Business Pants – 2023-05-08

Oh yeah, live. From Buffett, Palooza. Yeah. Oh, you're already deflated. Yeah. Another manic. Monday edition of business pants joined by the lord of the BS. Matt mascardi. In today's throaty ESG gag? I don't mean joke. I mean like, you know, throat gag like Or was that more like called May 8th 2023? Sexy story update, sexy Warren Buffett and sexy board saber metrics. Yeah, in that order. Well, actually, it's an apropos adjective today because the lead story really does Talk about America's favorite and least favorite sexy CEOs. Really. Yeah. I don't know. I already don't know what to think about this. Look, I want to say this though. If you didn't go to Buffet palooza, I didn't when you walk in to Buffett palooza, I want our show to be like that when you walk into Buffett palooza right at the front welcoming you, there is a giant sign that says Berkshire annual general meeting, 2023, Omaha, Nebraska USA. It's on this wavy 70 spot. I actually, I looked up the design firm that created that it's, it's, it's, it's, it's for, it's a female LED for women. Oh, in Omaha Nebraska. So we're about it. Not only is yes, folksy. But he's also woke I wow, I like it everything you just said, but I think it's most hard to believe is I actually looked up the design. I know that I did that. That's the reason she only get here. That's that's really only but what struck me about it is and why I want our show to be. This is when you walk in, there's a VW bus with flowers. It's nice on it as they're a giant sign. When do you think when you think Warren Buffett and Charlie Munger yes and I do quite often. Do you think of a flower covered VW bus or maybe? Buying massive shares of Bank of America, and apple. Well, you know what? I think of, I think of a windowless dorm Right? This had way too many windows is already. I'm already seeing five more windows than the dorm that Charlie Munger designed for. Yeah, so California University. Yeah, this show like a window covered VW bus at the entrance of Buffett palooza. How about that? Well, I may be able to help out with that because my lease story is sort of adjacent to a flower covered. I want to know where this is going. Matt. Believe It or Not, America's favorite blonde CEOs are in the news today. More than one multiple they both showed up over the weekend and today there's not a lot going on in the businesses. I've no idea why it's basically Elizabeth Holmes and Warren Buffett. But also, was former young Marissa Mayer Mayer. Oh yeah, snuck in. And I'll get I'll get to that second. But by far the biggest story of the day is Elizabeth Holmes. I Can't Believe It's Not King Charles. That well, you know, you have a point there, you know, where King Charles shows up in our world is in our we have a in our part of our headline drag, it is a dragon more than one. I know you hate it under the category, we do a Google, any searches for several categories. He shows up in climate change and it's usually a headline like, you know, is this idiot? Actually blah, blah blah. I don't know. You know, it's all so false because he didn't have to disavow. Yeah, talking about climate change. It's like handing stories about, you know what, the king will, and won't help. My favorite part, not to derail us on coronation, right? But my favorite part, I watched like 30 seconds of video of it. Okay, got me by 30, it was just After they declare him king, or whatever they're doing is a lot of people costumes. They, they tried to put the crown on his head tried. Well, it looked like it was a little too small. It didn't matter it up and then they had to kind of like alter it and then and then at one point the guy like pushed away on his head. You see, like made out of like, Thorns is the 9000 year olds King, Charles like get his head pushed down a little bit and then back up and look and make sure it's not falling off because it's, it would be embarrassing and expensive to that thing to fall off. Do you think his first thought was like, oh, like cool. I get to finally go any direction on the checkerboard. I can like, jump anywhere. You, yeah, well, yeah, Camilla was more like that because she can move everywhere on the chest board. All right. Speaking of Coronation and queens. Uh, the news, Friday, Matt, was that somehow Elizabeth Holmes delayed her prison sentence she had last second appeal, Okay. She's due to serve, not like that due to serve about 11 and a half years in a federal prison. So, she's delaying it a little bit more once again. But from all reports I'm reading good luck with that. Yeah, she's going to prison. But yeah. She's not Elizabeth Holmes anymore. Okay, here we go. So believe it or not. The biggest story in the business news is based off of New York Times piece over the The Weeknd called Liz, Holmes wants you to forget about Elizabeth. The black turtlenecks are gone. So it was the voice as the convicted there are no founder awaits prison. She's adopted a new persona devoted mother. So I Matt, I tried my hardest. I unfortunately, I read the whole stupid article. I think it was somebody pointed out. It was like 90 paragraphs, 95 paragraphs. Okay. And I, I tried to formulate some kind of business pants story, I tried to be clever, I just gave up because I just couldn't do it. I couldn't add anything to this stupid thing. So, I instead I'm gonna let the headlines do the talking. I collected a bunch of headlines from the internet and I'll let them describe this article for you. Matt, that's better. Okay. And it's not only is it better? But there was a Vivic story that ran over in the times this weekend, know. And I wish the headlines, just took care of that one because I didn't want to read that one either. We could do that Wednesday maybe, let's not do it. If I allowed here we go, they didn't mention business pants. So we're like here. So we'll start with the top. As I already said meet the new Elizabeth home. She ditched the turtle next been abandoned, the weird voice and wants you to call her Liz. Okay, weird voice. Yeah, there are no founder Elizabeth Holmes delays. Prison time in a way to peel and her Del Mar beach house. That sounds nice. Okay. That sounds delightful Elizabeth Holmes. Spent six months in RV sleeping, in Walmart, parking, lots. Okay, let's back up that before you say anything Walmart, according to all our anti-walk, come all anti woke friends. Walmart is woke now. Yeah, that's true. So they're harboring careful what you say. Be careful what you say. Well, I'm going to say, is that it makes it sound, like she was like a hobo when it does, pretty sure she's not a hobo. Elizabeth Holmes, Giggles deep analysis, right there, Elizabeth Holmes, Giggles about the infamously deep voice. She wants to use and even her partner mocks it. That okay, no. I'm gonna ask you. This is another headlines. Has yes, that Elizabeth Holmes voice was fake. Is this investor fraud? Matt is the voice itself could that I love? This is that shareholder me manipulation? Let's ask the investors was it investor fraud. Right. It was why couldn't you make? Case, why couldn't? Market value of that company. Um look I I'm pretty sure we're going to see that investor lawsuit, sometime, like the investors are going. They already won. The lawsuit. To get their money back or group as much as they could and send her to prison. The consumers of the healthcare products that arguably put their lives in danger, got nothing. But the voice is definitely going to get legs. I still know why she's missing it now. Glowing. Elizabeth Holmes profile in New York Times draws Fury online. Oh God. It was glowing. Got conned, just like her board, says New York Times blasted over puff piece on convicted fraudster. Elizabeth Holmes, nice to be a pretty white lady. That's what the headlines said. This headline, says cute New York Times helps Elizabeth Holmes launder her reputation before prison. Elizabeth Holmes, torch and Effigy for theranos at Burning Man. What is it? What are you doing? Your burning. I don't know what what's that all about. You know, there are there are psychological studies that show when you like take on drugs and alcohol or get obsessed about a thing, or have like, like mental health problems at a young age often can stunt your growth, she does seem to have come out of this cloud of I never got College. I never did, like I never even really did High School. I was so obsessed and stuff. Maybe she's just doing it all. Now she's going to burning man, she's driving in this story, actually does suggest that yes, she she never actually matured emotionally in which case the real the real takeaway should be never fetishized your 20 year old Founders because they're not complete humans yet. Speaking of which Remember we had talked about Adam Neumann, how he continues to fail up in every direction. Now, as a founder of a new company, how about this last headline? Elizabeth, Holmes said, she's still believes theranos could have revolutionized Healthcare and is working on new inventions. I still feel the same calling to it. So I ask you, Matt, who will be the great, who will be the Visa VC, firm that gives her cash, anybody? Well, Marc Andreessen gave The like the largest investment Mark Andrea has ever made. Gave it to Adam Neumann after next. Post failure about that. That is true. That's true. So I mean, call him like there's money out there to be had for you. I want money for us here at free flow LLC. Yeah, we can't get a dollar. A few reactions, former CNN host, sold out. O'Brien wrote nice to be a pretty white lady. Working your charm and New York Times Reporter. It's just more like this more stuff like this, right? It seems a lot of outrageous, why we outrage. There's a lot of outrage. I like this one weird thing. I, I don't know why this tickled me, but there's some outrage from Todd Schulte. He's the president of Forward dot us fwd.us, which is a political advocacy group co-founded by Mark Zuckerberg. and, and Joe Greene, who was the Cove, Who was the Who was the face? Mash co-founder at Harvard with Mark Zuckerberg, he co-founded facemash the predator of Facebook. They founded a political advocacy group, the president of that group, waited on this story talking about he says, media Outlets make choices every day on how they cover people in the criminal justice system, blah, blah, blah. His point was, you know, you are making her sound like a normal person which is fine but make all the other convicted criminals looks like normal people because, you know, he's a, he's an advocate for Criminal Justice Reform, blah, blah. So, anyway, I just, I just thought it was great that Mark Zuckerberg and face masks co-founder. Joe Greene, found co-founded a political advocacy and somehow snuck into this Elizabeth Holmes story, and then somehow had comments about a young founder who fucks up half the universe, right? Like, and by the way, this is original reporting. You're only gonna find this here. No one else covered this. This looked into the founders of forward dot off. Okay, nobody know. But nobody. Nobody cares. Yeah. Wow. Moving on. That's anything you want to wrap up with the Elizabeth Holmes? Do we have? No, I mean it just seems like it does seem like the reporter for the New York Times fell into the same thing that all the white guys on our old white guys on a board fell. And that's like, yeah, and that's what a lot of the post reporting has been, is that she fell into her gaze and it's, but it Outraged about it because she's going to jail for 11 years. I think we're outraged about it because it's the, I guess, because the New York Times is that right? I get. But it was a puffy. It was a puppy, I know. But it's still the New York Times the last line of the article. There's a reporter screaming about this the last line that article. The reporter says, if you are in her presence, it is impossible. Not to believe her not to be taken with her and be taking in by her. This is a journalist talking. Yeah, I would not have that problem. I think I would not have that problem. Ah, yeah, okay, before we get on to our next story, our next blonde, Infamous blonde, CEO that America loves to hate. I want to talk briefly. I did, I did a little bit of a mini dive, a little mini ESG dive on Elizabeth Holmes partner, Billy Evans. Oh, because no one ever talks about the guy who gave her two children, who she's using to try to get out of prison. I, there was no ESG ratings firm right now. Yeah, who's raiding? Elizabeth Holmes, current partner here. It is Billy Evans. He's an heir to a chain of hotels and San Diego California. Okay. Of course. Okay. I already don't like it. The article said the New York Times article said, he took a few calls for work. While she was visiting, the reporter asked him what he does and he answered a lot of different stuff. Investing starting companies, he replied with without elaborating Wow. Yeah, this is this might be exactly what's wrong with everything. I can't figure out how we got here. So his family has a company called the Evans Hotel Group and I did a little bit of a mini ESG die on them. Matt, in a city that is only 42% white. All 11 of Evans Hotel Group Leaders or white. It's kind of cool. 100%. Well, I mean, that's not you still had 42% of the white population to choose from and in their CSR section on their website, which talks about their employees, as a picture of their employees or 23 on their own website. They did this 0% of them are white. Wow. So I don't know. I just thought I was waiting 0% white 0% of a 23 employees. Pictured on the Evans, Hotel Group CSR section website, are white. So they're all people of color, all people of color and yeah I'm just saying I'm trying to make a I'm I get I'm not no judgment. I'm not making a judgment here. Yes she did not have judgment. I'm just presenting the facts that I see the judge it you might call it the white sealing that's my call at the white sealing it Elizabeth Holmes and anyway blah blah. Let's get off of ladies. He blonde too. He's a Kim blonde. He looks like a surfer, dude. Oh, so probably blonde. Oh, I love it. All right. And then Marissa Mayer mayor Mayer. Why can't I remember this fire? X Yahoo CEO. Marissa Mayer, showed up again, somehow on the press the headline is that she's her Meyer admits spending four billion dollars. For Netflix would have been a better transformative acquisition in the Tumblr. Oh really ah nailed that analysis. There's nothing better than a good. Hindsight analysis, know you say. In fact, she said, She had a chance to buy Netflix or Hulu. She said either of those with hindsight being 2020 would have been a better acquisition. Yeah congratulations. Yeah. I actually I told my mom the other day when I was 20 and like Google iPod or whatever, maybe I was 24, I don't remember what I thought, man. I should have bought that IPO and that would have been smart. So, both right. I'm gonna jump into my life story. Is that really what we're gonna? That's how she snuck in? Yeah, well, the business news, they they had to drag her one more time. It's almost like someone didn't know what else to say about Elizabeth Holmes. They're like, oh, why, why don't I make fun of MercyMe? Or one more time for the rest. It is sad that every time she comes up, she's the punchline of her own joke, I know. But the business news that they do, instead of like celebrating and its success, they do like the mcf funder. I'm just pointing to. I'm just her though. It's like her and Liz home. Exactly. It's the two Tech Silicon Valley blonde. See, there's my Adam Neumann takedowns. Every time, you know, opens his mouth. You're right. Come, there's not like 400 things about what he said. Thank you. You're making my point for me. A speaking of due diligence, I just want to quickly add this open AI CEO Sam Altman. Tweeted this over the weekend. I don't know why he tweeted this, but it just made me think of Elizabeth Holmes and all the VC, Bros, throwing up money, they're all their buddies. He said, being a VC is so easy. So high status. The money is so great, and the lifestyle is so fun. Very dangerous trap that many super talented. Builders never escape from until they eventually, look back on it all and say, damn, I'm so unfulfilled. I don't you just say life is awesome. It's super fun. But also I feel unfulfilled by my life, like what is he saying? She talking about VCS that he works with himself as a VC. I don't know. He goes on to say that. Investing is a an amazing, very part-time job. Oh wow. And the soul sucking full-time job but those mountains and Aspen aren't going to ski themselves that party in Santa Fe isn't going to enjoy itself that kiteboard on Necker Island. Needs someone to fly it Etc. Well yeah, that actually that's the problem. Most Americans have the kiteboard someone. I don't even know that someone needs to fly that. Ah, finally that's the guy who is in charge of the thing that is 10 to 20% likely to cause the Doom of humanity. And these are the people who are funding all the things that do my Hermitage. I just really fantastic, fantastic news. And finally the other big and boring news of the day and here's my Buffett palooza segue for you Max. I know you compiled a bunch of stuff but Warren Buffett. I love this headline, buffets. Buffett is 100% comfortable with choice of Greg Abel as Berkshire, CEO? Successor that Dig, doesn't it? what comfortable if he was like, I Percent comfortable, with Greg Abel. That would have been a much better thing to say to me, just using the word comfortable, as I'm guessing. I'm gonna make some shareholders for a little uneasy. I, we should be. We should take bets about the when he dies. What will happen to the share price? How much of a dive will it take? The post the post Buffet death affect know, because you've got they own a whole bunch of stuff. Okay. So you don't think it's gonna take a dive, it's gonna take a while before it like, they're gonna wait for the first screw up. Greg Abel like his first bad investment. Then it's like, oh, the buffet glow is over before I hit it off to you. I looked at the 2023 Berkshire Hathaway shareholders guide, it's posted on their website. Okay. Do you want to take a guess? What? Page 10 of the guide is. Page 10. It's got to be an advertisement. Is it an advertising? Essentially? It is it's I imagine, it's one of their Holdings, but all it is simply Matt page, 10. Dairy. Queen locations. Yeah, that is an advertisement. They own Dairy Queen. Yeah. Hey Dairy Queen's in. The. Oh, but that's page 10, that that's ahead of a lot of important stuff. I'm just saying, well look you put the. You put the most important stuff in the appendix now. Anyway, you just so you just plenty of room for Dairy. Queen, that's your hand off, Dairy Queen. It was over the weekend, white-haired, billionaire who was in dead yet, but we're worried soon will be convention time. Yeah. Every single year we get the same convention. It's kind of boring this year though. The right AGM it was a bit boring this year except for you know they they primed you for a little bit of the vibe like wishing it was 1977 with the opening. VW. Here is some of the highlights that I could find and I'm going to tell you right now. They were not that interesting. So stick with us, just like the first half of the show. On the succession plan. Well, first of all, he opens the ceremony on like minute seven. He says like hello. And then he mentions that like there was a coronation this weekend. But we have King Charles right here and points to Munger and everybody's like, haha, folks. See you King Charles that's funny but he then introduces his board. Yep. And starts with Howard Buffett and Susie Buffett his children, okay. And finishes the introductions by saying that's about as good as it can get about a sensibly, abort. Okay, good. As it gets, including the two children, including his children, who are on the board. Yeah. And also not to mention that the rest of the board is rounded out by Greg Abel. His successor agent Jane his Ablaze Charlie, Munger and Warren and Munger on the board. So, Like, that's as good as it gets. Basically everybody votes with me. His succession plan. He's already said Greg. Say Greg will succeed me. You will be sitting in this position in a position where he is or his equivalent or something close to his equivalent because he is better at many things than I have been. Um, and then says, agit Jane is his successor, so he's already naming two successors. You gotta wonder the ego on this man. Why not let Greg take over while he has a few breaths left. He could stay as executive chair. Why not do this now? What the hell is he waiting for? Why? He's still gonna be in charge? Matt, you know our data, he owns like all the freaking influence. Yeah. Why not do Greg, a freaking favor. Why don't do the shareholders a favor? Why not give him a big boy. See and let him, you know, get some reps in first of all. How dare you? Okay. And second of all, You think that's it? Buffett didn't say? Greg Abel is my successor. He also said agent. Jane is his successor. He named, he doubled. He double cheeseburger, his successors, he did, he sees a double cheeseburger. That's just plain weird. And actually when you look in the proxy, my favorite part is their paid the exact same amount both table and Jane are paid this exact same amount. They both made about 19 million last year, but that was all in Dairy, Queen vouchers. I should have I, well at the eight locations in Omaha. There's plenty of places to spend it. So actually just a, no, I think you can. Those vouchers are good globally. Oh really? But then the sadly in the Neo table, you have Buffett and Munger, who both take like a hundred thousand dollar salary, a year, able and Jane who make 19 million. Now first of all, they gonna have to give some of that up, right? Like, we're used to the 100,000, you don't get 19 million, you have to take the buffet discount, right? And then there's sad old Mark, D, Hamburg, senior vice, president CFO. Who made us 3.5 million. Oh, Poor guy can't get a break that he never gets mentioned. He's not even the second successor. Not even the fourth fifth. He's not even. He makes one third with the other two guys. What's the point of you? Sorry about like sad day for that guy. Next up they go on to talk about. Here's here's a smattering of things that Buffett focused about including AI where mongers hot take on AI was we're going to see a lot more robotics in the world said that And then said, personally, skeptical, some of the hype in AI. I think old fashioned intelligence works pretty well. That'll solve it. That's it problem. Solved. Yeah. Good old. Fashioned Intelligence on investment with, with apple, which is one of his larger positions. I think it's like 6% of the overall portfolio, and, like, 30% of the publicly traded portfolio. Said, Buffett says quote, I don't understand the phone at all, but I do understand consumer Behavior. Wait, what? Okay, slow down a second. First of all, what I don't really know what's not to understand about the phone and second of all, Isn't most of Apple's consumer Behavior, wrapped around the phone. Like, well, he's not their Flagship product. I don't. That's so it makes it so foxy and interesting. He's leaning into the like, oh, to that. I'm an old guy. Look at. Look at all the buttons on this thing. How does it work? But I do know that people will buy it because he went on to say, Apple has a position with consumers where they're paying 1500 bucks or whatever pretending like he doesn't know or whatever. For it may be a phone, okay? The same the same people pay 35,000 for having a second car. And if they had to give up a second car or give up their iPhone, they give up the second car. I mean it's an extraordinary product. You know, anybody who would give up a car for the iPhone. Know, I'd get a Galaxy buy an Android phone, right? It's not that hard. This leads me. My second favorite headline. The great Oracle. This is very simple. And very, I like this. Very right to the point. Apple is a Better Business than any of Berkshire. Hathaway's companies. Warren Buffett says. Yeah, that's what he did say that. Yeah, I'm shocked that somebody would think apples good company. Really shocked. I mean like it's it's supposed to be like High Praise coming from the Oracle of Omaha that someone made a better business. It's not it's not C candies. What's it called? Sea candies candies? Yes not that one. It's not Geico. It's not very even even with the heart and they have that like magic show that hardens on that which is pretty damn amazing right? That the chocolate hardens right on the soft serve. I mean it's almost impossible to imagine. Yeah, that's Awesome intelligent. Yeah. They didn't use AI for that and then on Elon Musk, oh, say Elon Musk overestimates himself but he is very talented. That's Munger saying that, okay, that sounds like a okay. That's like a little bit of a shot. A little bit of a, little bit of a praise. He also says he likes taking on the impossible job and doing it but follow that with Warren and I look for the easy job that we can identify. Okay, so a little shot here, a little happy there and then Munger chimed in we don't want that much failure. Yeah, so that's where. That's where it all came down. Speaking of failure, I saw her over the weekend. Elon musk's boring company is now unveiling up, potential plans for a tunnel in Las Vegas with 69 stops. This is just for cars, Matt, he really. He's just putting another road beneath the ground. This is, this is an innovation. What about it? Putting a Subway down there or something like Wasn't The Big Dig. Like in Boston, the boring company before the boring I guess any Highway submerged subterraneous? You take a road and put it underground, that's the Innovation, that's the Innovation, he's a Munger had this to say about the carbon energy transition, okay? Been waiting for this question is about carbon. So we got ESG ish here, Munger said, there have been some false claims about climate change. Okay, with such as didn't elaborate just said, there have been some false going on. Earth is round. Yeah, but the energy transition makes sense. And here's some of the reasoning. Even if we weren't worried about global warming, it would make sense to shift to Renewables to conserve our hydrocarbons like me. Yeah, this is what I said. I say why not just build some shit, sell it. Who cares? And I like that the idea is To just conserve the hydrocarbon. That was not the OG of ESG was conservation was not the original environmental movement routers really into Charlie today. Save your applause because there's certainly he said, well, there's certain things hydrocarbons can do that. Nothing else can do and there's only so much of them there. Why be cautious and conserving them? As in, yeah. We should be cautious and concerned, I don't know what he's talking about. Very confusing right. There is 99. After all, I know he is and and he's not nearly as folksy as Warren, so he gets a little confused if anything he's angry. Two more here just quotes from the thing. I'm Bank Executives. Yes. Warren did say. Quote, if you run a bank and screw it up and you're still a rich guy and the world goes on. That's not a good lesson to teach people. That's I agree with Warren there. Yeah except the fact is Clawson you because their big one of their biggest Investments and most profitable ones is Bank of America. No I don't believe with Brian Moynihan. Yeah. Who made a tremendous amount of money coming out of the financial crisis? So Congrats. I'm gonna Overlook that fact. The whole world went on apparently. And then finally, on the social media meme Bank runs, which is the bank runs. Let's be clear, there's not a bank, like structural problem, there's just social media. There's, this is how there's a world structural problem. There's everybody else's sexual problem, which Buffett sums up nicely by saying quote. That's the world we live in. Oh, it means that a lighted match can turn into a conflagration or be blown. Wow, I don't want to hear Wow, I that is deep but he's not wrong, though. That's the thing. I don't know. It's not wrong. Like I've been enlightened. This is a source of all my anxiety. Yeah, let's do a little bored, saber metrics? Finally, here's a little bored. Saber metrics on Berkshire. You ready for super metrics being? Our Flagship product here at free flow LLC. Yeah. Go. If you don't know what board saber metrics is, you are on the outside looking in at what everybody else is into window shopping now, window shopping and ESG 2.0 land. Yeah. Um, so what we do is we create the basis of what we do is we create something called influencer for every single director on every single board across the entire world, over the last five years. We have a number for percentage, do you think of 10 people get in a room? They yelling at each other, but they should do. We say the percentage of the pie of decision-making that they own, am I gonna listen to you? Let's say you and I are in a room who's got the most influence. Depends, who has the, who has the biggest Dairy Queen cone. That's where that's where that's definitely you. 80% of the influence between the two of us, I would say, okay, well, Buffett himself by himself. Here we go. Speaking of Jerry, 66% of the influence of the Berkshire Hathaway Board. Of course, in this is, if you noticeably not including his two kids, right? That's him alone. The Paragon of corporate governance, has included, Munger agent able Buffett's daughter and his son on the same board, collectively, buff it, and the Buffett acolytes command, 83% of the influence, that makes it amongst the highest in the world. It's like, it's like an adani board. I mean, the good news here is I saw a report that the Berkshire board all the board members, not named Warren, Buffett are some of the world's best Candy, Crush players, you know that That's they really Candy Crush. It's good news. Really? Here's why. Yeah, this number. If you don't really, if you want to put it in context, if you want to know why people are freaking about have been freaking, I want to. Successor is yeah. For years it's because when you're influences that high if Buffett were to say die. Well there's still eventually someday. Yeah, I'm assuming The power vacuum would just be mad. Wow, imagine that sound. Yeah, it would be. It would be like, the whooshing sound of the alien getting sucked out in Alien. Yes, absolutely. The atmosphere frightening. How does Buffett get his influence? He gets it, basically, in a couple of ways, there's something that we measure influence, as resume as role on your board, a structure and connectivity. How important to our methodologies Corner methodology. This is all backstop by like over 50 academic studies. All different studies. And if you want any of this, reach out to us, We he gets the majority of his influence from structural influence basically is the founder. He's basically the founder, he's not technically the founder but he's basically the founder, he's got large shareholdings, it's a dual-class structure. He owns over 30% of the vote. And he's basically turned it into a semi family firm with family owning bits of the vote, and consolidation to power amongst them and inside is all in the board. That's how Warren Gets all of his power on the Berkshire board. Yeah, Warren is really the, he's the grandfather of founder fetish know. He's the, he's like, Mark Zuckerberg's Godfather. That's exactly right. He's the OG founder fetish. Yeah. And, and the reason why we don't do a huge amount of hand, ringing with the tech Founders is because they're all like teenagers and and they're not gonna die for a long time. So we don't have to worry about that. Giant sucking sound of a power vacuum when they don't get it, but Brookshire Hathaway. Actually, we do have to worry about that. The only thing we have to worry about, with the young Indians. Not the old ones. Is that the Young's go to jail? Yeah, and they also, and they also kind of ruin the world. There's that side benefit. So here's what end with all and you with a question Let's say Buffett dies and Munger survives. He writes not according to my prediction, they're going to die within about two weeks of each other, but go ahead. Let's just pretend, Let's Pretend if you were to do a scenario analysis, who now runs Berkshire? How does Berkshire, get run? You know, the answer to this. This is the Cliffhanger for next week. Okay, so we're on the scenario analysis. We're going to tell you when Buffett dies, if Munger survives who has the most and so on the board, we're gonna assume that there's no external new director, it's just gonna be. What? How does these, how does the influence percentage? How does the pie get redistributed? How does it get redistributed the day? He's dead. Oh, this season, this is a kind of stuff. I like. And now we're gonna see is it Munger who's running this company until he dies? Is it the perfect kids right to Able or do? Is it a family firm? Is it basically the buffet kids who keep running it until mongers dead? How does this happen? That is what we've got. Have you ever heard of a better Cliff, Hanger know? Yes, and I mean, unfortunately, I co-host the show and I'm probably the only person who was excited about this, but Actually am I actually am excited about this and nobody that's all we got. That's Damon Ross. I'm at Mascari, we are free float. If you want to know the answer sooner. So that Cliffhanger just call us. We'll run it. We'll give you the data. We'll show you what it's like you can see what influence looks like and otherwise tomorrow's, corporate theater, and then Wednesdays, woke Wednesday and we'll see you then goodbye.