Transcript
Live. From a hairy piece of gum on ML Larkin's Amtrak to Nowhere. It's a melting ice version of sugar-free Biz nuggets. Join is always by Emma Clegg lurking and Matt Melania mascardi. I'm the broken window that let those dudes into your apartment, to steal your autograph, copy of, Howard Holocaust, blanket Schultz's book, poor your heart into it. Do I have to be Melania And today's refurbished bag called February 17th. 2022, Damion gets hunger with it. Matt gets wonky with it, and Emma gets leggy with it. Whoo, get leggy on. Here's a Thursday dumbass list starting with this first dumbass Ness. Female executive, pay Gap, widens, 225% the gender pay Gap among top Executives, S&P 500 companies in the first year of the pandemic grew to its widest since 2012, fueled in part by male Executives, disproportionate gains from stock based compensation. Why they have more stock, nobody knows in 2020 women in the c-suite earned. 75% of what their male counterparts took home according to Morningstar and that's the widest. The Gap has been in years down from 88%, in 2018. There you go. That's first dumbass this. Oh, right, dumbass, man, Man, finally winning something. This next one kind of speaks for its owner first, a headline and then a sentence. Here we go. Money that won Melania. Trump nft came from Melania Trump wallet. Oh, the source of funds for the winning bid in. Melania Trump's first nft auction Appears to be the creators of the project themselves. They linger. Yeah. Just let that just finally that tells you everything you need to know about nfts and Trump so I could kind of cool how we could, we could wrap up all that finally, really, really like what you all together. And finally in our Thursday, much less NBA Commissioner, Adam Silver, questioned, a New York City covid-19 vaccine requirement that bars. Brooklyn Nets star Kyrie Irving from playing at home games but allows unvaccinated visitors players to play. So here's the current mandate in New York requires covid-19 vaccination for all people using indoor gyms With the exception of visiting, professional athletes. Okay, weird, New York city, mayor, New York city mayor. Eric Adams told reporters he believes the rules. Unfair. And he is struggling with what to do, but he did not endorse a change in the city's law. Unfair, why can't you just say the quiet part out loud money, right. This is about money, right? Why is this so hard? It's not like illegal to want more money. The playoffs are coming. Kyrie is a star, you know, we get it money. You wouldn't be saying this about New York Rugby Club player Justina de bruise in the Women's Premier League, would you? But then again, Justine is probably vaccinated true. Truly, and speaking of the New York Rugby Club. What's up with your name? It's like the Washington football team where you penalized for being giant racist or something. Is that really the best you can do? You can at least Rebrand into the New York rugby club sandwiches or something. Come on. No, I'm done. I'm out. I'm sorry. Of naming teams after animals and like, weird war titles. And can we just dispel the whole thing? Can't we just be from where we are, like, just be like, what you're doing? Yes, sir. But you Rugby Club and where you are, that's all I want. And if there's two in one city, the name like the street, you're on, just that way. Be like, just to be a role model. All right, I'm here to officially announce fight season is here. It's proxy Fight Night. Here we go. Yeah, let's get started with the historic heavyweight fight, it's the first ever. I have a gay son proxy fight. Are you ready for this? I'm more than I'm not kidding. Well, I am kidding. Um, Carl ican, the 320 year old activist investor who was once the inspiration for Gordon Gekko is filing a slate of directors to challenge McDonald's because his daughter is a vegetarian. I'm not kidding about that at all. I can't took the Bloomberg News to talk about his new activists effort to keep pigs raised by McDonald's, in gestation crates, which are basically crates. They live their whole lives in before, before they turn them into MC pork sandwiches or something. He's he's activist effort is to get the pigs out of those crates. I can said this isn't about profit, it's emotional and the pig suffering is unnecessary quote. A pig has a good brain. It's a feeling animal. And quote, I hate to see the suffering of animals. When informed that women are also. It does. Yeah, well when informed, that women are all. So technically animals and McDonald's has technically rapey groped them. It fell on deaf ears as his kids haven't been raping groped recently and therefore it must not be important. I Cans daughter is a vegetarian who's working with the Humane Society in 2012 told Daddy about the pig cruelty, which prompted, I can the ever-loving father to, you know, call then CEO Don Thompson. After his daughter. Complained that McDonald's wouldn't call back the Humane Society on the issue. Do you hear that gays? Slash atmospheres slash women slash people of color, slash rainforest, slash other pressing Global issue, your daddy ain't Rich enough for us to call you back, we can't pick up that phone call. Thompson and I can actually agreed that McDonald's would get rid of the crates over the next 10 years promise, why? Yes, 10 years. Because crates are apparently Hard to open. I think they were they were using Yeah, it takes a while to break down into decompose. I already for the corrode, except except that so Thompson, and I can agree. Except Thompson got fired the next year. Actually, ironically joined the beyond meat board of directors. That's not true. I was totally true. Donald CEO joined McDonald's. Immediately went to be on Meats board of directors. Thompson was replaced with Steve give daddy a piece of that ass Easter bro. Yeah, not a good 10 years of pledging Valley later McDonald's. Let's just picks out for rectangle before putting them back in solitary confinement which is not enough for ican's kids. In fairness to McDonald's board, 50% of whom are exactly the same. As 10 years ago, the word busy overseeing, the case of the sexual harassing groping gropes, mixed with a touch of Travis Scott. So, if you're keeping score number of directors, turned over for grumpy CEO, One. Number of directors, potentially replace for pig crates. A Full Slate Up For Debate this year. I can win on to go to say that quote, there is no corporate democracy in this country and corporate democracy is an oxymoron breaking news, Carl ican listens to business pants. Well, he's, he's deep. Well, you are business pants, alternative, democracy narrative, Finally, though, there is an activist heavyweight with an ESG agenda, the current over under on directors, replace for pig cruelty at FanDuel is about plus two right now. So get your bets in people. Wait, I missed. I missed the headline. How many directors he's trying to get on the board. He said, a Full Slate. You over this one. Yes, you Over one single issue. He said he did not give a numbering. Not mentioning that the 50 other nauseating, things that we've talked about in the past, about McDonald's. Really? Not one of them came up. This is real. It's only this issue. He owns 100 shares. That's amazing. He only owns 100 shares of the company, and I guess he's cool with like, Enrique Hernandez who sits on Chevrons board, who sits on, who sat on a Wells Fargo's board. He literally overseeing, some of the worst most heinous stuff in the world. 20% of Carl ican's portfolio is oiling gas right now. Oh yes. What not a single activist motion around that. So but that makes nice like Vaseline, which you can rub on the pig and make them feel good. Oh, no, he's his daughter. Doesn't drink boiling gas. Can I say this before we move on to Emma, the good news here is that HBO is about to release a documentary on Carl and then we can learn is it icon or I can. That's that's what I really want to learn. Its I can't unless my daughter thinks it's important, look at you. All right, I did there. You see what I did? I get lucky Emma. All right. Here's your headline. Nick Clegg gets bigger role at Facebook owner meta but wait, there's a second headline. What does Nick clegg's promotion mean for meta? And to round it out. Just one more. Mark, Zuckerberg promoted Metta policy, Chief. Nick Clegg so the CEO won't have to deal with governments as much anymore. So Sir, Nicholas William Peter cleggs, that is his full real name. His claim to fame was serving as the Deputy Prime Minister under Prime Minister, David Cameron from 2010 to 2015 but this man has had a full life to put it in perspective, his Wikipedia page is about 7,000 words longer than Mark Zuckerberg's. So that means a fuller life to you. If you go by Wikipedia, so dare you. Yeah. Oh, so Sir, Nick started his career as an award-winning journalist, he went on to work at the European commission and then ended up as a member of the European Parliament. Before moving on to win a seat, as a UK Member of Parliament. And despite the fact that he was the former leader of the liberal Democrats, Clague self-identifies as a radical Centrist, which sounds a lot like, I'm fine with gay people. Please don't tax me. He has a long. Was he think about the pigs? Oh, I'm sure he's very Pro pit. That's real question. Okay. He has a long history of strong neoliberal rhetoric followed by a string of broken promises including an Infamous abandoned pledge to oppose any University, tuition hikes, please Google. The nickel apology song for an auto-tuned apology, speech ballot for the ages. If you didn't want all that context. Sorry, I don't care, but let's fast forward to meta. Nick was first hired as Facebook's VP of global Affairs and Communications in 2018. Despite his opinion, that he found the Messianic Californian, New World touchy feely culture of Facebook, a little grating, or maybe he had with him or maybe because of that opinion, I don't know. He was posed. He was a post Cambridge analytica Scandal higher brought on in the hopes that he would challenge them. A guy who makes all sorts of progressive promises just to break them when it's convenient, sounds like the perfect person to challenge a morally bankrupt Monopoly. I don't know, sounds like a great higher now has been promoted to president of global Affairs because as Cirque put it in needed. A senior leader of at the level of myself who can lead in represent us for all of our policy issues globally, translation a Fall Guy to deal with governments and Regulatory body so I don't have to And let's be clear. No one is at the level of Zuck when he has all the voting power but it's a nice thought and it could Bingo and it could also be a point in favour of Damien's prediction that Zuck is preparing to step down. You heard from him when Facebook changed its name, you heard from him during The Whistleblower insanity and you'll probably keep hearing from him until he gets thrown under the bus at zoox convenience and that is Nick Clegg. Wow, I don't know if I wanted to hear about Nicole. All right, I think I instantaneous Time for the Munger game. Whoa, okay. Here's another Hunger Game Works. I read the Munger quote, and you simply agree or disagree. I want both of your playing. You either agree or disagree and then I'm gonna add up all the points to the end. I'm gonna tell you who was most like, Charlie Munger. All right, what inspired among her game? I saw Elon musk's Munger anecdote tweet yesterday, where he said, I was at a lunch with Munger in 2009, when he told the whole table, all the ways Tesla would fail, Musk said it made me quite sad, but I told him I agreed with all those reasons and that we would probably die but it was worth trying. Anyway, I don't know. What do you say? Okay, what do you say to that anyway? Good for Elon. I don't All right, you ready for the Hunger Game? Yes, yes. Your actual quote, from Charlie Munger, one of our favorites blowhard extraordinaire Warren Buffett's. BFF, here we go. You're gonna like these quotes. I think it's special you Emma. Here we go. First quote, Certainly the great short squeeze and Game. Stop was wrecked excess. Certainly, the Bitcoin thing is wrecked excess. There's a considerable wretched excess in venture capital in other forms of private Equity. What we're getting is wrecked excess in danger for the country. Everybody loves it because it's like a bunch of people getting drunk at a party. They're having so much fun getting drunk that they don't think about the consequences eventually. There will be considerable trouble because of The Wretched excess. All right. Do you agree or disagree, Matt? Uh, well, first of all, in order to make this easier for myself, I just picture Ms. Mr. Burns saying it, and then it's easier to actually think about access. I like that. A billionaire is talking about wretched excess. In conception, that's great. I agree with him. I'm gonna agree with manga, too. I do too. Yeah, I think I did too Emma. Disagree. I'm gonna go ahead and disagree for what reason. He's speaking your language. What write excess a great short squeezing GameStop, was it excess? That was part of this. What about the? He's talking about the wrecked excess and Venture Capital One on the fact it's fine. She disagrees, it's fine. Next quote, we have a stock market. Which some people use like a gambling parlor. If I were the dictator of the world. I would have some kind of attacks on short-term, gains that made the stock market very much less liquid and drove out this marriage of gambling, Paul or Perler in legitimate, Capital development of this country. It's not a good marriage and I think we need a divorce. Come on. Emma you go first. For gambling. Come on. No, he's not. He's saying that people. use the stock market like, In parlor. He's blaming the people. Rather than the institution I agree, I just should be dictator of the world. Thank you. I like that part too. Next number three, I certainly did not know, it's like some venereal disease or something. Some people, some people think it's more Danny and they welcome a currency. That's so useful and extortion, and kidnapping, tax evasion, and so on. I wonder what that so on is. I wish it had been banned immediately. I admire the Chinese Chinese for Banning it. We've got a digital currency already. It's called a bank account, I agree admiring about Chinese. And the I like the idea he talked about consequences of The Wretched excess before getting drunk at parties and I'm guessing what it was Charlie Munger so far. Emma go. I'm upset about his. Positive characterization of bank accounts. Considering that in order to get credit you have to have credit which is like an impossible thing to do. And so I would argue that bank account recognize something to be praised, your focus on the analogy. Yeah, I didn't they I'm sorry. Just said that I do. I gotta find like everything so that she's not that you're trying to do but Yes, I like it. I like it. It's true. Emma, number four. If you're trying to do better than average, you're lucky, if you have four things to buy to ask for 20 is really asking for egg in your beer. Very few people have enough brains to get 20, good investment. I Really, I just wanted to get a degree because I don't understand, but who was getting who's giving egg in your beer and you're here with that one. I think I agree with this one. Yes. People have the brands because once again, there's no agreeing or just in your okay or not, that's what you're doing. Hey, she's playing the game. I don't know you're playing her. I just stopped here number five. Number five, this is really a businessman. Special number five. Okay, the directors table in the Heinz Corporation costs, 600,000 dollars, the goddamn directors table. Like the physical table. Yeah don't interrupt Charlie Munger? Yes the physical table. Sorry. The directors table and Costco costs about 300 dollars. They're different places. I love everything he just said. so, Anyway, yeah. Come on. Am I where are you going here? You agree with this or just agree. I think I agree with this. But is he like on the Costco board? But they all right. So heavily invested in Heinz too. Yes. So he's he's heavily invested in both. So he's just struggling to Envision what a six. I honestly I now want to know how much every director's team lost. I know I wish this was part of I wish this was still report, I know there's so much. That is missing, it's crazy. All right, number six. We've had this enormous transfer voting power to these passive index funds that is going to change the world. I don't know what the consequences are going to be, but I predict they will not be good. I think the world of Larry Fink, but I'm not sure I want him to be my Emperor. These are Choice quotes with him. I love these dictators Emperors. Well, Let him be Emma. You agree with this one, Emma. Do you want Larry Frank to be your Emperor? I'm more. I don't really know why he's shiting on index funds like that. We're ownership is passive and they don't they don't get involved with the with the running. They don't vote. like, It's almost like he said, the word passive. and then, ignored the fact, That they're not actually passive. They vote, they actively vote. They have teams of analysts who vote for things. Yeah, I mean he's they both with management. I mean, passive, when you what has happened, is the market is diluted a billionaires ability to own Shares and influence the outcomes. Then sure, I guess. Now I'm gonna disagree with this. I want Larry big, but that's my immortal. That's what I want. Not the model Berkshire Hathaway. Okay, Matt wants. Okay. And finally, in our in the Munger game. I wish you guys every played. Here we go. Number seven This is a quote commenting on the backlash. She faced over his windowless college, dorm that. We made a lot of fun up. Here's the quote. That poor pathetic. Architect, who criticized me is just an ignoramus. He can't help himself. I guarantee the one thing about him, he loved it. I agree. I agree with really what's going on there. He agrees, Emma. A half decide with the architect. I don't know anything about this article. That's what you know about wrong. The winner here. Do the Remus Matt is Charlie Munger. That's the winner. That's He's good, he's good for us, he's really good. Can we do it might be the best. Actually somebody else next week I want to I want to find out who else I am. These are like Charlie Munger personality tests you get that nowhere except for business pants you wouldn't business. Pants is the only place you get it. So come back here tomorrow for a long form show where we have no fancy action this week because I don't care about fancy experts. Yeah it's enough already. We need to do. So we need to get catch up on our goodly of the week and the irritating least of the week and the winners. All that. So, come back tomorrow, listen to that. We'll be back here then goodbye.