Transcript
Live. From an from an nft of the Flaming wreckage of a 1994. Pavlovo bus somewhere in Ukraine. It's a pre-post war edition of Biz nuggets. Am I joined up by Damian Ross? I am not Damian Ross. You're not. Are you Damian Ross? No, I don't think so. Damian role is Jamie, Ross is currently under a donut somewhere and near the Mass Pike. He said Donuts are only for Maine. Maine has amazing donuts. Know he can't get donuts anywhere else, you don't understand. It's literally, the most ridiculous thing I've ever heard. I'm joined as always by Emma, increasing tensions, lurking, and I am an oil price spike. Yeah, you are in today's, I am and Tim today's remote operated bag of business nuggets called February 23rd 2022. Why you're Robin Hood account loves bombs US, Women's soccer players. Finally, get the lip service they deserve. And a new segment that I invented called Business Leaders. Take a dump in the toilet of leadership featuring, the new pelotons CEO, Barry McCarthy, are you? Ready to Dive Right In. I'm very excited for this last segment. Let's, let's get to that one. It's really the best part of everything. I don't know why I put it last, but let's start with our business pants bizarre, investor report. If you haven't seen the news, apparently everyone is at war was Russia, or everyone is at war with Ukraine or Ukraine stole Putin's. Trike, and won't give it back. I don't know. There's a war going on. It seems like we're all gonna die after four years of trump giving Putin enough time to plan his birthday party. The parties finally, on finally doing it, it's happening. In Ukraine as we speak, the markets have not been totally thrilled about it either. The S&P is down 4% in the last five days. 10% since January High, which is quote, you see this everywhere, correction territory a correction, that's what they're calling. It it's a correction as tensions have escalated. Um even though you're 401K, has now been quote corrected because I guess it was wrong before and now it's correct by Putin. Thanks Putin for correcting us. The the business news does want you to know that it gets better. The business news has been a slew of wartime PSAs. Here's some Choice nuggets from the business news to reassure you that going to war with a nuclear power. That's spends. Most of its time hacking into your kids. 529 plans is actually good for your stock portfolio. If only you had one, are you ready for this? We're going to go. There's five of these that I think are genius. I'm really excited about this first up. This is a learning moment, you prepare to learn, no one moment. First up from the know, I'm never know from The New York Times, Jeff summer. A quote, the Cold War was destructive and debilitating for vast populations, but it was an excellent period for stock investors. Oh there you go. They have it. Thank God as long as my Robinhood crypto Holdings will be okay. It's just destructive and debilitating for vast populations, but great. It's such an efficient way of invalidating. The mass human suffering that more causes. Thank you, thank you. Oh but wait, there's more hold that thought because from Andrew Van, Damme of Washington, Post quote, most Americans are significantly better off financially now than they were before the pandemic began new bank account data shows. There is a dot dot dot here. There's an ellipses, but there are signs that low income families are beginning to fall behind. Apparently War does not look like it's going to Dent Rich Americans increase spending on dining out and flying on vacation as long as the porzi state porzi. We're all good, right more, no one cares. They're so successful. Missing the point. It's crazy. No one cares. No one cares. I don't, don't confuse me with your points. No, sorry. Sorry. From investor Business Daily. Yeah, that's the thing. I'm pretty sure actually investor Business Daily must compete with other magazines, like investor investing news. And you could just switch around all three of those words and make like eight different Publications, you know? Daily Business investor. Yep. Business investor daily. Yeah, it's all the same. It's but here's what they say. Quote defense stock surged amid Rising tensions between Russia and Ukraine as the rest of the market fell. That's just so I could have said that, you know, I'm not sure why. How the headline is I was saying it. Are you a writer for investor business business Pants Daily? Apparently, this is the headline that they're putting out. I don't know. I could do that. All they're saying basically is if you are worried about impending World War. They suggest adding to your portfolio, something like Boeing a company full of cronies. They crashed his Planes professionally. Just add that to your portfolio problem. Solved world war is good for your Investments. Okay? Great, not bad. Not bad. Also from Cliff Hodge the chief investment officer of Cornerstone wealth. Quote, investors should put together their shopping lists as there are some interesting opportunities to begin to pick through the wreckage. I don't like that. That's right. Do not like Cliff Hodge ready to pick through the wreckage, actually. I was running low on remote, piloted drone, bombers. I think Costco's running a sale. I don't know, though. If it comes with or without the moral guilt of buying your dreams for five cents, on the dollar that I have to look into. Yeah, Cliff like in you to a vulture, doesn't sit super well with me. I don't know if that's just He did say pick through as if it was a carcass. Yeah, exactly. That's what I'm not fighting with right now. No you don't. Okay well try this one. This is the last one that's from the wolf report on Seeking Alpha quote. War is never pleasant, but we as investors need to protect our interests regardless of the situation. This is my favorite part. It's true Mass loss of life and destruction, isn't quote, Pleasant. I wish it smelled more like lavender hand soap but it doesn't war, is more like baking soda toothpaste or an empty room. Someone recently farted in Its vaguely unpleasant. Oh yeah, that's what war is just or just tell your portfolio to man up, put on the Kevlar vest. And it'll all be fine. Wow, that's it. Is the most nonchalant way of talking about war that I've ever heard. And thank you, wolf report on Seeking Alpha for giving that to me. I had no idea. It was such a not big deal. I'm pretty sure that we've laid all your fears about war. So what Else is there, all right? Moving on. Here's my headline, that is way more uplifting than Matt so you're welcome. Here it is. American women players settle suit versus US. Soccer for 24 million dollars. So, after six goddamn years, the US soccer Federation has finally decided that four-time World Cup champions, and four-time Olympic gold medalists deserved to be paid as much as their zero time World Cup champion in zero time Olympic gold medalist. Male counterparts, thank you US. Soccer Federation, the ussf has committed to pay teams equally and will Dole out equal bonuses. That feels like a pretty good outcome to me until we break down the money involved, in the south sea. You had to ruin everything. You do want to emphasize that feels good to me. There's that portion of it. Feels unassailable good to me, I'll take that. So the headline is already misleading. In terms of the monetary numbers the number is actually 22. Million dollars because 2 million is going to establish a fund. That will assist retired players in their second careers and philanthropy geared, towards growing soccer as a sport for American women. So it's only 22. The 22 million is also only a third of what they were seeking in Damages. It was supposed to be 66 million. They cut it down to a third. And I understand having to compromise to make progress but 22 million versus 66 million. Feels like an insult a goddamn insult and the 22 million will be split between several players, whatever. That means I truly truly could not find any breakdown of where this 22 million dollars is going. But let's say that the money is going to all 22 members of the national team, if you include legal fees and the fact that the bigger Stars will probably reap most of the financial reward, it doesn't seem to add up as much as for compensation for a lifetime of unequal pay in 2019, the men made as much as 13,000 dollars a game. While the women could make only as much as 5,000, it is not even half. They do not make even half of what the shity men's team makes. And that's the thing that gets me, the men's team is actively, shity they do not win anything, which I need to get over, but pisses me off. But they're trying, you can't not pay someone because they're trying. I know if I just I think you should talk like that for the rest of the show. I'm sure. Are you having a nice time trying to play your little game of soccer that you're so so bad at oh 13,000 dollars issue. So I'm happy about this overall but the monetary component is just not cutting it for me. I'm disappointed. Oh, happy and disappointed. That is Emma. I think that's the entire encapsulation of lurking. Yeah, happy and disappointed that I'll take that. Finally, I'm gonna wrap us out. I want to end today with a new segment I'm calling, Business Leaders, take a dump in the toilet of leadership. Yes. In today's segment, new CEO of Peloton. Barry McCarthy sat down with the New York Times dealbook to excrete some wisdom. Are you ready for his excretions deal? Book. Always gets me going somehow, let's hear it. That's no one ever said that when asked how we got the job? Barry says, quote It was a shotgun marriage. I was retired and just managing private Investments and playing a lot of golf but I have been wanting to get back in the game. I was a passionate Peloton user but I really didn't know much about the business. I reached out to tcv which is one of peloton's early investors and said, hey, coach put me in, I can fix this wisdom. Alert number one, You too can admit, you know, nothing about a job and still get it by calling some Bros and saying, dude, I could do that right bra. It sounds like that's know much about it either. So it's just like one knowledge of CEO. After the other it would appear. This is no, no. These are these are wisdom excretions. Sorry, just sit tight. Sorry, and absorb the wisdom. Okay. When asked why he thought he could fix it. Barry says quotes. I know subscriptions, I know, consumer-facing businesses. I know growth. I know Founders. I certainly know business models. Wisdom alert, number two listing, all the things you know, makes you sound credible, even if you admitted literally two sentences earlier that you didn't know anything about the business model, here's an example. If you ask me, why I'm qualified to be the CEO of General Motors I would say. I know business words, I know what money looks like, I know how to drive and I know someone who owns a GM car. I know what it's like to feed a cat. This is an incredible business. I can take it to the next level. It's that easy. I actually expect to get a job from. Yeah, I can sense my career opportunities expanding. I feel like I can do so much. Just list everything, you know, this is these are wisdom excretions, this is going to take you far, okay? When asked Whether Peloton was about Hardware or software. Barry says quote the magic doesn't happen in the sheet metal if it's just Nordic Track, you're not winning the magic happens on the screen wisdom, alert number three whenever you can make fun of NordicTrack, a company that remains barely relevant since 1993 That's a good one. That is a good one. I agree with that. I will happily make fun of NordicTrack I guess everybody should just dropped Nordic Track casually into like conversation as something that sucks and why you're good at something. She just happened. Agreed when asked, if he worries about fixing corporate culture, Barry says Do I worry about being charismatic enough to lead a culture, the kind of company that has been built around a very charismatic leader. Know. Alert. Number four. Always react the question in the way you want to answer it. Instead of answering a question about employees who hate working there and we're like go on mass and giving a free subscription to your stupid bike software. Ask the question you want to answer like? Do I worry? I'm not awesome sauce. No, I don't worry about that. And why would you see this is that simple, really listening to you now. Finally. In Business Leaders, taking a dump in the leadership. Toilet know, what did I call it? Something like that. Yeah. When asked? If he feels like, he has carte blanche to do what he wants. Because the company is still run by a dual-class dictator. Barry says quote. We're a sports team and we're trying to win the Super Bowl and so we're going to put the best players on the field we can and if you go down the field and we throw you the ball and you drop it. A bunch of times we're gonna cut you because everybody else who's trying hard to win the game deserves to have the best players on the field and if you're a good player, you're going to love being on this team. Wisdom alert, number five, our final wisdom alert from Barry McCarthy current CEO of Peloton. If you're not going to answer questions at all, try using a sports metaphor and make sure it doesn't quite fit the situation, use it on intuitive ways. For instance, Do I think ESG matters answer? Yes. She's like Cricket. The wicked is always the wicked but if it's played by a team, It doesn't matter how many innings you go if you lose, right? You're confused enough to think that I knew something, I am you deeply confused? Me just that, and you did a great job. That ends up my new segment Business Leaders, take a dump in the toilet of leadership. Do you have anything else? Or can we get out of here? You have to catch because all I know is that I think I could lead any company now. That's how I feel. Just wait until later on this week. When I, we do another segment of this and we get some more wisdom alerts that are excreted from the brains of leaders. Yes, I feel like I don't know why we hadn't thought of this before, but we're basically teaching everyone how to be a CEO? Well, why have we not done this? Yeah, I just should set up a CEO class. I think I just always assumed that there was some level of comprehensive leadership ability and it turns out not to necessarily be true. So again, I feel like my career options are expanding if I want to be the CEO of an indoor at home, biking company, it sounds like I can't with my current level of knowledge and experience. You actually can I know business words, I know the business news. I know what business words take to be business-y. That was Biz nuggets. That was Emma lurking. I know Emma lurking. I know Matt mascardi. That is why this is the most successful podcast slash live show you've ever heard. We'll be back at you tomorrow. The two of us to bring you some more is nuggets. Goodbye.