Business Pants – 2023-08-23

Yeah. Hey. Wow. That's, that's the way to get a man live from the Black Rock. Voter in action, Ballroom. In action. Wow, there's a lot of dancing going on that ball. No voting, it's the ESG Industries. Only weakly woke data podcast, featuring analyst whole Matt Mascari. I like you got rid of the man. Thank you. The copy pasted text. Yeah, yeah it proves that I'm not completely empty vessel and today is 87 Giga called. August 23rd, 2023, old fashioned and environmental social and corporate governance. Headlines, why? No notice I didn't say ESG. You know, I just did. That make it better for you though when I say environmental social and corporate governance. Does that make you feel better? No, here's what I'm gonna say. I'm gonna preempt myself. It's time to reclaim the acronym. We'll get to that later. Uh, to our show today is being sponsored by ESG or ESG data solution. It is, thank you s. Gauge ESG right in the title. That's just gauge. Really are the most important Pioneers in the field because they're really the first ones to professionally a shoe, the acronym, while also using it as part of their name, because for a while internally, before we met with them, we used to call them like ESG gay. We didn't know what to call them. Yes. Yes gauge! Yes. Yeah, but their skates but it's okay. Like they just went with the phonetic. Spells like read on ESG with the age after it. Yeah, so maybe that's how we should rename the actor was just call it eska. That's everyone would be confused by what you were talking. I got a bunch of old-fashioned. Nerdy headlines. From our field match. Are you excited? I know. Here we go. This show is dedicated to our super nerd. Fans are all the super analyst nerds. I said you said it with an S at the end of it. I don't care. That's refusing to me start with the big one. Black rock voted against a record 91% of shareholder proposals in 2023 91%, there's some new ones too that's important here. They actually voted against 93% of those focused on environmental and social issues. Oh wow! Okay and those and those are the ones that really are pissing. People off the most, right? It's not like the bylaw things and the separating Chief and chair. Was it last year? Okay. Know what it was last year. So according to reports this number is down from last year, where they so they supported 9% this year, they supported 24% and 2021 and they supported 43% 2020 and 2020. Okay? 2022. 20. Yeah, 43% 2021. Yeah. None of those those numbers have the content of the proposals, right? Because in 2021 wasn't every proposal effectively about George Floyd like it was climate change to George Floyd. Now, that was. Yeah. But you might be. Yeah. But you might be exaggerating a bit. I think that predominantly there aren't they? Kind of Stuffy corporate governance proposals. I mean, yes. Right. But they're saying e&s proposals, they're not saying. No, overall, overall, they support all three percent of ESG, proposals in 2021. Its overall. Well are we calling the governance once Jesus because no one likes g anymore. They like the they like it's part of the acronym. It's at the same time to be gee. At the same time, Black Rock support for management. Proposals remains exactly steady. Of course, supporting 80 80% of all management proposals. And, and just so, you know, just so you're aware. These management proposals actually represent 99% of the roughly 172,000 proposals that BlackRock votes on. So do they count that board members in that? And yes, that's a management profession. That's right. Exactly. So here, Let's be honest, Black Rock is in support. The average BlackRock vote like 96% for is the average director vote BlackRock votes four, almost every single director. In fact, we pulled data on a BlackRock fund out of 800 votes. In that fund. Last year, they voted against like 20 people, right? Like and those 20 people, they write up a little blurb on it, and it's usually looks like it looks like it glass Lewis wrote. It wrote them on a napkin and handed it across the Black Rock table. So they vote for almost every single directly. You know, how they always eat. Yes, people is just the same thing. Now they just vote for whatever management says, right, which is the vote against. I wish they'd include a blurb as to why they are supporting a director, not just why they're voting against the director. Oh, that would be amazing. Right? I mean, just tell me, tell me each year. Why you feel like this director should be real? Imagine Can you imagine them having so far-fetched 107? I'm sorry I was in, it's not that far-fetched of a request. I mean, if you're already doing your job, if you're already doing the due diligence to make these decisions, you could write one sentence about what this director, why they deserve the election. Hold on a second. Oh you just said, if you're already doing your job, do your, that's the biggest assumption. If you're doing your due diligence, come on. Black Rock said, the reason why the voting record why it's keeps falling. Is because so many sure has a proposals were overreaching lacking, economic Merit, or simply redundant. Oh, no. I like their, they made an effort to say lacking economic marriage to show. This is how fucking capitalist we are looking at us. Now State Street, their numbers are also down but but there's a much bigger much different picture going on over there at State Street. So State Street supported 49% of all these proposals in 2021 which is which is roughly I'm with BlackRock support. Remember BlackRock was 43%. It's about the same State Street dipped to 44% last year and now to 32% this year. But you know, that's that's a more reasonable dip. I still okay, I think a lot that's kind of in line with the General market. Where is black, rocks fall is it's pretty stunning? I, you know, I know that they're claiming redundancy as a part of this, but and they're also claiming that since the sec's allowing more shareholder, proposals to come through. That's their pushing through a lot more proposals that are just kind of winkers until BlackRock fires the entire stewardship team. Why do you have what do you need them? What do you need them to do? I mean, they just sounds like they cost a lot of money to say, yes, to manage. I don't want to crop on that team because I want them to buy our well, because I think we can actually help them. I think we can help them identify ways of creating more board. Vacancy, he's not help them support more Shirley proposals. If they just want to get into a more Nuanced discussion. I'm here for them. Yeah, I'm here for them too. But but I'm worried for them because Larry seems to be hiding under a rock about ESG now, That the map from 43% support to 9% in two years. That's that's remarkable. Remarkable with no policy change. That's a remarkable drop. I I want to know two things. Number one. What is the difference in the content of the proposals themselves? This more say there was more. I think there's more f-bombs now a lot more but we're including in those EMS proposals all of the incredible rise of anti. Yes she proposals right? Which means you're diluting the pool with some little bit a little bit. Yeah, a little bit. Okay. So and then number two I want to know how many proposals don't make get on the table, right? Like because once it makes the proxy then your foot it's like a kid. Throwing a tantrum about their room, like, I'm not gonna clean my room and then it's like, okay, now there's a punishment, I'm gonna vote. I'm gonna vote on the proxy but they must have a conversation beforehand. Sure. If, if they think it's warranted, so how many of those get settled before? Moving on to santis Disney appointee resigned, after breaking Florida, state law. So this is Glenn. Glenn, you resign after breaking the law, good. So, remember here, Matt, the story was that he couldn't blend gills and couldn't be the chairman of Florida's ethic commission and have a board seat on the central Florida tourism oversight District. Of course, he picked the, he decided to pick the one that pays him 400,000 dollars. but, It's a kind of blowing my mind about the State of Florida and the state of corporate governance in general. Glenn admitted that he was unaware of this conflict of interest and his resignation letter until media reports told him. This was the chair of Florida's ethics commission. He didn't know that the conflict of interest even existed share athletes commission. I mean, Startling come on. There's a lot of laws to parse through in Florida. I mean it's one of the most bureaucratic States. I'm just saying, I'm just saying it's hard to know everything the G20 pledge to end fossil fuel subsidies in 2021 and then quadrupled them in 2022. Oh well wait they ended them for the year they said they would. So in 2022, the volume of public money flowing into coal oil and gas at the world's 20 biggest economies. Hit a record one point, four trillion dollars of this a trillion went towards mostly to her consumers. They're saying the bulk of the subsidies were aimed at consumers in a bid to contain the Fallout from Russia's invasion of Ukraine. Are you okay with that excuse? I mean, they didn't I, In fairness to them, they didn't know that it was going to be like the warmest winter on record, although they should have because they had been giving away. Well, he's so much money for years before that, it warmed up the climate, but does that mean that number's artificially low? It would have been even higher if it had been a cold, my guess is that they gave that over again, they over over gave, so they're probably wondering if they can get some back. But at the same time, If you pledge to end, fossil fuel subsidies and immediately have like, one year later have to be like, oh yeah, about that pledge where like there's this different, the circumstances are just different now. Like so what is the point of the Pledge? Why? And and why can't, you be sending, you know, everybody extra sweaters. Extra like Saran, Wrap to cover your windows like where are all the other remedies there? Any other remedy any other remedies? I mean those of us who live in New England know they're there are other ways to protect from the colder other ways to create barriers against cold other than cold blankets. Yeah. How about this one? This is for all the anti ESG people out there so they can wrap their head around how ESG scores are created. Its, you don't just get a perfect score if you come up with an electric vehicle. Matt, there's other other parts of this whole crazy. New one system. There must Satan. Bargain stores Dollar Tree and Family Dollar given two years to fix entirely preventable, violations and Hazards, compromising worker safety. So the Labor Department officials cited hazards at the stores including blocked exits, unsafe storage of materials and improper access to fire. Extinguishers and electric panels under the agreement Dollar Tree is required to find the root causes of these violation. That OSHA has repeatedly cited at multiple stores and fix them within two years. Matt OSHA has issued 403 violations at Dollar Tree. Since 2017, all preventable, 400 and 3 violations. Yeah, except that Ocean's woke but No, this is how your ESG score can fail. I like that. This is only OSHA Violet the labor violations and does not mention the rat. Infants investigations that have been going on at the Dollar Tree stores over the last few years so rats aren't preventable. If you've ever been here that's well rats aren't on the payroll so I suppose somebody else's woke organization has got to deal with that. How about this one? This is a corporate governance. Experts away SEC ruling on AGM voting windows. What? I don't know what that means. See you, this is the nerdiest, whatever nerdiest moment freezes hats off to James macritchie resale. Here's a sterling proposal at Broad, Ridge, Financial Solutions, asking the company to give shareholders a reasonable amount of time to vote after the final proposal has been presented, okay. Mick Ritchie, who again, who filed this proposal has said that some firms were closing, the polls within a few seconds of shareholder proponents finishing. Their presentations at annual that feels like too long. I feel like too long too much time. Part of this proposal is that the he got data from the Interfaith Center on corporate responsibility. They collected data from 31 annual company meetings at which they, you know, presented proposals. Their survey showed that 10 out of 31, companies allowed zero to 10 seconds to vote after the Interfaith Center, on corporate responsibility, presented their proposal 0/3 of them zero to ten seconds. Five of them allowed up to 30 seconds, six allowed 50 to 60 seconds and all all Mick Ritchie is asking here for Matt is he thinks this is about just 10 more minutes that's all he's really asking for. Yeah that's what this Proposal wants. I like that. Broadridge tried to throw it out. Okay. I didn't even know this was an issue business. Yeah, and I was surprised I thought he'd say like, you know, a few hours but he just wants 10 minutes, 10 minutes, broadridge who the company responsible for all the voting They they don't want to give people 10 minutes. Yeah. I mean, What happens in those 10 minutes is you can go to free flow, analytics.com, and look something up, I mean, this, what I'm going to be fascinated about how will block, Rock vote on this one. Really don't? You want to know? That would actually, this seems to be the one that it doesn't matter. What you are as an asset manager, having 10 minutes versus 10 seconds 0 to 10 seconds. 0, let me that means somewhere less than 10 seconds. Man, is there, is there a single asset manager on Earth who can think to themselves? I don't need those full 10 seconds. I mean, at least, A break anyway. Go get a Diet Coke or something? Go have a cigarette. I mean, like everybody wins. Don't exactly. Ah, the next story, this is got so many nerdy ESG stories that I met a new 1% tax on stock. Stock BuyBacks is starting to increase companies. Anticipated tax burdens, they're calling a, it's raised over 3.5 billion dollars in the first half this year. This is a 1% tax on stock BuyBacks. I love this part of a Joe, Joe Biden's. What is it? The anti-inflation goes. Yeah. so, They saying despite the higher tax obligations companies, don't really care. That would be correct. Yeah, that sounds about right. But part of what Democrats in Biden want to do was they actually want to quadruple this tax to 4% and that case, they think it actually will have an effect whether companies start these big bye boxes. Actually think that if it gets that 4% figure it'll start to have the magic number then like 3.9% when they still do them and you make the most taxes and everybody wins. Like that's seems like the magic number go with that 3.99%. You heard it here first. Moving on to more nerdy stuff right here. I know this is whenever direct your compensation. We never talked about director compensation ever. Just got asked about it actually. But yeah, median total board compensation in the US increase about 3% to 300 and 320,000 dollars. That's a lot. Someone to consider somebody independent from your company and you're also giving them 300,000 dollars. That's a lot of money. Yeah, that sounds like an employee to me. Like so, how long is a basketball season? What is it? How many games? Yeah. How many games? Like, roughly 80, 80 games? And the average basketball player makes 8 million, right? Is that right? Yeah. That's correct. So, the average basketball player is making roughly 100,000 bucks a game, right? Okay. That means it 300,000. And they go to what 10 meetings a year at most. This is it like a lot? Yeah, yeah. Like a 4500, they're making half a basketball player salary to show up to eight games. Yeah, let's They're basically paid like, professional athletes. Yeah, I think except that there is like, they actually have no real responsibility or accountability, other than firms like ours that are trying to create, you know, performance measurements to get a 96% for vote. It's like, if everybody on your shity basketball team had a job for life, making a minimum average salary, even the suckiest ones. Yeah. And they only had to play Eight Games a year and the outcomes of those games. Do not determine whether their salary goes up or down, or whether they have a job. That's the maddening part that even firms like ours, who are again, who are trying to finally attach some level of performance metric onto the directors performance, the the entities that vote don't even, they're not necessarily want that information immediately, we have to talk them into it. We got to talk them into the fact that like, Who you pay and like how good they are at their jobs. How about this one 2023? S&P 500, new directors and diversity. Snapshot oh, Wow, the women not happy. New directors, women stay at 46% of all new directors from the same numbers last year, but underrepresented my nerdies fall from 46% to 36%. Now this is kind of in line with the BlackRock fall, right? So the reason for that fall is because specifically because new black directors fell from 26% to 15%. Now I'm calling this the the post George Floyd effect, right? No no no, here's my working Gary. Go ahead. It's not this isn't George Floyd. This isn't a reaction. We have run out of black directors to recycle So the way the most black directors get added to boards is they had to have been on boards before, right? Which means you end up in a situation where you have Of the total number of directors. You have a very small percentage, something like seven or eight percent that are people of color, like are black, right? Of that. We're not adding more people. Alright, we're actually going inside that 8% and saying, we need a black new director on my board. You have experienced, let's put you on my board. But at some point, they're all on four or five boards. And now it's like, well, we don't have any more to add because no one's going out into the world and saying, oh, there are actually really, really, really, really super qualified. People who just haven't been on a board. I can solve this, that's my guess. I can solve this for your American companies. How about you let an employee representative on your board and then you just opened up your talent pool. Oh, I guess warming up for the GOP debate tonight, here's the one area. Here's the one demographic Day always gets beat up in this unfortunately. So they Compare the numbers on the S&P, 500 directors to the to actual census, the actual US Census, right? Yeah, that's msci. Stuff we did back in, of course, women suffer, They represent 33% of the board but they represent over 50% of the population. But but the group that truly suffers black, black directors actually is almost in line with the US Census Bureau 11% of the board black, but 14% of the population black. It's Latino, it's Hispanic and Latino director. It's shockingly only at 5% of the board yet. 19% of the population. Wow, that is so so that's I think that's the group that always loses and all of these studies. God. Can we do less depressing? Nerdy subject, next. All right, then maybe I should skip over the next story, which is the state of diversity, Global private Market McKinsey report. How about? I just, I think, you know, I think, you know what, to expect out of that report. Yeah, basically, basically and one quick takeaway good, it's gonna take several decades before the PE industry achieved gender parity at the principal and managing director levels, although I will say, there's a little bit of good news. If you live in Asia or America, they say, it's gonna take over six decades to reach gender parody at the senior levels in Europe. But only three decades in the Americas and only two decades in Asia Pacific. Wow. So America beats Europe for once when something be, that's what we tell the patriarchy is strong in Europe. Congratulations it actually is really strong in Europe. In fact, we talked to we sent data to the Danish minister of diversity. Yes, is a thing? Yes. It's a cabinet level position, cabinet level position and the data we sent them suggests that despite the fact that they have gender quotas for the boards, the power that the women have on those boards is some of the lowest in the entire world. Like they they kept the patriarchy even while increasing and women on boards. And this impressive, this cabinet minister, she loved that right that we gave her. She did she finally British CEOs all so get a pay rise, they get a six, 16% pay rise last year. The their the CEO pay ratio is not up to 118 to 1 up from 79 to 1 in 2020. Although this this pales in comparison to the US pay ratio is 272 to 1. So I mean but hey, I mean us you say you okay but I don't want every article to be us-centric. I wanted to give props to the British CEOs or getting these beautiful pay Rises over there. That's very nice of you. You're so inclusive. That's it. That's all I got. All right, let's do something else which is to say I had constructed. Yeah. oh, like a And ESG rant of A Sort. Oh, that sounds new for you. It's not new. If you've listened to the show, this show is coming up on his four year anniversary Jesus. Yeah it's been that long if you listen to the show I've done them. Periodically if not every day for stretches of time I wrote the rant in the form of their I'll tell you what triggered it. I saw these two headlines basically back to back. Yeah, the first headline is how conservatives use verbal Jiu Jitsu to turn liberals language against them? The article is about how for decades and I mean decades, the conservatives in the United States would take things like the civil rights movement and rebranded, as states rights, they would take desegregation and call it forced busing they and they tell call Community activists Communists. They would take a liberal idea and then make it a pejorative. So that when you said desegregation that, it would trigger a pejorative, Matt there that continues now. Yeah. They're even calling things like affirmative action racism, reverse, right, races, Reverse Racism, right? So they took the idea of racism which is we know is an embedded systemic thing, capital or racism in to a pejorative effectively by saying racism. You know, any helping of anyone of another race It does not white. Is Reverse Racism reverse what we're doing, right? So woke, as we know, has been rebranded as a pejorative being woke, it's like a woke mind virus, and it's now the centerpiece of conservatives and ESG is part of why it is part of that. Yes, G is now political, right? It's woke. Its political, it's whatever. ESG is become a conservative pejorative? So I got all upset about like, how good they are conservatives. I mean, yeah, at this game, taking something like that was like, social justice and turning social justice into a pejorative. It's always easier to deconstruct and is to construct, right? Of course, of course. It's and you and when I say that, I am picturing a six-year-old boy, kicking down a little girl's Lego building. She just spent seven hours building. That's right. Because the jointly because her joy that seven-hour process of Designing Building everything equal his joy in the three second. Took it for him to destroy it. Well, that's a good analogy because effectively the ESG part of this I felt exactly what you're talking about for 15 years. We've been in this space building building like old castle and only to watch Larry Fink. Say we are not going to use the acronym anymore. Everybody's like running away from the acronym and then I saw this headline. Yeah. It's time to dismantle this circus. ESG has served its purpose as blackrocks. Tariq fancy. And just say it's probably it was probably one of those two anti ESG whistleblowers. Like these are people who are supposedly with the blowers from the inside who were saying, their firms were greenwashing and kudos for free for whistle blowing, but shut the fuk up. Okay? Because here is what here's where I got ranting about it. Swallow your whistle. That's what happening is like, they're talking about how it's been politicized and it was all greenwashing know, it wasn't. It was always data and it was people who used the data. Ratings were opinions and ESG was data and people who use the data for whatever they wanted to use it for and the fact is you and I both know. Yeah, most people who bought ESG data or ratings had no fucking idea what they wanted to do with it. They bought it because they thought they could sell it. and when I see, Effectively, the ESG snowflakes, start dropping the acronym and saying it's time to retire the acronym. I'm starting to think I was one of those people who said kill the acronym. I have a clip of it. You ready to hear very different reason. Yes, of course, this was my Maya, culpa. I'll just I'm gonna play it right now. This is from December 11th of 2019. Oh, good. For you a very long time. Covid pre-covid. This is before you. Is, she was the biggest thing in investing here. Is what I said. the fact is, The acronym has become a catch-all for anything that doesn't fit neatly on a financial accounting report and therefore is totally meaningless. Can we please pretty please? This is my op-ed this is my plea to the ESG industry. Consider Killing the acronym. That's what I said. That was your killed. You know what your problem was there is you shouldn't have said, can we consider killing you? Oh, I should have just said, kill it. Well, that one of many rants in which I suggested is time to kill the actor. It sounds like you were watching a cartoon while you're recording that. No, you Tom and Jerry or something. You were playing music in the background, because he thought it was very grandstanding. So you played like, Maybe I was, I had to listen to a lot of that in order to find a clip, a lot of me. But now we have People saying kill the acronym and now I'm thinking to myself. You know what? Everyone, who kills the acronym NOW. Never knew what the fuck they were doing in the first place. They were Desiree fixler and Tariq fancy who thought they were going to save the world. What investing in an ETF they thought like selling in ESG product line did they in fact they really think that or they were self-promoting their next stage in their career I don't know. And I don't care what I know is that they can't, they walked away like jaded about what ESG does having never looked at any, how many data points you think? Tariq fancy when out and collected for companies? ESG data points? 20 years ago, when there was no data also the Rings, did he build the over? Under on? That one is like point seven. I mean that your old clothes to one is pretty good. I actually I like that but the fact is the people who didn't know how the data looked, or what the ratings, how they were built, or what they meant. Our very conveniently now saying Larry Fink saying let's kill the acronym or very conveniently saying kill the acronym. We are seeing funds taking ESG out of their name. And what we're left with. And what I think should happen. Yeah, is every fund left over with an ESG in their name, should stand up proudly and say. All those assholes everyone's saying kill the acronym. They all they're saying is we had no idea what we were doing. We never really used the data. We didn't really look at it. We never really built the rating. We were building products and we were marketing it at the height of an ESG. Craze, you know what we've been doing it take you back real, take it back right to take it back. Oh acronym and say it's data, that's what it is. I think you're probably right at this point. Just just there are more and more people in mainstream culture saying that they're proud to be woke. They're you know, they're they're like, why wouldn't you be woke in 2023? Like what is wrong with that? Not to mention that there. There is a there is a dark undercurrent, also to the anti ESG movement and that is this That is, she has always been Associated either with academics, intellectuals, women, and then the whole Larry Fink globalist Jewish, I don't know what that is anti-Semitic. I don't know what that is. So, there's code for this, there's there is a hidden code in the anti-chef. Multiple things sort of like the MVP vote and baseball or something. Even right now as we talk, we're talking about like inside the SG Community. All ESG people want to talk about is climate change diversity and biodiversity, right? Like that's it. It's Dei and climate change and biodiversity as if governance doesn't exist, no one cares about privacy and data breaches anymore, workers safety. Those things are. Okay, we talked about those things I guess before but let's just consensus. Be that that's all that ESG really is. All of those people need to stop using the acronym, get out of the market, because all you want is groupthink. All you're looking for. Is someone to say good job? You didn't take a chance. We are, we are average. We can charge our fees, you can go home and you can have your TV dinner. Excellent work. We're really happy that your mediocre. But everybody who's using ESG. As a data set that they use, broad data set where they can use to make decisions. I think they should start buying ESG expert, t-shirts, showing from a podcast from us only and fucking railing against everybody else. That's what I think the reality is, and, and this is sort of where we were 15 years ago. Although we've made a lot of progress in this industry. The reality is, is that the only real problem in this industry, other than, you know, fighting off the patriarchy, the patriarchal assholes, the vivix and all those people. The only real problem is that we still need more data. We need more really. But that's the only real issue is that we still need more to make this a better product. I just, I want all this scale, which is difficult look. And I'm talking to you, conservatives, because I know Vivic strive you guys listening to the show, right? I think, you know, flakes. I want you to look at the data. I don't, you don't have to, like you say Satan won't mind if you do, it won't turn you into A communist or social justice Warrior to look at all of the data, whatever you do with data in your bedroom is between you and your computer. It's fine. Yeah. like look at it and then when you're done looking at it, Just see trick like try use, try thinking about it and using it because honestly strived did, aren't they just an ESG fund that says here? And yes she company. Yeah, it's self-hating. Yes. They might even be more liberal in BlackRock at this point. But listen, literally, they're the Italians of ESG, they're just hating stripe, start and stop. Ducking, how many times we've asked them to come back on the show, will stop ducking us. Like why won't you even have a conversation about this? Don't have a conversation. We shut to everyone on the other side. Nobody just data. It's just data fools. That was my rant. I mean, more of it, we more of this data. We not only more, I want to know everything I want to dance outside. Really one of the one outside if you want to have an optimistic. Takeaway one of the few optimistic takeaways in. A lot of these diversity reports about the state of the S&P 500 River State of PE is that we're getting more data like and we're and by asking for more of it it's actually having an effect we're getting more and more of it. And you know what we're seeing we are seeing more women in leadership positions more underrepresented my minorities. So they're there is a positive cumulative effect. Going on here, we just need more, we need more. Well, I don't care if the cumulative effect goes the other way, I just want the data. Let me make my own decision. True. All right, that's all I have for maybe that not much for rent. That's Damon rolls. I'm your analyst, soulmate with Scotty, we are free float. This show is sponsored by S gauge your SG data provider. Paul couldn't show up today, but he'll be back next week. This show is also sponsored by free flow analytics.com right now. The data there is free and I'm gonna tell you right now, if you sign up for free flow analytics, you're going to get grandfathered in to a Pro Plan. That's going to cost everybody else. 20 bucks a month pretty soon. So get on there now and we're gonna grandfather everybody in until Friday's rap show, goodbye