Transcript
Hello live. From your mom's tiktok account. Oh, I don't want to be there. Yeah, what a terrible idea? It's business pants Friday here at January. 19th Street Studios, featuring Ari the data Queen. Lord of the BSC expert. Matt mascardi. I'm off off brand Oreos on today's weekly wrap-up. You know, the drill. If you come on, your fan, on the show story of the weekly is the week is the week. Exactly. You, come on, you know? Let's just do this. Matt has somewhere to go. Let's do this. You ready know where to go? This is our weekly Wrap Up, Show. Come on. You've used off off-brand Oreos like five times. Just probably need a new Right Where You Are. Hydrox, no, Hydrox are off brand Oreos off off brand or like, you know, trade Trader, Joe's, or whatever. Never had those Trader, Joe's. The whole JoJo's my wife is addicted to them. All right, we got it. We got a roll. I don't want any of you to blather on like the filibustering idiots that you've all become. So let's let's get to it. You ready? If you want to hear what we think? Go, look listen to the Vivic show yesterday. Let's start with oh I think of Vivica. I could have had Vivica one of my stories of the week. Let's start with story of the week. The majority buzz me in. I already did you already got your transition? Guys, another one. That's terrible story of the week. Reed Hastings. Stepping down from Netflix. Yes. Stepping sideways. Yeah, stepping sideways. You're right. He is actually stepping down as co-ceo to become executive chair, which almost sounds like a promotion to me. That is a better position? Yeah. And unusually Netflix is not appointing a CEO, they're pointing on a new co-ceo. A man named Greg Peters who has a bob Iger handsomest to him. Meaning that he looks like a very like Ken Dolly white, man. He just looks very handsome Netflix Netflix insiders describe the news Coast CEO as quote unquote. Hyper-rational that I don't know what that means. That sounds very airy sounds like money to me and a behind the scenes, Power Player, leading key expansions and adds gaming and more. This sounds like the downfall of Netflix to me like the like here comes the guy to ruin all the art. All Yeah, hyper-efficient and rational are not words that you want running an art studio, effectively, what I associate with Netflix or how Netflix affects my, but then, but then Netflix is like losing the streaming Wars to hyper rational. Bob chapek, right? He's gone. Matt, I know Bob is gone. All right, that's the point. How do I know this is one of the stories of the week, one of my dumb friends, and if you're listening, I, you know who you are. Texted me and said I got actually got a lot of text about Vivica, but I also got a text saying. Whoa, Reed Hastings left. Like he's trying to butter me up or something. Oh, he cares about my world. Yeah, that's, that's a little obvious. Is that? If anything that's a way for me to not want to be your friend, because I don't fall for those texts all the time. Number two store of the week, only, because it kind of, I don't know. I I hate we all hate when I talk about Elon Musk but I couldn't avoid this one. Elon Musk. Supposedly, there's a video from 2016, a Tesla autopilot video saying that the car drove itself. It was faked. Yeah, well, no, actually partially faked, I know, no one is surprised, Bloomberg is Bloomberg is reporting. That Elon Musk himself directed this video, there's emails to support this. I'm gonna remind people. That former CEO of Nikola also an electric vehicle car maker. Trevor Milton. Was convicted of fraud for essentially making the exact same video. Yeah, you almost himself said that, Trevor Milton. One of Trevor Milton's ideas was quote staggeringly dumb. That idea was not making the video. He didn't say that about that and one of the reasons what is so good he had to copy it. well yeah and why because well one years why, one of the reasons why Milton expected a fraud it was it was because it was like Lying about this non-existent technology to inflate the stock price of Nikola. And I'm going to remind everyone that Elon musk's pay package is all about the share price. It is completely pegged to share price market cap, share price that's how this idiot gets his billions. So I again Matt and I we talked about this yesterday, he should be in a lot of trouble for this but he probably was no way, there's no coming out. Now, this is from 2016. You said, you know, journalists are always working, are you? They're always looking for stuff. There's a little faster on this one. Oh, give me a break. I have a feeling that's gonna say this can't be story of the week because it happened. Oh, I like that. I like it. Don't don't pre-use my bashing before I get to use it. Come on. And finally, in my third story of the week, another CEO Story, one of our favorite. The prime minister of New Zealand, just send a ardern is stepping down. She's done. And why did I pick this? Because we talked about her a lot, and I stupidly considered Prime Ministers to be CEOs. And because the anti-woke one of which we had one of whom we had on the show yesterday, no Rama Swami, he's not anti-woke whatever. I don't want to get into excellent whatever. I want him back on the show, either way is fine, but the anti will already making fun of her. They were making fun of her teeth. They were calling her lazy. I mean, honestly, I don't understand these people. I really don't get what motivates them. I, if you're a woman in power, I guess they just start to crumble. I don't know. I don't understand. I don't realize. It makes them cry. That's it. Those are my three stories. I know we're trying to go along, so anyone want to Push this through and vote. Always been girls do this. All right, so I'm Vinny. I got it. I'm gonna go oh God. This just seems like exhausting Well that's that's another part of the show, that's Jesse's part. Yeah, you still the most thing from Jesse's part. So no, I actually do think it's a story that we actually talking about Netflix on my part. Oh okay. I didn't know it. Yeah, I'm gonna go with Jacinda. Just okay. All right, yeah, I'm going with Jacinda too. Oh, a double Jacinda. That means, my vote doesn't count. Yeah, but what would have? You said? I would have said Jacinda. Oh, okay. Moving on. So Story the week. New Zealand, prime minister Jacinda ardern stepping down our favorite. Our favorite CEO, from New Zealand, All right, the data Queen, you just got off a call being a data, Queen, I heard. Yes, I did. But I still have my three good list of the week for you. All right, what are he's here to do her goodly? Know she got three. Go ahead. All right, we're gonna start with apple. Yeah. CEO, Tim Cook. They're gonna cut his pay package after shareholders pressure. That's exciting. You don't hear that every day. So is this was this Post vote advisory vote from last year. They negotiated last year, I think about 38 roughly 40% of Voters, voted against the pay package, and I think that was enough for Apple to listen. And again, I know there's a lot of people would be shocked by that, but, yeah, they listen. Yeah, right. Supposedly, after that vote, and all the pressure on Apple, Tim Cook was just like, hey, why don't you cut my pay. So they're going from 80 million. I think it was what he was supposed to get paid to 40 million, but I don't think he's crying too much about his 40 million. It's okay. With it. I mean oh yeah it was a reduction in Long, his long-term Equity Target his Equity Target was reduced, everything else stayed the same, but the most salary of millions still find the most part was packaged. Exactly most part. Yeah. Which, you know, this is cool. You don't hear about this every day. So, you know, I'll say this to Apple. The only company that is so well managed. The only company in Tech and big Tech that they're like the only ones not laying off people. So so Tim Cook, probably willing to me, how that money up a share price. You cut the one guy who's the adult in the most? I don't know. Because his own path. I don't know if I, I know I've seen that Aria. I don't believe that his publicists just real good job. I don't believe that I will give them credit though. This, I think it's Apple actually listening to their shareholders, but I don't think Tim is cutting his own path. Yeah. All right. Number two, Bank of America. CEO says capitalism needs cleaning up with new Global ESG rules. The audience doesn't like I Don't know. Wow, that's so bad about that. I mean It's Bank of America CEO. Talking about ESG rules. Tell us more about this one already. Yeah, actually the CEO Brian. Whatever point in Moynihan he supports whatever they're being sustainability standards like right? Like one of the biggest. Blows that ESG gets is that there's no accounting for fuzzy science. There's no standard Fuzzy Math for how to account for things and like whether or not that should be a hurdle into actually counting your carbons, or counting your Workforce, or counting, whatever it doesn't matter, right? The it would be really super useful. If there was just everybody do this one thing and they just do it. So yeah. I like this, you know, believe this man. You think this is the ultimate Cop Out? Here's a quote. Here's his quote without that definition without that convergence. What you had is everybody to find it their own way. Somebody would think this issue is important or this way to talk about. It is important. And that was his problem with it. Yeah, it's called doing your job. Having an opinion. I'm not against this one. As you are met. I hate it. Because I he seemed to suggest that that he was, he was making a, he was hinting at the the efficacy of stakeholder capitalism movie. Before that, we do have to pay attention to the world and to stakeholder communities and that it's not that simple. Yeah, Mueller in Chief said the same thing and okay, it's true 16 but this is where this is how Revolution start. This is how I've yeah, Brian Moynihan, but I use many times with this thought, progress Revolution that take the guy in the time, you don't just change things overnight. So I agree with you, Damien. That's why I picked this story. Thank you. What else? You got Ari? Last but not least, Pfizer offers up entire truck and back team portfolio to Worlds poorest country at non-profit prices. That's seems good to me and you know more about this than me, but doesn't that sound good? Well, it makes me think what were they doing before? It wasn't aware that they were, right? People who didn't have any. I'm skeptical though like What are not? A cost price is right. Just call. I just looked at the call. Anyone have any insight into this one? Um, I don't know. Like the cross part to me isn't the Part that like is interested to find you offered at Cost, that's whatever. It's the part of the package is to offer like a wide range of like antibacterial. Like Stuff. And isn't Antibacterial resistance. Like the burgeoning topic of like, this could be the biggest problem like super bugs, effectively, giving the rest of the world, the ability to strengthen their superbugs. I don't know, some of it is good. I'm not saying it's bad because it's good that I don't know why like wasn't offered to them. But all so seems like there's an unintended consequence here that I don't quite. I mean appreciate the way that the world seems to be addicted to these stupid Marvel movies. Don't they want superbugs. It's not exciting for them. Yes, maybe they can defeat it with their new. Meds, before we vote on this, Matt, I want to sadly say this story that already did not pick, and that was this headline. I quit the NFL to trade Pokemon cards. Oh, I'm voted for that. I'm kind of surprised you didn't pick that one, but that seemed really good to me. I can't think of a better reason to quit the NFL than the trade Pokemon card. I love that much safer for Aries. Or can I vote for that? Last, can I like sorry people having access to Medicine more than Pokemon? Well, you don't get to vote. Are you so who wants to start up the voting? Sure. I Got great to me. It does seem great. Alright, I'm trying to figure out like wrap my head around. Why this could suck? Well, I'm definitely not voting for Brian Moynihan. Even if he did, go to my alma mater, you West West, Michigan State like that. it's hard for me, not to vote for fiser, but But I I'm like I'm tempted to vote for Tim Cook saying like, just pay me a little less. I don't care. Um, but I'm gonna vote for Pfizer, it's Pfizer. Yeah, yeah, it's fine. Sir. It just seems Seems good. Goal is the week. Five are doing a thing. That's all it took. That's all really. I like how we're speeding along. This is amazing. I mean, look, we're all of Matt's children is the really Ari. And I were on, like, several six-hour phone calls today. So, so, it's been a long day. Absolutely. It's the week. It's my, yes, it's my turn. um, In fact there are stop transitioning me in can't help myself there. There are three assholes to choose from this week. First up is Wyoming Republicans take a stand want to ban electric cars and this is true, this isn't like onion leaves nonsense. This is a real story, they have suggested that electric vehicles discriminate against their state I'm not joking. This is a real thing they that they've decided I want to say somebody asked me the other day. Like why, like they were really pissed at Corporate. America is not listening to conservatives, like did they're discriminating against conservatives? Maybe, because Corporate America realized that. You used to be the party that gave corporate or whatever one wanted America. Yeah. And now you're the party bands. Everything it does. You hate all of our You Hate Everything? You Hate free markets competition, all the fun, you hate everything, there's nothing. Anyone can do that. You don't hate so Fu. Wyoming for whatever it is that you decide to do. Like as if like telling people, you know, you can't have the car you want, because it discriminates against some fiction that we're making up is fantastic. And so I think you're that's the only thing you're capable of Wyoming. Like, I hope it's not the same for my state like when the lobster population goes away because of ocean warming, I hope we don't just give up as a state and be like, we can't think of anything else to do like, we're done forever. They did say one of the reasons why electric cars would don't work in Wyoming. Like these are like the footnotes to their main argument about discrimination were everyone lives so far. Apart that you can't get to different places in an electric car. What does that camp you? Real don't want to invest in infrastructure. Yeah. Right. That can't be real and that was Jesse, which was they don't have a lot of charging stations. Okay, right, and you write and then they don't write, you can't. Just go get To put charging stations way too bad. That's just sad Wyoming. That's just sad. Option. Number two, US companies. Spent over one trillion dollars, buying back their own shares. Last year as they Shrugged off, fears of a recession field crash. I will say the time to do BuyBacks is when your price is depressed. So there is a logic to this a logic sure. However, but this is the same year. One nanosecond. Before you said, we have to fire. Everybody who works for us. One of you doing. We have to hike up our prices. Is there a reason why as a company you can't just keep some of the money in case, something bad happens so that you can continue to play your employees. Why is it always the case that after something bad happens? The headline comes out that they bought back a tremendous amount of shares. I mean not to make this like a real conversation. Yeah. How dare you but is part of the problem here that the like named executive officers CEOs, so much of their pay is tied to equity. Is that part of the problem is that there's there is evidence that that is the case, but it's not them. Largely making that decision. The board has to okay share by backs. I like your fantasy that the board is separate from man. I'm just saying the board has to okay, the share BuyBacks and investors demand it and like it and want it. They do not vote against boards. Who give them share by backs here, he's like cycle. You mean, the boards that in America Like 99.9% of them have the CEO of the company sitting in the boardroom staring at that those boards writing recommendations to the investor can have colleges the investors don't have someone in the boardroom and they investors. Don't penalize companies for share BuyBacks, they enjoy share BuyBacks. So I'm just saying, yeah, there's a large complicit cycle. Um, and last, and this one, if you don't all vote for this, you're all jerks, open AI, underpaid 200, 200 Kenyans to perfect chat GPT, then sacked them. Oh, So that doesn't feel, right? That is the biggest thing that Microsoft just spent 10 billion dollars to get was billed off of the back of 200 brown people in a country. No one cares about and then they got fired right after they perfected it. Why couldn't chat gbt perfect itself? Why do they need the Kenyans? Because it's not AI. So much as programmed. Like off of Kenyans, I don't know. Yeah, but of course, it's the same like, Cisco or an hour or something, based Silicon Valley, based company spending one dollar and 32, cents an hour for their content. Moderators as contractors, that they immediately fire. Once it's good enough and then they could sell it to Microsoft for 10 billion dollars. Is there any chance that this story by being out? There could help these people get paid now, like, get some kind of a severance package or something. Well, I find me to go fun. I would say for like the tech Pros that are really deep into like musk and in like that like Circle everybody who like thinks that they're Geniuses and idolize them. Yeah, they're not Geniuses what they do is the same thing. Everyone has ever done for the history of humanity, which was used, cheapest labor possible to achieve something to make you the most money. That's not genius. That's called The Human Condition and it's a form of slavery. I'm just gonna put that out there in the world. Those are three options. Wyoming Republicans Banning electric. This is a tough one. I kind of hate all these people one trillion in BuyBacks, prior to recession, fears and open AI using Kenyans for a dollar thirty, two an hour to get 10 billion dollars. I don't know what's going on in Wyoming. What mattress told you? Maybe they don't have car dealerships before. A lot of ships. It's just not enough. Are you want to go? Yeah, I'm gonna have to go with. Openai on p200. That's just that's just crazy. I'm gonna let you know how hard is it to just give them a thousand dollars. Like are you kidding 10 billion for Microsoft know? I'm gonna look bad luck, this, they don't clearly don't have a publicist. Oh, the chat GPT itself is its own Publishers, can they just ask them? Well, just hold them. I'm gonna let I'm gonna make Jesse break the tie because I'm gonna not vote for for this because oh, only for this reason. Is that, I think all of these corporations that have multinational Footprints, do this. Yeah, unfortunately I mean I would I've witnessed it firsthand just because everybody does terrible. Not still an asshole thing to do. No. But I'm really, I got all of the week, so this, it's them next week somebody else. Well, technically they did. They did this like a while ago. I'm really fixated on these idiotic Wyoming. Republicans this to me is like I don't see like my jaw dropped when I saw this like their, their, their anger at everything except for what they know is really startling to me. And I I really I I rechecked this article like four different ways to make sure that it wasn't fake because it just Did not seem real to me. It's it seems It's Preposterous Preposterous so I just I don't know. It enraged me the most so I'm voting for Wyoming. Republicans trying to ban should remember those people, okay? They must I don't think they're okay. Jesse you want to break the tie? Yeah, I'm doing open a, I hate labor and Justice. Okay. That is the correct. Yes, Wyoming don't love lamb and Wyoming just for context sake, Damien. Wyoming in 2022 bought 228 electric vehicles. The second lowest total of any state in the United people in the pot, the people what is like? Yeah, there's only three people living there. Jesse the money Whisperer. Oh yeah, I'm gonna try to exhaust us. She got the most exhausting of the week. Yeah we got about 10 minutes all right first headline green washing make space for diversity washing the newest 2023 Trend it's so sad. We know this is happening right but there is a study out of Stanford University and three other universities but they're too small to name apparently study of us. Public companies, probably Matt's Matt's College. Probably you guys public companies from 2018 to 2021. Confirms that corporate leaders who talked the most about diversity benefit from greater investment in their companies by socially conscious funds, even if hiring and promotion efforts are lackluster. Matt, maybe you can help me out here. These funds all these funds. You just talk to a fund. How come they don't like, do their due diligence? How? Come, they don't look into things? What are they doing? Look, this is where I'm gonna agree. Painfully with Vivic. Nobody does any work? We don't like it wouldn't be that hard for a fund that was socially conscious to go beyond what the CEO said in an interview or one policy that they came out. This is crazy and ask a follow-up question, which would be linked your pay to it or do something really show us performance. You disclose more and they don't mostly mostly they don't. So disappointing. Well, this is exhausting us. Yeah. So yeah and according to separate research out of Harvard, diversity washing may not only steer investors wrong but also could be allowing some CEOs to boost compensation. Unfairly, of course because they're pay packages are linked. So just to put a cherry on the top of that exhausting story pile of myth. Yeah. Can we can we quickly Rebrand? I don't like, diversity, Washington. Can we Rebrand that quickly to like it? Something was around ceiling. That was when the sound of that, people didn't, like, people of color, couldn't break into management, and we called it, I think you called it. Like, I washing, you call it, like, I washing or something, because their birthday wishing. Yeah, I don't know. Well, anyway, I'll have a thing all the thing. All right. Okay. Number two, Jesse story. We're circling back to Greg Peters. Yes, no CEO Netflix. Yeah. So while they offer rampant within tech companies, Netflix new CEO. Greg Peters will make out big time. This year, he is going to rake in an annual salary of three million added to that same as Tim Cook, same as Tim Cook Already, There You Go added to that annual stock option of 17 million and he's on track to receive estimated bonus, a 14 million. So we're exactly what matters making here. If you exactly What's my strength? My take home this year. So he's gonna make 33 34 million in a time where major tech companies are carrying out Mass layoffs. So I did a little calculation. Yes. Oh populist math. Whoa, It's been reported. That Flex has cut 450 jobs. The average salary of a Netflix employee is 124k. Don't hold me to that. That was a quick Google search, his bonus, Peter's, bonus alone, 14 million. If real, if reallocated could have saved 25% of the jobs over oh I know. But those are those were people were talking about Greg heater. So if they cared this is what exhausts me like. Your priorities are just so misaligned. I hate it. This exhaust me. All right. Welcome to the industry. Thank you. They were excellent people's not pro. Excellent. All right. Okay, my last my last story Matthew price Your Privilege is showing. Whoa I don't know. Matthew price is yeah cloudflare CEO. Matt oh Matthew prince prince. Yeah cloudflare On cloudflare CEO Matthew princes. He is kind of excited about an upcoming recession. Yeah, I like this. Yeah, Central startup, boom. It might be a good time to invest. Companies, may become more efficient and some of the strongest Talent is hired in recession. We are already know that recessions and layoffs, disrupt, diversity, and Equity efforts. I just think this is such a narrow-minded thing to say and I would never want to be publicized or quoted saying it. Not that I'd ever Jesse. Will you give him credit for saying it out loud, though? He had four reasons to be excited about. Forget your heating bills for a reason. I know. So hey I'm excited. This is the first time I'll be a full blown an adult and a recession. Your full blown adult is there proof about? Yeah I don't think so no I had some studies behind this but to save time I mean I think we can all see the absurdity in particularly that ridiculous thing to say who actually impacts all the publicist. I like to go. I like CEO Matthew Prince though it's a great CEO is a good CEO name. I'm gonna go because so diversity washing is is That I know it's exhausting as of the week for Jesse because she learned it this week, but but it is it is literally like the thing that's been happening for as long as I've been in ESG. I guess I can't do that one. Greg Peters making some money. That was bound to happen. Here's what I want to tell Matthew Prince, though. Yeah, I'm looking forward to this. Yeah. Matthew Prince. Yeah, study was done in 2020. That showed that in a recession, the mortality rate globally increases by 0.5 deaths per 1000 people. 4.5% above the mean, it increases 4.5% more people die because they have less money. I'm glad you're really excited about the startup. Boom or wait. Oh, companies will be more efficient. They'll be a fishing on the, on the backs of dead people. That's what happens. People, die. You're excited. Don't be excited about a recession. You idiot. I'm don't forget it. Yeah, I forget. Don't say it. Don't be excited about it because it's not that exciting. No. Okay. To be fair to Matthew, Prince, CEO club for he said, kind of excited. That's not, that's not fully there. Not fully there. Take it back. Yeah, particle about this excitement that I'm kind of I'm kind of exhausted by your kind of excitement. How about that? It's hard not to vote for this one. Just I gotta I gotta I agree with that. It's kind of because the other two were a bit more used to being jaded ESG people but but this is refreshing. I love. This is refreshing. I just love the candy. I just think it's amazing. Like, I just he's reveling in this Optimistic, yeah, congratulations. Yeah, I didn't even say that number is a global number when you do populations of color, particularly in the US or places, where income inequality is very, very high. Those numbers are exponentially larger. So like, why don't you get kind of excited about a bunch of dead brown people? Why don't you just say it like that? And then it's not so exciting to the race conversation and I initially had your white privileges showing but we didn't have time to get into it. You know what time All right. Are you want to weigh in here? You're both doesn't matter, but go ahead. Well, I I'm gonna go with that one too. And I also find it exhausting that he can't commit to whether he's excited about her or not halfway, I guess that's it. I guess that's a human. That's the human part of him. He knows that you can't say he's fully excited. So he's that's the soft touch of Matthew Prince, write, whatever, dude, pick a lane. Yeah, congratulations. To Matthew Prince Cloud. First at you because, you know, on our radar. So that means we're gonna make fun of you a lot going down, the road. This is fun for us, good for us, that's it. That's the show before we get out of here. Anyone have any winners or predictions? Yeah, I'm gonna say that apple on the week. Okay. I like this. Why Apple they went every week? Why do you why them? They're just all the Press about. Tim Cook cutting his own pay. It's just everywhere. It's really getting to be people. So, they won. Now, they did not who people who won the week, are people who make real commercials, which apparently is not a thing not. And now we're finding out, it's not. And, and we're gonna find out industry would tell you that they've been faking it for. Well, that's the thing. Like, like we Damian, and I spent months talking about that Burger King commercial where the burger turned to mold and that they were very proud of it, because that showed that it was real because before it wasn't real. I actually think that like, that, we're now gonna go through. We're gonna, like, celebrate like, oh, that was that car? Commercial that car, just drove and it drove the way it looked. That's gonna be something that we like, that's my prediction. My winner of the week is Vivek ramaswamy because he got to meet us, he got to be in our shows true. It's true meeting us is a victory, is it feels like a win for him? It does it really though? I think probably not. Are there. Jesse never has a who won the week. Do you have one this week? I think it's the nature of my segment. I oh my God. I love that self-promotion. I like it. I like that. My segment is so exhausting that no one can possibly predictions. I I have one. Yeah. Musk loses. This trial. A witch trial. Oh, he's on the for the 420 one. He's gonna. Oh yeah, he's gonna funding funding secured funding secure, that trial, that's what it was. My prediction quickly. The next prime minister CEO of New Zealand, is another woman. Oh, back back to back women, you know, leave it rolling New Zealand. Keep it going. And I know who it is gonna be mellody Hobson. Of course it is. Is that possible? Is that legal? I think it is. I don't think you have to be there or New Zealand. She has to be caffeinated, you have to be highly caffeinated. Anyway, you have to say it like you're from Massachusetts too. Got to be caffeinated. I was It. It's Damian, Rawl is and Jesse the money whisper and re the data queen. I am Matt Florida of BS. We are free float. Come back next week. We're a Vivic ramaswami lists week next week, maybe he might want to come back next week, but you should still come back because it's still worth listening to until then goodbye.