Business Pants – 2022-03-04

Live from under the yellow awning, at the Cactus Club Cafe on the ground floor. First Canadian place in downtown TDOT. It's a very fancy expert business pants Friday. Wow, I did. That was all. That was like that was all for today. I was like a deep Toronto cut. Yeah, I don't know, I don't do. They even still called Toronto t-dot. They did when I was up there. Yeah. Okay. Good enough. Good enough. Yeah, joined as always, by where is Emma Larkin. She's gone already. Emma is having technical problems. She's just the producer of the show. You can't expect her to get the text goes up late, leave early wait. She was coming back and it didn't work. Our data Queen is here, are we coming to us live from Washington DC? Are you attending a big conference this week? What are you going? What car did you go see? If you remember the name conference, what's the name of the conference 2020? It's put on by the Council of Investors, what? Are you? The band back together. She literally looked it up as we were talking. That's our anticipating Chief pundit extraordinary Matt McCarty. Matt what are you introduce our fancy expert before we get rolling? Look, there's there it doesn't get fancier than the fancy expert we have today. I know we've had some fancy expertise con with pretty dapper know, I mean, we had Emily Chu. We had a new show, we've had, we've had fancy experts but David actually wrote a textbook, he actually wrote and academic textbook that like he's teaching people I'm not sure how you I think that's his expertise as it gets. We're joined by David Frazier of Mackenzie Investments. He's representing his own views and not the views of Mackenzie events that is absurd anyway. So David do you want to say 10 seconds about what you do before we play the good game. I Stick it to the Man. Yes. Yeah. Yes sir. I'm director of History. Research at Mackenzie Investments continuing on I like to think along compared to most issue experts a long career in ESG and sustainability. I currently am in charge of managing a multi-million dollar portfolio on the carbon side. So ensuring that our carbon emissions they under certain level. I screen companies for the portfolio and I most importantly, at least to me I engage with Boards of directors, CEOs sustainability, Folks at corporations and try to get them to fill their gaps as it relates to their ESG profiles. So, That's why I say, Stick it to the Man. I talk to CEOs like On a regular basis about how their companies are failing their employees or the environment. For Society at large always failing. I do like that. It's very specifically the man too. It's almost all we all know. That's true. Yeah, the stats. Back it up Matt. We're not just not anecdotal. Yeah, it's the I didn't need a fancy expert. Yeah, to count the number of women who are CEOs. I needed. One hand. All right, thank you for joining us. David. We I we don't have a lot of times, they usually this show can go on. And on, I know that David actually has a job. A real life is a job, so he's gonna be abandoning us relatively soon. So let's just get to her playing the good game this week, our mind, the people at home. The good game works like this. I pick out headlines that seemed good. They just seem, you know, make me happy. I don't know. We, we can play about everything. We Stick it to the Man, we yell at failure. This is our opportunity to, you know, give back to those who hate our terrible attitude. So I read the headline. Our pundits. Give it a score is 0 to 10 0, the hate it 10, they love it. And David you will weigh in at the end and tell us. Really, who's right? Maybe. Maybe the none of them are right. Maybe you want to kiss, match ass. What it's up to you, right? So you don't have to. Really my, the window in which I told David anything that I thought that he should do was about a nanometer wide before David was like, you know what, I should be your boss, there's no way that this should be the case and now he's all our bosses. Let's do this thing. All right. Let's start. I got three. Three headlines from the, unfortunately, from the war from the war in the Ukraine, maybe they seem like, they seemed Goods. Let's just start there. Good news like Putin. Yeah, I know, I feel weird calling this good news, but I don't know. Okay, let's start with Airbnb. They will arrange accommodation for up to 100,000 refugees from Ukraine. There are other companies making Sort of similar pledges Uber is giving up to 70 dollars of strange, number to Cap to get people out of the Ukraine. Elon Musk is throwing his name around. He's handing out trinkets, but let's focus on Airbnb homing refugees. Is that, is this good Matt? Come on, lead us off. Come on, I do. I look on its face, it's good. I know. There's a million refugees there. Estimating already that have left. So 100,000 is not a huge amount but you can't expect. Airbnb is supposed to be the one to house. All the refugees anyway on its face. It's good. I'm wondering if it's contingent on like, removing the rapist problem that Airbnb has in its properties. I'm gonna give it overall. I'm gonna give it a seven. It may be some corporate performative stuff. It's pretty high, though. It's kind of too. It's kind of good. Am I? You are you officially? Back with us. Are you? Yeah, hello. Apologies. Okay, I might want you. Did you hear if you heard what we just said about Airbnb. All right. So what are you weigh in here? Did. Um, I'm gonna I'm gonna go sort of with Matt and give it a six. I think that it is some corporate performance, but I also want to housing for refugees. So I think I will take it. Where I can get it or they did a queen. Come on. Hurry, what's along? I am touring because I am all for. Like all hands on deck corporations. You want to help out help out? I do wonder that if they gave that money, that they're gonna spend housing refugees for two weeks, if it would have a great impact to give it to the right. Like, People that know how to help like weapons, people who are displaced know, like, I don't know, you and refugee. People, I don't know. Do they know what to do with the money better? Also, Damien, can I point out that it's not that you could? It's just Ukraine. I do say that every time, I know every time, but you like that poorly. That's why I was never promoted msci. I'm gonna go on record. Never I give it an eight. Okay. And oh hey, Ari is our ray of sunshine here at free float media. There you go. David is anybody right? What's your opinion on this? I'm taking the contrary and approach because that's what I do. I like it. See, I'm already happy with David. So, on its face. I think that it's a good thing. Obviously, I think that the Ukrainian people need housing as they flee. Putin's disaster. I totally for that. But I wonder why the same. Port was an offered for the series from in general. Like when you look at the way that the ukrainians a white country, Do you really wonder do you really wonder when you apply the white adjectives are you? Yeah, just building right now. I hear you. I hear you. Um yes. I just wonder. Why the same amount of support wasn't given for the Syrian refugee is when they were facing similar, the same kind of aggression from another country. I I'm in their case, it was their own country but, you know, they were fleeing and they happened to be majority Muslim and they happen to not look white and and corporations were not lined up trying to help. I'm Syrian refugees assimilate into Europe if you look at the way blacks Nigerian students Etc being treated in Ukraine. It's all so very troubling so I don't want to take away from what's Happening to the Ukrainian people do take care of and I don't want to take away from what Airbnb is doing for them. But I work. I would just challenge anyone in this situation. Who's trying to help ukrainians. To remember that there are a whole host of other people that are struggling around. Yeah, that need support too. Maybe even I think, I think what David saying is that you're all wrong. That's, that's the important takeaway here. And, and, to your point, David maybe Airbnb needs to have an actual Refugee policy, an actual Refugee program and set of just like picking, which times they care about refugees. I mean, they do seem to have an algorithm like they did. They housed 54,000 Syrian refugees and by their own estimation, okay? And Syria has like 17 million as a population, Ukraine, as 44 million and they're doing 100,000, they do seem to have like they are seen, but there's some sort of math that they're doing. They're like well approximately X percent of the population is what we're willing to house. I also love the irony that Airbnb is offering someone else's house as a refugee home, right? Like it's not like they're like oh come stay at our corporate offices they're like here stay at Susie's house she's just some gig worker like she'll clean up. Okay sure enough All right. Thank you Matt. Yeah. I mean, technically my after David speaks, you don't jump back in that's not your role. So, you know, I'm allowed to because I'm the host. I can really do whatever I want. You all I can kick you all off, I can sing, let's move on because we got a we got a lot more to do. So let's try to speed the train up here. Renewables surge as Putin's War fuels fight to flight to Alternatives. So how about this for a silver lining Matt? That I can get behind. I actually wonder how quickly Renewables would be a big deal in the United States. If we just went to war with Texas and Florida, I'm giving this a 10. I love it. It's yeah, unintended consequence, but yeah. I disagree I'm depressed by this it is super depressing to me that the quickest way to get people on the renewable is Is world war three like that is, it has to be an almost equal like Crisis to a World War. In order for people to care, I'm depressed, it's a three All right, whatever it takes 10. Yeah. Okay. Yeah. Are you got right to the point? David is anyone right here? We got a three in a ten. I'm exciting with Emma. I think, oh, I think it's in the balance. I think it's a bad luck that it took this to get that push. I will say however, that Europe has been doing pretty well in terms of uptake on Renewables especially compared to that to the United States by way of Regulation. But also just like the way the, the sentiment among consumers and businesses. So I wouldn't give it as low as a three. I think it was silly in general for for Germany to rely on Russian ruling gas given their contentious relationship over the many years. I think that was just I never saw that made sense and I often think the Germany makes smart decisions other than when hit listen power. So yeah, I don't know. I think the fact that Europe is so dependent on oil and gas from these tropical makers and I think in general, that's a bad thing. They shouldn't have been in the first place. I'm with you, my mom. Thanks. No, she's not quite with you Emma. He noticed that he did say that he wouldn't go as low as I'm not giving that to you. I heard I'm going with. Yeah, I know, but at least I know. But then he said, he wouldn't go as low as three. So I, I'm not actually giving you the winner on that one. Moving forward. Wow. It's moving forward. I've been begging for. We have a, we have a concept called, we were concept called. Compensation clawbacks for executives, right? We've been, you know, I've been calling for ownership clawbacks for horrible. Owners, is this the first ownership Club up? Here's the headline, a Brahma Vic confirms decision to sell the Chelsea Football Club and he won't even ask even for a single penny back. That's the headline. So an oligarch is selling. Matt's already shaking his head, take it over Matt. I mean, if you read nine like seconds about Abramovich, he made his money through bribery fraud. He coerced to judge, he's murdered adjacent. He calls Putin dad basically like the equivalent of calling him dad like a formality that they're basically like family. I mean, he's straight corrupt and now he's quote, giving back giving giving back, wouldn't wouldn't this be some sort of Retribution for literally years and years of taking stuff? I don't know that I could call giving back. I'm gonna give this a four still a win for the Chelsea fans, Chelsea Football, get rid of them. I know. What do you think about this? Come on, you must be happy to get rid of this owner. Yeah, actually, I kind of think I am. And I'm pretty sure that the money from the sale is going to be going towards the Ukrainian people if that's gonna be, like, a couple of billion dollars, right? I think I'm gonna go with a seven. Sorry. Net. I just think it's so crazy. I don't like yeah she said he did he's not gonna take any of the money. He is that rich? That it doesn't matter. That's bananas to me. Yeah, I take money everywhere. I can get it. You're laughing but you know it's true it got to talk about that later. Sorry I did see his daughter, go and Instagram and be like like called out Russia for, you know, don't hate me, broke out in front of spoke out. In support of your creating people, but I mean, she's 26. I think that's what she has to do. If she wants any sort of Positive life, you agree with me first ownership claw back. What do you think Dave? I'm gonna I'm going to throw a tangent. Um yes. and I'm studying a little bit with Ari said, so, I think this whole, I think one of the Earth's biggest challenges in meeting all of our All of our, all of our Goods in the future will be rich. People holding back. Thank you. And this whole well told you melody issue, I mean, Putin's effectively like he's an oligarch of Russia and has full control over that country mostly because he's a mask more than most Russians have in history. So I'm just trying to draw a parallel here. I might not make complete sense between what you guys are talking about, but I think we're people are the problem. Oftentimes like, the wealthy, the 1% I really do and so I think I look at this and I think Just that that rich people are the problem. That's my tangential answer. That's why he's agreeing with you are. So if you're the problem I wouldn't call myself. Let's move on to our next category, woke data. This is how we renamed ESG, because as everyone knows, ESG is a terrible thing to say, no one likes No one likes. Yes, here we go. A first headline Salesforce David doesn't like woke data. Either I could tell by his face Salesforce. So David might agree with me, interesting. I'm gonna try it again with me again. Salesforce will tie executive pay to diversity equity and inclusion goals and sustainability goals. But the big, the big headline here before anyone starts writing. This, is that the headline actually said, we'll talk to d, e, i goals, have we come to a point in the world where people know what d-i stands for they can use that acronym headline? Wow, Brave New World. You're the one. Yeah, that's I might be, I might be why I was not promoted. Come on, Matt, help me out here this good. I like this zero information about how much pay will be tied to these goals like that, they got the greenwash marketing out of it and Salesforce to their credit is not terrible at these kind of sustainability initiatives as far as we can tell, but it's hard to celebrate a thing. Unless you know what it is. And then we know it's tied to variable pay quote unquote, his base salary is 1.5 million. So that leaves another 2, 3. 5 5, I don't care. Show three. Yeah. Like when Emma does that Ari? Wow. I thought, but oh, man. Yeah, I don't care. All right. The fact that they don't say like how much that's a great Point man, I'm gonna give it. Well, we're about to find out. We should be finding out in the next proxy statement and he Sue any week. Now, I'm guessing like April so we don't know that they won't say how much. Okay, I'm gonna give this an eight Oh whoa. David, you're you're a pro. Come on. What do you think about this? I talk a lot about this stuff with the companies that we talk to and anecdotally. I spoke to a bank who will not be named for obvious reasons. The CEO Bank will not be named Bank of Scotia. Don't do that. But no, and I brought up among other things, but my big biggest recommendation, was that CEO pay. Should be tied to climate objectives, specifically. And here's how I worded it. I said, how often were it if a company has a goal to decarbonize by a certain percentage Point, let's say by 30 percentage points by 30% by 2030 or by 2025 or whatever have you. If and if that's scientific targets that is, and if they don't meet that Target by the date that they set. The CEO would then lose between five and 15%. Of their total so total comp for that total okay. Yes. And that's how I how we recommend tying climate specifically to Executive home. And he got really upset, which is how, you know, which is hot, right? No. You're really striking a chord and you're, you know, really upset like cursing and all that stuff, like all the professional call. So you're onto something. Oh, and most companies, we talked to Um, and it was over my years of experience and ESG. They don't do this yet, they don't tie exact comp to to ESG issues, especially something like decarbonization. So I think sales force is showing leadership in that regard, which is why this happened about five, for sure. The fact that they haven't said the number is problematic and also they should lay out Full like all of the metrics tied to ESG and the specific percentage points. And climate carbon should be between five and 15% of the total 30% of total calm should be devoted to ESG at this stage. We want that to be a bit higher a couple years from now, but most companies haven't even done that yet. So Salesforce is definitely one of the leaders by just saying that they're doing it. Moving forward Embrace HR experts as burnout High, quit rates. I can't even like to say that boards Embrace HR experts. That's the takeaway here. I don't like those last two words. There's stupid. Look, this is you pick this, because you predicted it, I did the pandemic. You predicted that HR would become a source of CEO succession which, which is great for two reasons, A's focusing on labor and two, it's all women. Yes, it's all women who are heads of HR for the most part. So, it's basically a female succession plan for leadership inside companies. That was so marginalized until we hit a global pandemic now, super high burnout and like the great resignation, I think this is a look, it's not a the bad thing like the burnouts a bad thing. Good. I think the boards embracing HR good. He's saying it's not bad, it's a good thing. It's I'll say it is not a bad thing. I'll give it a seven Emma. All right. What do you think? I think this is a long time coming but I think this is This is the right thing to do, and I think this is great, so I'm gonna give it. Well, it's a little late, so I'm gonna give it an eight. Oh wait, okay, yeah, what about? Where is the employee representation on the boards too? Well, whereas labor on the board and David, I hope you fight for that because that is the one glaring hole on boards. I in North America, I do not understand. I do not understand how there was not Labour representation on every single board in North America. But anyway, I'm a, what's your score before we move on? Okay. Okay. Um, I'm gonna give it a five. Okay. David's anyone right here. I just have a question about your question. So when you say labor application, help like, what percentage would you hope for? I mean at least how about at least we'll start with one one seat because you know, that Embassy I and I am a CI like will Give you a lower score and governance if you have an internal director, right? So, well, that's a great irony, isn't it? Okay. But are they wrong? No, but they don't, it's true. But the way that actually, the way that methodology works at msci is that if you're in an employee representative of this usually occurs in Europe, you know, actually, you not typically not an executive so you don't count as an Insider because let's be real labor or not insiders at these corporations, they're they're very much on the outside. I want Chris Smalls to be on the board of Amazon. That's what I want. That, that is the, so, have you anymore? Boards of employees have heard about this. No. Yeah. So we cannot tell you where exactly where I read it, I read a bunch of things, but there's a few companies have been experimenting with having like a employee Board that like Shadows the actual border directors and they have like they share meetings, they have their own meetings as well and they come up with like proposals and all these other things with like employees, junior level senior, level management, Etc. And that will be I think a good way of like addressing the concerns I think they mean that you're having but I think it's a good thing that the board in general is removed from the organization like that's the way it's supposed to be they're supposed to be objective thinkers within right amazing counter. Yeah. So I would I wouldn't want a whole bunch of employees or even form employees on a board to be honest, that sounds like an ammo win. Almost Give that one app. I'll give you an hour today. I mean, let's move on. Next headline. Black Doctor Seuss, JP Morgan Chase for racial discrimination AKA banking while black, I'm not saying that it's, it's good. That this happened. I'm just like, I'm, I picked it because it's the awareness of the issue. Sometimes I pick headlines because that, I want these issues to be, made aware to. The public is why I picked up understand with that, like, Is black, Dr. Seuss, JP, Morgan. Chase for Rachel discrimination AKA banking while black. So he's bringing a lawsuit against JPMorgan Chase. So so that she yes, she first of all, look at you. Like you, you avoided the racial stereotype and then step right into the gender one, that's for me. That's right. Um, so she went in with her signing bonus to a JP Morgan and went to go deposit it and they looked at her and immediately started, like like it was like the 10th degree and then they basically were refused to like cash the check because they thought she was committing fraud somehow. Oh my actually there was so this is like prevalent throughout banking like this is the when in this country we talked about systemic bias which country this is kind of what we're talking about, right? Like this kind of thing is everywhere, okay? We know that the real tragedy here was her actual signing bonus. So she's if she's a Family, she's in Family Medicine. The average family medicine doctor makes between 200 and 240,000 dollars a year in the US and the average signing bonus is 25,000 her signing bonus was 16,000. She's already got the brown discount for being a like being a black female doctor like a female. This guy, I was more outraged, I was less outraged about JP Morgan then I was about how much are signing bonus was and I wanted to call her up and be like, you need an agent. Get somebody to negotiate on your behalf. That should be 25k, at least. So overall I'm going to go with this is a five. Yeah, I don't even know how to, how do you even rate this headline? I don't even know. I don't even know why he's gonna give it a five because it's impossible. Yeah, no that's wrong. It's a 10. Glad she's suing. Hope she wins this. Yeah, I like this. That's the right attitude. I don't like that. Headline is saying that she's a doctor. It doesn't matter. She's a doctor. The sucks. I feel like they're pointing that out because it's like Right. She's more important. Yeah. Like oh like even a black doctor. Yeah. Oh my mind, I don't think we've ever had a zero five in 10. I mean, this is incredible. What are you my way in here? My name is Penn. Oh, okay. Yes. Why why? I mean. So many reasons, the US yes, when we started, thanks for like, right? I didn't see right. Oh, you did Banks talk to them a lot and I told them my mind often and that often we talked, I talked to every single Bank about the US Banks about their, their racial discrimination issues among like their employees. That's one big thing that's in class action lawsuits against keeping Morgan included. About that. They seem to have an issue promoting, black people that's out. So weird. I've never seen that anywhere, you know, never heard of it. So, yeah, they have American Banks seem to have trouble with blacks in particular when it comes to predatory, lending, we look at the mortgage crisis that the big losers were black families. Um, and to hear something like this, in the way, that that headline is just points to like, even more racism. So, with this, I've been a headlight of this is just, I don't know, construction worker, who got a 5000 dollar ten thousand dollar, right? I'm signing bonus or, I don't know, a black VP who was in dressed quite nicely, didn't have a massive degree or whatever. Have you who walked in with a nice Santa was a lot of people are getting big signing bonuses. It's a black people are on afforded that right to get a big sign in bonus. It it's my point. You know, you would think that over time, these stories just don't affect you as much as a personal College. They, they do every single time because it's like what do I do exactly to get equal treatment in the society like you do everything, this is society tells you to do and then you still get shit on like it's impossible. It's impossible. Do you find that banking in Canada is different. Oh the Canadian banks have problems with indigenous people. Okay General are racism, I just became a Canadian a couple days ago, I can say our grants. Yeah, look at you. Um but no problem is with the indigenous population, not so much black which is why I chose to live. We have that problem too. So you know if you if you come over here we don't discriminate against who we discriminate against. We, we discriminate equally against everybody moving on. I'm trimming as we go because we have 26 minutes left. How about black? Let's talk about BlackRock. So black rock is an the headline is a new Black Rock shareholder, vote, that may rule future proxy battles. He's going on at Black Rock. I'm sure, you know, this David already, but they're giving 40% of its shareholders, essentially the right to vote at proximity. So they're they're giving away their right to vote. So the question is, is the proxy season going to get sexier because of this. Matt, what do you think? So it's like 40%. Yeah, of the four trillion they have in index funds, is what they're doing. I think now, I, I think it's the greatest accountability Slough of all time, right? Like, Larry Fink can write letters, all fucking day long, about how we need to be climate and, you know, neutral and everything is, you know, we got a quality and all the, all the ESG stuff. He writes, the ESG stuff. And then he goes and he says but we don't actually vote anymore. We gave that right to you so whatever you do is up to you instead of basically owning The, you know, his fiduciary responsibility, he's left it off, right? It's the greatest love ever. And for that, for the genius of making it seem like freedoms in America and all that stuff, I'm giving it a 10 because it is the greatest for the green stuff. Okay. For the greatest greenwash, I feel like of all time, I think you're going to agree with that. And give it. Are you want to, you want to give a five to make this confusing again or what do you think? Yeah. I yeah. Okay. David will make it understandable. He's a professor. I'm no. I'm going to pass on this one. Oh, really fear of think he has fear of think, think fear? I just all right. Hey, he works in a fiduciary. It's your right, it's your right to pass and actually helps the show a little bit because, you know, where we're up against it. Next headline. Oh, this is a new report we reached out for, for the authors of this report. Hopefully, they'll be our next fancy experts. Here's the headline hiring, female CEOs changes. How companies describe women simply put, tapping women for leadership roles changes, how an organization perceives women. So this is a study. Yeah, go ahead. Go ahead. Matt, I know the context here is they did a study of Mary, Barrett become CEO GM, and they studied 43,000, like documents or something like a billion words worth of writing to find whether or not you change how you talk about your CEO, when it's a female CEO. Do you use different language, right? And the author. The quote that the nut shot quote, I pulled from the author, one of the report. Yes, right. Was quote, we think of women as more competent but we don't like them, says research co author, Sam's remotes. Wait, what? That like was that basically what they found? Yeah. Was like like, we think like a society views, women is more competent, but doesn't like them, right? And it's that which makes it amazing the way you change the language when a woman's actually in charge because they actually did focus on like They called it agentic language which was like, they calling Mary Barrett determined. And, you know they use like Yes, CEO. We language but not like soft and caring and loving and warm and fuzzy like you'd expect. I love that. They did a. I just love that they just study on this. This feels like a study. I wish I had done. Yeah. And so I'm gonna give it a 10 for that. Well Matt it's they probably did the study because their fans of our shows. Well I assume. Yeah. Emma. Nothing to not like another 10 Ari, come on. Come on. I mean, this isn't shocking and I feel like people, I don't know, I don't know. The need to do a study about a thing that so many people feel already. That make any sense. That doesn't sound like our data Queen. You're you're when you don't have a study it feels like You know, when women have a certain like collectively haven't experienced because there's a study it gets discounted, right? No. Messes with me. But but at least there is a study now. Like if there's gonna be any progress made my thought is like, all right, at least we have this study to reference now, men need things Quantified before they take action, unfortunately, and repeated 50 times. Yeah exactly. Yeah nine. Okay, David went away in here. Still, yeah, 10:10. And 9, I would give it a nine as well. I who are you another win? Are you, you're getting the early results of the Aries in? The leader are like of one. Mine, right. Moving on to our next headline nation's to start talks on plastic packs seeing as next Paris deal. I just want to know how it's possible that we hate plastic more than we like are, right? We were willing to like, ban plastic before we're willing to fix are like, we, I don't, it's that. That's kind of like, just a funny thing to me, but look, it's necessary. It was basically a giant pool plastic in our ocean and we eat plastic every day. I'll give it. I'm gonna wait for them to like actually make a legally binding thing. But for now this progress, I'll make it a six and a half. I'm Damian always rounds me up. I can see how just the way it works. I'm more sheet. I'm gonna go ahead. This headline nation, start talk. Okay, so they aren't even far down the line in talking about action. So it's it's a five. Oh 174 Nations agreed to make a legally binding. Yes. So what's it by 24, what's the score? They don't even start. They're gonna get that document ready to be signed and 2035. I hear you Ari. You like this, you hate plastic. I just like plastic. I'm just wondering how the Paris agreement is going. Great. Yeah, I'd like enough. I'm you know, talks are great, talks are start, so I'll give this a 7. Okay. David, anything here. Last six pack, you on this? Yes. Our fun recently joined the investor Solutions on plastic on plastic. So we're talking to, Okay, companies about this. Most of them have kind of their head in the clouds as relates to their plastic waste, a lot of companies, but there is some movement. and I would say, from the government side, it it's interesting to me when people and you ban Plastics because you think, okay, well, what's the alternative And the alternative right now. Or wood products. So first, right? Outside of that, we don't really have any technical technology that's viable today to replace both. So you either have for food packaging, particularly the have to use plastic, or you use. A cut down tree. Right. Pick your poison. Okay, so in the absence of an alternative like a viable alternative that we can use today. I don't see And maybe if that's going to be part of the talks. But like, it's it's a wasteful effort, right? It's still like we still end up with the same problem. Either a lot of deforestation, or a ton of Plastics in the ocean with no with no third option. That's anywhere that any country or any company has come up with, that's viable. So, that's my concern. Like you can talk about it, you can make promises, but they may promise like Ari exactly, like they all these countries May promises to reduce their carbon and to report on it. How many of these companies countries actually did that very few? How many of them are actually on target? I don't very few. So I don't know, I don't really buy. I don't buy that particular, like, that particular line conversation. I would prefer maybe if they put some money, all of them into coming up with the technology to replace both paper and plastic. That sounds like he agreed with Ari again. No I think he grew Emma there. Oh, okay. But this is all it wasn't me because these are all. Yeah he doesn't agree with you one single time. These are all made up rules In My Head, by the way. None of this actually matters in that position from the nanosecond. I was his his boss. Yes, this is retribution. Let's do one more. We'll do it. Well, one more headline and then we're, we'll do a quick little speed round and the game. Here's our last walk data headline. US soccer reaches settlement over equal pay for female players. Come on. How do you, how do you shoot this one down? Matt, what, how do you how are you gonna run on this parade? Well, Emma's gonna say that. It was too long, comedy settlements, not quite enough, right? And Aries gonna say that. She feels like this is, this is great and it's about time and I'm glad that they got it settled. And I'm going to say that, like I cannot believe that how much more men made for losing all of their games, then women, Made for women and for having a team where I can't even name a single player. I don't even know a single one of those stupid dopest. I don't know, one of the men and I can handle all the women of the woman. Yeah. Like I know I like the entire Stars, your stars national teams. So because I'm so confused about that the level of the disparity. I don't know what to give it. I'm gonna give it a six out of this year confusion. Come on. How could this be bad? Um, so they for a little bit of Concepts the settlement that they reached was a third of what they originally asked for it was originally 66 million and they settled wait for 22, were they suing for damages? Or I mean, it's either equal pay or it's not right. How do you know, how are they getting less than what? They pay portion of it is a future looking agreement. So, it is from now onward. The US soccer Federation will be paying their bonuses in particular because the bonuses seem to be kind of what matters the most when it comes to their money making. But their salaries will be the same and their bonuses will also be the same and it was future looking, so it's not going to fix anything. I think it is just damages. I think it's just like, oh sorry we underpaid you until exactly just now since you're Inception, here's some money and it was only a third of what they asked for and it's being divided amongst a group of the US Women's National team players. So it's all going to be diluted even more, but it is progress. I have to give it that. I'm glad that there's an agreement in place, but unfortunately the other caveat is that a lot of their pay is dictated by FIFA. So like when they're going to the World Cup, which is where is where they make a lot of their money FIFA, dictates a lot of those rules. When it comes to pay and they still have a long ways to go so when it comes to holistically being paid equally, there's still kind of corruption human rights, FIFA's, a lot of problems the the big one. So I'm giving it a five, sorry that's close to me. Oh, wait. What? Yeah, can they do something about the FIFA? Like, if FIFA Underpants I can't, they just pay them more to make it. More equal amount of people doesn't want to know seem like math out of like, the US soccer pot money, they should be compensating them. Like, for whatever FIFA is not giving them. Hmm, interesting, I need to talk to. You don't sound happy? Are you know I I'm not anymore. Um I yeah I'm gonna give it A what? Six six that's already when she's the least happened. This is sick. All right, David. You want to weigh on this? Will pay for female soccer players. Yeah, three words. Well, like it matters, right? Oh, that's your first win, though. All you have a win? Yeah, all right. Speed round. Okay. Thank you. Yeah, this portion, the game is the speed. Round this one. These are a little goofy, I'm gonna warn you David. So, you know, if it's gonna, if it's gonna ruin your standing at the company, you can pass. But I picked four. I pick four headlines that either that either made me laugh or, or whatever, who cares, but let's just get to your point. Just everyone just get to their point quickly, okay? David, of course, gets a longer point. I'm really looking at you, Matt, come on. All right, just get to it. Okay, there we go, talk that much. Here's the first one. And, and David, you should know that I really picked these because I think Matt's gonna like them. Okay? Because Ari and I'm, I think, I'm sure, you know, a lunatic. All right, here we go an idiot. Beijing Olympic ratings were the worst of any winter games. I love it 10. It's awesome. I love it too. 10. Everybody hates healing books. I also love. Oh David. Do you actually like the Olympics I'm gonna have to pass on that. Okay, that's the weirdest Olympic pass, ever. The next one, you might want to pass on to. Here's the headline, Matt. Aaron Rodgers football quarterback. Aaron Rodgers go to cleanse. Could involve oily. Enemas, bloodletting vomiting. What's going on here? Matt, what's going on here oils? Yeah, Aaron Rodgers is the gift that keeps on giving? He's the Gwyneth Paltrow goop of the NFL. It's he Fan-Tastic that he keeps talking and saying and doing things 10. Okay Emma you agree. He can blood, let him get oily animals but he can't get vaccinated 0. All right I am glad she lean left him 10 Um, David, you want to say what? He didn't get vaccinated. Oh, I went for, that's interesting. Another one for Emma, but lost for Leeches is what that is the next headline? We might have all of her problems up. Be solved, Matt, here's the headline. A billionaires are hangs up his healing. Crystal to fix capitalism. I have no idea what that means. I like zero. Yeah yeah that's the headlines if I have to do it on that headline. I'm gonna say a Billionaire's error. Can do whatever they want because they never gonna not have a billion dollars, right? So I don't care anything about what they do. Here's the which is zero and there's there. Here's the context of the stupid headline William Peter fee. Spent his career avoiding working for his Wall. Street Tycoon, father, and until ESG became a thing. That's the that's the contacts there. Oh, there's so many billionaires with the who the hell is William Peter fee. How are there? So many billionaires? I'm not the one you want to give us 0 to Emma. He grew up in Greenwich Hartford County forever 0. Okay. Ari, this whole Crystal things weird for Thanks for at least noticing the crystals David. You're shaking your head is our problem zero. You're the right David. You're on the right show to say that over and over and over. Have you ever want to come on the show even for like two seconds just to say that maybe we could have sound bite of him saying that because you're on that we should just hear the right place on the sound. Yeah, you're the right. We need sharks that say that Matt. Why don't we have those shirts? Not a problem done. They'll be on our Etsy store by tomorrow, our final headline, our speed round, for the good game for March, 4th 2022. This is my, this is my hats off to the great David Fraser. Here's the headline us. Pension group Calpers hires Canadian as investment. Chief, oh, that's just. Come on. You're not raiding who they hired you not reading Calpers. You're just simply rating Canadian. This is just a Canada. Not. This is terrible. It's stopped the crap. This is terrible. Stop stop. Stop stop. Okay, this is this is terrible. It's a five. No one. What was terrible? How dare you not here? You're in America. Hey, no, David can I just say that these these it's mostly Emma and Matt. It's really not Ari. They crap on my Canon of like non-stop. I'm so proud of my time in Montreal. They crap on me incessantly and they suck for us. I'm gonna say Americans, look like a strong like ability, strong competence and ignoring Canada's existence have like a little time I don't know maybe they're jealous that we have like you know TransCanada Pipeline in fact the only the only problem I really have with David Frazier is that he chose Toronto over Montreal still don't really understand. So my only issue with my great new country is that French and quebecers are not about that. That's your issue. That's Your issue. Learn French. Oh, but Canada, the land of Tolerance. They're cool. No. See, look at this, they're going. They're going negative on Canada, like so quickly. All right. Emma. What do you think about that indigenous? People wanna be broken. Going to kiss a mess right now and give it to 10, Ari. What's your answer? And we hire foreigners. Okay. I think David's gonna agree. That's a 10. That's, that's the good game. Were you, were you in the running for that job, by the way, David Frazier. So, you know, my life goal and my five year life goal is to be chief executive somewhere a Fortune 500 company. So okay, I'm putting it to the world. Yeah, man, you look for CEO succession plan. You hadn't David Frazier. You hadn't said the Fortune 500 part, you know, we would have voted to boot mat. Oh instantly we do it right now. David simple. I'm calling us proving your Proving your true Allegiance. I'm looking at the scores here. It looks like it's like Ty this week between you side with Ari five times and I'm a five-time. So yeah. Matt you got one, one lowly victory for Matt. Do we need Who do you like more David? Who do you like more are Emma. That's That's the tiebreaker. Know, I'm I'm here for women equally so I'm just gonna get both of them. Yeah, you see that's the right answer and no no tiebreaker. Before we get out of here quickly go over the scores. Emma. Always the lowest scored six, Matt. A seven and already just above of Matt with a 7.3. I don't know. If you want to know, we got, we got to end this show. Any if anyone has any last final thoughts. Matt, you could take it over. To David to pimp something. If you've got anything he wants to talk about, but by his book. Oh, that's what. Yeah, I wish I had it with an Audrey but I don't to show you. But yes do that. I don't want to talk about something very important. Yes, I am just wondering. Where when in any other situation other than board? Diversity is 33% and acceptable standard. Like when you go to your like car dealer? Right? And you want like a well-functioning car, right? You don't accept three quarters? I mean, sorry. A third of a car. You don't accept a third of the tires. You want, you want, you want the whole thing, right? Or at least. This is not just not making sense anymore, but my point, no, no, I'm with you. I'm with you. This is one of my talking points. David, I'm with you. And you're being generous. It's not a third. It's, it's usually capped at 30%, right? Isn't that usually the number that they throw out? You're right. You're right. You are right. But this, not even that gender diversity benchmarked threshold is a, is a farce, it's unacceptable. Yes, to me and very few of the circumstances. Are we willing to accept a standard like that, especially, considering that the world's population is 50%? When you look at the graduating, what the best schools in the world, when they look at the agenda diversity, it's usually in favor of women, like tilted in favor of women. I'm in all of the spaces that you can think about academically employment, Wise Women arising. Yet, when you look at the board composition, we still only want a third, female representation. I think this is, as a society, we're failing our daughter is by doing. Somebody telling them that. Oh yeah, we only need 30% of you to be on our most important body of a new organization and that's completely acceptable know, 50% needs to be the number. I did some research recently and I'm finding that, that 33% number is not as good for financial performance for funds or companies as we thought. And so, maybe 40 44% might be that new threshold that interim threshold on the way to gender parity, that we need to start pushing as opposed to 33% foolishness. Well, I mean, to your point Norway, which had one of the first quotas and in the world, they started off at 40%. I don't know why. Anyone went down from 40. I mean, think about it though, they were the first and other countries went down from that number. And really, why David brought this up is that he is applauding free. Float, media, who is officially 50%, female, that's true. And just every Other private company. The two owners of the company are white too. Yeah, don't worry about it. Yes, taking care of everybody. 50%, that's all the time. We have four. Thank you for joining us. David a pleasure, as always. That was David Frazier. Our fancy expert who we've known for a long time, a friend of the show and you should check out David's book if you want to Ace a macroeconomic exam because he did. He literally wrote The Textbook. What is the name of the book? The name of the book that economics exam Oh I already have that book. Yeah, I have. Yeah I know Dave Damian could read then. Yeah I have an enlargement actually. Oh, I thought he left. Here it is, there it is. Oh, I like it. Go get the book, David wrote, it. David is the ESG expert and the macroeconomics expert. Can we ask for more expertise? Otherwise it's Ari and Emma and Damian. And I miss cardi we are free floating media. If you're a fantastic you want to join the show. Let us know if you're not a fancy expert and you want to be an idiot on this show, that's cool too. Do it we'll be back at you next week every day here with more boring ass content.