Transcript
Hello live. From the ESG white noise machine. Ooh that I like that. Oh, goes both ways. Yeah, it sounds racist today. It's yeah. Another musk build Monday edition of business pants. Join is always by our lord of the BS map. Mascari. In today's ESG ruffled bed skirt called February 27th, 2023 sexy story updates and a Warren Buffett. Pen pal time, yay, whatever that mean, it wasn't. Yeah. What is that the Letters Out? Okay, good letters out. No one cares. No one cares about us. We have so much to cover today, that maybe we shouldn't hear what you're gonna say. Now, I'm not gonna say anything now because we're gonna cover things in Stead. So here we go. Unfortunately, let's start at the top, although I make the top. So what does that even mean? I could have made this the bottom. It is the bottle and the top. Wow, this is the bottom of it all in the top of it all. Let's start in the category. What date Awards. One of our favorite here and my favorite Dilbert. Dilbert comic strip cut by Publications over creators racist rant. So we okay first of all once again. We're in the front of everything. We covered Dilbert back in the fall for his bizarre anti-esg comic strips. Despite the fact that he was very much Pro ESG for, that's what made him famous for years. That yeah, he doesn't really understand what. Yes she is. We started to understand that anti-esg was actually, just code for anti people of color and anti-woman. Yeah. And I mean, we that That's not really incite know. I actually if you read all the all the stories about it it is inside people don't, that's sad. They don't make the connection quickly enough but it's full circle, Dilbert Creator, Scott, items called Black. Americans a hate group said he would no longer he would no longer help block Americans and that white people should get the hell away from black people. I mean, this is like in the jokes in hot. This is what Vivic wishes he could say, right? But as a politician, he has to kind of headship by saying, you know, don't invest in Vanguard or whatever he saying, I don't know what he said. Oh, you just vote out women in a two to one race and you say the thing most ruining the bottom line is racial Equity audits at ya. Yeah, at a fine Tech, firms or whatever at Honeywell like there's, you know, the biggest problem at honey should be laughing, but yeah, here racial Equity audits. Uh, yeah. Yeah. This was not a great weekend know. Depressing. Did you want to erase this? I know. I noticed that you added something to the store. Did you want to say something about about Dilbert? Just eat. There was a, there's a new strippy put out today because it's still got the website. Still got the website, his distributor, just dropped him today. A bunch of newspaper dropping. I think it's over and that, that regard the newspapers so over. Yeah, he's this isn't his first sort of semi racist or full-on racist screed though. No, this is not new. This is not. Yes. So, um, but I figured he would address this in the comic strip today, considering what's happened. But didn't know it's no, no mention, no nothing, the comments instead, decided to mention it. So in the strip they talk about like like a basically. It's internet Guru. You know buzzword speak. Okay, things that's right today after that's where he went today, right? This weekend, okay? Infinite energy of being being vibrates through the timelessness of the quantum field, like she's just like making up Buzz words, classic Dilbert. Here is one choice quote from a Reginald Bean eater which I actually sound familiar. Have we not featured that? I'm gonna look at our archives that sounds like a familiar. No, seriously. Anyway, keep going. I looked up the name because it's in and of itself racist, so and he's posted a few times on something called like American Renaissance. That's right. Yeah, which is a effectively, a white star. Being attacked in this country website. Well, you get to the you know, I will say this guy, Adam said in 2020 he said that it was the third time he had lost his job for being white. I don't know, I don't know the three times, he's referring to one time. Talking about TV show, but that was three years ago he'd already lost a job three times for being white. Anyway, keep going. I don't know. That was the whiteness so much is the not that interesting anymore. But the Reginald Mr. Reginald Bean eater and again apologies because that's fairly racist, but that's is that's what he wrote just agreed that. Nothing he said was wrong, nothing was hateful. No more hateful than the quote, millions of black murderers rapists and writers running loose in this country millions. And they're enablers and culture and media who promote anti-white hatred and resentment. Okay? That we stopped reading commenters on that. I'm just saying that but you're gonna cover more comments. Yeah, you know, where we're all. So at, we're at this, this next part of the Dilbert story and this headline, Elon Musk? Yes, that's right. Elon Musk. This is where it's relevant to us. Well, it's all relevant to us all relevant. Scott Adams did have a very pointedly anti-esg scribe and Elon Musk CEO of 35% of the S&P 500. I believe he sighed with Dilbert. said that, the said that the media, Is racist against white people. There you go. That's in a nutshell chairs. Think Elon Musk is also posting on American renaissance.com or whatever. So, for one of our four full-time employees at free flow, have fun in your husband's Tesla. I don't know what you're waiting for. It's not just selling that. It must still have a good resale value? No, I mean, this is what we're at right now. Like, what I don't, this is this is this is should I? I'm just glad it's happening in proxy voting now, too. Like it's not just relegated to idiots on the internet. The reason why this is all relevant is like this. There are companies that now vote their proxies along these lines, I'll stick with the walk data Wars after Lego. Introduced more inclusive characters into its product line, Fox News rage about the toys going woke. Apparently children with missing limbs Down syndrome or anxiety are considered woke now. Why, what, why why? Is. Child with a missing Limbo. What do you think? I mean, come on. Help me out. Isn't that? Isn't it obvious? Yeah, there's like where we've we've changed. It's not about them being woke, they're just not excellent. Governor DeSantis in Florida, playing the still playing the ESG game by by basically being an ESG analyst. The headline is that he identifies 14, Florida school board members who are too woke. So, he's got some data set that he's manipulating to figure stuff out. This one's scary though because it's straight McCarthy. Yeah. Like then you were gonna what you're gonna bring them to a tribunal and tell them they can no longer be a part of that board and then ask them to leave Florida. Maybe on a, you know, I would leave Florida voluntarily at this point. And then, and his upcoming book. Another story about Ron DeSantis saying that former Disney CEO, Bob, chapek, privately complained to him about pressure from woke left. Oh, you know what? Actually, that would explain a lot. Okay, go ahead. If Bob chapek said to Ron DeSantis, that was getting pressured from the woke left like quietly. This is about the don't say gay bill in in Florida. That would be desantis's opening to say. It's the woke left. That's driving these corporations to do these things. And ban ESG doesn't, that isn't that basically I guess? But then what does this make Bob? Iger, this is not making him like the chair of woke leftism, what they're making it sound like a victory. So if Jacob was upset about the woke up, I think the difference when you that Igor wouldn't go to a meeting and say that I'm getting pressure from the woke left to say yes. But like people like Vivek has already. They're already taking credit for getting rid of Bob cheka shape because he's too left. How does the narrative change now? Right, because they did credit for everybody. Yes, yesterday it was well can they take credit for me? Like, getting boogers out. Let's go to our CEOs. Rule category of lots of musk, Elon Musk headlines unfortunately, Twitter is said to lay off another 200 employees. Matt, they started at 7500 employees. When musk took over a lot of musk. What do you think they're down to do you know? Well, they lost like half in that first Purge 7500. What do that now? It's gotta be like, and that would be what 3700? So they got to be what 3200, maybe. I find that nuts. I don't know. I don't understand it. There's another article saying that one of his most loyal employees. She was seen sleeping on the Twitter headquarters in a sleeping bag. Her name is Esther Crawford. She's also fired. No, that's your you next time, don't sleep on the floor. It's not worth it. Also Girl Scouts injured after man crashes Tesla into cookie stand I just that's real. I just wanted to add that to the Elon Musk pile. Was that from the commercial? Is that like a real? Also, I don't really get this one Tesla investor looking to Ross Gerber. He said, he is no longer running for a seat on Tesla's board because because quote as a friendly activist I feel that sure shareholders have been heard. What is that? Yeah, I don't. Okay, yeah. Can I just kind of just make fun of Ross Gerber for a second? And Ross if you're listening, please come on the show, he runs makes fun of him and then asked him. He runs an investment firm activist investor for I guess called Gerber Kawasaki. They have a On their website, diversity is our strength Gerber Kawasaki believes that diversity is one of our greatest strengths blah blah blah. Matt they're all seven Executives and managing Partners. There's no women. I just wanted to add that there's strength, isn't the diversity of none, women. It's just weird that like you would say in big letters. Diversities are strengths. I just don't know why, why do you have to lean on that? I don't really understand that. Well, he just feels like by saying it in big letters. That shareholders have been heard that like, they can hear him. They don't then have to look for change or to do anything after that. Awkwardly, one of the reasons cited whether the firm is so diverse is that? It's based in Los Angeles, one of the most diverse cities in the world. Oh, there it is. Okay, sorry. Moving on the SEC. Insists, Elon Musk still needs a Twitter sitter to monitor his posts about Tesla. Okay, that's not really came down. Elon Musk LED Twitter has been sued by at least six companies for failing to pay bills. Yeah he's not gonna pay them and SpaceX rocket launch Bound for ISS. The space station was postponed. The 11th Hour. Well, did he pay the bills for SpaceX? I don't know. Good question. Moving on, missing, Chinese again, these are all our sexy story updates from stories that we cover missing Chinese CEO Bao Phan is cooperating on a government, probe, his investment Bank. China Renaissance said, this is the first time they said anything for weeks so that, so the CEO went missing for weeks and now they're saying something. This is truly bizarre. All right. Is he like the headlines seems to suggest? He's not back, he's still missing but he's cooperating. I mean, I don't, I don't run, msci anymore, I used to run msci, ESG research, the whole thing. I used to be the head of it. All I would have just pulled this company from the system. I would really wait. They have a missing CEO. Nobody is talking about it and we're gonna continue to go ahead and rate this like business as normal. Like, this is okay with us. I bet you the rated Triple B. Yeah, but they got rid of me. I don't run that, I don't run msci anymore. I know it's almost as if you never did. How about this? Matt, I looked at God. I mean, I I know I at least selected. 109 headlines for our database. This morning, I, which means I looked at probably 2000 this morning, including several newsletters that I get to my stupid email, right? Only one headline Happened to cover this story Blackstone CEO, one headline, map, Blackstone CEO. Steve schwarzman took home a record 1.3 billion dollars last year. Oh, One headline thinks that that's important. And Matt. He already owns 20% of Blackstone, he got roughly a billion dollars in dividends alone, but they still gave him an additional 250 million dollars in compensation. Yeah. Yeah. That seems like a lot. I forgot to pull up his influence her number over there at 60 years, he is the company is what? Yeah, that's pretty much, right? So forget that he owns 20% of Blackstone shares. That's misleading. Yeah. When do I get to pay myself one billion dollars? Get from there. We're getting there. How about what we start with a half a billion with you? Okay, yes. Point five, zero point five. I know how much I'm worth Damien. Let's move her to stop. You workers. Chat GPT use restricted up more Banks. City Group Bank of America Deutsch Goldman Sachs, Wells Fargo. JPMorgan Chase of all, they're not letting their workers use. What do you think about that? It strikes me like it. Well, first of all, like maybe they were having a stupid chatbot do their jobs for them, but it also strikes me that well, they can do its job. Why not? Is it gonna be like one of those things where like, you're the tech CEOs, don't let their kids have screens but then sell you screens and like, social media. Like, is restricting, the use of chat GPT at the banks, like, saying, like, it's good for all of you, but we serious, people can't be using this thing. This is a good segue. There is a article today Business Insider talking about what Business Leaders think about chat GPT, but all these II tools, I compiled some of them Bill Gates. I was gonna turn this into a quiz, but I thought it would have been Meandering and listening, so I'm just gonna talk about it. So instead everything else Bill Gates said that it's every bit is important as the internet. Oh he also said this. In this piss me off. He said that he uses chat GPT for serious purposes though. He admits to using it for fun things like writing poetry. Okay, so you're not writing the poet, okay? But is so, according to Bill Gates, all of art. All creativity is just fun things. It's just fun things. Yeah, he uses it for serious, but maybe this is part of the problem, right? Maybe this is how the tech Bros have gotten us into this, like the brink, The Edge of Humanity because they only take their serious things seriously and nothing else in the world matters. What are the serious things? What do you ask chatbot about that? That's a great question. Like what is minimizing a window? So that you can open another window. I guess. That's pretty serious. I like copy paste using shortcuts. This might be my favorite at all them Andy jassy. Amazon CEO said, it's nothing new. He was really like, just whatever. I mean, you know we've been yeah, I mean in defense of Andy jassy, they did create AI to recognize Congress members as felons. So this isn't very new, it's true and this wow, such an Adela who we often refer to as the like the adult CEO in the room. Actually kind of said some adulti things here. He was cautiously optimistic. He said that humans must be unambiguously unquestionably in charge of powerful, AI models to prevent them from going out of control. Okay? So first of all, if there is the option for them to go out of control, killing not have them anymore. Yeah, he said, run away. AI could be a real problem. A real problem, that's what he said, a real problem. That's understating Elon Musk CEO of everything in co-founder of open AI, although no longer involved with open AI. He had a lot of choice thoughts. One of the one of the biggest risks, the future of civilization. Yeah. It's one of the things he said. Yeah. He also said, we're, you know, where we can agree with the Elon AI regulation is necessary. Even if it may, slow down AI a little bit. I like that. Yeah, sort of like regulating, I don't know your Workforce from racism and like labor lawning or whatever. And he also said, AI may be more dangerous than nuclear weapons. And then he actually more dangerous, think about that more dangerous, but really think about that. Yeah, more dangerous than a weapon that can kill millions of people. Spontaneously. Yeah. Um, but he then he said, his new engineering plant in California is going to be entirely built on AI. So Tim Cook in the just the perfect, Tim Cook, apple weigh said it's incredible. In terms of how it can enrich customers lives. Don't you just love that? That is the purpose CEO, quote know that is really the nothing is nothing Burger but they call him the boring CEO and they and there's nothing that maybe his boringness contributes to his success. I just love that. It's just the perfect boring, stupid quote, Warren Buffett. Who we're gonna get to later. Said it's biggest value will come when it actually replaces human labor. Yes, he said this. At a CNBC interview, think about that. That's quite a statement. Yeah, magic. Going out there and being like and when I get to his letter, he talks all about the America basically. Imagine imagine like your messages are America's awesome. We can't wait to replace you or America. Well, see He poses, this. From the perspective of good, I guess because he mentions. How could free up time for more Leisure but then we'll just leave your time. What is it? What hunter-gathering? Because they turned off all the lights, hate humans, Charlie Munger Warren Buffett's BFF. He has a great quote, AI is not going to cure cancer. It's not going to do everything that we want done. And there's a lot of nonsense in it too. I like to hear cancer. Exactly. That's exactly my first. Yeah, is my first thought is it actually my he went on to say that it could be used for tasks like Insurance underwriting. Oh, Isn't that great old man, speak. It really good. It selling a used car ghadami who's been embroiled in some of the biggest governance Scandal that we've seen. This is the guy who owns basically every company in India. The he was the third richest, man in the world. He said AI holds the same potential and dangers that paved the way for precision and guided weapons used in Modern Warfare. I don't like the sound of that feels not great former meta executive John CarMax had the AI may be able to act and think like humans in just a decade. All so not a good idea for how bad humans. Are we suck former Google CEO. Eric Schmidt said, AI, could have his big of an impact on warfare as nuclear weapons, did again agreeing with Elon Musk. It is like into defense contract. He's like, he likes a good weapon. Yeah. No he was rubbing his hand when he said that. The father of the internet Vint Cerf. I've actually never heard of this guy, but he actually had the only reasonable statement out of all of them. He said, AI chatbots have an ethical issue that he hopes investors consider. He said he said that. He said if you think man I can sell this to investors because it's a Hot Topic and everyone will throw money at me. Don't do that. Be thoughtful. He said well play but this is but this is a overlapping what you've you've been saying about this right? Is that like, can we can then it's the investors here who are running crazy with it, right? They got to slow down if the private Equity firms just Pile in to AI because it's says, no due diligence. No, due diligence know nothing. We are repeating the same thing. We did with social media with crypto. It is, this is a terrible, terrible idea. A few more things before I hand up to Matt. Some other fun stuff. This is we can talk about this study more. Another show. But bored members who don't share a CEO's political views are likely to leave the board. This is new research. Yeah. That is correct like this one. It's a really interesting paper and there's There's a researcher out of Harvard. Who's been doing a bunch of paper about politics in boardrooms, really amazing work. And if we need to reach out to them, if any of you wonderful nerds are listening to our show, we reach out to us and we'll put you on immediately. Yeah, that's correct. Amazon has a donkey meat problem. I'm just gonna let that one. Hang yeah, a laboratory leak. Was the most likely origin of the covid-19 pandemic according to findings, about the US Energy Department. Yeah, but they said there's a low confidence. They don't have high confidence US, Energy Department. Why are they investigating this? Am I missing something here? No, it turns out like the intelligence Community has like one set of networks that they get for their intelligence and then that energy Department actually partners with all the labs around the world. So they have a different set of intelligence. So okay. Something they got some new intelligence, they got on the lab processes, made them think probably. So they heard here on business low confidence, I think. Yeah, I think it was Charlie. Who told them? Speaking of someone, speaking of business pants, this is clearly someone who listens to, because I know we just said this stand for Professor, who studied organizational behavior for decades says that the widespread layoffs, in Tech are not about cost cutting. They are just there because of CopyCat Behavior so we said that's right. Yeah. And finally a favorite Blowhard CEO Warren Buffett has a new letter. Matt. You're here to cover that, right? Yes. I'm here to cover that, um, but I'm gonna stop talking. Yeah, go ahead. But you left out one. I thought you'd have it in here. Good criticize me. That's what I need. I'm sure. 55 articles, go ahead. There was one article that was the New York Times. Covered your Southeast Asian male theory of ascendants? Okay. Where do they say? They basically said that, you know, 20 years ago. It was on, I was unheard of. But today, if you are in Indian in this country, the chance is that you become a CEO or Senate. They talked about it in politics, they tell you. Yeah, he's talking about the rise. I just thought like that. You just give yourself should have blown business, pants horn there, but I screwed up. Well, that's all Dean's about America like on slack people. So that's your nose. All I ever really want to talk about is the times that we get something, right? Yeah it seems like we're cherry picking them. Speaking of cherry picking Yeah, here we go with Warren Buffett. Buffett palooza is scheduled in the great-grandfather of size of capitalism. Has issued his annual letter this year. I've been waiting for your report. I haven't read it. I'm just, I've been waiting. I want to hear what you have to say. I don't care. This is the results were decidedly boring. Oh yeah. I'm not gonna, I'm not gonna make you think that this is interesting. Nowhere in the letter. Did Buffett mention black people being a hate group or Jews or pedo guys. Here's what he says instead. I keep those things are real. I you know I'm chuckling but those things that you said are real. Those are real by real CEOs happening in our CEO world. Yeah go ahead. Yeah. Um the top terms were Charlie and billion, he talked about Charlie motor makes sense more than anything else. Okay, what he did, that's a win. I like that. I mean, it's, we talked about Bromance here, our Valentine's Day show. Is there a longer standing no man's in corporate. Erica than these two. I don't think no. We did find one at if I already forgot the name of the company, Miss Roth. It was like seven years. Yes. 70 years at Rothschilds? Yeah, but I'll look it up. This is the US version. This is the US Bromance of all bromances. The second most used term was America. Now that includes like American or or America, and the terms were actually like, American Express America and Chevron were linked American Bank because Bank of America, he owns a lot of and this new one, which she talks about a lot. But this is the first time I've seen this term in a few letters, American Tailwind. Oh, yeah. American Tailwind know. What is that? All right, here is the quote, there are many Berkshire, sent a Millionaires and yes billionaires, who have never studied our financial figures. They simply know that Charlie and along with our families in close. Friends continued to have very significant investments in Berkshire and they trust us to treat their money as we do our own most important of all the American Tailwind. Okay? Basically saying that like America makes us money. America sexist money, so I dissected him Buffett's American Tailwind, using his own Investments. Okay, his biggest investments in public markets are American Express Bank of America Chevron. Coca-Cola, HP Moody's, Occidental Petroleum and Paramount Global okay. That means the American Tailwind according to Warren, Buffett looks like this. American Express Consumer Debt. Bank of America, mortgages Consumer Debt. Chevron climate change, lighting things on fire. Sure, Coca-Cola. Diabetes in a can these are very American things though can be. Can I I'm gonna admit though this is very America. It doesn't get better HP, Chinese manufactured computers. It does also very America. Yes, Moody's corporate debt. Okay, with what they do, right? Occidental Petroleum is more climate change and burning things. And finally, Paramount Global is just drugs, it's just a drug delivery system for distraction to me. This is what my brain is, how my brains letting what you're saying. Are you saying that obesity is sort of a form of like debt? Is it like Health debt? Can we rename? Obesity is like right? I like that, right? We need to marry Consumer Debt with all these horrible, like Coca-Cola type products. Yeah, I just picked Warren Buffett's description of America through his Investments. The American Tailwind, according to Warren, Buffett is a fat indebted diabetic. Who loves large? Gas guzzling cars and streaming movies on cheap, Chinese computers? Well, I'm not, I'm not disagreeing with any of this. I mean that basically is the perfect description, right? That's that's our Tailwind. I kind of like this. So credit, where credit students like Warren's got the American public, pretty pegged. I was them pretty wonderfully, Bamboozled because it's it's hard to find a negative spin on anything he says. And, you know, and that the media with their clickbaity headlines, will rip apart everything. But he, he just shines like a beautiful Apple in the sky is a bit of a fetish there. Yeah. I would say not mention this year in the letter he which were all in the last year. Last year's letter are climate change, carbon Renewables, ESG, green, none of those things they were mentioned. Last year were not this year. Nothing really here last year, he talked about wind solar climate change, greenwashing climate, consciously missions, all terms that were mentioned last year, not not at length, but actually talked about how good some of the Berkshire entities were at these things. So this year, nothing's here for that? No. Probably will take credit for this. Yeah, it's also one of the worst hottest years on record so I'm glad we're not talking about it anymore. Antics. Yeah, there was one big section. The big takeaway I think from this shareholder letter was Warren. Buffett does not want you to tax share BuyBacks. He doesn't like you talking about them. Shut up about this, despite being sort of one of the most well-known proponents of giving back your wealth, right, like billionaires pledging their wealth right whether they call the billionaire pledge. Yep. Yeah. He spent a lot of time saying, I'm talking about taxes, they already pay taxes. They're one of the biggest taxpayers in this country and saying if there were a thousand Berkshire Hathaways and this country all paying their taxes that you wouldn't have the need for any other taxes. No. No income taxes. No nothing. No social security tax Berkshire Hathaways down there aren't 1000 Berkshire. I love his. I love A hypothetical La La Land. Yeah. Yeah. Because not every company that does your buy box is called Berkshire Hathaway. Warren. I'm just laying it out there. I'm just he did say this quote, when you are told that all repurchases are harmful to shareholders or to the country or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver tongued demagogue characters that are not mutually exclusive. This is a pithy statement. I like this. He got mongering. Well, angry there. Yeah, a little angry except that we are seeing a lot of proof that it does particularly benefit CEOs and it turns out it does. Yeah, and there was an article, the morning, how the BuyBacks are propping up the stock market, which is the primary vehicle to which CEOs earned their compensation, is that boat load of equity, that gets dumped on them. Every year, turns out, he also talks a lot about how Berkshire has always been heavy on cash and treasuries, because they're positioned for every downfall the next pandemic there. But it Turns out that other companies use that cash to buy back shares. So what I don't know. Like he is basically saying primary use of their cash really Berkshire pays enough in taxes. We do not want to be taxed on our share BuyBacks. That's what he's saying. Look, share BuyBacks are American. I'm all for your pretend hypothetical La La Land warring. But we are talking, we are sort of cognizant here to the fact that there are several thousand other companies right? There are other companies. Yeah, that's tends to be true. The overall though the letter felt if actually felt tired which oh yeah probably Munger and Buffett are 99 and 92 and it made me want to sort of quietly double down on your prediction. Oh forgot about you I feel shame but that it did feel that way. The final quote note that's worth having here is he says, This quote capitalism has two sides. The system creates an ever-growing pile of losers? Wait, while currently delivering a gusher of improved goods and services ever growing pile of losers. Yeah, what is it? What does he referring to there? I'd like the, he's like the zero-sum game of capitalism. Like the companies are losing the people, the labor, little both. Everyone is in the bunch of winners stakeholders. All the stakeholders except for the owners and he's not clear. Okay. So wow, that is quite a statement ship ever growing pile of losers have to be a pile. What does it be a pile? Cause dead bodies. Like with flies around, it is very visual or just dog shit. Either way is a pile, but then he said something her. Yeah. Who's an economist? An Austria German Economist, call this phenomenon, quote creative destruction, okay? So I went and looked Up jumper because I not heard of him. And his Gale of creative destruction was. The term is actually derived from the works of Karl Marx suggested that capitalism eventually. Collapses is a system. This is my this was my first thought when you said that, it had two sides in Evergreen pile of loot, right? Because that is sort of the, the tent, the tenant, the foundation of what Marx was saying. No. So this is, this is Buffett's socialist capitalist play. He's, yeah, I mean, I don't know if it's reading this letter but Warren Buffett, the capitalists to rule. All capitalists is quoting socially theory of capitalism, okay? But they're going to say that, you know, he's a lifelong Democrat. He you know, he agreed to the billionaire pledge. It probably he's already too woke for them anyway, but isn't he the height of the meritocracy? I know, but it's confusing work, very well. Yeah, doubling down on socialist hippie theory. He did this. Quote as well, the lesson for investors, the weeds wither away and significance. As the flowers bloom, the weeds wither away in significant, that's where the flowers bloom the weeds, give it away as people. They don't weeds. Don't actually wither away unless you get rid of, I mean that right. They actually I guess they're less significant because there's flowers. I'm not sure. But you have to apply some kind of Labor to get rid of the weed or some horrible like pesticides. Yeah I think it's probably the last. I think they own the pesticide. That's probably. Kills the weed. This might be the best his best letter ever now, that you've kind of wrap it up for me. I kind of like, that's it. That was, is not. It was not an exciting takedown letter. It was just classic Bluff it. I just agree. That's all we got. That's Damian Ross. Oh, what are you talking about? This is enough for 14 shows. Come on, 300 hours of content. We'll be back tomorrow with corporate theater players and after that some other stuff come back Wednesday maybe we'll do it. All Vivic shows, it's all we got to do anymore. I just want to kill myself until then goodbye.