Business Pants – 2022-02-11

Live from the stylish eco-minded, BurgerFi outdoor patio munching on the CEO Burger. Featuring a double wagyu and brisket blend Burger. Homemade candied bacon tomato, jam truffle aioli and aged Swiss trees across the street, from the Auburn University College of agriculture. It's a very fancy business pants for Friday. That was so much stuff. Is that I I locked into that little content gold. I was, you know, I was trolling through our great fancy expert, Bruce Collins life, sorry, Bruce. And I discovered I ended up on Google street maps at one of his universities. I mean, this guy, 18 degrees and there was a burger restaurant across the street where he got his MS. And it had a burger called the CEO Burger. Perfect. Really? Yeah. Wow. Yeah, I don't know what that means, but yes, War Eagle. Okay. Okay. Or else? I thinking of the BurgerFi restaurant, what you get better? It's war eagles since Alabama. So in and and Alabama's cook clear, yet the red tide and the War Eagle. Yeah. Why don't we before we get any further down? This weird awkward Road. Can we please introduce our fancy expert? Bruce Cohn? Matt. Do you want to do it or you want Bruce to do? I will look, I'm just gonna say this and I'm gonna let Bruce introduce himself. I've known Bruce for a long time. He's OG ESG. And back in the day and Bruce, I'll say this when I worked at series, she's non-profit in Boston. I met Bruce and I could I thought Bruce was seriously. The fucking like, king of ESG? I'm not joking. I was like that. Dude is the only dude I've ever met here. While I was at serious, that seems like he can use knew what he was talking about. Now, I know better, why don't you don't have to keep kissing his butt? He's here. Go ahead, Bruce. Yeah, so thanks for the warm welcome. I just been dethroned, I guess like he's trying. But yeah I've been working on ESG through many manifestations and climate. Since really my doctoral work actually really even my work at as an aquaculture specialist at Auburn University, even before that with the with the World Bank on agricultural projects and then I morphed out of Academia really on environment from environmental science, soil, science, soil, carbon and nitrogen issues into the markets and and so I've been doing the kind of integration of scientific thinking into Market, mechanisms and worked a lot of different firms over the years and and so it's been about almost 20 years now when I left Academia and go into the market. But I've always kept one foot in Academia because I also teach a class. On sustainable Finance. Statistics and sustainable agriculture. And that keeps that keeps one foot in the academic Realm. A seriously Damian understood 14% of what you said, I think it's pretty much the takeaway. Is that, you know, more than us. I think that we can just leave it. I don't think he said that I didn't hear that part. That's what I will say that and say that's what he said. I spend a lot of time, like, trolling around and lurking into the background and education and experiences of ESG expert. Creep, Bruce Kahn might be the only one equipped to handle this job. I'm just now we're going to have them. Do what with us today. Here we go. It's the good game. February 11th. 2022. Here's how it works. This is this is what the good game came from Bruce. My dear Mother. Asked me one time. Why are you you guys complaining about everything? Why don't you do something good? Why don't you try to expose some of the more positive stories in the space. So I agree with her, like, I always do good Jewish, son. And I created the good game, which is my art. Take on the headlines. I pick out headlines. That just seemed good from appearances and I and then I asked our extremely steamed, pundit to wait in and let me know. Are they actually good on a scale from 0 to 10? 10 being good? Of course. And then you was our friend, he expert, Bruce will come along at the end and be our Arbiter of Truth, and tell us who was actually right? Are they right? Are you alright? What's really going on? That's how the game works. Right. Who went what do you get if you win? You'll find out the end of the show, which is to say nothing. I think they'll be a certainly not credibility. Increasing cell phone bill? Yeah, let's play, Let's get into it. Because as we learned last week with our friends, the expert, Emily Chu, this can take up to six hours. So we kind of have to get right. Here we go, starting in our big data category. Meta. Formerly known as Facebook May shut down Facebook and Instagram in Europe over gdpr data rules. That sounds incredible to me. Who wants to get going on? This one, Matt you're already looking enthusiastic. Well, I first of all that there was a quote from a French Finance Minister and a German Minister Chancellor. I don't know what they are in Germany. That basically, they were like, yeah, we like life without Facebook. And here's the quote that I liked the most from the French Finance Minister. He says, quote the European continent will resist and a Sauve Renity. They're treating Facebook like fucking Putin. They basically are treating it, like a sovereign, like like a nation, like a warring Nation. Tell me how I well I'm not it's got a fake Supreme Court, it's got a dictator it's got one point. Like was it 1.89 billion citizens? I love everything about it. It's a 10 resistor up resist. The first time at Europe. Yeah. Anyone else want to before we get to Bruce Matt reima, Um, I booked my flight to Madrid like yesterday, so yeah, it's a true. Are you leaving us? Yeah, this is an HR moment live on are sorry. Come on. Yeah, I can't believe this. You guys actually think that Europe's gonna do without meta anti-european. I just want to keep the thought in my head for a little longer enjoy something. Already are optimistic group. So, okay, so we have two ten, fruits and a five who's actually right here or is anyone dreamer. So how are we all idiots? Well, I'm gonna side with Ari on this is the what you see in the media is just kind of a reflection of what's actually going on, which is they're in negotiation is about data, standards and regulations and that's a good thing. Right. They just standards and regulations. So I think gonna go away. No. I think they gonna find other find to Thompson know, they're gonna, they're gonna find a way through and and the world will will follow them. I'm a really hope. Yeah, if you're on your flight to Madrid, when, when what this happens, what Bruce is saying, you can just take your mask off, throw a little bit of a fit and they'll turn the plane around and come back, it's pretty easy. So, true, such a good point. We have one story, we're going to our blow Harding. Next, we have one story here. Blowhard Index. This is where we usually cover all the, the craziness of the stock market. Here's the exciting headline, Nancy Pelosi's a story. We've covered many times. Nancy Pelosi is now throwing her support behind the band on stock trading in Congress, this relates to our world, because, of course, we cover, mostly publicly traded companies. So here you go. What do you think? So she originally opposed it right? Yes, she did. Yeah. Part you know in our the reason why we thought originally just because she owned stock and everything. Uh-huh. Yeah, yep. Well, I'm glad she's gone back. She'll probably got blowback. So I'm getting this A6. Are you for like eight and nine? I don't understand. Okay, what's negative about this, I don't understand. Do we want our elected officials to be to be, to be making money off the stock market? I don't know. I would give this a 10 if she had supported it from the get-go, but now it's okay. However, I still agree there for six, anybody else. I just would like to see it happen. So I'll take support, wherever I can get it. Seven. Yeah, I know. That was a seven. I wonder how much she divested from the stock market, before she threw her support behind this. That's really the, like subjects here. Would be like a lot. Now that I know. Let's ban it. Well, maybe it's also easier to ban trading, while the Market's down like 30%, like, maybe she's focusing on the headlines that say, the Market's gonna go down, 80%, and the next year, Also she's specifically the bill specifically identifies the like stock trading, right? Like, which means she's totally safe with their Bitcoin. Mining operation she has in her San Francisco basement. I, I'm gonna give this a six. I actually think Aries, right? Bruce kind of man, yeah, LeBron. You guys are all you know kind of like Midland a little bit it's good, but it's not, it's not perfect. I kind of agree with that all the way. I think the standards around Market activity are pretty well clear. They should apply to everybody. And so it's kind of like well, no duh. Yeah. No go. That is correct. That's no duh. What number is? No. Duh. Do we have six? I think a six is a note. I think six like know if it actually gets implemented Okay. Damien. Come back when it gets implemented. Please, it's my turn to talk. Already moving on to deep fake meat. Come on. This is a special dedicated to Bruce's background. I you wanted some acts stories. Here's some AG stories. Yeah. The first one first, headline, Walmart is bringing the farm closer to the store. They make a significant investment and plenty, which is an indoor vertical farming company. It's kind of exciting to me. I like to crap on Walmart but I don't know. This one made me feel good. Who wants to weigh in here? Yeah. What do you mean by closer to the store like they're physically on the roof setting up? Well, you completely on the store but they're all. If you want to think of like in terms of a supply chain, you know, the produce itself will be grown closer to the store, right? I mean, it's it's, they're taking control over great, okay. I wouldn't give this an 8. There's something wrong with Ari today. Yeah, the great is an eight today like I we had a meeting yesterday that skeptical. I think it's all the wind out of her sales. Like I have one client meeting and I'm talking about like bored analytics, and Aries, like, everything's a six. This is the effect of a room full of 10. Morris people, that they have a vampire effect, they hurt Ari, they hurt Ari soul. Look, this article is actually great. I'm not sure if it's really gonna ever happen but embedded in the article because it's it's a bit of an op-ed and mixed with some reporting is a suggestion that you use dead strip malls, as vertical indoor Farms, just without the cow shit. That's like a 100, what a brilliant idea that is, I love everything about that. I'm giving it a 10. I love the idea of vertical farming. I do come on, Emma crap on it. literally, because Okay, I am not going to crap on this as holy as you think I'm going to, I actually am in some, I'm yeah, just a little bit just because Walmart's frequently serve as the sole grocery store in food, deserts, and it's frequently where people can get their fresh produce. So I'm not mad at all about them integrating vertical farming. However, it is Walmart so how much do I trust Walmart? 7 7. It's like I'm so confused. Seven is like an amazing score for Emma and that's her. He's amazing. Score was an eight today. We met we never promised consistent. Come on, really wanted your name on this one. I know this is he's actually an expert. Yeah. Well I, I really like Emma your point about food deserts. It's really important. Trend in order to get fresh produce into areas where only canned and packaged food is available. And that is a really dire problem in our society of nutrition, you know, access to nutrition. So it's really, that's a really important Trend, but also keep in mind that, you know, there's only so much you can grow in a greenhouse indoors in a parking lot. This is not, you know, the 100 million ton grain operation. This is, you know, some lettuce, maybe some, you know, dandelion flowers and and some other lights and tomatoes, which are all good, right? But we have to keep in mind when we think about food and act and the role Big Supply chains have that we we need to have that ethos that's going into this project. You guys mentioned, you know, cross pollinate into broader in the broader Agro industrial complex. I think we're Bruce is saying, is enough with the lettuce already, this is too much lettuce, too many varieties of lettuce, it's over. I don't know what you're talking about. I definitely bought something from a guy named Jim who was growing it in his backyard. When I was 14, little Gonna make that joke. How'd you in just It? All Right, Moving On. Staying in the same category, deep fake meat lab. Grown meat is the headline lab grown meat, you know, everyone knows how much I love lavender. No, no joke. This is my favorite lab, grown meat could make strides in 2022. A startups push for us approval. Emma why don't you start by crapping on this? So then what is this lab grown meat made of is my option. I need no livestock. How about the how are we start with that premise? It's not made from livestock. Yeah, but if it's made of plastic who's just not, it's just never an animal. It's lab-grown me this different than than vegetables. Like, you know, peas or other things. So lab going to meet is actual animal tissue. That is propagated in a laboratory. There's no animal associated with it, but it is animal tissue. So and it is alive in the test tube. Oh, this is really. Just made it sound grosser. That's even reading ya lines to us for months and you've never know. We talked mostly we don't talk about lab grown like Beyond me, which is not this usually All right. Now that I know that there's cloning involved, I'm slightly more interesting and I'm gently burger. No, he didn't. Now I'm Jen and I'm generally interested in meat Replacements in general. And I'm trying not to upset Damien today. So I think I'm gonna give it a sick. I'm not even a vegetarian, are you not? I know it's raining. So Conflicted. Like there's people that will never give up me. Please be numerous people. Yeah, maybe lab grown me is the way to go. Yeah. It's just could be a start thinking about is like just make yourself a very Burger. They're delicious. I will say that the BurgerFi across from the College of agriculture in Auburn, university has an award-winning, veggie burger, the veggie fight. Yes, yes, award winning who gave you Come on already know media. Come on, just give me. Ah, God, I'm gonna give this a seven. Okay, we're gonna stick some ms7 from RE Matt, look, I think I'm conflicted too, but I'm conflicted about the headline itself. I like the I love the use of the the word makes strides for a lab-grown meat. Like I it never made a stride and that you're describing fake. And I like that that is I like that weird juxtaposition but I also am conflicted because it's like which weird meats. Are they going to make like live? Girl me could be any meat, right? Like we got ostrich Marty me like we get whatever I'm waiting for the Scandal that like they actually made some like really bizarre meet that. No one knew they were eating. I, I feel like it like a Kushner chop. And and this might be my future prediction. I'm gonna give this a seven. All right. Yeah, I think that two things one. So we have the benefit of not really? I can just tell by the six of us. We're not going hungry every day when we go to bed. Are you when I was when I bought a shame, I lived in Cameroon West Africa as a Peace Corps. Volunteer. Yeah. People went to bed hungry and they were creating what, you know, the source of their food. They're debating if they had food. All right, so we also have to keep that in mind when we, you know, when we are skeptical, healthy skepticism is great. So I think you guys are a little too hard on this headline and for second reason I think you're a little too hard on it. What cuz it does represent innovation. Scientific innovation moving forward. Making stride are we gonna have that, you know, in the grocery aisle next week? Probably not not, that's not that it's affordable. And it may never be affordable other than for people like that that are here. So, but we need to always, I'm a firm believer in always supporting Innovation and trying new things. Not without guardrails, of course. So FDA and other organizations are going to get need to get involved. Maybe more, you know, ethicists and the like as well but But I, I think you guys are being a little too hard on this on this headline. Agreed. And can I just say that can I just point out Bruce, your Stellar math, mathematical skills? There are six of us is really, like, my mind is blown there like that mostly mostly. I think Bruce just said that everyone should get access to a Kushner chop. That's All Right. Moving On One More deep fake. Me actually know, maybe we have a couple more, who cares? Here's the headline. University of North Carolina at Wilmington. That's a mouthful tag only 350 plant-based meals in new dining program. I think this headline actually came from our steam fancy expert. Bruce Khan did it not This story. Yes, it might have. Okay, that's the headline, sounds good to me. This is more. The traditional plant-based meals. That they tagged over 350 plant based meals in new dining program. What does tagged mean? Yeah, it's a bad log down by the verb. No. No. It's like it's like it, like, in the menu they have like a badge says, it's like a plant-based meal. It's basically like you have access to full disclosure. They're telling you all the stuff that meal. They're telling, you all 150 new plant-based meal. I don't know that they're new, I don't know that they're new necessarily, but they're, but they're at least, they're identifying them. They're tagged. This is actually, and this is what I didn't like about this headline because it feels like a piggybacks on the plant base like movement, but they're really just tagging salad as a plant-based meal. Now, so, when you say like 350 meals, it's Yeah, like that's what it felt like it was like, all right, that's fine. At some of it is a little ridiculous. I I'm gonna insult Bruce by telling him. I don't care about this headline at all. Four, You can't, you can't install our guests talked about, oh yeah, Bruce's way smarter than, did you hear his last answer? He actually thinks about things. I think he's writing down notes, as if he is giving himself a tattoo, Uh Ari. You want to wait on this? Yes. I think this is awesome. Thank, I don't care if they had already been offering these meals and they're like, I'm gonna tag my spinach, and my lettuce, and my carrot. Yeah, it's great. That's like a lot. I don't know. Out of how many foods. They offer this many plant-based Foods. This sounds like a lot. However, I really just like the headline that makes it very confusing. So we gonna give it a six. Yeah, I mean, let's not forget, Matt we are in the world of of, you know, loving disclosure loving tagging. I must surprise you against this. Don't we want to know what everything is for Christ sake. I mean, don't, isn't it time aren't we ready? I want to know where my lettuce came from. It came from, that's I don't want to know that. My plant is a plant. I know that already I want to know where my lettuce came from. That's right, I'm gonna give us a score. Five, five. I'm just gonna tell, you know, we forgot to do at the top of the show, that anything I say is like, is really just my own opinion is not. Yes. Based on any firm I work for or teach at if this is my opinion, as somebody who is, you know, participant in culture as a fancy expert. Yes, your friends here doing this for a long time. He's got a map people. He does. I think you guys are underestimating the power of messaging. Yeah. So okay, you label, you you label a salad plant-based, but other things are going to be labeled plant-based that are not necessarily known as plant-based. And the idea is to continue to build into the Minds Eye of our society that we need to move towards more plant-based. Yes. Well, I'm more. I'm plant-based nutrition. Then only protein animal based nutrition and for good reason, you know it's not saying you know, you have to be Vegan or vegetarian or never be never or always stay, you know, a meat eater. But we do have to be more cognizant of the impact of animal husbandry on climate. And so climate is kind of like the overarching kind of cloud out there that is saying, well how are we going to get not just policy makers and investors to start thinking about this? But it's the it's the entire culture has to be moved. And the only way you do that is by subtle messaging repeatedly over and over and over again. Like the label there is I think is it has as good messaging up. Agreed Bruce, are you listening, Matt? Are you listening? I do I, you know, when he says it like that, I do actually agree with him more and now I want a label on Ari that says she's basically lentil based because 80% of her diet. So I'm moving on Bruce what I thought that was really cool was at my dining hall. I went to school at UMass and they started growing a lot of food that they would serve and the dining hall and they would tell you these Tomatoes were grown right here. Yeah. The most the mushroom sprouting between the tiles in the corner. Ari is not a good thing. Yeah. Like you know, you know Caveat Emptor to everybody. Right? Be aware of what you're what you're buying. So just because you buy something, local doesn't mean it's great and just because you buy something like sustainably grown, or regenerative or organic awesome doesn't mean it's great. It might come from, you know, you know, 10,000 miles away. So you have to, you know, if you want if you want to be that person who checks the label and everything you look at, we need to have transparency and labels. Bruce making good points. I want, you know, I, you know, I want these plant-based tags to be at the eateries that Congress people go to. That's I'm like college students. I feel like there are already, that's a demographic. We kind of already have. I would like to see these tags everywhere in, are you listening? Yeah, everywhere. Exactly. All right, to be like, oh, plant-based diet might be important. Speaking of Jim, Jordan serve this to Tom vilsack, please? Oh yeah. Our next headline. Intel to invest at least 20 billion dollars in new chip factories in Ohio Doritos, ruffle, this is exciting. A potato chips. This is like the Super Bowl is coming up. This is a great headline agreed. Write Tater chip, I'm thinking computer chips. No, no it is. It's all the Ruffles lays. All kinds of ships, this is very excited. I feel like I'm being lied, too. Yeah, I'm pretty sure that's a lie, because moving Intel. All right, let's get this category. Come on. But yeah, that's right. You just you just that one was strictly to troll. Ari. Moving on to our drugs category, our featured drug this week is the Super Bowl. We got two headlines from the Super Bowl, 100 million Americans can legally bet on the Super Bowl Sports will never be the same. I threw this in the good game mostly because I want to hear people weigh in on gambling, in the Super Bowl and but yeah, I don't know. Maybe there's, maybe there's something good about that, I don't know. I just wanted to hear people talk about it. Go ahead, man. I know you're already like salivating because you're a degenerate Gambler. So I want to help us out. Look, the the estimates right now is that the Super Bowl will bringing eight billion dollars of bets this year. That, that was the last thing that I saw eight billion with a B. Just for point of reference Americans are currently gambling on bitcoin to the tune of 800 billion dollars and they're currently gambling on Robinhood to the tune of 53 trill. Million dollars of US stocks. Right? Like the, the future trillion gambling is everywhere, but the US Stock Market is worth 50 trillion dollars, right. I did not know that 53 trillion. I mean, Robin Hood. It's not all going through Robinhood, but I'm just saying, a market capitalisation is about 53 trillion in the US. My point is that all we do is gamble. Like, I don't know why, it's a headline that we now are gambling on the Super Bowl. Now, we can do it legally. And it's, and it's sort of like you Sports will never be the same as if it ever was before. We gamble on everything, who cares? It's a fight. It's a five. Okay. I'm gonna bet on the Super Bowl. That's a lot of people. You know, you know, I do not bet on the Super Bowl as I know longer participate in football in any way, shape, or form for my health and the health of those around me. So I Matt was very convincing actually. I do really agree with what Matt said, unfortunately. So yeah, it's already everywhere. Yeah. I don't like a great with Matt either. It doesn't feel good. Oh yeah. See what I have to deal with the headline, it's saying that if all this money goes into it. Yeah, there may be some dubious things that's gonna happen in the future with people doing something or not doing something because a ton of people back on something. Oh, that my theory on that all sports are rigged. Anyway, whatever. Just come on. No they're not. It's all a soap. Opera, let's change it. But that doesn't mean it's rigged. It's just like the WWE. All right, I'm gonna give you five my prediction five, right? No, I'm gonna give this a three because I'll hand it over to our house but hates life right now. One of the reasons why I picked this is thinking about msci and you don't have to speak for msci. But do we still do? Still do things like screen out for things like gambling and I ever ESG, just values. Screening is everywhere, right? But even now that this gambling everywhere, like is like what isn't gambling? Now, I don't know. This is why I included this. I was just curious about Bruce's perspective, as Bruce Kahn, not as not a Bruce employee of somewhere else, right? Yeah. Yeah, I don't. Speak for the firm on this. But yeah, the know the the participation in gambling businesses is a screen that many investors will use to say just like they don't want to invest in tobacco or they don't want to invest in nuclear armaments. They, they don't want to invest in anything that has to do with gaming. And that's really more of a morals or ethics kind of perspective, which everyone has the right to take that perspective, gambling, the gambling addiction. It was really is defined as a mental illness, believe it or not, it's one of the hardest, one of the hardest addictions to kick. There's you you know you don't know, rehab center. You know. There's going to be alcoholics and drug addicts and and gambled and gambling. Really serious gambling. Addiction is a very hard addiction to kick because it's very psychological. It's not a its physiological and that you get endorphins and then you need the endorphins so you gonna go gamble to get the endorphins but like there's And there's no it's all going back and forth in your head. So it's really very difficult addiction to break. So, I think it's an important headline, but for the opposite reason that the, that that we might think it's important headline to have conversations like this about gambling addiction. I don't really think it changes Sports because people have been betting on sports for since you know, ever since Russell crows dead. Are you happy now, right? Are you entertaining? Right? So so I think I think it's an important headline for the awareness around gambling addiction. I think we're Bruce is trying to say Matt, is that the metaverse is well, primed to be able to exactly what I was saying. I was like old for gambler's. Yeah. I was like Jesus. It's basically the metaverse. Is it worse of a healthcare than I thought? It was great. That's moving on right now. I know, but I'm not here as my cat dress you know, Avatar dressed as a fairy so he was that. That's me. Yeah. I have to wonder about you're a co-founder of freeflow media. Are you are your opinion? Do your opinions, represent yourself or the company? I always wonder know, they represent. I actually represent my children's opinion. Okay, moving on, the left represents everybody. That works for him, one more on the Super Bowl. The NFL, this is, this is our like crossover, a little ESG, little NFL here. Our favorite acronyms NFL, evaluating Rooney Rule. After Brian Flores suit, want more black coaches. Whoa, really? No. Oh my God. Summed it up with number one, I think is no, duh, yeah, wow, long time coming. Yeah. Their first statement on this is we vehemently deny. There is a problem. The lawsuit is baseless and oh, PS. We also have a problem. We need to hire more like, is it time for a Norwegian, ask quota like the women on boards? 40% quota. Is it time for that in the NFL? Different question? Entirely? How? Well you, how else do you get more black coach? I don't know. I mean, I'm putting it out there. You have black owners. What? Correct? Excuse me. Yes, the answer. It's, that's what's funny to me about the Norwegian sort of quota system on women. On boards, is there aren't more women CEOs that they added, right? Like it wasn't like it was actually ignore. Actually, I will button for one second, Norway out of all the European. Economies that have quotas Norway, seems to be the only country that is elevating women to more executive role I'm saying, failing miserably. The quota was in about adding like women, CEOs, right? Like the point it was the, it was the long term, hope that it would increase the long term, hope is that. But, but by adding black coaches, you don't get more black owners right by adding women on a board through the quota. They actually have influence over who runs the company because they are bringing in new CEOs. I think you need more black owners, that's how you get more black coaches because these systemic by us, because it's like, you know, a bunch of white billionaires for the most part. So you're down on this headline, this is not, it's a two, it's like it's, it's Emma, your green. Agreed, the Rooney Rule was stupid, this is already a five for reversing stupidity, okay? Sure. You want more black coaches, despite the fact that you publicly announced that you have no problem, we whatever we deny it. So agreed with Matt, it's a two or do, you know what the NFL is? Kyle does. Yeah, I'm fine but not that for it. I think we should all Boy Connor on Sunday. Okay, I'm willing I don't care. I was already there I'm not do this. Oh the both myself and Bruce, Kahn did attend higher education institutions in the great state of Ohio is that right Bruce you all Miami University of Ohio right? Technically speaking we should be rooting for the Bengal. I don't know what I'm talking about. Are what was your score too? With three what would you? Okay so low scores here Bruce no one No One Believes or cares or thinks that the NFL is going to do anything about this. I want you weigh in here. Oh, I think I agree with Matt. If you get more diverse ownership of the organizations that you'll have more diverse coaches. And so I decided with Matt on this one, All right, for Bruce, I'm rooting. I'm rooting for the That we get a double overtime. That's what I'm rooting for. What is this? Because of a bet that long game? No, I just like good games. I don't really care the outcome because I'm not a betting man at least on football. Yeah. Um, but I just like the, I just like the competitiveness of the game and so, if it's a long game, it's exciting. I'm a former athlete myself and I appreciate the heart these guys go or, you know, get into it too. Yeah, for and I just appreciate the the sportsmanship. So the more Bruce Sports I get out with the better. Bruce playing a lot of Gin Rummy with your grandmother, doesn't necessarily make you athlete. I actually think Bruce said he was rooting for Dr. Dre and Snoop Dogg at the half. That's a joke about that but I can't say it online. This is the broadcasting anywhere. Bruce, we're just hanging out together, but by my wife, That's a good time to move on. All right, Emma, stakeholders rule, come on, get us. The All right, here we go. It's almost 6:32 people. So feel free to limit your opinions to a grunt. Here we go. First headline and stakeholders rule? Oh okay. I kind of picked all these also for Bruce because I'm just curious about this in general. First headline, cafeteria workers in labor shortage Biden wants them to Union and to be a full-time. I want something to unionize and be full-time. And then, you know, maybe wonder about just the space in general, like the food space. There's other headlines. Starbucks. Union push spreads Kroger strike is over, but I'm just curious generally about this combination of of food and treating workers like shit. I mean, you see this in the farming, you see this in fast food, you see this in retail with food. Now, we're talking about cafeteria workers. Anyway, the headline is good and once cafeteria workers to unionize, but I'm just kind of curious about a bigger conversation. Matt, why don't you spell me out here and get us going? I, I actually didn't realize that the cafeteria workers at schools weren't full-time or part of school unions. Well, I know you teachers unions, right? I know it's teachers unions, but I don't know why I didn't occur to me that Everyone at the school, wouldn't be a part of it or they wouldn't have a separate Union for the cafeteria workers. So I have to say like it does strike me as weird that they're not like full-time though. The job is basically a full-time job, you're doing breakfast and lunch but breakfast is it like six in the morning? So by the time you're good, it's a full-time. The whole thing was weird to me that I didn't know that much about it so I'm giving myself a 0 for ignorance but I'm gonna give the headline an eight for the fact that I think it's probably I should be. I mean, you're not in your head. So you know, food service is a grossly underestimated. One industry in terms of importance, you know, largely I was Exactly. Maybe that's why it is very classically a female vocation and of course that means that it is automatically deemed unimportant. When kids who are using school lunch Are really reliant on that to nurse him for the day and those workers are the ones who were taking care of them and the fact that they are so underpaid and they are benefits, I'm sure are crappy. I agree. They should be unionized. They should be full-time. I'm in total agreement with this headline. It is a 10. I mean, I should add, you know, we're, this is a very like America Centric problem. I don't know that this is the. Yes, this can be said for all cultures. Okay, Ari. I told you Greg they should be utilized it should. Get paid more, they should hire nutritionists child obesity, like come on higher child, they should invest so much more money on and kick and kick Coke out of schools. Pizza Hut, out of schools, can you know, cocaine in schools? Are just a green stuff. Yeah, I'm curious to hear know. Is that gonna do anything? I don't know. Oh, don't get it. Okay. One of my favorite all-time singers Billy Bragg. There Is Power. I like this. I like, wow, really? I love you forever. Okay. All right. So let's maybe we should move on. Did you want to weigh in at all Bruce about the topic in general about? About the, my perceived opinion that food adjacent workers. Just seem to be entire supply chain that. Yeah. Okay. Including Farmers Farmers tend to be squeezed as much as, you know, as anyone in the in the food chain as well, where they have their price takers for inputs and their price takers for selling their, their produce and their grains and their, you know, their production. So they're all. So squeezed labor is really undervalued across the value chain and But who's gonna pay for it? We the consumers will pay for it and until I'm ready. We, the consumers are willing to pay more, which there is evidence that those that have discretionary income will pay more for higher cost food items. Giving you look at the organic market, right? As a proxy for contingent contingent pricing will. I buy more? So I just think we, you do need kind of intervention by regulatory bodies to, to build a better Labor Standard across the value chain in the AG and food. I will say this before we move on, unfortunately people in Emerging Markets are more willing to pay extra for what Bruce is talking about than people in develop markets. I spent six years working in the developing world, I even more than that and then they took my advice because it was free. That's why I usually take your advice, too you. Know they listened to my advice or at least they they nodded they heard you talk. Yeah, they know they heard you talk. One more in stakeholders. Real big news out of the New York Times this morning the Senate has passed a bill to Bar forced arbitration and sexual misconduct cases. So this this is a measure aimed at ending a secretive practice often used to shield perpetrators from full and public. Accountability, this seems great from all accounts. Anyone who wants to piss on this? I think they just called this McDonald's rule. It's a 10. Okay. You're nodding. 10 Force. Arbitration sucks. Okay. Ari, by the way, free float has forced arbitration All right, we also have nda's that we cannot talk about. You can't talk about the four stars. I can get fired for saying, we have one you get fired up in the morning. All right, go ahead, 10 Bruce you guys, right? There's no there's no place for ya corruption, and that's what that is. Is essentially, it's corruption. Right. All right. Moving on says, they're smarter than what I say. Matt you're not allowed to talk. After Bruce talks, you have to give like a bit of a, like a wide berth. Let it okay. Let his wisdom linger, like a fart in the air. Yeah, I don't hear Columbia calling you to be a luxury. So that's true. They have not. Are you listening Columbia? Baby. Yeah, I think I actually think he was talking to Emma moving on five more headlines. In the good game, February 11th, 2022 joined by our fancy expert. Bruce Kahn. We have going over to our woke data category Emma. This is it this is our attempt to rename the horrible acronym. ESG woke data. Here we go. First headline top. Bitcoin miners pressed by us lawmakers to detail. Climate impact power consumption. Is this meaningful exercise mat? I mean, it's mostly I sure it's a 10 for irony for me because for 10,000 years. Yeah, we I mean I just oh there's a lot of headlines now about like the energy consumption of Bitcoin mining. Um, first of all, Bitcoin mining is not real mining for 10,000 years. We actually sent like poor and brown people to dig up like real dirt and mine a thing and barely and then destroyed the Earth with what? Yeah, that's a great with what they pulled out, right? Yeah. And we're talking now about a fake currency and we still haven't learned 10,000 years later how to do that. Well, like you didn't have to do it this way. Well, it's but we did Point Matt. Why I wonder, where do you think this green is coming from? There is a, there isn't an unusual level of scrutiny about the climate impact of this very of this one group, but we don't actually see this across the board now, that you mention it. It's, it's, it's, it seems idiosyncratic, but Um, but it's it needs to happen. Anyway, especially as the estimates are Bitcoin. Mining alone is like what Argentina worth of energy or something like that. I mean, that those estimates are all kind of Make-Believe, but that's what they're saying. So I'm gonna give it a 10 for irony. Emma. I am, I'm annoyed by. What period? As deflection it is you know lawmakers are like oh Bitcoin crypto let's worry about the environmental impact their which they're not wrong to be concerned about but in a legislature that has climate change to contend with and this is what they're choosing to focus on and oh the Bitcoin is using so much energy and it's easy to deflect onto something that they don't necessarily understand. I mean, what's the average age of the American Congress right now? Like whatever they don't understand. Big Point. All they know is that it is a great little scapegoat to shift attention away from the larger problems. So for me this is a five that's an interesting point of because we know we talk a lot about how like, you know, where are The Regulators? Where are the guard rails? Maybe this is like their feeble attempt to do something because they don't you're right, they probably don't understand what it is, where it's going, why it Terror here. But maybe they think this like this is like a good like sort of Praise way to get people. People against it. As they, I love the idea that I love the idea that the guardrails, eat dinner at 4 p.m. that's where they are Ari. You're you're kind of our blockchain Maestro. What do you think about this headline? I think they can rile a lot of people up because a lot of other people don't understand it. Like, and it's kind of like, the Haves and the Have Nots, right? You're either like In the world not that you're necessarily mining but like you're in or you don't get it. So they're like, oh my gosh. So much energy and all the people that are not in it and don't get it or like how dare you and yeah there's Microsoft who's emissions, and gone up up up up up and up. And it's like, what are you doing? Yeah, because of their cloud service. So do you have a score in this world? They pushed know, it's not whatever. Know. Anyway, I want to hear what Bruce. Give a score before you need a number. Okay, six. Yeah, Bruce. Go ahead. Are you consistently in the six range? Not just today. That she has no idea what Lake Wobegon is. Yes. Feverishly Googling. Yeah. All Industries are undergoing, a lot of scrutiny about their carbon emissions intensity. So the Bitcoin mining industry is shouldn't be, you know, immune from that. So it's good to call attention on and all Industries around their carbon emissions intensity, whether that kind of makes people, you know, leave Bitcoin or join Bitcoin? I think it's independent. It's kind of two different, you know, mutually exclusive phenomenon phenomenon, where people who are, you know, working in on investing in Bitcoin and like, they're not thinking about the emissions and those of us who think about a missions aren't really thinking about, you know, the Arbitrage of the bitcoin's every day, you know. So I think the music is because I don't think one's going to affect the other but they certainly should be half scrutiny about their greenhouse gas emissions just specially because you know it's a it appears to be a pretty intensive activity to mine Bitcoin. Uh, feel free to to pass on my on this question Bruce. But I'm just curious in general about msci and this sort of crypto world. I mean, so some of a lot of this is publicly traded. There are actual corporations that are publicly traded that exist in this space. You know, there are there are, you know, there's there's a corporate governance to consider. There's the climate impact to consider where is msci in this crypto world. Like, is this something that they're already tackling or like, how do they deal with this, the newness of all this and, and again, like, feel free to move forward. Yeah, I'll pass on that one. Okay, that's well past. Well, yes, you can go to our website, msci.com and look that up. It's my, it's my homepage. The US just took a step closer to a legal climate standard in canceling Federal oil. Leases a judge a, that the government had to wriggles rigorously account for the emissions they would cause I know this is a bit of a word sell at math, but it seems like, I don't know. I want to feel like this is a rigorously account. Yeah. Well let me see that spreadsheet. I'm not I like that. Yeah, Emma Emma's pointing at rigorously account, I'm like step closer to like, like cancel. But they canceled, they canceled Federal oral. This is in the Gulf of Mexico. I don't know. This seems like this is like on the right path or something to help me out here. Am I wrong? My off. Well, I mean Bruce is gonna know more about the show, I will for sure because, but but the but the fact is like these types of rulings just flip-flop with administration's. Like once you get a different set of judges in there, once you get a different Administration in there and for 20 years, we've been watching sort of like progress, remove progress, remove. And by 2050, we might have like a legal standard for climate, and by then we're on fire. So I don't, I don't know how to celebrate something like this. I think it is progress and I don't, like, I'm so jaded. I don't know how to sell it so I'm gonna give it a five. Yes. Like a political move. I'm going to agree with him, right? I'm gonna yeah too. And I think Ari's gonna agree as well. This is Four, just see how masterfully moving it along by talking like this. See what I'm doing here. Are you also agreeing with? I know, I think this is better than neutral. Okay, I like it. You're back in the six. Back in the six world that Bruce like you to be in. I will be gone. So just you are a climate expert. Are you not? I mean you represent. I know what msci. What do you do at msci? Well, it's not just msci. You're an actual study and nobody. Yeah. Right. Your climate Solutions specialist right? This is sort of your wheelhouse. Yeah. And my Bonita's there, come from my PhD dissertation, which was on soil carbon ratios, the relationship between carbon and nitrogen in soil under a different agricultural practices. So it's been a lot of time in a lab looking at. So, you know, Carbon not test tube me but Garvin. Believe it or not. That's a very, very hard thing to measure. You have to have like I believe it, you have to have like a very big, very fine sensitive scale to measure these things. So how do I believe you like special lab to do that? But yeah I've been I've been trying to Jim a wooden ruler into a beaker for years and I still making no progress. So I absolutely believe. Yeah. Yeah. Go crazy people. Ask you if you have a garden a lot. No. Nobody's ever asked me. That my wife, my wife has a garden and it's getting bigger every year because we're so we're, you know, we've tried to let native plants grow in our yard and we get, you know, we get fined by the city for just, you know, for just disappear of our yard but like made it right? Our garden or I cut you off. Go ahead Bruce So Matt, I think it gave it a five. Under estim. Power of the pendulum which is this is the pendulum going in One Direction. And you know, there is a and this is all this goes back to my carbon nitrogen. So I worked on desert soils at the interface of the, of the Sahara Desert where it expands and contracts and expands and contracts. And there's such a thing called hysteresis, the historic effect, where it expands to a point where it can't contract anymore. So it, you know, there's it's irreversible desertification. And so in this case is long, as we keep, the pendulum is going to keep going as long as we keep the pendulum going on, in terms of being more, climate sensitive further on One Direction and then last on the other direction, we're only going to be moving in that direction, which is what apparently it appears to be going on, with all of the kind of corporate announcements about decarbonization, a lot of regulations coming out about carbon emissions and like, you know, the government, Stepping in and saying wait we got to stop those leases until we know the emissions. So I think the pendulum point you make Matt's excellent but I think that I think that discourse that we're having this adds to that. So I would say you guys lowball this a little bit and say of the importance of the story. The great part about that Bruce is that the pendulum point that was excellent was actually yours. So I was very well played there are you? You brought it up. A scribe, it to Matt called the Excellence, but you don't get credit for that Matt. You said that? Well, I but I actually Bruce is probably right in me. Can I change my sign? Two more headlines for today's show. Oh, a divestment headline? I love divestment. Oh, You need to restrict investments in oil and gas companies, come on wait on a device. Come on, I haven't done that already. Well. You know, they're you don't have divest willy-nilly. I mean that they do looks of all divestment is not just like a dart board. I mean, I think the companies have to have to either fail or meet certain thresholds that go along with when you decide to, you know what I mean. Like, there's a you can just dive us from whole entire industry, you can't. But you need a reason you have to like actually publish a reason there has to be a something that the company is not doing or doing. You can't just like yank it no look. The fact is most of the divestment that divestment is more complicated than you just divest and I'll and I'm going to go wonky and tell you why. But for like 10 seconds. Okay. Well you brought up divestment next time. Don't bring it up. It's your fault. Let's go. I love it. You're 10 seconds Starts. Now, the fact is that the way that a pension fund holds their assets is usually through coming mingle the counts or through mutual like funds, right? And you can't divest one thing from the fund, you have to switch the fund entirely. So The what they can divest from, is what they hold directly, which is what the New York State Pension Fund is doing what's 285. 138 million in divestments. Like, it's not actually that much. Yeah. Well then why do they keep doing the funds then Matt? I mean why not have like well now increasingly they're using like msci to say like we want of a benchmark or not have that exposure, but it takes a long time and a lot of money to switch it up. It's not like you flip it and you're off or that's a long time. A lot of money but it's 2022. Like people haven't divesting from this crab. Well, Forest Law. I'm telling you what I've been told. I don't know, call, Bill, McKibbon, I don't fucking know. This is why I like bills. So, I like the divestment argument because I'm still confused, whether it's the right move, right? Like, do you stay in and become an activist? You know, you and just or do you or you just bail? I don't know. But anyway, Matt, what's your, what's your grade here? What's your score? Here, you can only really be an activist if you own shares in your it's, and it's publicly traded. Right? Like, that's where activism can happen and you have to have certain voting rights and all those things. So I don't know like how many of these companies allow for that if it's bonds, which is also part of this, you actually don't have ownership rights so you can't actually engage. It's interesting to think of divestment and bonds, and engagement and stocks. I don't know. This one is like this, so many. Yeah, it's interesting for nobody except for like, well, I will say this, the New York pension fund. The state pension fund has a long history of Active activism. So you know this is a this is an organization that is heavily, you know it was is Very mounted to almost nothing in terms of comes. All right. I do, I do think the signal that a massive, like the third largest penchant Fund in this country is divesting what it can right now, from oil and gas. The market signal is important and can't be discounted, but I don't think the outcome is going to be a massive outcome. I'm going to give it a seven on that basis. Emma, you're rolling your eyes a lot which I appreciate Um, just for you, I'm going with a six because I agree with part of what Matt said and part of what Ari said. I think that is a convenient time to divest considering that, I'm sure the value of these companies is only going to decrease as renewable energy becomes more prominent. So it's not necessarily like they're doing it for some activists stand and I think it's reversing stupidity. So it's yeah, it's a six. Ari, what did you say? You're you're you're messing with Queen. Right. I yeah I said yeah yeah that's what she said. Bruce you want to weigh in on the on the the lovely argument of divestment versus activism I think Matt Well, you, you know? 576 you guys. Are you sure you're not like Olympic figure, skating judges, because you seem to, like, all the things that technical issues. Emma is, yeah, actually hear about the controversy around the snowboarding judging last night. I was pretty the commentators were like, oh my God, I can't believe they docked points, deducted points there. And anyways, um, I think that's a great job, explaining the kind of the phenomenon of divestment versus engagement and and the market signals that, when big institutional investors make statements, it has a it communicates, something to the rest of the market and and us as a society. So I think I'm gonna, I'm gonna assign with Matt who actually scored. This is seven, so he gets he wins that round. Yeah, above average. I'm like, Whoa, We got one more headline or good game. Here we go. This one sounds actually, I don't know what, I don't know. I I need to learn more about this. I'm confused, but sounds great, Fusion Energi. Huge step closer with record results. Matt, you're you're like squirming in your chair. You want to talk about this Fusion Energi like in that and there's one line in the article that it's like a throwaway line. That says it's 10 to 20 years. They could see commercialization okay. But so well before 2050. Well, 20 years would be the earliest you could like start building a reactor for commercialization. And if it's like a nuclear reactor which takes 10 years to build, it is actually 2050 by the time they get it done and we're already dead. So like it's not like don't do the science. It's just like, can we can we like tell me go faster, please do whatever you have to do. I like yeah. Also the technology is incredibly terrifying. So I think God scientists know more than I do because they're making, right? Just something hotter than the sun in a reactor like the core of the Sun. I give it a seven, okay? So you're so your anti-vax but your Pro Fusion Energy is that I'm hearing that you just said, I said, I'm anti Fusion vaccination. Okay, Fusion vaccine. All right, I feel like this is something you're interested in. Are you see him like you know, Pratt and Whitney. I don't know you. It just seems like a thing that you use something. Yeah. I Engineers Engineers must love Fusion Energy, Right? Is that? Is that a stereotype? Should we edit that out? Yeah, I think we Buzz her Emma Buzz because the stereotype that I helped me out Fusion know. I actually think So, I briefly looked at that headline this morning. And briefly just the headline. That is how this game works. but, I get I get the math once. Tomorrow. But I think in the future, we will still have problems that need Solutions and I think this will help satisfy that. Okay, so I'm gonna give this an eight. I mean to be fair and more than me. They tease Fusion Energi huge step closer like for my whole life time. It's like the big killer always about to be done. It's always about to be here which I don't think. Yeah. Yeah. Are you so would you give it? You gave it a eight. Would you even want to talk about this? Nope, seven. Okay. Hi. This is an awkward ending to the show. Bruce Kahn to talk about Fusion Energy but here we go. Again it comes back to what we talked about before Innovation. We need science to continue to push what I worry about are the obvious kind of like, you know, getting sucked into a black hole, right? You know, like, you know, instantaneously that that worries me and that does seem concerning or other risks, not not just like Massive risk like that but the other risk and unintended consequences of these types of Technologies. So we need to innovate and we need to push but it also doesn't mean we can be complacent about reducing emissions in other areas of the economy because oh one day we'll have Fusion. Yeah that right. That's not gonna work so we can't use that as a crop so that that's all what I concerns about this. But but all right call that on the eighth notes go with re. Uh, that's a good day that the last round was for all the marbles. That's true. It was, it was that was a good game. February 11th, 2022. And I said last week that Emily chew for Morgan Stanley from Calvert. She raised your spirits, like, like no other Force, but I will say that this week even more. So, Bruce Kahn has put you all in it. Even better mood. These are like the highest scores we've ever had were all at a seven. Essentially, Bruce is the most optimistic out of the group at the 7.2 but really credit to you, Bruce Kahn, for making these pessimists a little less pessimistic, really? It's shocking. Oh, seven is Ari's lowest scoring history. So I'm not sure what that means. But still We've got to know where he's going but I'm sure gonna go in our rating that are we gonna do? Yeah, we're done here. Okay, let's before we wrap up the show and let Bruce get back to his garden. His real life. Yeah. You should agtech anyone care to say who won the week. Anybody. It could be Bruce it can be. It can be the new CEO of Peloton and or you can just pass over. I don't I don't think there's any doubt that Brian Flores won the week. And I was gonna say really fuck shit up and I like it just right even though he's gonna be blackballed from the NFL. Yeah. But like if you didn't say, Colin Kaepernick won the week when he like first knelt and, you know, what's the point of one the week, I think. Okay, so there's one. It's so you you're saying, okay, so two floors, I'm saying it's a former CEO of Peloton John Foley who oh, that's good too. Who somehow is fired. But is actually now the executive chair with the same 40% voting power over hell. So really like, I mean his left to do, I guess nothing. I mean, yeah, his his, he still has Mark kilpa his trainer. What's his name? His trainer's name already. Do you have any insight into who won the week and the opinion here? I believe Bruce's wife won the week. Oh, native plants. Native plants. I like that. Keep them in line. Yeah. Are called out rather than celebrities and huge media stars, like the society's made up of regular people for the most. Yes. You really, you're really pigeonholing your wife into the right there. Now that you basically said she's as regular a person. Yeah, very much. Like, we find out. She's a movie. So are you agreeing is your wife? Bruce is that what you're saying? Yes, just agreed that his wife at the time between Bruce, his wife and Brian Flores. That's a weird tie there. Before we get out of here, we usually do a prediction drown. I actually have a prediction to get you going, which is my way of saying you can sort of think of your prediction while I kind of long play my prediction. My prediction is this based on his appearance on today's show Bruce Kahn is promoted from executive director, msci, to double brisket executive, candy bacon, director MSI with a 55% reduction in base pay. That's that's a shame that last part, but it's a promotion on the left. Mushroom based bacon. Anyone else have a prediction before we get out of here? I'm gonna predict that UNCW doesn't stop at tagging. 350 plant-based meals in their dining program. They start tagging the students. Oh, I land the buildings with everything that went into those as well just like big dumbass stickers. Yeah. Ladder and Sig. Has no tampon that says Doritos and hemp and that's what it says. Anybody else predictions Oberlin Yeoman. They're gonna win the Super Bowl I like this. Yes. Overland famously which one is in the Super Bowl but that one doesn't really matter. It'll never be the brown confidence, inspiring Emma predictions. I'm going to predict that Cincinnati is going to win the Super Bowl and in their acceptance speech. Joe burrow is going to dedicate their win to harambe. Oh what? Okay, that is really a throwback over my head. I don't know what she just said they have already talked about how they're going to dedicate it to harambe. So that's maybe not much a prediction but it will happen based on stuff I've heard. Yeah, I kind of want to watch Bruce before. We thank you for joining us this week. Do you have any predictions? Yeah, I predicted free flow. Media is going. Oh, here we go. Continue to grow. And we'll Eclipse some of the other live stream podcasts out there that are in the media today and talk to you guys, but stay clear of litigation. We haven't said the n-word nearly enough to have a listenership. How does that hurt except Matt with with Joe Rogan's deal with Spotify house that hurt and it didn't. But that's what I'm saying. You guys are gonna get a deal on, don't forget, we're gonna get there. Any regular people when you do Well, remember why Matt, thank you friend Bruce and get us out of here. Matt, Bruce our fancy expert. Bruce Kahn, thank you for joining us. That is Damian roles and Ari the data Queen and Emily. I'm at Scott, we have free flow media if you like this come back next week every single day we've got shows we've got 15 minute news shows where we give you snarky ESG and Jason news back the nuggets and then on Friday we have nice long form shows with fancy experts. So join us next week and we'll see you then goodbye.