Transcript
Hell yeah. Whoo ha. Hey oh Live. sometimes, I think you forget that we're here from This long pauses Ari is on vacation palooza. Yeah. Yeah, I think Jesse's already sad that already has gone. It's yeah, another manic Monday edition of business pants. Joined by the lord of the BS, Matt mascardi. Yeah. It's true. I'm here in spirit in today's flemmy ESG throat. Clear, good time called May 15th 2023, sexy story updates in a nerd alert. We have a nerd alert. I do, I have a very short nerd alert. Of course, I used it as an opportunity to pimp our product. Also, you see very short, I'm scrolling ahead. It doesn't look short. Oh, it is. I mean, it's like one thing to say, well, I have about 47 ready? Yeah, I can see all the things ready for a news Roundup. Come on. Yeah, let's do some newsie, rounding. Why is it always that music? Hey, feel free to Source some other sound effects. Why do I hate that music so much? Am I like anti-American? Apparently, are you ready for some news? Matt, let's start with Elon Musk. Oh no. Do we have to? Here's the Here's the first tweet of the Linda yaccarino era. She's the new CEO of Twitter. She says this is too Elon. I've long been inspired by your vision to create a brighter future. I'm excited to help bring this Vision to Twitter and transform this business together. This literally the worst tweet that's more but let's just say you know we work in this CEO realm that's that's way more ass kissy than we're used to seeing. I know there's not I mean especially scientifically happened. I mean on like you you don't need to kiss ass on Twitter that isn't that the place where you spread kewin on conspiracies why we do in this on Twitter? Brighter future. Does that involve spaceships exploding Rockets going? Boom, it does make the sky brighter. Or Elon Musk related stories. Do you want them? You want me to toss them out? I actually let, I'll let you decide. I mean, let's just get them out of the way. Just do them. Wikipedia founder. I love when founders fight. Wikipedia founder blast Elon Musk for caving to turkey's, censorship demands, So he did. He cave? Yes, Mr. Free Speech. Elon Musk caved to the the current Administration and turkey took off some information from Twitter. You know he did some censoring even though he bought Twitter to stop censoring. Right? Oh okay. So what did Elon have to say? This is funny to me, Elon Musk defended the decision. Are you doing? It was better to remove any offending tweets, the government required, then throttle his business in Turkey, oh, at least he's being transparent about it, that's what he said. So what he said was Mr. Free Speech, same thing, same thing, that Jack Dorsey did Twitter used to do? Yes, exactly. I just said it out loud. To you and of course though the founder of Wikipedia, Jimmy Wales responded. This is what it means to treat freedom of expression as a principle rather than a slogan. He's saying like the way Wikipedia handles things is you know they're not Hypocrites anyway. Yeah well I don't need founder few. I like all so in the Elon Musk World, billionaire, investor, George soros's fund dumped, its entire Tesla steak. I asked you this because you're our expert on the woke Wars, right. The Antioch, should they should George Soros be allowed to make this decision? Or should be forced to keep because this is probably a woke move, right? Should he be forced to keep his stake in Tesla forever? No matter what happens? I feel like he or something, I don't feel like because he said education through his brother. Yeah. So maybe they should weigh in on this is the one who needs to. Although vivix last weigh-in was not great either so I'm not sure where he would go with this. Ah, two headlines from one of our old favorites. Peloton. So long-winded scream. Peloton stock hits all-time low after company recalls, more than 2 million bikes. I mean, how many did they sell? Like that has to be all to the point. Oh, five million everyone. And at the same time, Peloton CEO, Barry McCarthy receives a pay raise Oh that's so quaint when when is Peloton getting their glass Cliff CEO? So this happened in a 10 cube of all places. They announced the competition committee is giving him a hit increasing his base, salary from 1 million to 1.25 million. And here's why you want to know why, Matt I do because a CEO Barry McCarthy. He very greedily agreed to take over Peloton by, by having a sign on options, a word worth of roughly 200 million dollars, right? That's a lot, but, and nothing else just options in the one million dollar seller. But here's the problem. He took that option awarded about 39 dollars last year. And now, Peloton stock price is under 8 dollars. So he realized he needs some extra cash. He's not gonna get it from his greedy stalker Worth, right? He's screwing himself by sucking in his own job. So we asked the compensation committee to give him some extra scratch, right? I like This. Yeah, and here's what I learned about that compensation community, that gave them a little bit of a bonus even though the company is absolutely tanking. The compensation committee chair is Jay Hoag, okay? Oh yeah. Our favorite, j-hope is a co-founder and general partner at tcv and that's where CEO Barry McCarthy happened to serve as a consultant. He served it. It's all the dcv and it works. And Barry McCarthy was CFO of Netflix from 1999 to 2010. Compensation committee chair j-hope has been a director at Netflix since 1999 who would have thought in a world full of people that they would end up at all the same places. Yes. So the person who wrote this pay, raise our Clique. He kind of missed that little side note, but whatever. Now you have it although let's be fair. 250,000 Dollar, pay raise to? I don't care. Yeah. I don't care. It's funny to me I don't really care what it's funny about it is, I bet you if we looked at his mortgage payments, it's the difference between the 1 million and the woman to five. He just got. This is what happened. When you just you rolling the dice, you take the big gamble, like yeah. I want the 170 million dollar option to work because I'm a greedy bastard, that's what happens. This is what happens when you take the big gamble when you call your friend Jay, who's on every board you've ever been on and say what should I do? Forbes Magazine selling itself Matt, is it a lot of medium Mix-Ups Vice media is going bankrupt? Yeah, sad to me. Okay, Forbes Magazine has a new majority owner it's 28 year, old billionaire, Austin Russell, Who's just turned up recently in one of our corporate theater sketches because he's a good buddy of Liz Holmes's new husband Billy Evans. He's there. So Austin, Russell made his money in self-driving, car tech. He's the CEO of the company luminar Technologies, they're in our database, they have a 2.1 billion dollar market cap. They posted sales of 41 million dollars last year Matt, and they've never been profitable. Oh, he's enough money to buy four. He's by all of Forbes and this says that he plans to serve as a Visionary for Forbes brand. What is that mean? Is that? This is an executive plan. It means he took off his. It means he took off his shoes at a business meeting I suppose. He's wore teva's that time? Yeah. Um, can it's a little bit sad with Vice going on Forbes getting bought? Yeah. That do we need to go bankrupt in order for a billionaire to throw money at us? Is that I know you're probably look. We're on our way so just give it time that we even have a data product. Yeah we're not even just a bunch of blowhards and we're both to have a platform that has news on it, right? So that could be a fourth version Bible. Yes. Do us. Speaking of Dylan Mulvaney and Bud Light? Oh, nice transition. I saw. Catch a boat guy, plans to paint a Heinz bottle on his new boat after the company came up with more cash. Remember there was a guy who he ate catch up for 24 days on sea and he survived in Hinds gave him like 10,000 dollars and now they're giving some more money and painting his boat. I ask you this mat with is the, the anti-woke, the all the viveks, and all the Kid Rock's. Will they be mad at this? Is this? So? Okay. Is this okay? Is he trans? He's black. Oh, this sounds like a diversity. It may be a diversity higher and he's, and he's French. That could be bad, too. I don't know. I'm just a problem. I just want to know. Is this a problem? I don't know. This is a really good question. I mean, a really stupid question. You can say he didn't catch up for 24 days and painting, a Heinz bottle on her new boat. When the company paid you, I'm gonna go with woke. Yeah. The shit show that we've covered a lot, a lot over in the NFL, the National Football League at the Washington football team. Now now they call themselves The commanders, terrible name, they're finally this guy Dan Schneider. He screwed up for decades. One of the most horrible human beings known to the planet. Really. An excellent fell upper harasser and abuser. Just a terrible person. And then after he was caught harassing and abusing women, he put his coat, his wife in charge that was his like haha moment. Yeah. So now he's being forced to sell, which I know he's probably sat about because he loves being a NFL team on her, but he's getting six billion dollars to sell his stupid sports team jokes on us, I guess. Well, we all lost. So here's who's buying the Washington football team. It is a group. Led by Josh Harris. He is the he co-founded Apollo group. With the man, a man named Leon black who we covered here extensively because Leon black paid Jeffrey Epstein 50 million dollars after it was turned out that Jeffrey Epstein was convicted for. You know, the the NFL has high standards Google taken as an owner and then I wanted to point out to the one of the other major owners as a man named Mitchell. Rales we've talked about here too. He's the founder of danaher. Corporation danaher has one of the most impressive female power gaps in our database matte. They have women represent 29% of the board but only 7% of its voice, only 7% of the influence. Well, I think they're all so controlled, who cares? Okay, I got our board super metrics data in to the story about selling the Washington Commander. That's all I care about. Yeah, well played thank you. You just sold the one subscription. Also the ownership group, Eric Schmidt, former CEO of Google. Oh, really, how do you sneak in? I don't know what he gave him. Five dollars in a bag of peanuts. I analyzed this list of owners, it includes Magic Johnson, but it also includes just a bunch of. It's just, if you're a founder or CEO of a dumb company, you can be an owner in the NFL. This is what I have learned. Wait, wait a minute, where's that? Like, like, Michael sapere, Here. Michael's a co-founder and CEO of pro shares and asset management firm that launched the first US Bitcoin linked ETF. Why don't we write? Who is that Russell? Bailout our family Media company. We can take that cash. We're not technically failing. Yeah, are we? Well, I'm working on it. Okay, I'm working towards failing. Thank you. And then we could take that cash and we can buy the next sports franchise with an owner that gropes everybody. I feel like that's in the cards for us. How about this apology? Matt, we've got CEO apology story. and Airline founder flew to an airport to personally, apologize to passengers after they got stuck there overnight How did he get there? Did they were they allowed to hop back on that plane and go to where they want to go? The real apology, would be to get them on a plane if you can get there. How are they not? This is the founder of starlux Airlines chain koi way. And let me tell you this matte, this is where it gets confusing to me, is I get the gesture, your apologize and your customers, but the flights were canceled due to high winds is this? I mean, is this anybody's fault? Not only that. If the flight was canceled due to high winds. How did you fly? That's another excellent question. Let's see, I like that. You're focusing on the important thing. I'm just focusing on the fact that I would be relieved if my flight was canceled because it was really dangerous outside. I don't need an apology for that, I'm happy. Yeah. I but I would start to think it's maybe not so dangerous. When the CEO somehow flew through the high winds in order to stand there. While I'm sleeping in the terminal covered in sweat and dust from all the like, coughing passengers stands there. And says, we're really apologized for making you sleep here. And for the cancellation, the high winds were unavoidable, except you, avoided them. Cash app, founder and CEO Bob Lee, who were reported right? He was murdered in San Francisco. Another stupid story that Elon Musk got involved in and screwed up but I'm not gonna talk about that angle. the story is that he he dated his murder suspects, ex-girlfriend Before he started dating. The murder suspects sister. What I shouldn't be giggling about this. I know, but I mean these stories but I have to cover them. This is my job here. I have to cover that all the stupid out of the CEO World. Well, the stupid part of this is that basically the Bay Area freaked out and blamed homeless. Exactly, that's problem. You know, I must concluded and it's like it's actually an entire underground of Founders and yes, money Tech executive. Yes. Hang out and party and do stupid shit which I'm sure the Elon musk's the world, if not Elon himself have seen. Yeah, that world, of course. And they immediately all said it was homeless people. This is why I pulled this story. Bob Lee was part of an underground party scene of section. Drugs called the lifestyle. Oh, they gave it a name. So, Matt, this is the subtext to your horrible. CBC, CEO, pay ratio is, right, is that this is what They're using their cash for. Well, this BuyBacks. And for the lifestyle they bought, they I mean, like when you start a company that is unprofitable, that still allows you somehow to buy Forbes and I'm funny that you get from these things. You go enjoying the lifestyle date. Each other's sisters and then maybe murder one another. Yeah. What do we? And we're blaming homeless people, we can't figure out the Bro. Culture problem, we have blade. J-hope's decision does a compensation committee chair. God's fire to j-hope. You mentioned Sam Altman. Open AI CEO. Sam Altman is close to raising 100 million dollars for his eyeball scanning World coin crypto project. Matt. Start up once to give people cryptocurrency in exchange for scans of their eyes, to create a digital identification system that would give people across the globe, access to a crypto token called world. What the hell is going on? Matt, this place this startup has already received backing from and you. Don't tell me. Yeah. Anything more, Yes, except is Andreessen Horowitz when investors absolutely is that you're joking. It is up. It is already received backing from entries and Horowitz, right? And from FDX founder. Sam Bachman freed So speaking about lifestyle, you just described. This is what's happened. This guy is close to raising 100 million dollars for this. I think the guy. Sure. Yeah, Mark, Andreas and Sam Altman and SBF would have all blamed homeless people for the murder too. I don't how is it? The this answers, the question, how Adam Neumann can get funding after basically being and you said on artist the largest ever, right? I've got the largest ever after. Screwing up, we work. And if the due diligence process at Andresen is effectively, you are a founder and we really like kissing founder toes, then it's not that hard. Because Sam Altman eyeball scanning World coin crypto project. That's the headline. Is anybody doing that? Is anybody doing that? Yeah, well, maybe the key, maybe the key to injury since her is to knowing like, where the next lifestyle party is or something. Right? I guess. So I need to join the lifestyle. Yeah. What are perversion be? Would we be the the data Queen? Because that would be no, I like we're much more. We're the degenerates. Okay. That why we're not gonna funding? That's probably. When we go out and party afterwards, with all the founders that we know we do it at a pool hall in Worcester, that's our problem. We're like, we're trying to get access and Wooster. That's our problem. Yeah, we should go to. We should go to Framingham and see what's going on there. Oh, there it is. And finally trying to create a Segway for Matt. A BlackRock CEO. Larry Fink has been preparing five key leaders to take his role whenever he decides to sit down. So they have announced speaking of naming things. They've, they've they've named their succession process. You want to take a guess what? The name might be? They've made their naming. It Matt. Just like the lifestyle. The lifestyle, please. And that'll be a funny coincidence. Know, they're calling it The Great race. Oh, and this is not a, this is not a right wing Vivic conspiracy like replacement Theory thing a race meeting like running for the Finish Line. That's what they made. They don't mean, can you imagine being labeled as part of the Great race? Oh, sounds a little white supremacists. Know, I just pointed out Matt, it's not that it's just sounds that it's so it sounds like it's five internal candidates including the man who runs the global commercial business, CEO of all blah, blah, blah, blah. Oh, there is a high level question, high level question. Yeah. percentage of women involved in the great race versus Jews involved in the great race will determine Whether or not Vivic likes this or not. So, what are we, what's, what's our ratios? I'm creeped out by that. So we have one, one woman, that's Rachel. Lord head of the who is the 20% head of the Asia Pacific business. One looks like one person of color, Salim ramji, head of ETFs and indexing products, 20% and 20%. That's what we got. And to your question, Jewish people. I'm, I might guess too Mark Weedman and Rob Goldman, but I feel uncomfortable going into this territory. I'm comfortable in general. Yeah, I'm just saying. We've already got all the like we've moved from Soros, to to thank. Yeah, I mean, it would be a shame if they had to hate on a regular old white guy, because that's true. No, yeah. The Vanguard, what's, what's the head of Mortimer at Vanguard? And that guy is not getting any of the no price. Is. It's interesting. Thought there is a one of the people who in the running is CFO Martin small. That's so like a good person not to get mad at prediction alert. I am going. To go with Martin small wins simply because you can say they went woke, if they picked a person of color or a woman and you can continue your qanon, Jewish conspiracy theory. If they pick a Jewish person but Martens small. Martin small can stand next to Mortimer, Montgomery, or whatever at Vanguard and John ohley. What's who's the guy at State Street? Yeah. Oh, good Stan. It's Overland next to those guys and no one would know who you were. You are referring to the anti-wolf worst started by, you know, two Harvard educated men. Run this in Vivic ramaswami, right? Yes. Yeah, that that's the one. Fighting the fighting the elite. Yeah. Fighting the elitists who all went to Harvard. Yeah. That educated. Larry Fink told reporters that he hoped to build camaraderie among the five people in competition, but not a competition. So, keep working together. So they named this the great race Matt. And he's Larry Fink hopes that it won't be seen as a competition, so they can stay friends. I like a race race race where there's a first place in a second place. Like a normal race, they all hold hands to the end and someone's name for oh, like a potato sack like tying their legs together or something potato separation. Yeah, we're all five of them have their legs. There actually I would pay to see that Larry. Let's get that done. All right? There's your there's your Segway. What can you, what can you? What was my segue? I don't even know a succession planning or or Executives. Who some get picked, some get mad and leave. I don't know, not even close. You know what we got? Here's a nerd alert, the study is who is leaving and why. Yeah, exactly. Thank you, because they're gonna pick one out of these five. You know, at least two of the others going to be pissed off when they're gonna bounce and quit. Well, the study suggests that they just might the Dynamics of high-quality human capital. Outflows is the name of the study. It's by Sima should a shadani of Saunders School of Business. The University of British Columbia, John Kamera Mueller. Always make a hard for you. They always make a heart. I know this never a name. I can pronounce so like I can't even pronounce my name. And Alan Benson. Oh God. Both you Minnesota. This was released in January of this. Year, but it pops for me because I'll get to it in a second. The gist of the report is really. When people who are good at their jobs, like high performers. Yeah. Leave the job. Yeah. So this would not apply to us. It not only does not apply to us but I have demonstrable proof that. I was either not a high performer or this is false because no one left after I left. Okay? Um, they use something called turnover event Theory. Okay, theory that shows there are Downstream effects on turnover, okay, at high performers, for the people that stay But they covered, they studied 1600 retail stores over almost a two-year period. Just nearly a million employees during the time. It's a lot of people, a lot of people and what they found. Was if you are fired your, high-performing, your fired. It actually doesn't have much in the way of an effect on other people leaving, right? Okay, so basically what they said is you probably if you're high performing you get fired, you probably are annoying as shit. No, not gonna fall right? Why would it have an effect? Well, I mean maybe you're fired be for being too Innovative. Okay. If you quit. If you like quit and discuss it changes things, it has a little bit more of an effect, but still not much of an effect. Okay. So, you know, we nobody we don't care each other about each other at work. No, I mean like well, that's the thing. We both quit. That was our problem. if you are laid off, You. It is a monster effect. Wait, what? Really? That's what they said. That's what they found. How. So, All right, so they what they found was, if you're fired, there's an additional Point 17. Quit Okay, so you get fired and like less than a fifth of a person follows you out the door. Okay. Somebody's chubby legs. They are holding the door. Open for you with it. If you Quit then it's 0.23 quick. Okay. All right, after that. So basically a quarter of person so it's okay, maybe a leg and a half, um, but it's a staggering, 2.2 quids per layoffs of high performance person. If a high performer is laid off. Oh, so it makes like two people. Get. So desperate that they're just like, they're they're good. They enter despair. They get depressed. And there's like, I hey, I think the theory is effectively that if, if you are lay off, somebody who's a high performer, should test this Theory here. There's four of us here. We should test this. Yeah, well then it would be one person left. Okay, so it'll be fun to test. It it will be. It's worth the test. We'll just lay one person. Well, who's the hyper? We just lay off Ari and we don't have. He only I will see what we'll just Well, so usually it looks like people basically fear that they're next. So they quit in advance or or look for jobs in advance, or is it that when you're high performer leaves, everyone else gets nervous that, oh, I'm gonna have to do their work. Suddenly, I'm gonna have to do something because who's gonna do their work? I'm out of here. I'm out of here. Always a good day to work. I don't want to do yeah. Anything that that person know they did a lot of spreadsheets all day. I'm done. Here is the board saber metrics angle or you this is this is what I was waiting for. Yeah. Okay, so we actually categorized directors as Hall of Famers, high performance. We have that as a tag for every director. Yeah, Listen People. Every director in the world has a tag. We actually do this for everybody, we have them. I seen them. I've seen them, I have actually S&P 500 companies. As of April, there were 111 Hall of Famer directors who batted an average of 752. When I say bad an average of I mean they were high performers for earnings TSR carbon and they didn't work at shity high controversy companies. This is an S&P 500 is S&P 500, 111 Hall of Famers out of 4600 directors. So okay, there's not that many of them write 99, that's like Bill Russell level. I mean we're talking about it's hard to get there. 20 of these people sit on three or more boards and a couple of them sit on boards full of Scrubs. So here's what it made me. Think it made me realize their the corollary is a company like eBay, okay, eBay lost five directors in 2020, right? Five directors incl. Yeah, a director named Matt Murphy. Who's an All-Star, who's batting 645? He quit the board. He did not stand for re-election. Okay. This year, Bob Swan, who's a longtime director, who isn't a high performer himself, according to our metrics, but is on the board of multiple other companies. Quit So you're suggesting, there's a bob Swan effect at eBay. I'm just saying there's a Mark Murphy. I'm sorry, a market Murphy effect. Yes! Matt Murphy affect all star, Lee leaves the board of etsy are eBay along with four other people like that. Like, interesting quit on mass and Bob's one was looking around and it was all rookies, and he was like, what am I doing here? What the state, actually? I kind of like this Theory out. What do you have in front of you? What, what, the influencer numbers were on, Matt Murphy and Bob's one was in the past, it was in the past and it wasn't that high, okay? But I don't think that matters. I don't think this is an influencer number game. I think this is what the hell am I doing here? I'm a really good. Director at all these companies, I think this paper which was about employee turnover applies to boards that I like this. I like this. I like it in order to find out. Who the Hall of Famers are on your boards and if they quit who they might take with them, you need board. Saber metrics. That's really, that's my sales pitch today. Yeah, I agree with you. Well, you have to because you started the company with me. That's it. That's Damian Ross. I'm at Scotty, we are free float. That was some stuff that was a lot. That was a lot going on today show. Corporate theater tomorrow. In fact you have a packed show tomorrow for corporate theater, right? Yes it Liz. Home edition tomorrow, Elizabeth Holmes, home, how dare you Elizabeth Holmes Edition tomorrow? Not to mention the fact that the corporate theater players who do corporate theater every single week with us have live shows at the beginning of June, in Portland, Maine. That's right. Starting June 3rd starting, June 3rd, and otherwise, you should buy Port St. Patrick's to get all the data until tomorrow. Goodbye.