Business Pants – 2022-05-25

Live. From the woke data. What aquarium what? What words were those? I gotta keep the W thing going. It's a what awoke data Wednesday. What aquarium. It's a good old-fashioned ESG rant. Edition of business management is always by Emma. Devil dog. Lurking and Matt ringing Mascari. You think I have those names? Yes, I'm definitely. I would like to be the devil dog, but I know that I'm the Ring Ding. I'm thinking of that. That's very beautiful. Thank you. I would like to maybe one day. We can have a whole show dedicated to what is Emma's role in her friendship group. Oh God. You don't want to as described by a brand. Snack food. Actually, do want to know. Yeah, just just describing your Little Debbie snacks or drinks. I did recently do um, a Hostess snack, taste test With my roommate because I'd never had a Twinkie before. And so we and then we realized that I had basically not had any other Hostess snack either so I had a sampling. It was lovely. All right, I'm not a big Host. This is from a woman, a little bit, S&P ESG conference Summit sampled, all the loaves, so sample. Yes. So many loaves to say simple. It was extremely exciting, pumpkin poppy seed, lemon, so many cranberry, there's a cranberry. Well, we've always described I'm a very own looking really as a living low, really? Today's Y2K bag of why is the world so depressing nuggets called May 25th, 2022. Mark, it, apathy Baldwin. Hey, ESG, and Bloomberg doesn't seem to care where Matt work. No, they don't. I don't know. Is this, is this former mayor? Mike Bloomberg is just the Bloomberg company, I don't know. We'll find out. Yeah, we'll get there. Everybody. Okay. I start up top. I don't care if you put a timer on me because I don't have a lot to say but good to you don't. You worry. I was really the school shooting in Texas, it couched me last night, I was really depressed. I was not great. Well, five minutes, I don't have five minutes. I mean, I mean I do get depressed a lot but this one really couched me. So Part of what I was thinking. When I woke up this morning is is The business world of markets corporations, they they do tend to at least react to most of the news either, whether it's good news, bad news, whatever. So that was the premise. When I woke up this morning, here's what I found. Because, you know, I want to cover the story and I want to make it appropriate for business pins and free float media. But this is, this is really this is how they cover this story. They don't. Oh, that's it. That's my segment know really like they don't. I mean I what Again like it. This is like the intersection of all the worst things of our life, all of our culture, and yet. The I don't, you know the business is just has no either then I don't care. Let me give you some examples. So you don't you think I'm just being anecdotal here or not. I'm gonna I'm gonna make fun of a few of the things I checked Business Insider I'm gonna start with you and look at you Business Insider From from the business news, you know, Market perspective, there are two newsletter I look at every morning. One thing is called 10 things before the opening bell, okay? I would think this would be one of the things. Yeah, it was the thing. First of all, you start off your, you start off your newsletter with happy, Wednesday, read. All right, I didn't feel good about that. Secondly in the whole 10, you know, 10 things, nothing, nothing you did manage to get Tesla in twice, Tesla stock is close to flashing a bearish signal and Elon musk's 1.1 billion, blah blah. So you managed to get Elon Musk in there twice And you also managed to have an item just sounds absolutely ridiculous to me. The next six months might be the exact opposite of the market ongoing crash. I don't care no space for that. Yeah, that's based for two, Elon musks and saying something that is utterly meaningless. And, and in, instead of a shooting of school children, can't fit that in somewhere. So let's move on to the other big newsletter I read from called 10 things in Tech. And I thought for sure that covered here because I did see this nauseating, he know that the shooter nausea only posted something on Instagram about his personal and about as you do some, some scary messages about people being scared, it was terrible. But again, listen to nothing and this one started off with happy Wednesday, folks with an explanation. So this was even happy here. Yeah, and I said this list had nothing on it too. And they even had room for number nine in the list, which was best early Memorial Day. Tech devices all wow. So I can I don't really know. I will say this. Moving on. Yeah, I spent an hour and a half last night researching for this show, something new to say about this. But the only thing I could come up with is America go fuck yourself. That's pretty much all I got. I don't know what else to say. It's like, my kids are this age, literally this age and I have a conversation with them. Like, you may hear discussion of this, there's going to be more police at the school because we got a notice. I don't know why what is this country? What is this? What are we? I I'm and that's all I got. That's my research. My research is What? Nothing. Well, I mean, I will say this, we started this show at msci and one of the first big topics was the Parkland shooting that was four years ago. And at that time at corporations actually did have a say, I mean, they did actually get pretty heavily involved with the Parkland shooting. There was a lot going on, we covered it for many weeks. I don't know what has happened in the last four years. That this is not crickets and don't tell me, it's just that. You know people are you know I it's just enough our I don't know we don't tell me like it's I don't even know it's covered a week or two ago the Louisiana law that they're trying to do the thing. They're trying to pass it to try to do things at Texas did with fossil fuels with guns Louisiana's trying to make it possible that if you have a stance on guns that is like remove guns from a portfolio, you cannot operate. Anti-woke are basically making it possible for us. All to die via gun and change. Thank you. And let me wrap up, I want to point out two more organizations for sucking. CNBC, you did, you did link to the story from your NBC News outlet, but you just first, see me, see goes. They managed to have nothing to say and they morning Brew. That's a big. I consider them our big competitor even though they probably have millions of years and four. But they really pissed me off because they started the story in the newsletter. Elementary school kids killed in Texas and again, it was very like, it was news. It was nothing about nothing about corporations or anything like that, even though that's what they do. And then the very next article, Uh, the very next line in the very next article after that. Horrible first article was started with this. What has us typing like we're in middle school again. Nothing too crazy. Just, this cash back card that has us feeling like a kid in a candy store. Thanks to 0% intro, APR. Wow, like that was the very next story. Yes, so Fu morning Brew you suck at your hands all right. I am going to talk about. something that everyone in the ESG woke business world is talking about and that is At the Ft moral money. Europe 2022 conference, Which was not a summit by the way. So a little disappointing, okay? Financial times, you need to explain things to him Financial Times. The news organization moral money is a column that they do or like series that they do Europe, 2022 conference. So European conference The HSBC. Head of responsible investment. Stuart Kirk gave a talk. The talk was called why investors need not worry about climate change. That's right, there's a knot in there, okay? This is that the, the moral money, moral money, comprehend of responsible noon, what is wait before you even get into that? What is ahead of it? Maybe you get to this, but what is ahead of responsible investment? Well, I get to that. Yeah, I'll explain what that is and do we have the clips loaded up? Do we have to all right? Great, we do here are the notes before we get to his Deep Thoughts, the head of responsible investment, head of responsible investment, which is what Stu is leads. All the ESG research and investment strategy for the asset management. Arm of HSBC. All the issue research, he's overseeing like research and like somebody wants to do any ESG fund. He overseas all that head of responsible investment, okay? This is not to be confused with head of sustainability. That person is Aaron Leonard who actually spoke at the same conference on the day earlier than stupid head of sustainability. Mostly deals with like staff City and Energy, Efficiency, and Recycling, and stuff inside HSBC. Right? Like, okay. Stew balls. They also have a. They also do have a cheap sustainability. Offer, they all this is an important for, they'll go up to that. And actually, Stuart Kirk goes up to the CIO, the chief investment officer, okay? Different branches talking about good stewart started in 2021 a woman named Melissa McDonald. Who's now, actually at msci, she's their head of climate, indices. Stews qualifications, before he got this job. Can see why she left it? Can't figure it out. I can see why she left qualifications. Include number one, HSBC, Global head of research, right? Researchers general research number two, DWS Global head of research general research, he stuff like Finance research, number three, Deutsche Banks Global head of multi-asset research so he does more research. She does a lot of research number four. He was an opinion columnist at the Ft where he wrote stories like quote how ESG can have unintended consequences. And number four, he was a portfolio manager for nearly eight years at grenfell. Now, you might note something about these job titles. Zero of them, have the word, ESG, or sustainability in the names of them, like he's never been in charge of just ESG sustainability staff, okay? Third thing to note HSBC was a sponsor of the event of the event HSBC, paid money to the ft to have. Stuart Kirk, the head of responsible investment on the stage in HSBC. If there, anything like msci was approves in vets, what they're going to say at these events, right? It has to go through marketing has to go through legal, has to get approved, HSBC paid to have this done, okay? Yeah. Number four Stewart, is bald. Which according to a UK Court last week means, I cannot Now call him a bald c word without being sexual harassment, for the word bald. Not seaward, he does bring That's yeah, but that's in the UK and we're in the US, but then again, he works in the UK, this is a challenge legal Quagmire whether or not I just sexually harassed him. He does, however, bring up his own appearance at the conference saying quote, I do have a beard, which is my one stop to responsible investing if you don't know what the word sup is its British for concession of no value. It basically, me, he's saying I grew a beard, which is my one thing that I gave like, I gave up to be in responsible investing. That's right. His first, his first thing he says, is, it doesn't mean he's saying because I have a beard. I'm apparently, like loose and responsible and investing now. Because that makes him look like that. Probably correct. But I can now because he brought it up, I can call him a bearded, sea word, if I wanted to get away with that, I want to point that out, finally, my notes before we get to Stewart's thoughts, Stewart's Kirk title. So Kirk's title is head of responsible investing. He's the head of responsible investing. He's the Head. He's the wokest guy. Well, In the place. Can I ever let me ask you a question? Is this a step? He was the global head of research HSBC. Is that is that was he demoted to be the head of response? He was side. He was side wool. Marketed head of responsible investors. All right Emma let's play clip one, shall we? We shop. That was he's he's joking. That's controlling head of responsible investment. Telling us, climate change is making him do his job. And now he's he's doing rather be thinking about how Target didn't sell enough Garfield pajamas. That's really what he's saying. Emma was your reaction? The same as mine. Did you feel immediately look a little bit scared and he seemed angry from the get-go. Like yeah, get that Vibe. Yeah. Like he there's a uncomfortable energy head of responsible investing it's particularly concerning that the words are coming out his mouth not even. Like, just another random executive. I just want to point out. Something to Emma said there, which is head of responsible investing. Okay. Clip number two, I still don't really know what that number two. I really don't. I'm sorry and and everyone complains about ESG being too loose and like what does it mean? What the fuck does respond? What does that mean? Responible I get the investigation part but how do you define responsible? Go ahead to find it for me Locust one there. That's all you need to know clip number two. Okay, number two, Responsible for what making sure your kids seat belt is on. That is Stuart Kirk head of responsible investment at HSBC at the moral money conference, giving us a pretend whiny voice about stranded assets, stranded assets. He has a good pretend whiny voice, oh, yeah. He's got that British little thing that. Yeah, totally, I don't know if it's pretend I'm I think he's used to, he don't know what a stranded asset is, its the oil and cold that you can't dig out of the ground. Because if you do you like the Earth on fire, he is doing pretend whiny voice about that, okay? That is Stuart Kirk head of responsible investment. Wait, yeah. I'm so sorry to interrupt, but I didn't know what a stranded asset was, until exactly this moment. And that's what it is. It's just like, oh damn, we can't make money off of it because it'll destroy something, that's correct. So a company owns the ability to dig in that ground and get that oil or get that cold or whatever. And they put that on their balance sheet, it's an asset on their balance sheet, like we own the cold under that ground. We'll get it. And what climate scientists have said is, if you dig that out, you destroy like the all the stuff, so, you can't dig that out. And that means that asset is stranded. And they have to strike it from their books. So, he's doing pretend why it's kind of like that. It's kind of like all those unicycle washes I bought and sheep's head Bay. Like, they're just pointless. I thought there was gonna be like that. just, I guess optimistic. Doom. Huh. Okay. Wow. First of all, can I applaud the fact that he's saying that as it's a fact like he he's already determined that something that is going to happen in the future will head. It will responsible investment. The Kirk doesn't sound that's not responsive talking responsible investee at the woke. Moral money conference responsibly climate change, ESG stuff with words telling us humans are great and climate change is an all that and showing a chart that shows, the S&P 500 going up and up and up, especially when you ignore the drops in the S&P 500 and climate change, right? Okay. So this brings us, well, the drops only hurt like common saps that they don't hurt people. Like how dare you? That's a sexual harassment clip. Number four please. All right. she's, God. Up slide that in now. Good. The which is about kind of gauging long-term risk. He'd know that the it's the leader of of that car company that it probably is its biggest risk G you know governance and we'll probably continue to drag down that market cap. So I these things are complicated story and one more thing is that what that chart doesn't show is he had the Market's been rising steadily over years is that there are probably a thousand people working to mitigate risk along the way to make sure that there was a long-term viability to incorporation part of what he says, because that the clip 3 clip for basically more or less back-to-back, that is head of responsible Investments, Stuart Kirk at a response investment responsibly saying, that the S&P 500 markets will continue to go up and up and up and that's right after he says, no one can predict the future and no one knows what's going to happen. He immediately, he literally prefaces no one knows what's going to happen. But we can say that that chart can keep going up and up and up. and seen, that's how he This is why I always hate when I go to so many when I go to parties and I have to sit with all the here, this is what this is, what a lot of them are like. They're like this are my two big takeaways from head of responsible investment at HSBC Stuart Kirk head. Yeah, of responsible. Excited investment. This looks like 10 number one, Stuart Kirk just said the same thing. I was told in literally every meeting for with a portfolio manager. I ever had at msci over 10 years. I was told the following, you're an agent of the UN sent to ruin their my investing scheme, your socialist, your communist, your tree-hugging, hippie social justice Warrior nothing. You says matters because it's like 500 years from now you know nothing about my job. Do you have a resume? Because I don't think you're even qualified to be here. You lose me money, you can't say anything. I didn't know already. Those were all things that were said to me. he basically some of her, To be fair, I remember we did have that meeting and we were talking about Mellon Bank. I think the MLA and you, you did have that projection for 25, 19. Remember you were saying what, who the CEO would be in the year 2519? And even though I thought like, Matt what are you doing? Yeah, that's a little weird. I look back. And number two, Stuart Kirk said, all those things that were said to me at msci, for with portfolio teams, a research teams behind closed doors in public at a conference in front of the world. Hsbc's head of responsible investment, head of responsible investment, head of responsible investment, set it all out loud and it was awesome. That someone said it out loud. It is awesome to hear the truth that these people think that are the head of responsible and investment. Said out loud at a conference climate change, doesn't matter. That is great because you know why? Because now when you go to higher ahead of responsible investment, responsible investment, maybe you'll look at their resume and say, Wait. Do they think climate change matters? Or maybe you'll realize that all of those people, a lot of them are full of shit. and that's kind of, where are you saying that the Are you saying that the portfolio manager to this to you or people who actually had titles and responsible? That's all to you everybody I heard a very of this everywhere and the research usually the heads of research where like sympathetic in as much as they would say things like, I mean we like having more data, we just don't know what to do with this. So they be a little confused right portfolio, managers were these. I had a guy come in in a Hawaiian suit or a Hawaiian or shirt, shorts and Birkenstocks typing on his BlackBerry. Yes, BlackBerrys worth thing and he was typing on his BlackBerry didn't look up. Said, if you don't tell me something, I didn't know, already within the first five minutes. I'm fucking out of here. That was how I started the meeting after I said, hi, my name is Matt. That's how it started was. It mostly was it. Mostly men anecdotally that had this reaction was 80% men that had that the women were. If they thought that was quiet. What's the aftermath of this? I know that he was suspected, was the CEO of HSBC, came out and condemned the remarks, which is a little Rich. Considering it's not exactly, like you didn't know what you hired, the guy had zero ESG in his background. Also, this is what I want, only that but he was yes. So he was hired. Yes. You should know the person. You're hiring the, they sent him to the event and they sponsored the event, that's correct. Yeah. And according to the New York Post, can you believe in Eric post? I have no idea but they reported that sources familiar with the presentations planning told the outlet that its theme and content were agreed internally because she get it past legal without them. Looking at it. Oh, Here's here's where I'm confused though and maybe so maybe this speaks to what you're saying about portfolio. Managers all telling you that your unit that you're a loony Lefty but HSBC CEO Noelle Quinn. He's a he's the chair. Of the Financial Services Task Force of h. A h r h, the Prince of Wales, sustainable markets initiative. Okay. Which is that which is all about a group Committed to change a transition to a net, zero economy, basically agreeing everything. The opposite of what Stuart Kirk just said the CEO of HSBC is also a member of the principal's group of the Glasgow Financial Alliance for net-zero. Another group dedicated to just the opposite of what this guy is saying. And he's also a member of the world economic forums International Business Council. Which last year committed to, to the core stakeholder capitalism. Metrics released by The IBC. So so I don't know who My question you Matt is it is it all greenwashing? I mean that's what you're suggesting that actually. So I think two things are very real, which is number one. They knew what they got like that like suspending him and condemning him. They literally had to okay. It, they bought the spot. They mostly must have known what he was going to say, and they're condemning him and backlash, right? Like the backlash is strong, I'm sure they had clients call them up and be like this is not okay for the head of responsible investment to take this approach. I don't totally disagree with what he's saying in his much as he believes it. And this is how he was taught to see the world, right? Like that is actually how most of these people here. He's representing. He's representing a sustainability at HSB, who cares what he thinks? I mean, that's not his I wasn't, I mean, most people are never allowed to do that at Corporation well, unless they actually, you're anger. Well, that's why I'm confused. I mean my sense is that this was only sanctioned by like Communications and I'm looking at you, Steve John Chief Communications officer. Who is the like the whitest duty is person in this whole list of people is looking at because, you know, who didn't approve this. Let me tell you a little bit about the chief sustainability officer at HSBC. SBC, her name is Selene her wife. Here and here's her background. Matt a climate scientists and NASA fellow by training. She holds a PhD in climate modeling and policy from Colombia and as a visiting senior fellow at the grandthum research institute on climate change at the London, School of Economics. So now, this is great. This you think this one by her desk? The those people that had a sustainability, the actual people who know what they're talking about when it comes to something like climate. The tension inside these orgs, the PMs can control the money. The head of responsible investment response. head of They can control we just means he's responible, they get paid the most money, they are the center of revenue and profit at these companies. And then they are told by the people who actually have expertise in ESG, sustainability climate, who are the heads of sustainability, who are usually analysts, nothing fellow, NASA, fellow. I'm sure she would have said Hey Stuart, can you show up this up, your a hole please? Your bearded seaward, a hole, that's what she would have said, and she would not have this is at all. And again, this this is a gender thing, too. Because look at her qualifications and look at his that. I mean, what you told us he has no background in this none. I mean I I hate to break it to you. I'm actually probably slightly more qualified to be the head of responsible investment. I'm just saying that I, at least have a little bit of a background. That's it. Stewart is currently not the head of responsibility on. He's been suspended temporarily pending an investigation. Okay, well let me ask you both. This is he coming back? I think there's No way, right? I mean this is a this is a respect, the air horn. Let's move on. Can I just I want to just say a few more things he can't. Let's talk about Matt for. Okay, excellent. Although I before we forget okay I mean Emma did pull some stuff from LinkedIn though. Supporting there's a lot we can skip over let's just say that there are a lot of men out there that are very happy this morning with Stuart. I will read them as part of our credits. Uh, moving on our very own Matt mascardi devil, dog. McGaughey is the Bloomberg refers to It was featured in the Bloomberg, Green Daily newsletter. Call some call from a Bloomberg. In fact, they stole his quote, as the title of the article. There are no ESG stocks but we wanted to ask you a few questions about this article, okay? Curious, because technically you only have two fans and that's us, nobody else cares about you and what you just said you are. I'm sorry. So we're gonna we're Gonna fan, girl and Fanboy. You let's talk about it. Okay, so they talk about here's how here's what the newsletter says. As for the Tesla controversy that debate has centered in part on whether ESG focused investors should own shares of the world's most famous electric vehicle maker or not. And it goes on to say for industry. Watchers like, Matt McCarty watcher, And ESG consultant, who spent almost a decade at msci, the real problems with the question. So let's, um, let's let's start to unpack this. I mean I have a few questions to start in. Am I jump in, please? First of all my what the hell is an industry Watcher? What do you doing? What do you question? I basically sit around. And wait for things to be said about ESG that I can watch. Oh, so you're watching the ESG, the old? I thought it was industry. Just the world. She industrial complex. That's what it's where I watch. Okay. And They call you an ESG consultant. I mean, what's the? Who's the first? Okay, let's be real here. What who are you ashamed of loss? They know. Bloomberg a shame. Don't share like this airtime with free float media. So now, forever gonna be telling people, I'm from free flow analytics, which is the part of our firm that does its own product and oh, see Emma. We get cares about you. That's what it is. They call me ESG media. I think all of Bloomberg would love our Stuart Kirk takedown that we did on our previous episode. I was responsible investing HSBC. I think they would like that. Do you have any questions for so? You're an ESG consultant. Okay. Whatever. Fine. It also says that you have been. You worked for almost a decade at msci. Yeah. That's true. Almost, yeah. Almost Years. Oh, well, it is your LinkedIn profile. You have only worked, are you only worked at msci for nine years, and three months? So is there lying involved here? That's almost a decade. Emma. How do you say is that? There are no confrontational amounts in there and he's like a decade at msci. These feel like some fake credentials to me, I don't know. This is cutting. You just cutting journalism here. Anything, what else you got for him? Okay, so say there are no ESG stocks. I did you stand by the statement? I did. Yeah, I do. Okay, do you think that this statement makes people feel sad? Yeah, that's a good. See? This is a good question and I want you to take this from both perspective. Do you think people msci? You think it makes them sad when you say, no, you stop. I don't think anyone said about it. Oh, yeah, it's there. Do we decimal books? Yes. Other Dewey Decimal books? Yes. Can I get a Dewey Decimal rated spinning? I mean, there are, there are books about the Dewey dress. Sure their books about ESG investing too. But oh, I said what you're saying? She's a collection of data. So organized organizational, principal, it's not a thing. Therefore, you can't have an ESG stock. But Matt. Tesla makes Tesla makes cars that don't use gas wouldn't that means it's always an ESG stock it turns out and that's in fact false because when you put your brother on the board sexually harass a flight attendant and then discriminate against your Workforce, maybe that matters to someone too. But Matt, I don't want to pay attention to the SMG of ESG, I only care about the problem with ESG, you can select choose what you like. You. This is going off the rails. Okay. Any any other questions for our for the great, Matt mascardi who gets who gets sighted in Bloomberg. But again they refuse to say to our website, they linked to muckrack muckraker or whatever. Like yeah. Oh really. We don't even get, I don't know. I got a call Bloomberg. See, this is why, even even this is why even Emma's Mom, no one that's true. No, who does because of this to this. Any other questions, the great mascara last one for him is that you say, their it assumes there is a such thing as an ESG stock. There are no ESG stocks. There's just ESG data to use as justification for people's previously held beliefs. Dare I asked, who are these people? Who hold these beliefs? What beliefs are you? The head of responsible HSBC? Here we go. I know it's you come in, let any any person who sees the set of data then goes and looks through and find something. Thing that they think is a viable investment thesis. So if I think that the world is a cataclysmic ball of fire in 10 years I can use environmental data and then apply it to my portfolio and move and shift it. So that my portfolio won't be a ball of fire in 10 years but I can do that for worker rights, I can do that for diversity, I can do that for data security and privacy. I can do that for governance, I can do whatever I can do whatever. So if you're the head of responsible investing and your previously held belief, is that climate change is bullshit, then you can use ESG to not invest in Renewables. You sure can strip clubs, strip clubs and there's plenty of Target investors. What? Before we wrap up this amazing show, do you have any other questions for the great Army? Before we wrap up this other amazing show? Let's remember that. None of it matters because the stock markets can continue to go Forever, that was head of responsible investment, Damien Wallace and head of responsible investment. Emma lurking. As we go out here, I was Matt mascardi, we are free, float media. Subscribe to this podcast. I am going to read a few comments that were on LinkedIn from Stuart Kirk and his can't. Wait man, talking speaker man. Number one, Pat wholes said Stuart a hero for our time, man number two. Yes hero man. Know Peter M said, Thank You, Stuart. You are a hero for telling the truth about climate hoaxes. Another just climate hoax, our children will. Thank you. Number one, Diane Hall financial advisor at Gateway Financial. Advisors said, I agree. Wholeheartedly with you regarding the great crisis, looming, including cyber attacks, China trade, imbalance housing, inflation loss of energy, Independence Etc. I am sorry that you are probably going to be canceled shortly. The woke crowd. Only wants you to worry about critical race Theory, social justice and climate change. You are my hero of the day, managed to slip in critical race Theory right there. That was in anywhere in there. Good. People are good theory and to contacts where it's impressive work. You know, I've just learned. You know, I just wanted that the woke crowd so we're not allowed to actually fire anybody. So, so right we don't have. So even if you're not doing your job, even if you were hired as the head of responsible, as best thing at HSBC, nearly not doing your job and you're making fun of it, making fun of everyone around you and you even left out the part. Matt of the that he made fun of the speaker right before him marks. Yeah, Mark and Sharon's. Yeah, so even if you're not doing a job, we are not even allowed to fire anybody now, that because that's can't, because that's canceling, right? And canceling his code, I think, HR theory, that was the head of responsible investment podcast. We'll see you tomorrow. Goodbye.