Business Pants – 2022-06-10

The orange dancing. The yellow Tripp Road, baby. Live. What was that from the West Hartford Municipal pool swimming pool. What? Double what you land three. It's the Return of the data. Queen edition of business pants Friday, featuring the data Queen. And some of her favorite people. Maddie Overlord, Greggy. Pinstripes, and me dummy. Role Town, Emma is officially on lurk. Leave. Where the hell is he is? She's lurk leaving. Poor Emma. Not doing great. Are he's back? Oh, bring it back up. Bring it back up. Or do you want to tell us where you've been or do you want to just do the show? Do you have been Galvin painting? I actually went on one of those penis rockets and touched the WhatsApp. That's something different. That happens later in life. That's not true though, right now. Oh, you're just gonna boring vacation. That's all boring, husband, and my boring life. So you didn't sell us to Berkshire Hathaway. We're not all rich right now, yeah. Next up. Here. All right, when I go Oklahoma next, is that Oklahoma? Yes. No. Oklahoma, look for him in Oklahoma. Go to Tulsa and just go take a left outside of the airport, you'll find it. All right, here we go. Come on. This Friday, it's Friday. I'm excited because We haven't heard from our in a while, and I want to see how she handles. She already looks nervous. A big pitch later. To a potential client, is it? Yeah, friend of the show and potential client doing board, saber metrics, and re like, is she? She's mentally spent like the last 12 hours prepping. So let's see. Your yeah? Let this help you kind of loosen up this show. Come on, let's do it. Let's everybody loose. Yeah, got it. Okay, Damien start to show please. Yeah, here's the show works. We cover a story the week. Already does a good list of the week. Matt of course comes in with the ass holiest of the week. Emma supposedly does the irritating is of the week. We have a feature from Greg Larkin from punks and Pinstripes. He is. What does he do Stripes? What's he doing? I mean, he's an agent of chaos and we can have more agents of chaos reach out to us. If you want to be featured on our show, here we go. Come on, Story the week. Come on, yes, do it. Yeah, whoa. Keep there it is. I struggled here. Well, I looked it up. I looked at our daily Scripts. I looked at a lot of websites. I looked at, I looked at the Feedly news. I looked, I looked at all the headlines we tagged. It was a weird week. I'm gonna, I'm gonna come out and say I don't know what's going on. I mean like if you don't know what's going on well I don't know. I don't really know this week. Maybe it's the second maybe the Second Story will tell me why this the business news and headlines have been straight. But oh no, the first know, first one. The first one panic panic. That's my first three week Panic. The country seems to be even more depressed this week as a combination of all the Panic Financial panic. And I guess the start of the committee's hearing on the, on the Insurrection last year. Oh, I don't know. Anyone care about that. I watched it, but I don't know if anyone else cares in America. I'm really worried that no one does care. No, one does care. All right. Here's what they do care. They should. Yeah. But they don't they care about panic. I got a bunch of headlines in the Panic category, Dow Falls, more than 700 points today after it inflation hits, 40 year high A consumer sentiment plummets, Consumer Price, Index Rose 8.6%, I don't even know what that means. Gas prices in a nationwide average of five dollars a gallon. I officially spent 82.00 filling up. My Subaru yesterday. Know your mom's your mom know. Mine wagon. My oh it's a wagon. Not that I really care. I actually think God should be more expensive. I think people drive too much. I don't think the money should go right to exam. That's all another story. And I already said inflation accelerator, you as housing market is seeing its worst contraction. Since 2006, it's mortgage application is crumble High interest rates. Hi, home prices. I know that directly affects you are, but anyway, that's my I don't know. I think this is why every there's nothing else going on. Is this is just a hell of a lot of panic, Matt. Oh, you're not crazy. In fact, one of my I'm gonna front-run my own segment but one of my assholes of the week is shortages and it's it feeds into that. Any sort of just you have to tell me about that because I've yet to see a shortage every time I go to the supermarket, I'm like, look at all the shit we can buy in America. Well, that's why the asshole of the week, that's exactly why. But the headlines about shortages, constantly rolling out like feeds into this feeling. Like everything is going to shit. I got text from my wife, she's like ready to like quit her job because she's like, everyone's a jerk. Everyone everywhere is yelling at everyone about everything and I think it has to do with this panic. I think it does. I think it does just, I like this is what this is, what is better thematic, stories of the week. Sure, whatever. Then what's wrong with me? I met with our new intern AJ this morning. I didn't yell at him. I was actually rather Pleasant. That's your problem. You need to get with the Zeitgeist. Yell at somebody tell them, they're an ass. My second star only have two stories. I love this. Something is wrong. That is the story of the week Ari. I tried hard. I mean, granted, we were running a half hour early today. I tried hard. This is what I came up with power struggles. We have an inordinate amount of power struggles. Right. At the top of our biggest companies, not only our biggest companies market cap was better. Because companies that we cover here, we we spent all last week, talking about Sheryl Sandberg leaving, Facebook or Meadow, whatever you call it, a big news last night. Essentially, was that the number two. It Disney is gone. Walt Disney Company abruptly, fired Peter rice, who is the head of the company TV Division? I guess, I guess that's a Pretty big role over there. Bob chapek is been consolidating. This is ball. Bob, Matt not Bob Iger not Kendall Bob. He has been first holiday dating? Yeah. Go ahead that sexual harassment. We already established sexual harassment and yes, absolutely buzzed yourself. I don't like it. And then apologized to UK magistrates who are all balled and made that ruling two weeks ago. Here's the good news Ari is that he's actually being replaced. I was already set up my joke of oh a man gets replaced by a man at another big Corporation. He's actually being replaced by a woman Dana Walden. Oh Here's what's confusing is that they're saying that he was like go because due to a bad culture fit, I don't know how you read culture fit, but let me remind you that Disney is going through the woke war machine washing cycle recently and, and actually, to make it more confusing, Peter rice. Was one of the only people who spoke out at Disney against the don't say gay bill in Florida. Saying, in March that he saw the law as a violation of fundamental human rights. But like, this feels like one of those. We're going to find out later why? Yeah I want to find out like six months from now and in New York Times spread about how Disney is worried about you know, overly Democratic voices or they're worried about some other Scandal. He thing. Isn't that what happens? I don't feel like who cares, who cares news? It might be, who cares news? This this feels a little bit more, like the Zuckerberg stuff. He's just kind of getting rid of people and getting more power. He's just kind of like that Zuckerberg has all the power, right? Oh, not like that. And then of course earlier this week, the number two, at Amazon also left Dave Clark the sniper another culture fit I think that the sniper identity was saying that the sniper sucked. I think that's, that's what that culture fit was all about the sniper sucks. See, we don't get that from Peter rice. Because the reason why it's sort of a big story is that from everything that we know the TV division at Disney's been killing it, I mean, it's even even Netflix is stumbling so I so it Peter rice seems like a very odd person to have let go, so maybe Matt, you're right. But maybe this is a political maybe, I really think it's a don't say gay thing for you might be right. He might be too woke in Disney doesn't want to play in those games, right? But there's a bad look for Disney. If that is why, you know, he's not a cultural fit and he's been there for three years like wouldn't, you know, prior to three years? I don't know that he wasn't a cultural fit, right? So what has happened in the culture recently? That's why I'm saying, anyway, those are my two stories power struggles. We continue to see more and more power struggle at top than we usually see, Power struggles and panic. The story, I don't know Ari. I'm just yeah, did I forget? All right, if I forgot a story. Oh, don't make it. Don't make it longer. I don't want to hear I'm gonna go with panic even though I wish everyone would shut up about it. So people would stop panicking. But here I am picking Panic, it's panic. I think Panic is it? I like Panic as a story of the week. Okay, let's move on. Thank god. Oh, Ari's back goodly is the week. Finally, I don't know, are you? I know you didn't listen to these shows, but I actually filled in for you, some some weeks. I, I took it very seriously. I channeled the goodness of your heart. Oh, I mocked you. I openly mocked you tear yourself down right after two. I do that. What I was. Wow, it's a lot of raw therapee happening right dummy. Role town of beginning of the show, are you so, you know, I tore myself. Yeah. But, you know, he does it Ironically in self-deprecating as a joke Who knows? What's good? What's good? Story number one, McDonald's. Hires outside firm oh geez stop it. Just stop it. McDonald's hires outside firm to perform racial Equity audit after shareholder vote. I don't know if you remember. But yes, back in my only a couple weeks ago a proposal for an independent civil rights audit passed with 52% of the vote. And these are non-binding, right? So it doesn't really matter but it made a point according to Blackrock, when the coastals get around 30 to 50%, Of support 2/3. Of the companies will take action to partially or fully meet the requests of shareholders. I'm glad I'm glad you brought up Black Rock, you know, who did not support this vote publicly. You know who publicly did not support this vote and they own it 7% of McDonald's. Yeah. But at least it's still passed average support for racial audit is that about 46% right now. So, More of these are gonna happen. Oh, I couldn't find if McDonald's made this announcement. I couldn't find. Anything about them, making it public after the conclusion of this audit, like Airbnb. For example, I'm sure they will. Yeah. I mean they're gonna they're gonna they'll stand it first. They will also take the opportunity to use it as a, you know, like a PR tool, which is fine. I don't really care. Do your, the most important thing is the audit. If you want to promote it and make yourself feel good about a great, I don't know proposal that passed. At McDonald's. Once again, Matt, I'm gonna say this, I don't like, I'm thrilled it passed. I don't get anything in this world of our alternative democracy. You know, we have, we talk about this all the time. I do not do a weekly. Look at these vote. There is absolutely no pattern. I don't get it. I do not get no. Really, I don't fucking understand it. What, how when do that when they support something? When they don't support something? I black rock is saying that they're they're not gonna support anything anymore and this one's like, I don't get anything. I'm gonna, I'm gonna take a guess here and one day our board saber metrics might help answer this The ones they vote for are when management. They don't like them, when they manage them, when I think. And this is this is after what have we been doing this, 15 years, 30 collectively. I I think that these companies, the management of these companies in the boards of the companies meet with the shareholders and they have engagements. And when the shareholders walk away from those meetings feeling like that guy is a fucking asshole or that guy is lying. It is very purely a social dynamic or when they walk away thinking, I feel like I met a professional or I feel like the, you know, like I think they just seem like they know what they're talking about, no data, no, you know, nothing except I walked away from that meeting feeling, good versus I walked away from that mealing that that meeting feeling like, you know, that guy's a dick. I think they vote that way. I really, really do. Yeah, I, I mean, I, I appreciate your intuition Matt, but there's no, you have no data to back that up because here's the problem. Every other Cheryl proposal, as Ari pointed out failed, and the voters were happy with this board, they all they all pack, even Enrique Hernandez, they all passed. But here's the data that we do have and we don't have the data to show like they thought that Enrique. And this is great versus a dick. But what we do know is who's the most influential person on the board and we know how we get that. How do we get that? We where's that made it? We made it. That's what Ari does all day and we know how shareholders actually vote. So what you can do is you can line up the vote's that happened with who's the most influential and get a guess of. They must really like that, highly influential dude. Or they don't like them. Imagine a world in which you could say here are some decision makers. Here's how the votes happen. Let's line up the social experiment and say, if influential decision makers are not liked, do they get more votes against them? Imagine that. Imagine that is a study. Are you listening to me, BlackRock, instead of telling me some bullshit, you know, are you doing, it is doing a racial audit themselves or Yes, yeah, we really started doing that or I don't want to deserts. Yeah, we cover this when you're away there actually, they're doing one themselves but they refused to support it at the companies they own. I mean, nicely done, classic well done Larry. To put it bluntly that makes absolutely zero sense for the. All right, keep going. All right, number two, Or only number two, but for 20 minutes, women must have at least 40% of board seats by July 2026. Oh, e, Finally agrees after 10 year battle. Wow. That now so many did it happen today. It happened yesterday or two days. Yeah, don't you can have the show works. We, this is another insipid way for us to cram in more. Headlines every day we created this false narrative story of the week, so I love the week so we can cover shit that happened. I texted these stories to Ari, and then she can pick which ones are good, and then they end up in our show. Hey, go. What do you don't say? Do I have to say? I slacked you. What is there actually? Yeah. All right. Keep going. Tell us more about this headline. Really grabbed me? First of all, does anyone know why? 40% not 50. I do short here, we saved us. I actually do know the answer to this. All right, tell me. And I think that you could probably explain it better once you think about it because you're smarter than I am and you're a data Queen. But I think of as a range as a range there, you know, there's only if there are only nine directors on a board, right? So so for them will be about 44.4%, you know? And so it's a, it's a range. It's getting you, it's getting you right near that magic half number but you can't always have half. It's a little bit Shifty. It's getting it's getting you right at the bullseye of the dart board, but Arya is, you know, the bullseye is actually not the most, it's not the best part of the dark production. I would still like to think with 10% is reserved for the male ego all. So you might be right here, isn't that crazy 10 years? And I think it took 10 years because it had to wait for women to quit their jobs at home. Go get some experience and finally be ready. And now European women are ready. Hey, I think you just stumbled on it. The range idea. I think you just stumbled on like a mystical equation that I never thought of which is which is the average board size globally is 8 a 40% of 8 is not possible. Exactly. So you if you do, basically, if you, so if you have three board members who are women, it's under 40% that forces. You to make this percent of your board women. That's part of it without saying as part of the regulation. Yes percent. You said less than 50. So males feel like oh, we can still retain power. But mathematically what happens is actually, it's more like 50 and I've been towards. I've been saying this years, Matt, I've been saying this forever, you use the range to your advantage, always, eight years, I should never hurt. You say one time, said all the time, that's not even the best part. The best part was in the fine, print of this article, I read, which was, you know, the 5th. Paragraph, Europe has a two-tier governance structure as you know, which includes a board of directors and a manager board. But yes, yeah, a lot of law will require the combined makeup of both boards to be 33% women and this is great news because right now 30, 33% of directors are women, but only 8% of the management board seats. Wow, that's a triple like they have. You're gonna have to Triple that number. So. Wow, in the next four years, and that's been, and that's been the true struggle, as we point out here, to all the time, making everybody sick with with the boredom of our stats is that there's no movement in management. And any company us Europe, Asia no movement getting women. They're still cheering, they're still cheering stop cheering. Stop it. Shut up. Thank you, happy to come back to work now. Good work EU, right? Financial literacy in school. Oh, you picked this one. Okay, it does seem very Ari. This one, Michigan will become the 14th state to require a financial literacy class. Prior to graduating high school by next year, about 35% of students, Nationwide will have guaranteed access to a personal finance class up from 16% in 2018, do you like this actually? Yeah, I hope all gen zers come out of these classes. Understanding how the only way to go to college without getting in debt to your eyeballs is to bring down the system of overpaid. Administrators brand new useless Sports buildings in Michelin star chefs and dining. Oh, wait there. First of all where where are we pivoted? That one really quickly to colleges that are like overly Elite from high school to some made up College where there's good food. Whereas Okay. So This is, if that's the thing, it's true, it's true. And it's ridiculous how much colleges spend on food as opposed to. I don't know, not charging so much, it's crazy. I don't know what's happening. I don't know what took over our you had me. You had me pretty excited at the beginning and night and then you turned it into something else. No, it was it was just facilities. It was an angry. It was an anger pivot in the middle of good list of the week. I would like to actually thank for this one. I do we have to thank Robinhood for this. Why isn't effectively Robin Hood? The reason why we need financial literacy because the democratization of markets so that everyone has access to fractional shares and can play like gambling on their phone with the stock market. Now they they're basically everyone in the in the educationally universe is basically like well ship man. Like you don't know what you're doing, we need to just hungry. I think this comes from young people being so ridden with death. And now, because of avocado toast. I young people were ridden with debt. When we graduated, like that's not a new thing that people are with that right now. No way. That's I think that's revisionist, but it's good overall. I mean, this one's easy for me. Go ahead. It's women in 40% of boards. He has to be 206. It has to be. I've said many times. Now, I'm going to be serious for a second. The only way out of God, just the only way out of the nightmare of our world. I literally think this I do Ari, don't laugh at me. I actually think that the only hope we have as a species as a anything is to let women have a go at it. Officially know, really officially hand over control. Let them take a crack everything. Like, you know, like waiting for the beat to drop just no, no really like Finland as an example hand, over all the power like we, we screwed up, man, have screwed up, let them. So I, this is incredible and you're right, you're right. And not be penalized for it. And you're right. Yeah. How important it is that both of those boards in Europe, but the management board also is 33%. Oh, I know the math is a little funny there. You could have a 100% of your board of your regular board. Could be women which would be fine. I'll take that. You could still anyway but fine. I said that one too. Yeah, yeah. But PS. Our company, which is four people, it's 50%, female, and all of the management is male. Well, that's true. Well, why don't we just scan the reins over to Ari? Well, she's slowly getting her hooks in. I know she does own a significant portion of the company already. I just set up a meeting with you with the main administrator of schooling and the state of Colorado and your job is to get business pants to be part of the curriculum there. You, you have that meeting at 3:30, so, that's right. Heating with the big one. He wants a PowerPoint deck. Let's take a break from us talking and let's let Greg talk. Greg Larkin from punks and Pinstripes, gave us a punks and Pinstripes minute in which he ran about. Something that happened in the last week or two, that you should be thinking about, but you're not, here's Greg Laurie. Hey this is another punks and Pinstripes men with me Craig. Like and Elon Musk a New York's mayor Eric Adams both lambasted workers for not going back to their offices. Elon said he would fire them if they stayed home. Eric Adams said they were hurting the economy and taking away jobs. Hmm. Well, the major jobs report just came out and was pretty clear that both of them are wrong. The US added 396,000 jobs, the unemployment rate remains stable, at 3.6% and worker productivity is doing awesome. Thing. 7.9% inflation. Now that's a little scary. That's starting to inch upward. Hmm. So why would Eric Adams Focus on unemployment when inflation's the problem. Oh, I think I know why? Because his big hand pain. Donors were Thor, equities. Ferris dead the Durst Corporation, and Anthony Malkin. These are the biggest landlords and property developers and NYC. They really need people to go back to their offices because if they don't occupancy rates are going to spiral down the toilet. So here's a thought, maybe good for the economy. If inflated corporate real estate did, what Tesla's stock is doing and actually imploded, maybe that would put inflation down a little bit. so, If you're a corporate executive and you care about economic well-being and you embrace your civic responsibility, why do you treat your employees like grown-ups? Who can make their own decisions about where they need to be in order to be the most productive? Let's not fill our cars with fossil fuels. Let's not eat shity office salad. Let's not deal with bad lighting and colleagues that are too loud and make it impossible to concentrate. Let's ignore the civic responsibility. Advice of corrupt, politicians and narcissistic billionaires. So, if you're still talking to me tune in next week for another punks and Pinstripes minute with me. Greg Lark, as you always smiling. So happy about Not only is he always smiling but his minute is actually two minutes and 20 seconds. All right. Moving on, come on. You ready as holy is the week. Matthew. Come on as holy is the week. Number one. shareholders in their advisors, this is on the piggyback of Ari bringing up BlackRock before and Damien bringing Black Ops BlackRock up before, look this week, shareholders voted for Issuing, a Founder share to Shopify Tobias, lutke, that guarantees him and his family control of the company, basically forever, his family's built in there. They write his family in there and I say shareholders. It wasn't all the shareholders that voted for Tobias, Luke Key to not get that. In fact, some voted with him and speaking of Cheryl's that do ridiculous things. BlackRock clarified, it's not wokeness with the stewardship team issued Insight that said and I quote, we are not likely to support those the talking about proxies were not likely to support those proxies that in our assessment. Implicitly are intended to Mike Roman managed companies. This includes those that are unduly prescriptive and constraining on the decision-making of the board or management. Those that call for changes to a company's strategy, or business model, or a dress matters that are not material to how companies delivers, long-term shareholder value. So literally doing nothing. I'm going to parse this a little bit. They wrote this about climate change, proposals that were asking companies to basically stop melting our planet. BlackRock said not, it's too prescriptive. You're asking them to change their business model and it would hurt the stock price. It's basically like it's fucking 2002 again there and they actually have Justified their position by saying ISS and glass Lewis agree with them. That's what they said. And on this Insight, the whole, this whole Black Rock story, is not only is it, is it clearly annoying, but it is also confusing because I maybe just the business the reporting on it sucks, but I saw that Larry said, we're not gonna be the environmental police. This is where we get the. This is where the we get into acronym discussion. Again, I don't want to get deep into the acronym discussion. But he's saying that they don't want to be the environmental police but then there's also an insinuation that they're going to be against all. Like they're not being ants all the social justice issues but I don't actually hear Larry saying that. I don't know what the hell is going on. Matt is it? Like I think it says it's anything. There's a shade of pink that is like a little too gay friendly. Like how do what is the barometer for what he thinks is? Whoa like what where what is I don't I guess I don't really know where we are in our culture map like he helps anything that that does something like anything. That either helps us stakeholder group or is working towards progress is now considered woke and they mostly don't and have never cared about him employees, but they care. What they've reported to care about is the largely is the environment is because his letter, this is annual letter, it's in his letter, the flight time is climate change. He's saying that all the time and now this one in case, You were in confused enough. This one, they clarified by saying climate change is not only the defining risk, but we're not going to tell you how to do anything about it and ask you to do anything about it. If it means you have to change. That's basically what they're saying. I'm disappointed in you. Larry, I actually thought like, either. There's more to you intellectually. This is a mess, like, you're not forget Larry. There's, there's a lack of clarity here. I just don't really understand what's going on. They are blaming this on the SCC, allowing, for more socially oriented proxies onto the the proxy season. They are blaming this on investors who aren't Savvy enough and aren't thinking about long-term shareholder valuation. That's coming back to long-term shareholder value nothing. You know, how much longer term shareholder value have, if the Earth is melted, Zero its zero. If you're worried about, are the data, Queen can do that math really quick. If you were about shareholders, not paying it, enough potential to long-term principles, Larry want to vote against every pay plan that has a annual bonus plan. It should only have all of your Equity, all of your accommodations should be on three, five, ten year, I want 20 year, bonus plans. That's what I want to get rid of any know. I'm actually not kidding. I mean, I'm not either. They already have a base salary, get rid of the annual you're playing, you're just promoting short-termism by. I want you to vote and Jack Welch's compensation from 30 years ago because because GE had to get sold for parts because it's such a shit show does. Make a delicious grape juice though. Yeah, go. It does. Um which which brings me to Glass Lewis themselves? Who got mentioned here, glass Lewis actually suggested in this proxy season voting for All of Activision Blizzard's bored. Waiting out. Bobby coaching. Bobby coach all. All where did you from? Where you get? I got this information because Activision Blizzard themselves, actually responded to Glass, Lewis's suggestions. And the reason why they responded is they were angry with glass Lewis for saying that they should do a racial audit, but think them in the letter for approving of all of their board members. So glass Lewis has gone out and said all the board is fine but we think there's a culture of misogyny and sexual harassment and you need to do it an audit about it. The board is fine. Your management is fine. Your company is a fucking mess. Is what they said, but doesn't this go? Like I'm pretty sure this goes against glass Lewis's, core governance principles, which is that, let's start with the lead independent director. Robert Morgado, the dude has been on Activision Blizzard's 1997, that's that's 20 years. How know there are no corporate governance, research firms, including glass, Lewis that considers this to be independent in any way. I mean, so I again it's the same thing with Larry. Frank. I just don't know what's going on. Matt like, I like, I, I just like, is everything political now, like, every every decision. What about the political goals, you, I believe it was political, you would see some sort of political pattern This little, I mean, like, like, ignoring your voting principles, ignore ignoring what you claim are. There are proper corporate governance principles and to vote. The way you think politically makes more sense for your organization. I, this is why this all of this stuff we're talking about is why conspiracy theories exist? That's my anger, right? Because right now, all we have is conspiracy theories about Larry Fink. Now, the rights calling him that basically the next George Soros. We talked about that the other day. The left think he's not woken up and really, there's just conspiracy theories about like, look, his clients or who they are, and he's gonna make money from them. And all he cares about is that glass Lewis. How does glass Lewis make money glass? Lewis makes money by basically. They get paid by asset owners and asset managers to get advice, but they all make money working with the companies on how they can improve. Do we know if Activision Blizzard is a glass, Lewis client? Do we know anything about them? Do we know if I have clients No, of course not. Do you know like one of their big shareholders works with glass Lewis and they said to Glass Lewis no no we like this board. You cannot say no to the sport. We don't care if it goes against your principal. I just, I think it's important. I think it's important. I know this is just like deep corporate governance and here, I think this is important to point out and I hope so. I mean I know there's going to be someone at glass Lewis listening to us, so I'm speaking directly to the old version. Could be somebody the chair, the chair active. This is again, this is the this is the leadership that enabled this culture to persist for years and this is not like these stories are spine tingling in a negative Direction. So I'm going to say this is terrible. Story is coming on. Activision Blizzard, the chair of this board. Brian Kelly has been there. Since 1991 is 31 years, alongside with the CEO, Bobby kotick is also been there. Since 1991, 31 years. Those are the two people who run the board and the lead independent director has been there for almost 30 years. This is, there is no other situation that glass was would support this type of governance leadership its border directors. Morgado is my the head of the nominating committee and the head of the compensation committee. And the compensation committee has approved Bobby coat Dick's pay which is been huge. Like 40, 50% negative votes for like the last three years. We're Going to go around. We're gonna have to move on because this is like shareholder class. This is like this reminds me of Johnny Depp and Amber Heard. This is just like another strike against losing. That's what I think about you today. Close a lot of. All right, number two. Asshole is to the weak. Adam Neumann. Number one, that was number one. Number two, Adam Neumann. We covered this story earlier this week. Here's the story. Ousted wework, founder. Adam Neumann wants to put carbon credits on the blockchain with goddess nature tokens to combat climate change. That fuck face is raised 70 million dollars. That's dollars. That's not Chucky cheese tokens that he raised, he raised dollars and. Is there any more bulshit that you can Wade through? Then the following carbon credits, a market, so fraught with fraud and false marketing that literally no one takes it. Seriously blockchain. Everything is blockchain. Everyone talks about blockchain blockchain, this blockchain that now no one even know what it does or is crypto. Everything's crypto now crypto's where everything is and then he used the word goddess. A white male billionaire, who is the poster child for failure. Is doing goddess tokens. Goddess. Leave goddesses to goddesses stop. It just don't be such an asshole move. I feel like that's very ombre for him. This number it is this feels somewhere to another story that I would have picked this week. We're Jay-Z and Jack Dorsey are opening a Bitcoin Academy in Brooklyn. Academy, I'm serious. That is when Academy what? And then finally. Yeah, go ahead. I want to do the third asshole is shortage warnings talked about. You talked about Panic before, I think part of the panic, is this Panic. Yeah, here's this is these are these are headlines from the last week. Okay, unprecedented sriracha sauce shortage May last for months. That's right. Can I pause you on this? What what is the deal with Sriracha? Who cares? It's not even that good. It's not that spicy. It's actually kinda. There's too much sugar in it. I find it to be sweet. What's the deal? All right Sriracha, but I really model and it lasts three months. So this is there, a better, there are better. Hot sauces. I don't get the Sriracha thing. I don't get unprecedented. Do we have to use the word unprecedented in that? Is there anyone who's like, is there a precedented amount of sriracha that we should have? Number two, baby formula. Shorted, that is terrible for real people. But then the headline goes on to say exacerbates, gas, price paying for parents. Why is that? You think, because you're driving around looking for the baby formula gas do it, can you can you think of a more click-baity headline in which you're trying to link two terrible things together in the most terrible way like you shortage? Yeah. When we had our first child, we didn't have a car and I remember having to ride the buses all day, looking for a Diaper Genie. That was terrible. Not great. Was there a bus shortage at the time? I didn't really need a Diaper Genie, but my wife wanted me to buy one. Yeah, go ahead. How here's another headline, how the computer chip shortage could inside the US conflict with China? Great. So now the shortage is gonna lead to another War. Well, true. I learned a lot of the manufacturing of these chips is in Taiwan, right? And then Biden just have a very strongly worded message supporting Taiwan. So yeah, maybe we do have a chip Wars coming, it's just nonstop. How about KFC branches in Australia? Have started using cabbage and burgers and wraps because of a lettuce shortage, you know, how I feel about this one, I'm concerned by that but that's it adding to your panic because a little bit because you know, a burger for the lettuce. So like whatever. This is an awesome Australia. They might not really all Australia. Australia's different. They're very, they're very manly. A American Airlines CEO says the airline is grounded 100 planes because it doesn't have enough Pilots to fly them. We have pilot shortages. We have shortages of. I tried to get my kids covid boosted and there's shortages of Pharmacists at pharmacies. There's pharmacies don't have pharmacists anymore. There are none available. You know, there's a there's a solution for this. The CEO of Wiz are store, I did not include this. Week is actually getting a lot of backlash because he's telling Pilots to fly fatigued. He's saying that his workers should overcome their fatigue and that's the way of dealing with this pilot short of see that simple. That's a simple solution. Matt that just get wake the F up and get back flying. Is there a pilot shortage? Because they fired all their pilots? Even though he seemed your pilot was, there are because you're here. You're back again. Yeah, barely know. I think there's a pilot shortage because I don't know what? No, I think we're flying too much. People are flying. I don't know if you remember I don't know if you remember but they had to furlough and get and get bailed out US government during the crate. The pandemic. But aren't the the travel rates? Aren't they like higher than they were pre-pandemic? I think people were going a little of course, they are crazy. Yeah, I think people are spending less. That is the problem. It isn't shortages. It's not shortages and it's not panic. It's that everyone's an idiot and wants what they want right now because that's actually forbid and during the pandemic for seven minutes. You don't get the shit. You want immediately because you got to stay inside. Heaven forbid. Now you're seeing everybody be like I've been waiting for fucking year, for that diaper rack that I wanted on Amazon. Where is it? I'm tired of these shortages Diaper Genie. All right. Thank you sure Elites and their advisors Adam Neumann and shortage warnings. Yeah I don't care about this Adam Neumann story, this isn't very becoming of you. I feel like this is a hey I feel like you usually do better than he's mad because he's not racing 70 million dollars for his Carbon Tokyo. What are you waiting for about 70 million? Three? Float has building. Literally the coolest governance tool in the known universe board. Saber metrics. Yeah, he was much money. We've raised from investors Adam and get 70 million. My mom gave me like, like a token for a ride at because you don't want anyone telling you what to do. That's why. All right, I'm not gonna do Adam Neumann. This Shopify story is that I don't like that, but you just, I don't understand the story you've mixed in Black raw. I, how do I vote for glass, Lewis? Where do I? That's my vote. I'm really upset about, I don't get to call Glass Lewis to vote for you. That's how I don't get legitimately. You have to ask that first, as much as Emma and Matt, but this one is really irritating me. This class Lewis thing because again, just from sheer boring corporate governance principles that I know that they have because I've read them because we collected them back in the day, when I used to work at corporate governance, research firms, they would be against this board. Because you cannot this is not how you create board leadership. You don't do it with three entrenched white dudes from the 90s. It's not, that's against all their core principles. So to keep the leadership intact that that created, this this this den of sexual harassment is it's a solution should be embarrassed. This is embarrassing. How do I vote for them that? What do I do? Why don't we just say, glass Lewis? As that's my vote. Sorry. Again, with shortage warnings, just because those really bother me. He makes everything worse. It's like, so we got a tie, Matt, what we gotta tell us. If I'm gonna tie breaker, I think that, no, I think the asshole is sriracha, why Sriracha specifically, because that, that those headlines feel like, you know, those meat headlines during the pandemic, It feels like that. It feels like the only point of a headline like that is to make you freak out about some little thing that's pointless in your, if you didn't get Sriracha. What happened? Yeah, you know what, I have? Yeah, no, we had those this week, too. We covered those this week. Yeah, there's a member, they called it. They're coming for your climate change, coming for your pizza sauce absolution. For all you whiners about Russia, actually have a gastronomic solution. Get a ghost pepper, squeeze, it squeeze the juice, squeeze it, right into your eye, and shut the hell up. All Right. Moving On. Using he know I read that I read that. I'm not joking. That's it's an actual solution that problem is to something. I'm roughly gonna Channel Emma here. Although, as we point out every week, I mean, that's a really good job with these. So actually, I'm not channeling her because I didn't really put much effort. Yeah, you can't use things that irritated me and I'm gonna try to get this through job. He does. And I'm gonna try to get this through this quickly because I feel like we've been rambling, incoherently, all show. And it's kind of irritating me as the as the lead of the show. I believe you blaming myself This first headline is irritating for lots of reasons. Elon Musk wants 80% of Americans to be using Twitter, it's currently less than 12%. I just feel frightened in irritated by this headline. He wants. I like it 80% of Americans used Twitter, 80%, I like it with the headline that he's demanded all of Twitter's data so that he can like, read it all and see what you're doing and thinking. Number two, this just feels very um, I just feel I'm getting your toy. This driverless trucks to deliver toilet paper to Dallas, Sam's Clubs. It's a great headline, beautiful, right? It's really good. It's basically like William Carlos Williams. I mean it's very poetic but I just Emma would hate that, I'm back. Yeah, I I took the third story because it was also I agree with you. This Shopify shareholders, granting, their CEO, a Founder share. I mean he couldn't get more irritating than that, in our world of them here. But the last one is A story. EA staff. This is the gaming company EA. They, they were planning a walk out after company promises to. Okay, here's the here's the actual headline. EA staff Call off walkout after company. Promises to not use rainbow versions of company logo during pride month. Here's my bigger Point. Here's what I'm irritated by is Corporate rainbow logos in general, I enough Wow, that's all I'm saying. I'm irritated by it. Like really like And and I'm going to point out a little bit. Was that the point of the staff? Yeah there are six of the woke washing. Yeah they don't want the pride washing, they want them to actually like achieve something. Here's how the here's how EA Ah, they start off by saying, oh they're gonna talk about where we've been where we are and what we still need to do and they have this cute little thing in the pride letter saying, Are We There Yet? Nope. Are we better than we have been most definitely should you keep calling us out when we miss, please do? I mean, they don't take these issues seriously. Clearly. So why talk about them, really? I agree with the the staff at EA threatening that walk. I mean really like if you're gonna deal with these things do it like in a business way not in a cute. Like I mean again this is probably part of the problem why we're now in ESG versus non ESG work versus non-war because it's not treated seriously half the time I don't subject I think the look we even know that EA had a pride logo if not for like Instagram. Right. Like isn't that where they change it? LinkedIn. Here y'all social media. There are still these things called Billboards. I think they're from your age, there's no more buying a gay pride billboard and you. Yeah, you kidding me. Like there's more Jesus saves Billboards than EA gay pride Billboards and all I'm saying. Yeah. Is that you don't know about their woke washing without a distribution mechanism, for woke washing, and the primary distribution mechanism mechanism to lie to everybody about how woke you are. Is social media is, like, I find it to be the bane of existence. So that one here that doesn't irritate me. That makes me angry. Well, then you must 80% of Americans be using Twitter. I will also say to EA good job in your in your pride week letter. You have a nice big picture. This is from their actual letter. It's a nice, big picture I guess of gay people. That's the guess because they're all. First of all, they're all smiling. They're holding rainbow from now. There's a guy in a beard. Looks like me. There's someone with a purple ukulele. There's a there's a closed captioning thing that says upbeat music. They thrown at. Of the EA. I mean, this is ridiculous. It's ridiculous. I mean, no wonder we have an anti woke backlash because when corporations attempt to cover these issues, they do it like children. I mean, they're these issues, like children. And I just wanted to write is able to jump in so easily, because it doesn't seem like anyone's taking a seriously, look, credit to them because they did find they did, they were like, searching through images and they were like, what looks gayest to you. Yeah. And like, but not too gay. Like, we don't want to be so and they, they landed on exactly what you think that you would land on to put in a gay pride newsletter of a corporation. It's not the guy in the suit, who's like, just the gate guy, right? Like you know, who goes to work every day goes home, he's pissed at his husband for not picking up his shoes and, you know, peeing on the toilet. Like, it's not that gay guy. It's because he just looks like a guy. So you went out and you look for the ones, you look, they're gay. They look for mascots. They look for Mascots. It's brilliant. All right, that's all I got. If you are better at this than I am, you know, this is really disappointing for this segment. Elon Musk response. 80%. Wow. Yeah, well obviously, he probably wants 100% but just doesn't want to say that the shocking part is that it's currently only less than 12% for anyone. That's on Twitter feels like the entire world is on it right. That's part of that's because it's so there's so much shouting and anger that if it feels so overwhelming that's why driverless trucks, toilet paper, I don't care. Yeah, they don't care at all. No, I don't like, how do I care about this? Do you know? I just thought Emma would be irritated by this. Honestly, I mean, irritated by the trucks part and like Sam's Club AKA Walmart. But well where you're wrong are is that she actually beat your kid by everything. I basically said every word except toilet paper. Go with the one crossed out Shopify. Oh, really. Okay. Wow. She was the one that wasn't an option. Yeah. Okay. I'm going with the driverless trucks. Why why? I mean and I'm trying to channel Emma entirely here. Go ahead, I said the driving the father's you if you were going to make technology for anything, Would you be employing the most advanced technology you can to deliver toilet paper to a giant fat Warehouse? So that you can buy a pallet of toilet paper more efficiently? Is that really what we should be doing with our driverless truck? Yeah. What do you like about the baby formula? That there's a shortage of that. Why don't any of these headlines say like baby before me a shortage do too badly? Managed to do? I do we get to cover that ever Laboratories? They bought it. I like you all day. We covered a story yesterday where the there was actually a whistleblower complaint, a full year and a half ago that they essentially ignored horrible. Okay, so Matt, I'll break the tie. With E? I don't care. I don't even irritated by these things. No, I don't know. I I didn't do a good job channeling. I'm gonna agree with Matt. It is kind of hard to believe that this is what our technology, what we do with our Innovation. All right, so that's the winner of the week. That's it for the show. Oh, you want to finish off the show with anybody? Have anyone who won the week? I'm gonna start us off by saying the ailment that Emma has won the week, because it derailed Emma all week. So I think that I'm not gonna, I'm not gonna say why she's out. I'm gonna say, the reason that she's out is the winner because it really did a number on her. So, congratulations. That's, well done. Well done thing that derailed Emma. Yeah, Oreo, skips these. So I'm gonna say, I'm crazy. Trying to think of something. Yeah, what I'm gonna say the winner of the week was backlash. Like, like, Anti woke backlash. I just backlash about everything. It just seems like it's been a long sentence. Ron DeSantis is the winner. I mean, but it's not just that too because there was like, like, like there's been backlash about Elon Musk, buying Twitter and then backlash at Twitter and then Ken Paxton's investigating Twitter for Bots. And there's backlash about, oh, we parties. And then we part of that problem. I'm, we're a little bit angry at everything, so probably but we actually have a very consistent worldview, which is like, let women run the thing. And can we figure out who the assholes are in this situation? Instead of just talking about the situation? Get rid of the ass holes Like, that seems to be we're more solution oriented. Yeah, we're coming up the products. We're not just backlash. I have fun. I have one that go ahead. Go ahead. Are I think financial literacy won this week. I'm excited about the future for the yeah I can't even argue because this is your, this is like your category. I can't. That's what you want. I mean, it's a terrible answer but I don't get you get Too many. Know you're not class is gonna solve everything, you know, just like sex, ed fails all the time and like so sad that we should just have to do all this teaching but I think this is great. Oh yeah, which I mean, I do agree that it is great. We should look at those numbers. I wonder if those are all unfortunately. They're probably all blue states which is no, they're not. Actually know it's like Mississippi and Louisiana Mississippi's. A blue State definitely. All right. Predictions anyone? None of the northeast states actually Rhode Island is the only Northeast State in the list of Rhode Island still State. I don't know if we're not sure about home state. My name is Emma will continue to remain in lurk mode for some time. Are you allowed to talk about that? I I think that's our listeners that we didn't fire. Emma HR infraction. Yeah, we didn't fire Emma. We love Emma, we miss Emma. And we wish Emma well, but Emma's not gonna be here for a little while. That is what I'm saying. That's my prediction. I like predictions that I immediately win because I know My prediction is that already sings at some point during the show today? That's something I already happened twice. Yeah, I actually don't, I don't, I actually don't have a prediction this week. I I just was feeling empty. Yeah, I don't have one either. I couldn't take them. Oh God. You guys are totally lame. My prediction is, will be back again on Monday whether or not you want us. That is already the data Queen and Damian Ross. I am at Scotty, we are free float. If you want our board saber metrics, call us If you don't want them, listen to the show. If you don't listen to the show, screw you, you probably work a glass Lewis. We'll talk to you next week. Goodbye.