm so sorry to say this allowed, but it almost feels like they're making the public overpay to compensate for extreme Executives salaries. Yeah, yeah couldn't be I'm gonna get a burrito bowl now with some extra corn salsa. Yeah, part is he part of the wage increase wages? Is that a wage when you're making 38 million dollars? Is that like, it's called a count your weight? I called? Yeah, that's the increased wage cost. It's his. Yeah. So they're not lying. Emma. Is there a one-to-one between the increased wage cost in the E coli? Increase this. Oh, totally. Kept me out of Chipotle. Absolutely. Right. It's time for some quick hits. Here are the headlines that made me chuckle. This is a quartet of headlines. Ready for this? Yep. Yeah, number one. Traffic to Spotify cancellation page Rises after Joe Rogan controversy, that thing headline. The numbers are in Spotify is doomed. The cancellation site went from 26,000 visits on January 25th to 56,000 visits on January 29th, a massive 115% increase. Especially if you ignore the monthly four hundred and eighty-five million visits to the actual Spotify page. Visits. That's not a cancellation, that's a good. I'm gonna say that headline is slightly misleading reason to expect this number actually Treads downwards. However, this headline popped today, Renee Brown resumed Spotify podcast to meet Joe Rogan uproar. In fact brene Brown searches on Google. According to Google Trends are currently at a one year high. Presumably, as all people try to figure out who Bernie Brown is who says anybody talkin' about her? I don't know, I don't know. My outside is like, yes, you are. No one knows who she is. No, just probably I'm outside. Like guys. Speaking of Spotify. Number two, this headline hits home after such a massive spike in cancellation visits. Life, Hacker asks today which music streaming service is the most ethical. So I saw this. Yeah. If you're looking for a punchline Life, Hacker suggested that buying the albums, from the artist directly on a site, like band camp is probably the best most ethical way to do it. But if you don't want to buy the album, the most ethical way to get your music is wait for it. Napster. Oh my God. What? I'm not joking. The company that stole every musician's music in the 90s is now the most ethical company for musicians. This proves the point actually this is proved Mark Zuckerberg is correct. If you fuck up enough you get ethical cred later on. You're the one who was it? That's difficult. Is that something he's recording? I think that's what he they've said they're they should be able to build the metaverse because all the learnings from screwing up social media, Napster proof that's how it works. Speaking of ethical headline, number three, McDonald's. That's right. You see the link there at the going down? Donald Trump has filed a trademark for a restaurant in the metaverse that will actually deliver food to your home. This this one actually strangely makes sense to me. I hate to say it it is a continuation of McDonald's deep move into useless Tech in 2019. The company bought in Israeli AI company and this isn't a joke this actually happened in 2019 it was the largest acquisition in two decades. In order to quote intelligently adjust menus based on factors like the weather. Probably necessary given. I mean, they're the lack of windows in the back of McDonald's means. It's not like the, you know, the chefs at McDonald's can see what the weather is. So now they're using AI for that. So good for that. Now they get to join the metaverse bandwagon. Next up, I presume for McDonald's is making an investment in a four foot anti-growth field for executives. When they are near subordinate employees, I think they're gonna make that happen next. Yeah, that group I'm investors now all kinds of directions and honestly I think in the real world we need way more four foot Antichrist. Finally, also, in food news a headline that needs no further discussion. Marjorie Taylor Greene, mocks. Your favorite for mixing up. Gestapo And gazpacho unreal mixing them up. Only one of those is delicious I before you get going. Yeah stop saying Nancy Pelosi was part of the gazpacho police. MTG took to her, still open, professional Twitter account to poke fun at herself. Proving once again that Twitter's MTG account ban, Fucking pointless. That was no. It was I don't like that. I don't like that. I don't like that last story. I love it because spot show because he's, I don't need that. There was a, there was a follow-up memes. The way they made fun of her is like, nobody tell her about the luftwaffle. It was great. Don't like, all right, moving on. Headline Animal Rights group says monkeys used in experiments for Elon musks and neuralink were subjected to extreme suffering. Okay. Now that Elon Musk and his various co-conspirators have tortured helpless animals. Are we all finally on the same page? Can we all agree once? And for all that may be, just, maybe Elon Musk doesn't have our best interests at heart. Are we all good on this Daemon Ma? I know as Fanboys. It's been hard to convince you to come over to my side of things. It's so hard. I love Kimball. I know it's hard to Get one without the other. So for those who don't know, neuralink is a neurotechnology company founded by Elon Musk. In 2016 focused on a treating brain, diseases in the short term but ultimately wants to turn all humans into Androids. Elon Musk has described one of their early products as a Fitbit for your skull. Fitbits are scary enough without the skull implantation part. I think I'm all set. I won't go into the Gory details of what happened to the monkeys but suffice it to say that out of 23 monkeys neuralink started off with in 2017 only seven survived as of 2020. The last sick back about this story worth mentioning is that the poor murdered monkeys are featured in advertisements for neuralink? The murdered ones are or they were alive, they're presently murdered well. He murdered maybe. Yeah, I guess Premiere. Is that for 23. That's a 304 batting average. It's not bad. If you're what's wrong with you sentient life, it sucks a little more but I have a pitch for a new neuralink commercial with not without premiered monkeys. This is my concept a montage of sad. Monkey pictures set to a Sarah McLachlan song. Pleading with the public to get their company shut down, forever. Sarah McLachlan, always works. I don't see a flaw on this planet. I don't know, Sarah McLachlan, songs, killed several monkeys in pre-production, so I'm not sure that that was that speaking of Sarah McLachlan, Wait the AI writing my copy. Here is bad. No, speaking of Tesla. Sorry, speaking of Tesla. All right, let's recap. There's a lot of Tesla stories. They've been hanging around in my hard drive. I don't know where the go get it. Hang around for a long time. I want to get rid of them. Here we go. First let's recap, the musk private jet tracking team. Tail team said, musk asking to shut down the private jet truck and Twitter account teen refused musk offered him. 5,000 dollars to close account, Tina asked for 50,000 dollars and an internship musk blocked him on social media. Teen asked for a Tesla Scott painter, CEO of autonomy, a subscription service that lately Lisa's Tesla's offered to give it the team, a free tester. For three years teen said, no. I what? I don't understand. That story a free tester. I okay. All right. Moving on. Anyone have any last thoughts about that? I like that. This is just. I like that they're virtual machine. That's a free Tesla for three years though. I mean that's I don't know. That's like the biggest Tesla, teas in history. All Right, Moving On. Tesla is recalling nearly offering the pre-med monkeys. That's the question. Well I you know in the trunk invariably Tesla is recalling, nearly 54,000 us vehicles with full self-driving because the software fails to fully stop At stop signs, the rolling stop feature allows a Tesla to drive through stop signs up to 5.6 miles per hour. I know what you're thinking. That sounds dangerous, get rid of the Rolling stop feature but don't get rid of the Rolling, stop feature for safety, get rid of it for Tesla's. New feature, Tesla, Mike, which features a pair of Tesla branded karaoke microphones. So that drivers and passengers can sing along, you know, with pre-built in pre-installed karaoke songs. But only one that Tesla is stopped see. You come on, you got it. Okay, it's like Game Theory. I love that. Forget Sophie's Choice. This is an ethical dilemma for the ages rolling stops or Tesla branded karaoke karaoke for the ages. Absolutely. Yeah, Chinese people have made their decision already. Here's the headline Tesla's 188 Dollar in car, karaoke microphones sold out within an hour of launched in China. Wow, up next Tesla is recalling up to a 817,000 cars over seat belt alert, that might not work. Might how many could there aren't? There are about like are there, like 800,000 in circulation, my car work, doesn't feel good in a car manual, it's up there with. We're not really sure what this does and this thing could be dangerous, what about don't? Press that button under any circumstances that next headline, tens of thousands of Tesla's could be incapable of fully autonomous driving, because they lack a standard microchip as an aside. I like this. I love this Tesla's full self-driving. Feature does not make the vehicle fully autonomous. Are you aware that they need to name it different and there's just a lot of use of the word full that's very confusing. And finally California is suing Tesla over allegations of racial discrimination. This lawsuit just dropped today or yesterday the complaint claims Tesla's Factory in Fremont. California is racially segregated. In that black workers are subjected to racial slurs and discriminated against and job, assignments pay and promotions. Tesla is already facing Elise for racist lawsuits by employees and his challenging 137 million dollar jury or word to a black former worker in the Fremont. So, weird that the only black executive left recently. It's so weird. There you go. That's the show and Tesla, that's everything, that's everything ever. We could just cancel everything. Now, we can just end everything we're done. Well, that was our show today. That's Damien Raul's, Emma lurking. And I'm at Scotty, your three Damian impact. Here three pre murdered Monkey Business, pants executive bringing you the news of the day tomorrow we have a big show tomorrow. Oh plug it Bruce Kahn. Oh yes, our former mothership msci is joining us. Bruce Kahn is a PhD. He has four degrees. So he's more than just a guy who works over there. Yeah, we didn't like really like Joe from under the 95 overpass. This is fancy expert Bruce Cohn. He's gonna join us for the good game. He's gonna tell us that we're more owns, and that's always fun. So join us tomorrow. We're gonna stream live at noon tomorrow, maybe just after, but right around noon. So it's a great lunch break for you, for sitting listening to your stupid boss. Tell you about the report doesn't have the right cover on it instead. You know, get stoned and listen to us through the good game. Well, you don't have to get stuck but join us. Otherwise, come back and listen to the podcast if you missed the live show and you can join us every day here. We bring you the stupidest ESG news is Matt still talking? Yeah, goodbye