Transcript
Live from a box of double stuffed Oreos. It's Mandalay International's favorite business news. Show that doesn't suck. Business pants. Business pants. Woohoo. I think it's Mondelez. I doubt that join is always by Emma and joyful lurking and Matt multi-purpose mascardi. It's true. Those are nicer than usual. I'll take it. I'm a handful of gold, dusted, almonds, and today's ESG stained bag. This is exciting called March 2 2022. A very special woke day to Wednesday, featuring us gloating about how smart we think we are. A slew of tiresome lists. And Emma's something. Emma's got something for you think you're smart, calling it. One of my calling for smart, we think we're gonna wait to announce the title until we get there. I'm going to leave We need to do this about it while we go along know. It is all ready American go. Matt remember back in the day before I'm a drunkenly stumbled into our offices that we used to have like a ESG Wednesday and we we did that was way back. When we were Reviving it we're having woke day to Wednesday like that alliteration better now. Yeah, woke data Wednesday partly because we don't want to talk about the war too much today and because this is for the Nerds, I don't know. This is what's for you nerds although I don't even to be fair, It's not even at the level of nerdiness. It's just, it's just boring. I really like it when I do it. Formers at Coachella. Yell that on stage. Come on. Let's start off with some woke. Wednesday. Quick hits or some stories that prove that we are ESG. Fortune tellers? No, wait, wait. Yeah, you wrote that. I'm an ESG. Forgot. It's I wanted to spread the love a little bit. Here we go. You ever need proof that we're better than you. Here we go. First of all, Microsoft. Start off, sad here, Microsoft said Zain, Nadella son of CEO, Satya died, Monday morning, he was 26 years old and had been born with Cerebral Palsy. Look, this is just proving my point in a very somber way that sought yet is still the only adult in the room. He's the only human. He's a human man, who faces human stuff. Like I don't know how to awkwardly say this, but it Like we don't get these stories very often and there's just something about Satya. He just seems like an actual human being. That's all. Okay. How's that for ESG analysis? Incredible. It's terrible news. We're sad for Satya and his family worship and you're awkwardly. Praising gloating, soft. I'm not, no, I'm not gloating. I'm gladly, loading your way. Let's move on. Let's move on. Again, this is all the ways. We're better than you are. Here we go workers behind the First Union push at an Amazon retail store. This is in Seattle, just sent management List of Demands. They're advocating for 25 or starting wage. Less disciplined around tardiness and absenteeism longer paid breaks cherries. A check out Connors more rigorous training on diversity issues. Sexual harassments recommendation. Okay, I've been saying this for a while now. Amazon will be the first company that blinks in realizes the only way to maintain its Empire. And keep the pitchforks on Ice is to actually pay its workers and give them benefits fitting befitting for a human. I it's coming. I it's coming. Is that Amazon will be the one that blinks is that list the Union's priority order like why would sexual harassment be last on that list but chairs and check out counters comes before that if it feels like that order might be Like a Seinfeld episode actually. But, you know, 25 dollars, starting wage, I'd put that first. I'd be sucked with. I've never, I, I can't remember when unions demanded chairs. I don't, I don't remember that as part of any Union negotiation, so, congrats to them, that actually, that means they're thinking it through. They're not half-assing, this they are doing detail by detail. These are all the things that suck here. Yeah, they don't want to be replacement in 20 years because they were standing for 16 hours a day. Hey, good for that have good preventative. Here we go up next, a new Black Rock shower power that made till proxy battles of the future. BlackRock is offering shareholders representing 40% of its index, the ability to vote their own shares, right? Yeah, so, The balance of power could shift this year and shareholder votes. We were hoping because we need something exciting to talk about, but again, we're gonna take credit for this. Because we've been bullying BlackRock to put up or shut up for a while now. So BlackRock is pumping some life into our alternative democracy that, well, this is this is arguably easier. Than firing the 90% of its active portfolio managers who are just men. Right? Like in diversifying their it is easier. This is a little bit easier than that. So, good for that. It's a bit of a punt, but hey, Matt puncher, legal, like it's part of the game. Can I ask though, if you're on the Black Rock stewardship, team, and you're listening to the show right now, come on the show. Are you deathly afraid of losing your job right now? Because basically BlackRock just said, hey, usually let somebody else do this. We've had fancy experts from prestigious universities. From a CI from Morgan Stanley. Come on. Black Rock. You Know join us. What do you waiting for? All right, let's keep tutoring. Her own horn. Here's another company. We relentlessly weren't everybody about Credit. Suisse listen to this latest news. This comes from a listener on LinkedIn. According to the financial times after Russia, invaded the Ukraine. Credit. Suisse asked investors to destroy documents linked to all of Garcia in jet loans. Oh yeah. Just what everyone does. I mean, all things considered is there is there a juicier ESG news tidbit the net? I hope that the msci, monkeys, all the little cute, little furry typers and the ESG research Department. I hope they're right now going into that profile and adding this because this is good stuff. Come on, it's not juicy. I totally disagree. This is boring. It's done. No, no, no. You can fire you. For first of all, you're totally wrong. That is not juicy. Because there's I actually have breaking. Breaking news. Look, it's breaking newspaper newspaper. Apparently CEO of Credit, Suisse Thomas got Stein. He actually also asked his high school to shred pictures of his preteen mustache. So any, any pictures of Thomas gottstein, mustache, the sustainability team actually, also put out a call to shred their invitation to the corporate holiday party. They want nothing to do with that. And finally, in an attempt to hide money, laundering writ large. Because we just talked about that, the bank account. Actually accidentally deleted its own bank account like the bank. Oh, which is they've been, there's so many stuff. Yeah, and our listener pointed out, that asked the question is this a good ESG sustainability strategy? And I have to say it's not because He you you first of all, you got to stop using the word. Destroy documents or shred documents. We were talking on, pre-production. You find a different spin this like, can't you say, we retired the documents to another location and the ground. Yeah. More my, yeah. My seventh grade, social study teacher. Mr. Casey used to say to stuff that he wanted to get rid of put it in the circular file. Exactly exactly. Like come on like like I I filed it. Shut up Mr. Casey in the recycle bin like find a spin it. That's all I'm saying then it would be better because And lastly in our woke data, Wednesday, quick hits, another report. That will that we will indirectly, take credit for hiring female CEOs changes. How companies describe women according to 43,000 pages of SCC filings. This is a report that we would have done and I'm glad that the researchers did and I'll give a shout out. The report is hiring women into senior leadership positions is associated with the reduction in gender stereotypes and organizational Language by m Asher Lawson, Ashley Martin Etc. You know what? You just left out yeah like props Here's the, here's the background after GM named, Mary Beres, CEO in 2014, a trend emerge, where the car the car manufacturer began, associating leadership qualities, like decisiveness and assertiveness with women throughout the organization. And this report is saying the same can't be said at Ford motors which has never had a woman CEO and it's 120-year. History point being, this is, you know, they got the idea for This research from us and you're welcome, but I love it. And Emma is already being tagged to reach out to those. The authors of that report. So I'm hoping they'll come on US men's the experts. Yeah, I they definitely should and also not really fair to Ford because to say like Ford has never had a woman CEO and it's 119 year history, like there's like six companies that can say they've had a woman CEO and their history. So that people stay in their CEO positions for like 60 years. So, they've only had like two years. There's no, if you Emma. If you spent any time, actually, looking at the data that we do collect here, you would know that you are actually wrong. Oh 10 years about what is like seven years five to seven years. Be nice board members and what I'm sorry, Emerald Huda and Sandra matz for Damien, yada yada over your name. I didn't want to butcher the third woman's name. So I skipped, listen this report. Analyzed 43,000 pages of corporate filings over 1 billion words, come on. They're honorable business pants people. These people are like oh the 999 million of them were the word like earnings though. She's no no actually You'll see from one from a later report today, the it would be the word. Charlie. Okay. I'll let you sit on that for a second. All Right, Moving On. The ipcc report the intricate governmental panel on climate change. It's the scientific group assembled, by the United Nations to Monitor and assess all Global science related to climate change. Right? There's a new horrible report out as there is every year. The most important takeaway is why does every news agency publish a list of five takeaways on the ipcc report? Why they all do it. So we've won up them. We have six versions of five. Takeaways come on, let's do it quickly and feel free if you really start to hate this segment, Matt and am I feel free to cut me off its fine. First from home news here, the five takeaways climate change is hurting our health. Some things will be lost forever, we can adapt up to a point, the poorest will be hit hardest. Each point one Celsius. Degree matters. The BBC News things are way worse than we thought, lost and damaged gets scientific back. And technology is not a silver. Bullet cities offer hope the small Windows closing fast, but the New York Times climate hazards, have worse and significantly in the past, take it. If warming isn't slow, the dangerous will multip How come it's cutting me off here? Society have not done enough to adapt, and they say that's warming kids warming. Continue to become harder and harder to cope. Poor countries, face, much bigger, challenges than rich ones from triple pundit. I never heard of this new source, but I love it. I have five takeaways climate change is bad for everyone, but the ipcc reports. It's already worse for it. That's visuals. Global warming is very, he's there. He's got himself off. Special shout-out to Reuters for publishing all five or takeaways in all caps. I love it. There's something about all caps that makes me listen like this. One of the five takeaways nature is in big trouble. All right. I am about their last takeaway. We're running out of time. They are these really like takeaways. Like these are just shouting a lot now that and that's Reuters. I mean I'm a little I'm a little annoyed that like they they couldn't pause putting out this report for like a couple months for Ukrainian Russia to start. like fizzling or at least World War 3 starts in Earnest or something because it's like I keep you You can't, there's only so much terrible news. You can take it once. And so you're still busy. Like watching five, like five bits of Music missiles, hitting things in Ukraine, that it was hard to, you know, pay attention to the fact that we're all dead anyway. Well, we're gonna cover it later. The two big things that got swept under the rug this week from this, from the perspective of a business news. He woke data. Yes, she was this report. Yeah and Warren Buffett's annual letter. Usually there are people love to chat about them but not this week but you know, we're gonna cover the letter a little bit later. I couldn't resist but before we get there, Emma. Wanted to take over for a bit so I can breathe. All right, now let him go to make him do another one, we can't do that. He might have some more fast talking later, you know, like it. All right. Welcome to get ready for Matt and Damon to criticize the name that I have chosen fill in the take with me, your host, Emma lurking here. What's the name? The name is Bill gonna take the take yes, that sounds like a bill wasn't a man know like it's someone named know it does sound like something I saw on ESPN like last night at 3:00. Okay, I like that. Maybe I just I miss a sports early played dries it for me as piano. I don't know, he'll find out. We'll find out. So here the rules. There Are Rules to This. I will read the headline, or headlines, I have chosen for the day. Damian and Matt have to guess how I feel about the headlines, whoever paid them closest to accurately guessing the adjective that I have picked describe how I feel wins. So okay fine. Oh I like winning Damian and Matt you can ask any contextual questions that you want. I do reserve the right to dismiss any question though. I will try to answer mostly in good faith and your answer. Your final answer can be phrased in the following form. This headline is blank and then you have to choose the adjective that I have. Chosen that you think I would choose. Okay. Does this make sense to you? Okay, I'm already lost. I think that part of the joy. It's really simple. All right, Amy pretends today. We have two heads, no, really I Yeah, if there are two headlines, there's a reason there are two headlights. Here's the headline. Number one. Okay, Russian, oligarchs Yachts, head for the Maldives as sanctions levied headline. Number two, Biden says, us will see yachts and luxury apartments from Russian oligarchs with wealth parked in the country. Let's hear your thoughts, okay, deliberate, all good, there's something about Yachts. What's the deal with you? We're like obsessed with their Yachts. Like he's talking about Yachts. A lot here on the show though. Yeah, you know I think we understand why Yachts though. Like what? Like, I actually I saw an article today that was like, you know, praising Biden for going after their Yachts because it's really a sore spot. Like for these oligarchs really like, yeah, you're you're yacht named Pretty Princess or whatever. Like that's the thing that's gonna you're gonna, like, Risk Everything for your yacht. Yeah, nice. These are, these are like robots, though. Matthew, These are nice boats. I don't know if you know what a yacht is but they're, they're quite nice. Um, I'm gonna first headline. The first. Oh, we do. These well it's easy to get irritating. It would be it would be a little too easy. I don't I don't think I'm gonna guess that. Yeah, yeah, I thought she was gonna be happy because the second headline is gonna free up a lot of apartments in New York City and maybe get you could rent one of those luxury apartments, right. But she's gonna get the Maldives for allowing the Yachts to go park there. Also yeah, I know that's why I'm confused. So maybe Emma is bipolar. Is that an answer? Is that an answer to he's headlines? Make me confused. Oh, I just got buzz. You got buzzed. I just that was a major HR aggression. I didn't say you are bipolar. I said that. Yeah, she's gonna like you again to the. I'm gonna Buzz your ass again. Try me fine. I like the buzzer actually, he had an itch in my ass so it actually helps so These headlines are Emma. Feel infuriating. I'm gonna go with infuriating. Let's go with that. You're doing. Are we competing against You okay, they make you constipated, say, constipated adjectives are there for angry irritated, like it's all the same. You know, there are many more active than that. Make you flustered. Whoa, okay. I just want to hear what it is. Okay? Yeah. The real answer is This headline is problematic here. Here's my reasoning. Want one. It's gonna piss you off. My reasoning is 100% going to piss you off, too already pissed off. So Mark, Zuckerberg is a billionaire. Jeff Bezos is a tycoon Bill. Gates is ultra wealthy and somehow none of them are ever ever oligarchs because news outlets have been having a grand old time throwing around the room. And I am not here for it. Nope, not here for it. All until they start calling Western billionaires all girls. The definition of an oligarch is just a small group of powerful people who control a country or industry. News outlets. Don't get to look at Russian billionaires doing the same shit as American billionaires and call it a morning. Furious name. That is my issue with you. With those two headlines, I'm with you too. I like this and do we know the percentage of billionaires that own Yachts because I know Mark Zuckerberg bought one. So I can actually give you a stat on Russian ownership of Yachts, which is the highest in the world between 7 and 10% of. Super yacht specifically, are owned by Russian billionaires. Wow. It's 10% of his super Yachts. Yep. Feels I'm disappointed, all so sorry, you're disappointed by that fact that I can't change for you. Thank you. Emma. That was Emma lurking with fill in the take. Yeah, that's a terrible name. One of your worst efforts there two way I loved you but maybe one of your worst afterwards with naming something. I don't even know what that was if anyone has suggestions. Those are for the most boring word in the English language. I mean, serious, remind me later. My name, my next rock band. Oh, I got. Yeah, it's gonna be like it's gonna be like walk the sad dog. I will say, that's so grunge. Yeah, let's wrap this, let's wrap this tedium up. Finally our chief blowhard folksy, English muffin man, Warren Buffett releases annual letter to Berkshire, Hathaway shareholders, over the weekend. And we were gonna ignore the letter because it feels especially tone deaf in 1977 corn husky, but I couldn't help myself. It is woke data, Wednesday after all. So I ran it through the business pant, annual letter, pulverizer 28,000. And it came up with a list of some of our favorite business pants Words, which it search for, Okay, search the whole letter for any of the usage. So, I'm gonna go through these fast and I'm gonna stop when the letter actually mentioned something. Do you understand the premise, Matt? No, not even a little bit. So these are all our favorite words. Does he mention these words in the letter? I'm gonna go. There we go. I'm gonna stop when he mentioned the word. Here we go. Ready? Okay? Go. Are these letters. Are these words in the letter? Here we go. If you need more information on this later, call me, here we go. Don't crypto. Cryptocurrency currency, Ukraine Russia, democracy War, Trump Biden, Putin covid coronavirus, pandemic stakeholders, wages woke, social justice women, women female race, Rachel racist, social social justice ESG, sustainable environment succession dorm dystopia. Social media, nfts business pants. Munger yeah, you got a one. We have a monger. We have one Munger more importantly Charlie we have 15 Charlie's. Yeah. Yeah there's no need to just using his first name so you don't need to call him Charlie. Munger he's Charlie. He's Charlie Charlie Charlie and finally greenwash, there is a use of green washer here. I'll slow it down and I want to describe this. He says, Greg Abel's report on Berkshire Hathaway energy. Societal accomplishments. Appears on pages, A3 and A4, a Pages 83, and a four that they don't exist. I don't know how those are. I looked On so many documents. I don't know what that is, Warren, there is no A3 and A4. I hate you. He goes on the say, The pro is this actual quote, the profile you will find their is not in any way one of those currently fashionable greenwashing stories. currently fashionable greenwashing stories, I've been thinking about greenwashing he says to further review this information visit the website at brxkenbxy So, I went to the website because I, you know, I'd already spent a half hour searching for pages a384. So, I went to the website. Let me just say it's confusing. Okay, I'm just gonna start with that. The ESG sustainability page. They have one starts off with a short paragraph on ESG sustainability, okay? And then moves on to a paragraph about natural gas. I don't understand that. Okay, as an aside berkshire's homepage looks like a student's hyperlinks assignment from a 1993 HTML tutorial. It does the first link was called a message from Warren E. Buffett I clicked on it and that message I hit you. Not as a mini ad for insurance jewelry in the form of Berkshire owned entities, Geico and borsheims. Like seriously like this is a weird dude this is a weird guy. We fetishize finally the business pants annual letter, pulverizer 28,000 begged me to read the very last paragraph of Warren Buffett's annual letter to shareholders. So I will do that verbatim. Here we go. Here's what Warren says. I, this is true Emma. It actually ends with this and remember he didn't mention any of those other things. Democracy War. Ukraine doesn't care about the same America, and dynamic pandemic. Stakeholders, not important, here we go. This is how we ended his letter. I will end this letter with a sales pitch. Cousin. Jimmy Buffett has designed a pontoon party boat. That is now being manufactured by Forest River a Berkshire. Subsidiary, the boat will be introduced on April 29th at our Berkshire Bazaar of Bargains for two days. Only shareholders will be able to purchase Jimmy's Masterpiece at a 10% discount. Your bargain. Hunting chairman will be buying a boat for his family's use join me. What year? This guy is crazy. I mean this is crazy. This is a crazy day and all of ESG SEC. Following your your pontoon party boat, doesn't end up someone in the mall. Dives next to a Russian oligarch and gets seized accidentally That was a masterful business pants. I loved every second of today's business pants, that was lovely. That was Damian, Ross, and Emily working, I'm at mascara. We are free float media. If you like this, there'll be more of this nonsense tomorrow. And this Friday, we're supposed to have a very very fancy expert. David Frazier of Mackenzie Investments joining us On Friday. That's the current plan and David is, he's he actually wrote a textbook. So David's not like yeah, I'm not kidding here, he wrote a textbook so now we're going to people who write textbooks to teach us things because that's the only way we're going to learn apparently. So, come back tomorrow, for more of this and come back Friday for a long show. A good game with David Frazier. That's what's playing. We'll see you then.