Transcript
Hello, cutting and pasting you. Live from yesterday's late afternoon sunburn. It's a deliciously. Woke data, Wednesday edition of business pants. That's right. Wdw is the new ESG. You like that wdw? Is that can that work? Are you still need a win? That is none of that works. Yeah, there's a, there's a lot of follow-up questions join us. Always what we don't? What are you talking about? Allowed to discuss this section? Join as always by Emma Summit lurking. Yeah. And Matt that's that and Matt. Desperate for paid speaking speaking gigs, Ms. Gardens, come on Matt. Yeah come on man. Get me speaking gig. I am an awesome friend, Triple-A battery. oh, Yeah, those are, those are going to leakage in last about four months. And today's data is beautiful bag of Irish American nuggets. I don't know how. I don't know what that means called. May 18th 2022. We speed stumbles through some woke data headlines and Emma lurking plays, the S&P Global sustainable one Summit game. Woohoo. Yes, yes, they did. They had no idea when we sent Emma and Ari there that they would get this much play. Well, this is branded, this is a branded game true. Thank you, thank you. It's not we're not even getting paid for this branding. You're not Emma's. Yeah. And we got paid directly at the table and in a variety of loads. I got seven quick quick headlines covering the woke data world. So this is all the ESG stuff. Environmental social governance, it can fall into any of those categories. Okay, I'm gonna try to get to them quickly, am I give me a five minute timer if you will. All right. Ken do ready? Can see her making it with her new needles. There. Okay. I want those five seconds back. JP Morgan. Has voted against Chief Mueller and supreme Jamie diamonds. Payback 31 only 31% said yes. Wow that's a really low number. Some highlights. They what what they really are voting against is a 1.5 million options for Jamie and 750,000 options for CEO Daniel Pinto, okay? That was a completely made up bonus plan why to keep them at their jobs. But I asked you, where the hell are they going, really? I mean, no, no, I'm serious. Where the hell are they going? What, what are they doing? What, what were they gonna go? Second Jamie might want to take hang gliding lessons. Second. A few things glass Lewis is getting credit for for supporting this of this vote against pay, but they also supported the vote Goldman, Sachs, they I'm sorry. They're always wanted to vote against Saint pants. Goldman, Sachs that failed so I don't know. The difference is here, we talk about this all the time. Matt. Why is it work some places? Why not other places? I don't get it. And finally, I'm Gonna Let You ponder that know either. And finally here's how much money in stock Jamie dimon and Daniel Pinto already owned before getting these ludicrously huge option Awards. Michael Daniel Pinto already has 217 million dollars worth of stock and Jamie Diamond already owns 1.4 billion. So I ask you again, what's the why do we need to what's going on? All right, I mean for a guy named after a bean that's a lot of money. I Heard of disagree with that. And can I as a side note here? You ready for it? Do you have a side now? Do you? That was a long, a lip the I believe my computer. I'm trying to do a control fine to find my side know, and it's like taking me a long time. JP Morgan. Chase has a CEO named Daniel pinto, and they also have their CEO of Commercial Banking is named Douglas Pet know what the hell's going on. What's happening at JP Morgan Chase know get this. I'm a crazy right? It is. If they had a guard Bonzo, I'd be more moving on. Twitter has lost three more top Executives amid this Elon Musk take over nonsense. Three more gone it. Is there a way? I can never hear that news anymore. One of my favorite laws in all of the United States in California, which was mandating women on boards, they wanted up to Three by 2022. I think on Boards of six or more they needed three, that's half, that's half the board. I did the math in my head that time didn't need the calculator. I love that. I love that lost. Like you were like an abacus. A walking that law has been declared on unconstitutional. Yeah, I'm sorry. I saw that genuinely felt sad for Jamie and I mean, what? What just for gaming, yeah, not the women, not getting on the board Secretary of State. Surely Weber will, of course challenge. But yeah, that's sucks. He sucks. It'll hit everyone. Oh, number four. Oh US. Soccer and top players agreed to guaranteeing equal pay for the first time. Soccer players representing the United States men's and women's national teams will receive the same pay and prize money, including pulling all the extra weird FIFA money that somehow favors the men. They're gonna pull it and share it. This is a first in the world. No, other countries doing this. Congratulations, I think this is great. I'm a it's about to show on it but this is very Nice, good news, Emma. Well, I don't really think I'm interested in shiting on this. I feel like she's if anything this is very you Centric. Today, I felt bad for you when I saw the headline about the California Court decision, and now I feel like I have to give this to you because you're saving it to me. What do you what is wrong with you? Speaking of good Centric in Spain, they're working on a law. There's other parts of his time, women to be offered three-day menstrual leave from work. Okay, three day, I think three up to five days per month, depending on the severity of the of the medical situation. Yeah. Do you need a doctor's note? I'm assuming. Yes, of course, but still this is what happens when you like socialist. I guess they actually give a crap about the workers. Number six, I just wanted to update you. This is for Emma, really, there are now 70 Starbucks locations that have now voted to unionize in 250 more, don't try to build labor news me. I always know the labor news. I I get excited with this stuff but then I look that there are 17,000 stores. I'm like, I'm like shit. Look at the numbers and 32,000 in the world. Yeah, finally we might need a little extra time here because this is one of my favorite Matt's. Favorite companies Abbott reaches an agreement. Oh I still have a minute left. I can slow myself down. It's like magic, the time. Just Laboratories Chicago, land Mafia. We know that, you know, we we love them at, I love you. Just reached an agreement FDA to reopen baby, formula plant to ease Nationwide shortage, of course. Why do they close in the first place? Because it was contaminated with bacteria. Why am I, why am I in? This is one of our favorite companies. This is the Chicago Mafia board Central, although I will say, Matt, That and I think thanks to us because we we screamed at one of their big shareholders about how nasty and snarl. The Chicago Board is a lot of kids are screaming three of those six, Chicago Mafia directors, have stepped down. Yeah, baby. They're using our day. We don't know. We don't know that. Those know I'm taking real. That didn't go to them and be like, what's the deal with your Chicago Mafia? I'm taking credit for us. We nailed it. Our data is sound. We can tell you well the mafia live I'm gonna put this one thing out there and see if it works. I'm gonna float this out there. They still got a guy named William Osborne. Bill Osborne, he's the lead director. He's like get the chair of everything important. He's been there for 400 years he's the head of the Chicago Mafia. Yeah get rid of him he's not Elite independent of anything, get him out. He's not he's not independent and time. It's almost like you could ever give it an extra minute, 20 seconds. There we go. Look at that it out. There's another 20 seconds so you give me some well either that's right. Oh well done. No moving on. Oh my favorite part of the show the S&P Global sustainable. Once again, featuring a very own ammo lurking, who is our Summit Queen. She just came back from a summit. Oh wait, she lives in New York city? So big deal. Yeah, it's true. Or is the one who got up at four in the morning and then missed her train. Oh, sorry. Is that she did she hearing the story? I do feel as though the world was against her in a few respects that she was not deserving of, but Emma, can we agree? You don't, you don't have to wake up early to miss a train know. You don't have to wake up early to miss train, right? You can wake up late she both ways. I am the summit. Queen Ari and I went to a conference yesterday and if you go through my notes from said conference, you will. Yeah, the word love to boring quite a bit. Oh we're trying. This is a branded. This is branded content. Come on. We're supposed as much as I would love to love. I did not love as much as I was hoping. Well, two things. No, but you did love the snacks. Excellent did love the king's Being bored, says more about Emma than it does. The S&P Global says more about Emma, It doesn't. Secondly, can I say that? Secondly, can I turn that into an adverb being bored is healthy. We have been learning in this more and more that we are. Children need to be bored. More often, it helps creativity. Come on. Does Emma is our children? Well, come on. I don't, let's go there. I had a little roster of questions that no one really wanted to answer, but I made a few people answer me anyway, and he really did Yeah, no it was great. I was just like, hey, and they were like, get away from me and I was like, you know, come back here and it was excellent. And so I asked him, some ESG themed questions as it was an ESG themed conference and I'm going to have you guys answer the questions that I asked the conference goers and see how your answers line up. Does that sound good? Oh yeah. Ask I'm gonna win. First question is Define ESG in 10 Lord words or less AKA to find ESG as few words as possible. AKA that. Okay, I'll go first. Go ahead. I'm gonna count data data. That's it. I just want the two words. Okay, one word data, come on, you. all the interesting data you're not talking about Saving more positive. Nice. Yeah. You you? Okay. I'm very direct. You are. All right. I'm trying to put a positive spin on it. Yeah. What do you got you? Yeah. Yeah. What did they say? Taking accountability for your actions. Wait, oh, very well done. Taking accountability smarter than us, but I'm trying to work that out. Oh okay, a little bit actually, not bad. It's not bad, it's good, it's good for him here. I see it is. It's it's really a lifestyle, you know, it's a how you eat, how you live, how you behave exercising, walking in some Eating organic pink people. Well, it's all aware of an ESG. So it's usually most people are almost born like that and you can develop it. Yeah. Was that okay I have a counting problem is there is that gratitude? Is that gratitude tumor? If only if can you imagine if I talk to Greta that um, Can I just ask, like, does about 300 words? Are we gonna name these people? Are they like did they give us our permission to say who they are? I told did you? Yeah. We're gonna, I gave them the option of being anonymous. So I would like to honor my promise of anonymity but I think we can call them. How about person one in person too? I know it's like a little out there. Oh, there you go. That's specific. That's good. I figured it out from that. All right, what's question? Number two? What is your eat favorite ESG? Letter? The E, the s or the G. I like how you don't even say favorite like subject. It's like the letter itself. It's no I'm gonna go first. I like us because it's just I think of shit head and I just like that, I like that. I honestly I like the curve of the I'm actually thinking about the shape of the letter itself and G is the ugliest letter of the three but I'm gonna yeah, what is yeah for sure for sure I'm actually gonna go with G. What is he like, what's the because what's the right answer? Come on because I'm excited because it's the other dog. I think that there's a right answer to this question. Here's well. Firstly one, what is your favorite ESG letter? Because I think when you have a strong s you can capture your e&g that much better. Yes, you know. Oh yeah, I like that person like you Yeah, I think he would be my personal favorite. I think governance is the most impacting because I mean it's been there forever. I, I simultaneously wanna laugh at her and love her, right? I kind of, I kind of loved her. That is also, how Ari, and I found allowed to love her. Yes, you are. Yeah. My little annoyed that nobody picked through your letter by the way. I think I would ask. Where would you put food? Food gets in S and E depending on who know, but really, you gotta put it in one by the way. No, that's stop being a library. Know we move on from this e is 100% the ugliest, letter of the Eds and that's that comes from Emma. Emma has himself hate their know. It's because how dare you? It don't have organic shape. It's all straight lines. And the S and the G have curvature. It's modern. It's kind of cool and runs cool. Yeah, just okay. Question number three, if you could add a letter to the acronym, ESG, what would it be? Oh my god. Oh wow. I was gonna say I'm gonna, I got one. I got one. Okay. okay, for apologies, I think that like oh, Apologizes I want. No so that would be, you know it's funny case I was gonna go I was gonna go V for I was I was actually my second choice oh play. Oh yeah and then at the beginning it would be first because that so you really I would put mine I would spell g a s e so gays like your dad is so gays. That sounds almost as might be people defended people. I hope you're listening msci, because this is what you lost, 10, gentle, it was small. This is what you lost. All right here, love a good smaller answers. Here's person number one. Okay. Philanthropy. Huh, I like that. That's a good answer. So what they're what's coming back out. What? They're giving back out. That's like stakeholders Central stakeholder. Yeah. All right. Person number two. I would say. Okay. That's classic. Yeah, that's a classic answer, no questions. I mean I have no. Wow, yeah, sorry, all I think eight questions nine questions, they answered it in, under five minutes each, like the whole thing beginning to end for each of them was under five minutes. It was pretty impressive. Wow. Good for that smarter than we are. We spent all morning to you. All right. Number four, what profession? Other than your own, would you like to attend? If you were not working in ESG, I'm very interested to the for the answers to this question for you too. I, I'm gonna go, I'm gonna stick with an old classic for me and say, left fielder for the Red Sox. Oh yeah, on the wall and I want to realistic in these answers. Oh, I don't know. I don't this realistic what I'm doing now, we are trying to do like a kind of a humor based ESG business news. This is realistic. This company. We have W2s now. How is this possible? What are we up to? What are we doing? We do we do have but what's happening? I would offer. I would open a coffee shop that sold comic book. That is a very nice answer. Yeah, Damian Michael Jackson, I wouldn't work, but I'd hang out. You would sit there and annoy that. All right, here is the answer from personal. Number one work with kids love that I'm like, I had to include the post script of that because it was hilarious. Yeah. Well I gotta say he's killing it, you might become the new favorite person at these conferences because I think a lot of these people are on edge that they always have to sound. So brilliant all the time. But really, you can just be a person and still and still save the world. It's shocking. You I really am not working in the pill, is she space so it would be winter. she's, Around. She's All right. All right. Number five. Double Down, nice. What is your least? Favorite industry? Buzzword, Matt. Damon. I know you have opinions on this. I I'll go first. You can think Matt because I it's one I came across today which I hated in. This was a Goldman. Yeah Goldman Sachs used in reference to Jamie dimon's. Very unique and special reward which is that it reflects the unique inflection point in Mr. Diamond's. 10 year, I don't like that inflection point. I don't like that buzzword. Yeah. I don't like that either. But I'm gonna go deeper industry. Like it's stick within ESG and say net zero. That's a good one because that's like just stop it. Just stop know, you're not net, anything. I will say it. Why? That term is a specialty horrible. As a it seems to be referencing something that is real right? Like like yes. That's what. Yeah. Like you can bought him out into a zero and that's mathematically conceivable and provable and yet I have no idea how that can not at all done or what it means or anything about it's great marketing, right? One, yeah. That's what did they say this person? Number one aggregate. Okay, I'll see I'm thinking like he just get annoyed by verbs and adjectives and stuff like that, like me, yeah, I like it. All right, and person. Number two. God. I hate the wood Tipping Point but I've heard it in more and finance inflection and Tipping Point. I just You are? That's the most show told you. I love yourz. If you were to describe your industry or profession to a friend, what would they say? What would they be able to explain it? Matt, I'm gonna I'm gonna actually specify this question for the two of you because you guys are annoying and talk about ESG to anyone who will listen. So I'm gonna narrow this for a bit. If you were to ask your children, what you do? Yeah. What would your children say? Well, I did, I've done this before so my oldest when she was like three or four once described what I do as using charts to save trees. That's nice. That's how she just got it. Yeah, so she described it but I get mine would say I guess I I think the default category right now after years of confusion was that he's makes podcasts because I think they've given up on, they've given up on the subject matter. Yeah. Well you talked about the content. No, I think they'd give up on that. I think everyone has all though. I gotta say my wife did, did Ford me a ESG adjacent article today? So she even I think she's starting to understand what we're talking about. She getting it, she said, She's only been with you. All right, number one. My friends don't know what the hell I do. Oh they they would say killer in works with banks, with banks. Yeah, simple tell my friends. At least my answer if I were at the conference to, you would have been. I don't have friends. Oh no. Here you're good at this. I like what you're doing there. You're yeah. Yeah. I like it and stop showering know, I really enjoying. I want to hear her. I want, I could listen to her until Kilroy kill Royale. I could hear them so much for person, I would oh, sorry, I would like to hear them. I would just like to sit in here them have coffee together since it was enjoyable and here's person too. They would probably say it's hogwash. Hogwash. I did I got that? She got her. Best friend is Elon Musk though? Oh, absolutely. Yeah, that's true in here. Yeah. Second to last question for you. What is a common misconception about ESG that you encounter slash would like to correct? Oh I'm sorry how much time you are? I'll say that. Yeah that it's like. It's like a political tool, or something like that. Yeah, like yeah. It's I I would say it doesn't solve for something. It's an organization, number one that it's only four, certain industries. And it's not something that every industry can can undertake meaning that you could have oil and gas, you could have all these other companies that are spewing out carbon, but companies that are associated with that thing that they're not part of that problem. But the problem is that when they invest money and they put time in their, their, their, their own resources isn't that they're essentially, Kind of, you know, assisting that if that makes sense. Yep. Yeah, I think it's an important Point actually. It's it's a, it's way too fast to be, it attempts to be Universal. People should remember that. That's why, I think that's why I personally caught up in hating the ratings. Just tell person to die, stop thinking. Well, here's person number two, I think who does just that. That is, I think people don't realize that. I mean, it's a bit like women voting but many many years ago, you know, they taught it was unnecessary and then people women coming into the workforce was so important. Yes, she's a bit like that. It's a bit. Wow, what's a luxury in the developed country? Know what what is a necessities and developed. Country is a luxury in an underdeveloped country, I'm from India, but then as income increases education, increases people's expectations increase. And I think off with education, people's expectations of ESG will increase and improve. Yeah, thoughtful answer. Yeah, I know this is way. This is a lot of thinking, I mean mine was literally like the stupidest thing. Okay. And speaking of stupid, the last question is very stupid. The last question is, if ESG was an ice cream flavor, what ice cream flavor would it be? And for this question, we only have one response because we were tragically cut off stupid panel or whatever. so, I'm going to go first one, I think it's in this, my answer is kind of multi-layered here, so bear with me. I'm gonna go pistachio, so wait for it because it alludes to something like intelligent, right? Because it's just like this, something about pistachios. That just seems a little bit elevated and lofty. I think that if you eat pistachio ice cream or the stupidest personal life, Okay, let me keep, let me keep me, keep talking, it also alludes to pistachio, you know, comes from Italy to, it's an ingredient Italians, love to use, so it's a year as a Euro feel to it. So and ESG. You're you know, you're you're being an early adopter of ESG and also my third reason is that you feel like it's something you're going to love because it just seems eyebrow and Gourmet and wonderful because I love you snacking up pistachios. But then when you eat the ice cream it's kind of a letdown That's my answer. Come on Matt. Come on. Matt, is that come on? What is this? What the the my answer is vanilla. Oh but It's like, you take vanilla ice cream, which is a simple concept, which is this is data and then you layer on Gummy Bears and sprinkles and walnuts and chocolate sauce and cherries and cherries, and he's cheating a little bit. It's and, and you turn it into this machine. You want of everything that tastes like, nothing else. That is my answer. What is the right? Okay, this is genuinely the correct answer. I 100% believe that person number one, answered this question correctly, despite their not being Netflix and chill ready? This is easy, really? I don't know to pronounce it, but it's not not pulling the Poland. Yes. Why he does win? He but I don't like, I don't like we have this winners. Wait before you get to that do you have him? You have his contact information. I do we got invite him back. And personality. Thank you. Number two, first. No, thank you both. But speaking of winners here is your short winner scorecard, for today to round out the show. Damien covered JP Morgan's. Jamie dimon got a rebuke on his 52 million dollar bonus. The winner is Jamie dimon because he did not offend his board. Do you remember last year when they they said he should cut his pay. But he said he wouldn't because it would offend his board. So he managed to cut his pay without offending his boarding. Number two is Twitter. Loses three more. Top Executives with the Elon Musk drama. The winner here is Mark Zuckerberg. Whoa. We don't talk about that guy ever anywhere. Is me Max. I introduced this concept like two or three weeks ago. Come on, get with the show. Stopped it. Number three, California Court, declares law. Requiring women on both on boards unconstitutional. The winner in that story is Bobby kotick probably true because Activision Blizzard failed to meet this standard of having three women of its 11 on the board because they said they got confused by them. I think they're gonna give up now. They don't have to give up anymore. I think they just shrug and they're like, oh well, it works for a story was US, soccer and top players agreed to guarantee equal play pay. The winner here is unions because why have sports figured out collective bargaining? I don't know, no one else had great question, like, the most socialist system in this country is sports sports, sports league, and they all collectively bargained. So they've figured it out. The number five story was women to be offered Three-day menstrual leave and work for European first, the winner is actually men. Why? Because this will Galvanize, the men are discriminated against movement in Europe. Now they have something to point to. Well this is. This is like the anti-walk movement like anything you do. For progress is going to be a can equal amount of backlash. Yeah. That is correct number of the next story. Was 70 Starbucks locations have now voted to unionize. I think this is an easy winner Holocaust blankets clearly. Are you allowed to talk about that? Basically, are you? I don't know. Um, I, I just did. Yes. The next, the next story was Abbott reaches agreement with FDA to reopen, baby formula plant. The winner here is bacteria. Wait why? Because, because the plant that was closed, because of a bacterial contamination is now, reopened in the bacteria can Thrive again, isn't it? Funny how that the there's a bacterial contamination at Abbott too much bacteria, right? And that's like, closing down a plan and then there's at Target and Walmart, they're complaining of too many workers. And that's what, like, so that is weird bacteria work. I see what you doing there. I try and then the ESG this S&P sustainable one global Conference Pop Quiz. It was the winner. Was Summit because know everything is better as a summit. That's it, that's all we've got. That is true. That is Damian Ross, and mlr Cameron, come back tomorrow for we tomorrow. We got some wacky, CEO news, amongst other things and we'll bring it to you, then goodbye.