Transcript
Hello hello. Hello. Oh, where's that live? From America's favorite woke data? Wednesday. It's woke data. Wednesday here at business pants, Junior College. Join us always by Emma who lurking and Matt CFA podcast mascardi. I'm a dollar 27. And today's start filled bag of non-competitive nuggets called June 15th 2022. Yeah. Another alternative democracy Roundup. And yeah, another anti-walk data around up from our ESG expert. Yeah. And I woke and all right, we got a lot to talk about. So why don't you start us off what's happening in the alternative democracy so that we bore everyone before they get to my segment? I got to tell you. I find this segment thoroughly exhausting. I don't quite know why I do it. Luckily proxy season's almost over. But once again, I looked like 200 proxies a day to find. Yeah, probably a hundred and fifty, Voting filings and then I dig in and I opened products I'm exhilarated at first, but then after a while, I'm like, what am I doing? What is this? So this is like now this is for all you ESG analysts out there. There must be a few listening this. Come on, right? Do me a favor and write some of this into your reports. Here we go. Let's start with better choice company. Remember, all this is real all. Can I before we even get into it? Why is every company that we cover now sound like Ron Swanson named them? The part of the reason why Choice compared the reason why I clicked on this one, I just love that name. Better choice company. First of all, in their vote, for the auditor only one abstained one, just one. One one said, I don't what I don't share. So I don't want to make a choice. I can't make a better choice. I'm not gonna make a choice. Do you just don't know? The other thing I wanted to point out was that there's a direct named John m word, the third, who founded the word in brown General agency. What a boring man? All right, moving on. There was a proxy contest as Spartan Nash led by Michelle am advisors. They got two directors Onto the board, according to recommendation from ISS a third, the founder of Muslim Jonathan duskin did not make it. Oh wow, they rejected the founder of the company tried to get himself on ISS was like, you know, get been. Wow, next year, oilfield Solutions. Nothing really going on here. But shout out to their board. This is a company based in Houston, Texas. A lot of companies moving to Texas. Matt, the Chicago, the Chicago Mafia is there like all leaving going to Texas. Caterpillar just announced today. So caterpillars going to Texas shuttle to next year or oilfield Solutions, only Board of ten. Only one woman they've had seven new appointments since 2018, only one woman. That's a rarity. Congratulations couldn't find any. Yeah, before you get too triggered. Don't worry, Amy holds zero leadership positions. All the companies top 11 executives are men, so You know, you don't have to hide those Playboy magazines, it's fine. Okay, everything's okay. William, Willis, Towers Watson. Nothing going on here. Matt was talking about some academic research on hard to pronounce names in his nerd alert segment. So I decided to quickly test the theory on directors Fumbi Chima. Matt, your research is right. Fumi has no leadership positions. I think it's fumbi see. There you go. Not promote, not promotable. She got power portable. Sorry. Target Target Corporation. An old white, dude named David P Abney. Received 99.3%. Yes, votes is this the woke backlash, everyone's talking about Matt I think wasn't David P Abney a character and Life Aquatic General, cannabis the company general cannabis met. We have another weed company named change. Oh General. Cannabis that General. Can I actually this General Electric, this General Motors? Why can't there be General? And there's like, yeah, I'm generally stoned right now. Shareholders said yes to this new name. It's called I don't know how you feel about this one trees Corporation trees satellite. I like a one bit. Did they chop down, trees? Are they landscapers? What is that? I will say this about. General, cannabis, or trees Corporation, they voted to have to hold say on pay votes once every three years Yeah, I mean every Year's hard there's no table of contents in their proxy. Both of these are that both these are through both of these are proof are how lazy weed smokers are and there's zero women on the board. Matt, they finally proved your theory that women don't smoke weed. Was that my theory? I don't remember that being my theory. I don't remember that. I want to Fleet core Technologies. Say on pay was rejected, get out. 64% of the most had. No, so there's a win. There's a win. Let's Builders First Source. Great. Builders forced Ron Swanson named Matt. There was a stockholder, there was a shareholder proposal that was approved. It was one requesting, short, medium and long-term science-based greenhouse gas emissions. Reduction targets. The woke or winning, right? That's what you're thinking. The woke up, I feel it. But not so fast. The company didn't the board. They didn't recommend against this vote. They said, oh, we're actively engaged and implementing our own sustainability strategy. So why the hell not? Yeah, they didn't vote against. Oh, wow. This is the first time I've ever seen a company. They didn't even make a recommendation. I've never seen this before. They didn't even say there were four or against that they're just like held up their hands. Like I don't know that makes that verse, because He's six, what was it? 60% was no, it was a overwhelming win. Oh, he's over. All right, over me is fine. So I guess the Walker not winning in this situation because the company agreed to it. Yeah. That's that's Yeah I'm trying to set up your segment. Here we go. Yeah. Oh Stellar job all birds. Here's a local alert. This is a vocal alert Nancy. Green was elected to the board? Matt know, not only is Nancy, is she? She's a she she is she's also a green. Now, I see what you did there, but that's, that's two. That's a lot of woke, that's quality content. Dream, finders homes. Here's their. Yes, their vote. They're saying on Pavo 99.99% voted. Yes, on Sam page. 99.99 99.9. Who's the point zero one? I actually, yeah. Look, if you are the points, 01 a dream, finders home to vote it against pay. Please call us. We want to have you on the show. I want to know why? I think this is another one that are proving that the Walker winning right? I guess. Because it's everything. Is proof, maybe. Yeah. Oh, Here's a good one Blue Apron Holdings Matt this company reported fractional shares to the sixth decimal place. You gotta love it. For example, Jennifer Carr Smith received 17 million of 530,445.909 415. And you know, and you know, when I was writing this, I was like, you know, there's got to be something going on at this company because they believe in math. They believe in nerd him and as it turns out there is something fishy going on a blue apron, Matt, 71% of the board is women. Oh no. Wait, did you hear me? 70% of the boards. Women only one white, dude. A blue apron. Only one. That's and and yeah, but that has nothing to do with the math. That's why I get my it. I think it might, the CEO is a woman. The chair is a woman, all three committee, chairs are women two-thirds of named named executive officers or women. I hope the SEC or Stuart Kirk, or Senator Steve daines about Montana is listening because we need an investment investigation. This is a political correctness gone wild. I you might be right about that. We need this investigation. This is too much, but when it comes to the vote, it's just because it's fractional shares that are sold mostly on Robinhood. That's what you have to respect. My Spidey ESG sense because it made me dig deeper to be like, what kind of a company reports for actually and then I found what kind of come company. One was moving with a ton of women. Yes, do it. Lululemon athletica a report on the Sherlock proposal report on the slaughter methods used to Procure down. That's quite a proposal. Yeah, I don't know that I want that report the yes vote came in with a resounding 7% said, yes. So I guess the Walker, The Walker still winning the, what's the woke are everywhere? Best Buy American Eagle eBay. Nothing going on caterpillar. We caterpillar the Chicago Mafia, they're moving to Texas. The Proposal requesting that the board provided additional disclosure of caterpillars. Climate activity was approved. The woke are winning. They pushed through Eco ESG proposal. But wait, wait, Matt, here's what the company says too late. Here's what the company said, the board recommends, a vote for the proposal, because caterpillar supports the goals of the Paris agreement and recognizes shareholders interest in climate change. So, what's going on here? Who do we get mad at here? Do we get? Can we still be mad at Larry? I want. No, I want an investigation into caterpillar and I know this guy. It's the company clearly cannot make their own decisions. No. And finally, I'm sure that's the adverb of your most most weight for during all my second. It's my favorite advert. Very missed G3 apparel group. Matt we have three more zombie directors at G3, apparel group, three directors, voted out by over 60% of the vote. But the board said they will not accept the resignations. Wow, I I'm hearing actually they can't do it. Yeah, we we didn't think about the the implications, the Twitter implications. If Twitter one of the larger companies in the world says no to of director who got voted down Durban. Yeah. Does that set precedent for, if your G3 apparel group for you to just be like, well, Twitter didn't have to accept the resignations. What do we care like, why have elections at all? I don't know. I mean every director that gets voted out could just they could just say no, it's free speech. Free Speech works both ways. I'm guessing just how it works. I just that's the important takeaway there. Go ahead, Matt, come. I'm gonna give you some missives from the end show and it's a long missive. Yeah. We'll continue to make headlines on abated. This week, Senator Steve. Daines of Montana sent a letter to HSBC CEO Noelle Quinn. Questioning the reason why HSBC suspended Global head of responsible investment? Yes, I said responsible investment. Stuart Kirk was suspended after he publicly live, streamed an event in which he said, climate change was overrated and he's much more worried about crypto in China. Gains though. I read the letter. Yeah. Really to lovely reader. It's really fantastic. It nicely. Lays out the anti-wolf Playbook. Here is your guide. And how to anti-woke. Are you ready for that? I'm sorry, here's your guide step one. Say rock. Alternatively say Larry Fink. Okay. Here's quote from the letter it appears to many many that Mr. Kirk suspension was in response to pressure on HSBC from outside partners for example, Black Rock Who owns 7.7% of the voting class now? He uses the fact that black rock on 7.7%, BlackRock own 7.7% of every company. Yeah, it's not unique. So who cares about that? This is the only quote in the letter of many quotes without a footnote about the legality of what he's talking about. Because he says that HSBC that being influenced by outside parties they may be legally prohibited from influencing management of your company. But Actually, yeah, I buy vaguely. Remember, isn't owning shares the legal right to influence management of the company. Isn't that? What the alternative to the whole point, right? That's sort of what you did? Yeah. All so please nor facts like this article, quote proxy voters, ignore environmental and social issues finds ESG research by Planet tracker. So they're not actually voting on those issues for those issues. Anyway, this we've known forever. Sorry, Stephen, we we already knew this. So Steve didn't Steve Steve Step two, you ready for step two? Yes. Step two is make an enemies list. Here's your quote from the paper Black Rock and others have made commitments and then goes on to list, Glasgow Financial Alliance for net, zero g fans, climate action, 100 plus series Net, Zero banking Alliance. Make sure you list some of people. So it sounds like there's a kebab, make an enemies list. This is the Peter teal Playbook, where he ranted against ESG, because it was just a bunch of like, woke liberals, making enemies lists. And then he made a list of the of those people who he on his enemies list and then this guy, he said senator from time, he's making his enemies list, making just list. You all you're doing Texas passes along, making lists of enemies of fossil fuels, Louisiana, making lists of enemies of guns, just make a list and yell at them. Okay. But we're on step three because, you know, have your list Okay, you said Black Rock, you've got a list then step three accused them of discrimination. Ooh. Well, as you know, this is exciting. As, you know, a key principle of risk management is establishing a culture where dissenting views, maybe, candidly expressed. Well, to the extent that Mr. Kirk speech, implicitly rebuked hsbc's environmental commitment as ill-advised. This should prompt re-examination of your commitments not silencing for pointing out. The emperor has no clothes Oh, that's right. Okay, I'm gonna leave that discriminated against Stuart Kirk for having a dissenting View. That's what they're saying. Maybe it was the maybe it was the way Stuart Kirk had a dissenting. I mean he basically went up there and made fart noises under his arm. He could have delivered it in a more professional manner. Might have also been that he was the head of responsible investment, right? I forgot about that. That part might have also played in step four state personal views, As facts. Well that's this is a 2022. Matt. Yeah, I've caught up to that. Yeah. So now we've got Dead. Black rock. You made an enemies list. You've accused him of discrimination. Now, let's say some things as if they were facts but they're really just views of my own. Net Zero mandates are quote, even if net-zero mandates were not exceedingly, unpopular, such a policy is technically unrealistic and unattainable. I just say that way. Can you parse this out for me? Even if net zero minutes were exceedingly, unpopped, what's going on here? I basically, he knows a poll from 2012. That says, most people don't want to pay for climate change. That's what he's saying from 2012, 2012. Okay, 2012. Yes. And what was the okay? Exceedingly unpopular exceedingly 60% at the time and then cites another poll from later where he said it says, one-third of people don't want to pay for climate change. So the number actually goes down but exceedingly just say anything, say exceedingly, he's saying, it's on, it's technologically unattainable. That's it. That's a that's a note on that one. No, that's just straight up. So, American Ingenuity, the pride of the great things. We have a job here in America, we can't do this one. Can't do it. This one's out, we have done. Not only. Is it realistic? Yeah. You not only are you being, but it's unattainable. It's never ever. Attainable know. Okay, goes on to say quote, there's a lack of scientific or public consensus it does. And is that true is actually isn't it like 90.9% consensus of this. Poor. I believe I believe it is scientific at this point. Yeah, I think we have 99.7%. Yeah. Yeah. And then he conflates the mortgage crisis with the energy transition. He basically just takes two Wings, put some next next to each other. He basically says, and 20 in 2008, like everyone stuck their head in the Sands about the mortgage crisis and now in 2022 you are saying energy transition, but that's just groupthink You just say you are talking negatively about a man who has a PHD in economics from Princeton, right? No, I believe he got an injury nearing bachelor's and lives in my Montana. Okay. Well, whatever, the Senate whatever, whatever. Either way, keep going. Um, then number five, we're on step five because we've done so far. Just to recap, as we've said, BlackRock we made our enemies list. We've stated, we've accused them of discrimination our enemies. We've stated all of our personally held beliefs as facts. Now we have to threaten our enemies, right? Yeah. Quotes when the excess of green ideology within financial institutions and inevitably leads to financial losses and resulting lawsuits, your action will be evidence of your industry's failure. Damn. I like to eat thing here because we're really starting to get into like the George Soros conspiracy whenever you whenever you were getting somewhere. Bill Gates has horns. Yeah, I like this. I like this. I like the idea. That I can have an excess of ideology. Like that's like, it could be like, there's too much of it, but too much of it. That's what the second urinals for. Yeah. But honestly isn't ideology just the belief system. How can I have too much belief system? Like I just have the I just have ideology. Yeah. Like excess and then finally, finally Demand ridiculous answers from your enemies. Here are the here are the requests of the letter quote did BlackRock or any other. Any other US based investor contacted was BC about Mrs. Beach. This letter is two black rock. This letter is 2 HSBC of course did Black recorder USB or any other anyone ever any USB investor? Any of them like a guy named Gus and his garage, did that guy write you a letter about Mr. Kirk speech. And if so describe the contents and actions that resulted from any of those Communications is Senator Steve, what's his name Senator? Steve daines. He's like Stuart Kirk's agent is he like master? Who is he? I don't what is going on here? I don't understand what's going on here is Heir, what's happening here? Okay, keep going and the second asked was did HSBC have any contact. Any contact doesn't know? Time Horizon any contact about Mr. Kirk's speech. With anyone on that enemies list. At all about the decision to suspend him. Did anyone say anything? About Mr. Kirk's speech. And then if so describe all contents and resulting actions, I'm kind of in steep dancing. The argument be Rewritten to, to why do we even have a head of responsible investing in the first place? Shouldn't that be an easier letter? But that is the letter he can't send. He can't tell a private company. Not what to do. Oh yeah. It turns out hugs out. When you're not an owner of that company, say of 7.7% of them, which he is not side notes here because that's our Playbook, Steve? James might have to write some more letters because I actually did a little bit of digging and his major Pac donors between 2017 and 2022. Include the following companies, who made Net Zero or carbon neutral commitment. Oh no. Okay, awkward. Yeah, UPS, 30000 carbon neutral by 2015 Charter Communications, 25000 carbon neutral by 2035. Yeah, Deloitte HP, Microsoft. Let me just put it this way. 60% of the PAC donations were from unions and lobbyists. The Other 40% that were corporate, nearly half of them have carbon commitments, like, carbon neutral. So we're talking about rough estimation, a couple hundred thousand that Steve daines needs to write a check back to them because this is an excess of green ideology. Yeah. Also, turns out he might be a fanboy. A free float. He says, he says this in the letter, quote, It is well established that groupthink can lead to sub-optimal even disastrous outcomes for businesses. He's talking about board. Saber metrics group, thank you to do. That's what we do. Yeah, maybe he could, maybe he could buy our product. Actually Steve. Yeah, give us a call. You want an enemies list will provide one for you. It costs 40 million dollars. I would say look I'm a capitalist. I'll sell it to take 30 million. Yeah. That's all I got on this. I have some more things, but I'm tired and I don't think there. We've done. We've done once again, we've done too much, we always do too much. That's do you have anything else to add? No, I'm thoroughly exhausted. All right, let's go to bed. That was Hitler's Club. Media come back tomorrow 4. I wonder what we're playing. Good game tomorrow. We plan on quiz tomorrow? Well, we're playing some kind of game or quiz or something. I yeah, for a woke up and when we wake up, we'll see you then. Bye.