Transcript
Live from the underside of a cat. It's the ESG. Have you ever done your side of the cats like really warm and cozy? It is warm they don't like it when you touch oh they don't not dogs. Do some some cats are okay with it but it's the ESG Industries. Only daily woke business news podcast, featuring Jesse the money Whisperer and the return of me you're bad. How exciting? No one knows, there's no Fanfare for that. No, I think there is where they're open with, who, you're gonna add it in and post. Today is don't mention the Youth. So called April 1723 in which we catch up from The Weeknd backlashes, apologies and a CEO has 11 pages of things to say must be bored. Do we have any sponsors for the show know? We don't Um, well, Cascades. Okay. Wednesday. Yes. Gauge. Sponsors on Wednesdays. We also have another sponsor who occasionally sponsors, right? Some drinkee thing. Oh, Magic mind. Yeah. Magic, mine Damien loves that stuff, but this is an opportunity listener. You could sponsor us. You could either sponsor. Monday, show buys board, saber metrics. That's one way to sponsor us. It's the only data and analytics for individual directors. So buy that or Buy. Buy our Monday show. Bye. Tell us about yourself, we'll pimp your product. I'll pimp anything for the right price? Well even let you come up with what you want us to say about it. Oh yeah. I'll say what, right? I'm happy to write something for you. All right, well, we gonna get into this. You want to so first up, Backlash is so in right now that flashes we love that hot hot backlash. First up is backlash against fire and electricity, huh? Okay. Here's the headline Sundar pichai. Google's CEO, says AI technology could be more profound than fire or electricity really? Yeah, in an interview, it's 60 minutes. Seriously over the weekend. He said, it's the most profound technology humanity is working on more profound than fire electricity or anything that we have done in the past. Medicine. He War like, light bulbs, such a bold claim, like what more profound than fire. That's just because he's gonna profit off of it or electricity. He's hyping it up, he's ai's tight man right now. He is, well, he's been the quiet, he's been quiet about it but they Googled just announced that they are adding AI to their search engine and their stories about how they were panicked internally because they didn't add AI fast enough to stuff and Microsoft got the jump on them. Well, like a month and no one cares, can we? I actually it's all terrifying mostly right? But in the same interview soon, after pichai said ethicists and philosophers should be involved in the development of AI to make sure that its moral and it doesn't do things like lie. I like that. However, I would like to point out that Ephesus were not required. For electricity or fire, they weren't we didn't, we didn't need that good point, right? Like so, it's so profound that we didn't require ethnicism and, and like that in a moral component around out some of our human backlash, I guess is AI. It's Elon Musk registered x dot AI in Nevada. It's a new company and he's reportedly taking our talking to SpaceX and Tesla investors to back his new AI startup. This is after saying they should pause AI development. Now he's getting into AI because it's not pausing. He plans and using Twitter as the core learning data set for his AI He's so confused. He's been like the one that's been warning against Ai and now imagine no talking to like a living Twitter, like that's all like, that would be the worst, terrible, the worst AI there ever was. Its that's so bad. I okay, you have to explain this to me, I thought X was gonna be the combination of all of his companies ex is a separate AI company. X dot AI is a separately. So he registers every one of the companies. So apparently Twitter, no longer exists either over the weekend. It broke that in a filing that Twitter as the corporate entity no longer exists. It's actually just a subsidiary of x. Whatever. That's what I was reading everything now under the X umbrella like that ax is like ABC or X is like, it's his thing. I don't know. He's I think maybe it's the number 10, I don't actually know, I think it's all I but now he's starting an AI company. Yikes. According to Business, Insider must did not respond when email for a request for comments sent to either Tesla or SpaceX email, addresses, in fact, an inquiry sent to Twitter's communication address received a poop emoji, automated response, of course, of course, the maturity level of the company. He's created the guy who sends a poop emoji and request for comment is starting an AI company. That's what I'm nervous about, I don't think narcissists should be able to start AI companies. I just don't, I don't, I don't trust whatever they're using to vet. This and it scares me to my eyes. It should Don't I would not. I'm not going to leave the office so that is a backlash against fire and electricity happening live, right. Now there's also backlash over the weekend against fake meat meat. Okay, you ready? Yeah I'm ready to headline. Why? This startup is adding real meat to its plant-based product. Oh impossible. No momentum Foods. Makes a product that is 90% plant-based now. And here's what they said, bits of meat that are not actually the muscle. But rather what Drive the sensory quality of the experience like fat and collagen is what they're adding to their plant-based meat and it makes it so much more like the meat experience that we would expect the Way It Coats your mouth and the flavor that result who is their target target audience? Like who's buying this? Not okay. So beans are out here. Yeah, vegetarians are out. They should be. Alright, so now you're on like, are they gonna dip their toe in collagen? Because it's called, is collagen a vegetable? Can we call College in a vegetable? I mean, I don't think so meet. What is this? I don't know. But now, apparently, do they know. I Hope they've done market research. What? They did is they said the market research, they said, was fake me. Effectively plant-based meat was too expensive and it was a and it didn't taste as good. So they were like, we were asking the consumer to be environmentally conscious with something that tasted worse and cost more, why not add the taste back through? I don't know what that sound was. The best sound you've ever made is crazy because when I try to Impossible burger at a restaurant for the first time I was with my aunt who's been a vegetarian for 40 years and we both looked at each other and we were like, did they just give us a burger and after this up, this order up. So I think it's gonna be very alarming for people that. Yeah, I don't, there will be, I don't think it's good. Nobody's or anyone, whose plant based even if they're 90% plant-based once the coating of meat fat, that's what I like, that's why. Pulled this. I love the The Way It Coats your mouth, like, I think, maybe just add an egg to your diet if you're 90% plant-based, not the collagen and, and fat of beef. I like the people who are like, well, I'm 90% vegetarian, like anybody ever say that? That's, I mean, like they could be a thing for a friend who would say, like I'm 85% vegan target audience, you eat cheese, everyone's in a while on a piece of pizza or like an egg, then that's the target audience. That's that's who's buying it bits of meat. I hate, I think called bitsy like there are other companies impossible and beyond that have figured out how to bring the sensory elements of me eating into. Well there they're competing with them. They say that it doesn't taste good that's what and it's expensive, that's what they're all. So this weekend there was backlash. Against AM radio. Okay. Do you listen to AM radio know? My dad does. Sometimes when I get in his truck it's on and I'm like oh correct. My dad does is right answer that with his headline. With AM radio no longer available in some EVS carmakers are facing a backlash In fact, several carmakers have decided to drop AM radio from their dashboards. And this is in part because they've noted electromagnetic interference with am radios, reception and electric motors. Okay, so there seems to be a reasonable thing. Let's get rid of AM radio so that the car will drive seems. Okay? But the backlash is from members of Congress who we should point out. The average age of the members of Commerce is 7, right? Like they are the oldest people in the country. So of course, they're angry about AM radio being gone, the National Association of broadcasters like they run the radio of course FEMA because they use AM radio for their emergency channels political pundits because talk radio is usually AM radio Farmers. Those are that farmers? That's where the backlash is coming. Is that where the money do they do? They put a lot of money into us? Come on? Yeah, no one puts it like this is you literally listed people who are the last people to buy electric vehicles and said they're angry about AM radio, not being electric vehicles. But they will use this to say that. ESG killed your radio. I'm sure they're gonna, that is the talking point. Yes, she kills everything. So now AM radio is anti-woke or is it woke AM radio getting rid of AM radio is woke. The woke are killing and that's how that's working. So and The anti-wolf Stance is and nobody's role AM radio, the seven people who still listen to AM radio are pissed. We're on to apologies. Our times to apologize to the ones you like in their regret. You doing in your shame first up, sorry, anti-trans, beer, drinkers. A headline Anheuser Busch CEO offers flat apology. Following Bud light's, Dylan Mulvaney backlash. What I was so excited last week that they weren't about that. They were standing behind their decision. Okay, so first of all, this is a New York Post article. I'm Murdock rag basically and it's not a real apology. Here's what, here's what he said as a CEO of a company, founded in America's Heartland, more than 165 years ago, I am responsible for ensuring every consumer. Feels proud of the beard. We Brew Um, and that was the closest that it was to an apology. It didn't say we apologize. It said, it said they effectively were going to make sure that they weren't divisive. That's all they said. They didn't apologize for the thing that they did. What they should apologize for though. Is Bud. Light, isn't it? Yes. Oh my God, yes. I mean, it was so great seeing everyone. Pour it out because like, nobody should be drinking that. It's terrible. It's not good. So no. This is not really an apology but there's now a backlash to the non-apology. So this kind of squares the circle and my backlash to weaken. Apologies. You see the way I did that. Yeah. This is why Damian runs this show. Um also in our weekend of apologies our bad because having a genital adjacent city name doesn't mean we should use that for marketing. Here's the headline. show us your Regina, Canadian city pools tourism campaign after facing backlash for sexualizing, its name Again, I'm just gonna like, point out that in order to use this in a marketing campaign. So many people had to prove that and think that okay, this is a city of 200,000 people in like, Saskatchewan in Canada. I actually don't think so many people had to approve this one. I think it was the mayor who's now apologized for it and pulled it and like, the tourist board, who the mayor appointed. So it's like three people could be kind of progressive. You could well. See you could argue that it is. What was it for it? They were trying to get people to come to Regina. Okay. Which might also be called but, but, We know that, we know that the marketing campaign was show us your vagina. Apologize. I wish they didn't well, unlike the anti woke movement, they are pulling it for sexualizing the name of a city. Because like sexualizes City because you know that every 13 year old who goes to Regina Giggles, like there's no way they don't write like it's already, it's already kind of a joke except that if I saw it spelled I would definitely pronounce it Regina. Yeah, because you like Regina Spektor like you know I Know You artist fetish if something guy and just because it's like the normal thing, I think most people would Would be how they would read it. I don't know what as soon as they saw us, show us your vagina. I started saying Regina. So I don't know but I saw that and that's how I started saying it all. So um apologizing sort of now this one is a vanguard's Galloway. This is their head of stewardship Galloway. I don't know John Galloway. Call us. You need you need our data. This is ridiculous that you don't already have our data. Vanguard's Galloway, climate group, exit does not change environmental concerns. So Vanguard pulled out of the Net Zero, Alliance ahead of the Texas hearings last year and Texas, excuse them from the hearings. Sure. And the anti-wolf moving anti-esg movement, all said that was a victory for that, right? We pressured Vanguard to get out of that group. He says, quote climate change is an existential risk and a risk to investor returns Galloway. Defended then went on to defend vanguard's proxy votes against shareholder proposal last year that would have compelled Valero Energy to set targets to reduce scope 3. He said, that's a decision. Best left to the board. So they're a little bit all over the place. This was confused. This was a Bud Light apology where in which you say, we left the thing, but, no, we think the climate change is real. It's real. It's a problem. But all so we are not going to vote. For a shareholder proposal dealing with climate change because that's for the board to do. But also it's a thing, like, climate change is a thing. Did they call it? An existential crisis, he called it an existential risk. Yeah. That in and of itself is just like, It's existential. It's important. But I don't need to address it. That's like existential. It's like out there. Yeah. Like someone else deal with it. Yes. Exactly what you want. It's like someone that's what it is. The philosopher was just someone Gandhi. Think about that, I don't know. Next up in apologies. Maybe? We should kiss you with money and make up. People can kiss us with money. Yeah, I would love that. There's a deadline. Fox News Dominion defamation trial delayed amid networks push to settle. They're trying to settle Wall Street. Here's my favorite reaction quote from this article. Wall Street analysts said that while Fox could absorb a substantial Financial penalty that might limit its flexibility to engage in share BuyBacks. So no, we're not worried about the fact that they lied for several years that they say whatever they want that they could percussion. It could be 1.6 billion. Dollar know, we're worried that we won't get shared by backs because Fox had over 4 billion in cash when they reported a quarterly earnings in February, and they had just authorized three billion of a stock buyback plan, so, doing some quick math. Oh, no, they might have to pay another $600, you know, million and feet. Oh, we're gonna lose. Out on some BuyBacks here. Darn. God. But doesn't it like so perfectly depict the way that these people are thinking, I mean, they're being very transparent correct, which is depressing. Thank you, Joseph Bonner who also maybe is boner senior Analyst at Argus research for that quote. And finally, I'll make it up to me. I swear here's the headline. New Jersey might find itself for destroying a bird habitat it swore to protect how honest It's gonna find itself. How honest? So, dirty jokes coming through. So New Jersey's Department of Environmental Protection has charged itself with damaging habitat for threatened and endangered birds. It was supposed to protect the department. Acknowledged, it sent a violation notice and threatened penalties against its own division of Fish, and Wildlife who shot to create 21 Acres of habitat for the American Woodcock, a bird. And in doing so the state destroyed mature Oak and pine forests and wetlands. And they've even filled in some Wetlands. Wait. So they were trying to do something beneficial for a species and wiped out a whole bunch of other species as part of that. And now they're sitting in their shame and regret and they're like, oh we're actually gonna pay ourselves back. Yeah there, but they find them. So my question is, how does one find your own division? So, like, do you write, they write a check to themselves books. Say the same. It doesn't do anything. You destroyed. It should just read New Jersey destroys forests, right? Like it shouldn't say anything else, but no, it says they're going to fall like this is so how's he are? I am also gonna give up I'm gonna find myself every day. That's it for apologies. Let's end with a CEO has words and that CEO. Is Andy jassy Amazon. He has a lot of words. This is one of his letters. He wrote an 11-page shareholder letter this year that just came out over the weekend and it's out and the results are resulting. There's a lot of results, every each 11, I've read all 11 pages and I ran it through some word analysis. The number one word in there was the word customer or customers 59 times it showed up. If you're writing a letter long enough that you can say the word customer 59 times, write a shorter letter is that besides like and yeah it gets rid of those. Yeah. Amazon. The the company name was in their 53 times. In business 38 times, making Amazon wants customers to do the business. Probably the phrase du jour for this letter. The top phrase was actually third party which showed up seven times, followed by Amazon business which is in six times. Okay, so I'll walk you a little bit through the letter and there's something that you're going to notice by Omission, not inclusion. So the letter opens saying, basically, inventing stuff is awesome. We do it. We did a bunch of it. And they say, we're preserving our long-term, the long term investments that we believe can change the future of Amazon, for customers shareholders employees, and they invent a lot of stuff. Also, they're going to set you up for the rest of the letter. And he does a good job here by saying we did soul searching and some stuff that we do sucked. Okay, he's humble. For instance, we stop pursuing physical store Concepts like our bookstores and four star stores, which was a little bit funny to did it in the first place I went to their bookstore in Seattle. It was nice. Yeah, I just said, I was gonna say no one goes to, those know, that's driven past them, it was not. But, but you whole thing was, you did bookstores. That's what we did. That's They all so closed Amazon fabric which I'm not I could not tell if that was like their fabric store. They're Joanne Fabric. Yeah. Or if it's something else like it was really unclear. I actually went searching for this, could not answer the question and Amazon care, their Healthcare division. They, they shuttered parts of it at least, and they moved on from some newer devices. They didn't see a path for me. Meaningful return. Um, also some of the stuff that sucked was their staff. We also reprioritize where to spend our resources, which ultimately led to the hard decision to eliminate 27,000 corporate roles, 27,000 corporate roles over the last year and what sucked about the staff in the next section was that everybody wanted to work from their couch. Of course. I'm gonna read this verbatim. We also looked hard at how we were working together as a team and asked our corporate employees to come back to the office. At least three days a week. Beginning in May during the pandemic, our employees rallied to get work done from home and did everything possible to keep up with the unexpected circumstances that presented themselves. It was impressive. And I'm proud of the way. Our Collective team came together to overcome unprecedented challenges for our customers communities. And businesses does not mention that they Shake can 27,000 people. In that sentence. But but just the fact that there's a button in there. Yeah. But that is how grateful. But but we don't think it's in the best long-term approach. We've become convinced that collaborating and inventing is easier and more effective when we're working together and learning from one another in person. The energy and riffing on. One another's, ideas happen, more freely riffing, you the handy, Jesse does a lot of riffing know the whole honestly 11 pages of it was about like systemization and Logistics. He write 11 pages about this. It's a lot. There's a lot riffing. Many of the best Amazon inventions have had their breakthrough moments from people staying behind after a meeting and working through ideas on a whiteboard or continuing the conversation on the walk back from a meeting or just popping by a teammates Office later that day with another thought. Invention is often messy it wanders and meanders and marinates which I read urinates. The first time I'm not gonna lie. I was speed reading. It was it was urinates. Honorable mention or I should say honorable not mention. Nowhere in the letter. I'll skip to the end here. Do they mention unionizing employees at all employee difficulties? Employee asks, the only time they mentioned that under the Rogue, in fact, employees are mentioned four times in the entire letter. One to say that there was a bunch of fired, one to say that there was a bunch fired actually. Two to say that there was a bunch of fire thanking them and then saying we fired them, one of the opening in the list of Amazon loves its communities customers and employees and that was pretty much it. In fact At the end here they have a lot of shiny things that aren't unions. They have a they're really worried about how things take longer to ship. Now they spend a lot of time about like longer to ship in closing, closing paragraph. We get 11 pages down at some point. Are you going to say like employees at anything? While we have a consumer business, that's 434 billion and 2022. The vast majority of total market segments, share and Global retail, still resides in physical stores. Still talking about that stuff. We believe our leading customer experience is, Relentless invention. Customer focus and hard work. Where will result in significant growth in coming years? That's it. End out. I'm confused how they think they're going to continue to serve customers without the people that hard work. You said it who's doing the hard work? All the people you fired know. Hard work is doing the hard work, hard work? Oh the AI or they're gonna have Bots floating around riffing. He doesn't want to hear. He does mention. If this Bots, they do, he does mention like in several sections here are the shiny things that aren't unions that are doing hard work AWS that work, 85 billion dollar annual run rate, their chip development. Now, they're they actually named a trip tranium, which is really close to tranium. I'm pretty sure they anti-walk is not gonna like that. Oh, probably get banned in Republican states advertising groceries low-earth. Orbiting satellites for internet. So we can buy more stuff. All of these things AI is there. They wanted to make sure that, you know, they're doing AI for more buying of stuff. Cool. Yeah, that's doing the hard work people. That's that's it. That's all I got. You have any other thoughts? Christ rather depressed from this weekend. And that's it. That's a weekend update. I am mad mascardi that is Jesse. The money was for we are free float. Come back. Sponsor us by our data, do the stuff until you do that. Goodbye.