Transcript
oh, live. From the edge of the middle near the center of a Tootsie Roll. It's a Monday business pants. Joined as always by no one, there's no one here. There's no one else. It's just me, I'm Conan The Librarian. And today is post hangover Edition called August 15th 2022. Jamie Diamond tells us what matters and then nerds, tell us what really matters. But before that, we're gonna do, it's Monday. We're gonna do a catch up on the news first, so, prepare yourself because I'm going to walk you down. A list of stupid. All right, let's catch up in failing up news. Here's the headline. Adam Newman's real estate company gets backing from Andreessen Horowitz just to be clear. Adam. Newman's new company is called flow. It's unrelated to his other new company called flow carbon, which sells carbon nfts Both of those companies are funded by andreesen Horowitz and appear to be lessons and how to fail spectacularly, but still get a rich white, dude, to give a different rich white, dude, a lot of money. So there you go. Good job. Adam Neumann. Congratulations to you. Keep making it happen. In blow hard news over the weekend, hedge fund manager, Dan Loeb buys a new stake in Disney and pushes for an ESPN spin-off now. Dan Loeb is an activist investor if you don't know who he is, it doesn't matter. I can't decide if an activist investor looking for ESPN to spin off partially because of the gambling that they think could happen inside ESPN. Is this a woke or an anti-woke move? Either way, it's definitely a bob Iger is left the building and no one likes this new bald version of Bob investment. That's definitely what it feels like. But Disney cannot catch a break between Ron DeSantis. And now an activist investor can't catch a break. Oh! And then there was a little covid somewhere in there too in our speaking of stupid news. The SEC has approved a new investment product. Advisors, say proceed with caution, the SEC, just approved. What is called a single stock ETF. One stock where you actually buy a basket of derivatives related to just one company. This way, you can lose money like way faster because I know everyone is sitting around being like, how can I lose my money faster but effectively what you do is you'd buy a single stock ETF and Tesla which would leverage up your investment. So that if Tesla makes a dollar, you make two. And if that's a little loses a dollar, you lose too. That's sounds enticing. It's because it's not, but really if we're being honest, ESG is always been the problem, right? It's yes, a problem. Buying levered shares of Tesla. That's a good idea. All right, now we're on the same page in other fun regulatory news. Here's a headline Delaware, permits exculpation of officers, I'll say that in English because no one except for lawyers know what EX coupe. Patient means. in Delaware where most publicly traded companies are actually based because of that favorable tax rules, even though they're not actually based their Rule that took effect. Last week that said quote, that that okay quote permits corporations to eliminate or limit the personal liability of officers for claims of breach of their fiduciary duty or care. Basically board of directors. They can limit their liability for everything that they do. That might be considered a breach of fiduciary duty because I know, and I know you're thinking this everyone's been saying there's just way too much, accountability, a corporation's like way too much. So let's limit that. Let's move to climate news over the weekend. A poll broke fewer Americans worried how climate change affects them pull suggested. I want to take a minute here to thank America. Because your stupidity does not disappoint apparently now fewer Americans despite record heat waves record droughts record, terrible news everywhere, globally, fewer Americans. Now think climate change is a big deal and think it doesn't affect them personally. Then versus last year. let that breathe that in. Just sit with that for a second. Oh, also, this headline about the new American quote, heat belt First Street, Foundation, developed a map. And found a new heat belts, it's the area around the southern American borders, and it kind of goes up into the middle of America where 135 million people live, and the heat index of 125 degrees Fahrenheit, or 51 degrees Celsius is expected to be basically normal by 2050, they're now calling it The Heat belt. But don't worry, it doesn't affect you personally. Everybody in America Finally, I want to wrap up the news with Jamie Diamond news. Because Jamie Diamond says some stuff and there's a lot of it. Last week, Jamie dimon spoke to jpm's wealthy clients, that's basically what it said. It's their High net worth or super wealthy clients and the talking points have been trickling out over the course of the week. Here are the Jem quotes. I'm just gonna read you some quotes because that's what you need right now quotes from Jamie dimon. Here's a quote, quote, we should focus on climate, the problem with that is because of high oil and gas prices. The world is turning back on their coal plants. It is dirty or why can't we get it through our thick skulls, that if you want to solve climate? It's not against climate for America to boost more oil and gas. Yes, I just already in the background. Is shaking her head at that. Because Jamie. It's sort of is against climate. By definition. I'm if we should call Adam Neumann and have him make an nft to explain it to Jamie because That's the problem. Here's another quote, quote management by Hollywood Squares slows down, honesty and decision making. This is about remote work by the way that disappears when you do it from home because at home you tend to say okay, we'll pick this up tomorrow. People laugh. When I say it, I never did this, but a lot of people at home, on a call are texting each other sometimes saying what a jerk that person is, And we say we want diversity. When you come to work, it is a rainbow room. But if you live in certain parts of our country and go eat out there, it is, all white, you're losing opportunities to meet other people. I think there are cumulative negatives Jamie. Diamond is saying that, if you want diversity, you should come in to work. And using a solid Millennial and gen Z reference in Hollywood Squares. To make his point. Raise your hand. If you know what Hollywood Squares is. I mean, I do I remember that show? Pretty sure no one else does because it was crap. And finally here's a fun quote, just for the sake of it. Someone asked me, do you show gratitude to your direct reports? And the three direct reports burst out laughing like really not a lot but they do know. I trust them. I break my back for them and deeply love them. I gave them all a little pink box with biscuits in it to show some gratitude and they appreciated it next week. I came in I said I gave you that box. You appreciated it. You know what occurred to me. Ted lasso is giving the box to the boss. They don't give me that either. And there's the real reason he hates soon. No one gives him a pink biscuit box. That is our leader. That's her future, that's our future leader. People want that guy to run for president, I think reasonable Choice. I'm gonna wrap up a short show today with a nerd alert. Because there's no one else here. To tell me that I'm in idiot, about the things that I chose or tell the Nerds their needs. So, here's my nerd alert. Actually, this one requires little to no explanation. Here's the title. Employees satisfaction and long, run stock returns 1984 to 2020. Here's a takeaway, I will bury the lead. Higher Satisfaction by employees improve stock returns. That's it. There's no magic. There's no secret data sauce, it's your employees. Like going to work. Your stock does better. You don't have to take my word for it. You can take Hamid, boost and afar and young day King who are the academics, wrote this paper and they built it off of paper by Alex edmans from 2011. What they did was the equal weighted a portfolio of companies that treat their employees best. They the best is using the fortune magazine's. Top 100 companies to work for. It's that simple and the excess return was two to 2.7%. That excess return is between 1984 and 2020. They didn't choose some tiny little time period. They chose nearly 30 full years. 40, 40 years. Because my math is good. Does they, they claim that quote, the stock market still undervalues employees satisfaction and this new paper uses Factor models to eliminate other variables. So you're not looking at like some magical industry thing or some magical beta know. They focused in on additive returns and just in case you were wondering, Know, Amazon is not on the list. People's are so 2021 also Facebook not on the list, Apple, not on the list, there's no bowing on the list. That's right. There are companies that people actually like working for. Like, you can go home, you can tell your friends, I work for them. I'm really happy about it. That's a real thing. That's all I got. That's my nerd alert. That's an update from the week. If you like this, come back tomorrow are. He's gonna join me tomorrow and then Damian will be back on Wednesday, I don't know. Where do you mean is Damien's off galavanting somewhere? Apparently, his Kids or he's doing something College involved. I don't I don't surgery maybe. I don't know, I don't know what's happening. It doesn't matter. This is a company in which we don't communicate, but you can come back here and get our Communications to you. Starting tomorrow again. Until then. I'm mamas cardi People Media business pants. See you then goodbye.