Transcript
Oh, where's our spooky music? Nothing. Come on play. I'll play Optical come up live from Nightmare on ESG Street. You see what I did there? Nightmare, on ESG Street. I saw that's a reference at even that reference people don't get Freddy Krueger remember, Freddy Krueger, I just I literally just rewatched it with Johnny, Depp, the original Good original. It's a business pants freeze show here at Halloween Studios, featuring analyst whole Matt McArdle. On today's weekly wrap-up, a very special ESG trick or treat Halloween Friday show wherever the hell that is. So you know like yeah fully half of our listeners that and by that I mean two, I was gonna say can you have one? I mean I know. I know there's a mathematical answer to that but can you ethically have one person I'm saying half of our listeners are international. Two people are international but I know that they do they like they do it in like the UK and France. Europe is just they even have Christmas in Europe, I heard. Okay, sure. Now we're getting, I thought American Jesus created that but no, it's everywhere. Let's not get to it. Oh, wait, our show today is being sponsored by free flow analytics.com. The only platform measuring for power connections to Performance for free. Far down. Matt turn down, sponsor. I know people believe. What we cover is important. Deep very, very deep down where deep down, people still feel that governance is absolutely vital roughly around the perineum, that's where to get into the future. But just know, one is everyone's afraid to kind of get behind it. But deep down, I know, they understand. I know. All right, we still doing the same team I changed my section. What did you want to do? We have music to play a sin and all right. Oh, okay, good. So I just Got trick or treated Edition. I I take my stories the week. and, I'm kind of giving you an option of whether it's a trick or treat and I'm gonna let you decide well, I am doing instead of normally, I do the asshole. I'm putting that horrible music down because it's blasting, my eardrums. Yeah, I told you, you turn down the volume. Go ahead instead of doing as holiest. I'm doing seven. Deadly, sin, Lisas like this. Yeah, that could apply to every CEO and Company though. That's pretty well, I I'm gonna do a speed round where I pick a sin and I know that's not how you operate. Yeah, no, I it's when you look at it, it's not very Speedy. But it's I pick a sin and there's one headline person this week. So that's what you get to choose from. All right, what do you got? All right, let's start at the top, another billionaire telling Humanity. What is right? What was wrong? What is up? What is down, Bill Gates, and his three truths. Climate change will not wipe out, Humanity. Let me get, let me tell you his three truths. Did he say that these are my three truths? Like, like, he's speaking is true, you know, that's a great question there is, there's an article from a source, I've never even heard of before called Marka m, a c, a, i don't even know what that is. It sounds fake in the science section. The article is Bill Gates and his three truths. Climate change will not white by Humanity. But yeah, we're to see actually say that's worthy to. Yeah. But let me just before I get to the trick or treat. I'm gonna tell you the first, I'll tell you the three truths. And then I will tell you some of the headlines going around in this, because this is a pretty big story this week first. He says, it's a serious problem, but it won't be the end of humanity. Oh, now, first of all, Matt, you know how much I love Billionaire proclamations, guys. I love sell like computers telling us and, and a guy, I feel often Os from another guy and made a billion. And this one hurts because Bill Gates, we agree on most things. I actually agree with a lot of things that bill believes in, but but I love when these billionaires, they make these these predictions that that can never be proven, right? Or wrong. And then they just blasted out there like it won't be the end of humanity. That's just the statement. I mean, how about that? Right. You know what to sentence? Yeah, I don't just go through. All right, says temperature is not the best way to measure progress on climate and then they're good. Okay, the truth is health and prosperity are the best defense against climate change. Now let me read you some headlines before we get the trick or treat portion. He says that Bill Gates is 180 and climate change. It's not doomsday climate change. Won't end civilization. He warns against climate large alarmism. Bill Gates, says climate change isn't so bad after all. This is a more nuanced headline, which I appreciate Bill Gates, pivots climate strategy to focus on poverty over carbon emissions reduction. But then, but then there's these other disturbing headlines that are coming out. And this is why this is a disaster. How about this headline? Matt, we won Trump claims climate change hoax defeat after Bill Gates comments. This is the part I knew was coming. That's always interesting. Is yeah, so here's the trick or treat like yeah. Here's the trick-or-treat part trick. For Bill Gates, and his statement that climate change is not. It's not that in the world, it's outright gift to maggot and all the climate deniers. This is the trick or treat. He's you know, he's asking people to focus on actually helping people helping. A fight poverty. I mean, it could be a tree here. I appreciate that part of his message. Okay, so go ahead, let's get into the thing. You are the Arbiter of trick or treat. Here you got. You got to do this trick or treat. What is it? I'm gonna go with a trick. Not treat. This is pure trick because look, this is Bill. Yeah, Bill Gates is the first of the sort of like the Uber Giver billionaires. The, you know, the Daily Nation and the billionaires pledge and like the all that stuff. He left his company early. He first, he did the whole routine that actually now is emulated over and over and over. He first, he segue to chair right then? Yeah, I think he executive chair after that. He became a founding director who lingered, then he might have even been a Meredith for a while, but then he kind of disappeared and then he realized, hey shit, I'm Bill Gates, I can solve everything in the world because I'm better than everyone else's money. Despite the fact that I don't, I have very limited degrees and Things like science, I can solve everything and this is my problem with it because the focus on poverty. First of all, why don't you respect that a guy that basically sold us plastic boxes with circuits inside? Them is telling us what the opposite of what 16,000 scientists, literally 15,000. Yeah, he's probably his net worth is probably equal to those 16,000. His net worth by himself is probably 10x those that's but but they spend their lives studying this thing and like one guy who just in the same week, there was a report about any, it was an annual Climate Change Report that said the climates on the brink or something like that. I looked up the scientist who wrote it, what of them has 100 peer-reviewed studies. Where all he does is that science, right? And I'm not saying scientists are infallible. I'm saying that Bill Gates saying a thing doesn't make that thing true. But This is what happens when you have like a trillion dollars at your disposal. There was reports earlier this week, that Bill Gates talked to Satya Nadella about the open, AI investment that And and Sachin Adele said that Gates said, it was like burning a billion dollars. Why did such a need to? Why did he even need to share? That anecdote, as he hate Bill, he wants to make him look, it's not that he needed to share the anecdote, it's that Bill Gates, and the current CEO of Microsoft, Converse, regularly enough, where he the currency is getting advice from Bill Gates. Bill Gates, just because you have the Gates Foundation, you have billions of dollars does not mean you get to choose should not mean you get to choose for all of humanity. What gets who gets saved? And who doesn't you're, choosing now poverty. Yeah. Bill here's what you should be doing, you should just be quieting down and investing your money like crazy so that it makes more money and constantly giving it away. Like, that's what you should be doing. Like well, that gives me the number two and by the way, okay? But before I said, I did forget one important thing about the Bill Gates origin story. He's the first College Dropout, right? He's very original. He's the heat College. Dropout found he is Mark Zuckerberg because he went to Harvard and dropped out. He started all of this, right? It's his father. All of this. Yeah. Go ahead. It's his fault. The second thing I didn't say to me. Yeah. When this, when this broke was, we know from reporting that the gates family will indicates and Bill Gates, split is totally done. Melinda Gates is out of the Gates Foundation. Yeah, she's not part of the marriage or the foundation out of the marriage out of the Foundation has her own stuff going on. I wonder now how much of the climate change thing was her like she was doing it? Well, she was able to equate, they do, equate ESG with women. I like she's off now doing like like McKenzie Bezos spending the actual money, doing some action. You know what I never do? They never tell Humanity. Like what's up, and what's not? I've never heard McKenzie Bezos or Melinda Gates, say climate change. Let me tell you, let me let me found her explain to you. Yeah, let me what climate change is and isn't let me preface this by saying, I dropped out a college but I have important things to say that counter that refute the evidence of 16,000 scientists. I mean it's like fellow explaining who are they didn't graduate college wouldn't be allowed to even be called scientist in the first place it just because it's, you got a billion dollars. He's not mean you should Your picks up. I'm picking trick. It's a trick. This is just a gift Bill. Shut your fat mouth. I don't like this bill. You don't have to announce that anything about climate change. You Could just you don't have to say anything. Just say, I want to really fun stopping poverty right now or don't say anything. Yeah. Just say that shut the fuk up. Yeah. Or just do this. She's like go to the movies with your friends and then like, when you're driving home, just be like, you know what, guys? I I don't know if I, I don't know if Climate Change is Gonna end humanity and then his friend Doug can be like, well, I don't know, maybe you're, I don't fucking know. What do I mean? What thousand scientists talk about the movie? I don't know, cares. All right, the second story of the week, trick or treat. Okay. First the headline open AI complete four profit restructuring and grants Microsoft, a 27% stake in the company. I have a bunch of trick-or-treats on that, you can weigh in on. Let's start with The first, the first one trick, you know, I'm gonna give you four trick or treats and I want you to just I don't even know what I want you to do. I you figure it out. Trick open, AI has completed. Its four profit recapitalization and converted it's for profit. Arm into the open, AI group public benefit Corporation. That's a trick tree of the trick is that it's called a public benefit Corporation. Yeah, the tree is that the corporation remains controlled by the non-profit foundation so which is that true which one wins Ultra all Trick? I'm gonna discuss. So you're not swayed, you know, not swayed by the fact that the non-profit maintains control because that's what they're gonna constantly talk about what a fucking Gaslight, one more trick or treat that I want you to decide between. The trick is, is that a major corporation might Microsoft which we just talked about the one that Bill Gates founded has gained a 27% stake in retained access to open as technology through 2032? The tree is that maybe this is actually a good thing. Sam Altman has like an adult in the room, Microsoft has gained a 27% Stakes so is it a trick or treat the Sam need this kind of sight or not I no longer believe there's any adults in any rooms. I don't know what's going to be a adult but you don't believe the trick to this is a trick too. Also like I thought we couldn't do things to 2032 like isn't it too hard? Don't we talk about all the time companies? Talking about all the time, how it's like 20 30 targets or too far away 2040? I can't think that far. I can't strategize for that 2050. Forget it. It's all too far away whatever, but they managed to like negotiate a deal that goes to 2032 where they just get access to A product. I mean, the problem is all this does is this is just gonna make markers off more and more powerful, right? I mean, this is gonna make so much money off of this. The companies eventually gonna IPO, Microsoft is just like all the tech companies. They're all like in the Like just this week, they're all Crossing these thresholds of like 4 trillion dollar, five, five friend video or whatever. It's a nightmare, it's nonsense. All right. That's the second story that we opening. I third story, I'll give you the headline and then I'll give you the trick or treat layoffs. Are piling up raising worker, anxiety. Here, all the layoffs announced recently. I'll try to go quickly Amazon. 14,000 UPS 48,000, Nestle 16000, Microsoft, 15,000, Procter, & Gamble, seven, they're just keep coming that. I actually have a list of 13, different companies, So, yeah, there's an important distinction between the companies you're talking about and like, because we saw a whole bunch of layoffs, like six months to a year ago, right? It was when all of the companies were going founder mode air quotes and it was like meta. And you know, like Elon musk's all of his you know, 43 companies. And it was like the tech Bros who were like. We're going lean, we're gonna do this thing. We're going hard. This is Procter and Gamble, Lufthansa. Nestle. And like Amazon is one of the tech Bros, but they're laying off 14,000 and it ain't coming from like just middle management. It's like these are konoka Phillips. These are like Industrial retail. This is the everywhere problem. Now it's like everywhere. He's got the same problem. So let me skip. Let me just skip ahead to the to the meat of this one trick or treat. The trick is, of course, the layoffs. The tree is that what is the treat here? That the announcement didn't happen right before Christmas? Is that the tree? Like I feel like, oh no. Okay, you missed the headline. That is the treaty. Tell me the headline. That is the treat. Is they're not blaming this on AI. They didn't say that's the tree. So trick or treat. What is it? It's just you're getting fired. Yeah, because everything sucks. You're fired. So is this good or bad trick or treat you pick? I mean, how do you choose between? I don't know, I don't know. I don't know what to tell you. I mean, it's all Trick righteously. I was like, I was going through a bunch of the, the layoff memos and, you know, I was picking out some of the, the quotes that bugged me the most like Amazon saying, investing in our biggest bets, things like that Paramount saying, stuff like building a strong future focused Company, YouTube thriving, business success is built on Bold bets but then I'm like looking at these companies I'm thinking who runs these companies because I remember there was some subtext here because there's a bunch of other headlines going on about. Well right Paramount is run by Nepal baby. David Ellison his daddy is the world second richest man Amazon Daddy bought it Amazon Jeff Bezos is the world's third richest man. YouTube alphabet Larry Page and Sergey Brin are the fourth and sixth richest men respectively. And these companies are busy, not only laying people off but writing Like Dopey memos about like successes built on Bold bets and stuff like that. I mean, I yeah, so here's the bigger issue, go ahead, Amazon is announcing 14,000. First of all, we saw Amit last week, we talked about Amazon and their robot army, right? That they're, they're building a robot army to replace people. They have 14,000 layoffs and three days ago, Amazon stock jumped, because they announced a third quarter beat on earnings, right? So they're making more money. Yeah, they're laying off people. Yeah, people actual people and they're saying it's not because AI that they're doing it. They're actually. The irony here is they're taking the job, the job away from the person, they're going to use the money from that job to pay to build the AI. So they wouldn't have to rehire them ever again. Yeah, there are saying these things like Corrections from covid over hiring and that's all corporate gobbledygook. I just can't get over this. If you're doing so fucking well you like six people have over 200 billion dollars like in net worth. The 14,000 people that you just laid off, don't cost a billion dollars Jeff I know you're listening. I know that Jeff Bezos listens religiously to the show. You suck you suck so much from the stakeholder tea as it as it were that you could just keep these 14,000 Amazon workers going and just deploy them across our cities and have them like like help clean up like our our streets help them with they can like patch infrastructure. Like will be like exactly like your vision of corporate nation states where they have their own little mini like clean up but like deploy them to like help us 12% of Americans. I shit, you know, one out of a American tour about to lose their SNAP benefits. Yep. I mean, yeah, these billionaires on these top 10 lists they're not they don't just have a billion dollars. They have like 100 billions of dollars like really? Yeah I mean deploy these workers haven't do stuff. I mean you know you and I know this is not a you know, you're rolling your Eyes, like that's not how capitalism works, but, but capitalism is changed. I mean, now companies just invest in crypto coin, and, and the government takes stakes and Intel, and I mean, we can we can also, we can change how we utilize our Workforce is. Why don't you just keep these people forever Jeff and have them? Do different things they can. Also they can come clean your condo too you're mentioning or I'm gonna move on to. So there we go. You know, like you mentioned the SNAP benefits. The average SNAP benefit costs Benefit received by a family in the United States. And for those of you who's not, are not in this country, that two of you, because I already, we already know how many there are SNAP. Benefits are basically, you can't afford to eat and so they they subsidize your your ability to buy, so it's like money that you're spending at the grocery store. Yeah, there, the average SNAP benefits given to families in the United States is worth about 350 or 400 dollars, and they have a dollars per household, and I don't think anybody, I don't think they're adjusted for the inflation of prices going on Supermarket know. Well, one billion dollars could feed over 2.8 million families. If that's the average. Okay, so that's one, Freedom Hall. There are six people who are worth 200 billion. Wait, what do you mean? Feed them? Like feed them for help. How many? I mean, like, the average benefits received by a household SNAP benefit household is 400 dollars. Yeah, annually. Which notice in one year, billionaire could pay for 2.8 That's crazy. Million Housewives worth of snap. Speaking of nepo babies. The the melon, the melon family that Timothy Mellon is paying him military. He's paid for the military. Yes, he's paying for the guys holding the big guns, but he's not paying. He's not gonna give up, he's not gonna, but he doesn't want to pay taxes. He's not saying people. He's not like the same people who are fighting, Zoran mum Donnie raising taxes on billionaires are giving millions of dollars to pay for the military because they didn't want to pay taxes. What are we? But what are we protecting? Exactly, I mean what? What the fuck we're doing. We're starving her people but what are the guys? You have another one because I'm gonna lose my mind. I'm laughing but it's nervous left her. It's the fourth. One is a I like to pick nerdy governance ones aligned with our show. You know me the fourth store that weak. Is this headline from Fortune? Fortune Magazine, fortune.com whatever. CEOs who were all so board, chairs are the problem. Not the solution, says top governance expert. I love that. Top governance expert. Is there like a? I want to be involved in this. Is there like a wrestling match? Like, I'm ready. Like I I want to throw my hat into that ring. Like we never get gold top covers experts but I never get cold anything. So this is another triple, this is another trick or treat scenario. Here's the trick. The trick part of this because I agree with the headline, of course, I mean. Yes, that's so that's all we say. But the trick, here's the trick. And I'm calling it The utter bulshit of the protected class of CEOs and directors in this this whatever you call this world that we cover the the so called expert is a man named Charles Elson. I'm sure some of our listeners know of Charles Elson. I've met him. Yeah. Okay there you go. He met him is the founding director of the Weinberg Center for corporate governance, the University of Delaware, and a director on several boards over his career. Here's the quote from the article that really irked me I well recall the CEO and board chair of a manufacturing company which I won't name. Telling me smugly. He had just bought a corporate airplane for his directors to use. He said he didn't expect much trouble from them after that. So this is your top governance expert. He's he's telling cute little anecdotes about basically corruption but we can't name them for some reason. Like, what? Like I don't like not naming them. What are we doing? Just say their name and by the way, I might be able to help us name them because I did the math here, right? So he currently serves on the board of Encompass Health. The also previously served at sircon Corporation Sunbeam, Nuevo energy, Auto Zone, older words, group of Bob Evans, Farms. Two of those companies are in the manufacturing space circuit and Son beams. So maybe it's one of those two, right? Maybe, it's one of them. I bet you not only, maybe it's one of those, but I bet you if we looked At when he served and looked at who was on the board when they got, why you don't name them is because someone you worked on a board with his on a board today. So what do we what? How is that? What the problem is? I don't like this world because Like, are you friends or you name them? Then we know where the risk is. Yeah. So but this is also, the problem is that, how do you expect boards, to separate the roles of CEO and chair? When we're, when we're too afraid, even to call out like corruption on a level that we're buying them airplanes to use a little shutout on boat my way, shut up. And, and yeah, like this and it's not like this. This CEO is still probably in power, I'm sure he's probably retired, it's probably a long time. I'm just I find the whole thing. Disgraceful, I just don't, that's the trick. The tree is of this headline that CEOs are also board chairs of the problem. Not the solution is that we're always right free flow. Yeah. Flow media is always right about everything just because we don't just because they're not called top governs expert. Doesn't, we're all always, right? We're this is the treat. Oh, we won, we win, was we got one. Okay, yeah, we got one tree, it's not all tricks, that's the treat. Yeah I guess that means I don't pick a story of the week, right? It's just Tricks and Treats is there, do I pick one of the week? You don't have to but I think I know what you would pick. Um, look, I the openai things, a long time coming. The layoffs have been piling up over time, the that we're always right is like an old version. If you pick that one, it's building, Bill Gates, it's Bill Gates Fort Worth. It's a full circle moment. It's a full circle moment because he is, but he is the architect of this age. He's the architect of this age of this extraordinary wealth. Be handed out to these people who sell these stupid widgets. But no, I don't, I am failing to comprehend another Will turn by a billionaire who well to the ideas of Science and Progressive. This is the year of the heel turn. Do you know, I just turned to kiss Trump's but this year I mean what is the push here like like between all these billionaire, every one of them did it and Jensen Wong who was not like a progressive thinker. I don't know if he's liberal or conservative. I don't know anything but now he's lovely kissing Trump's ass. He's like before it was like sort of everyone's in a while now, he's literally out there saying he's the smartest guy I've ever met. This is the best thing that's ever happened. He's an amazing human being greedy, like I never met. Yeah, they quit agree with smart I think that's what is happening. You moron's shut up like pay attention. Let's move on. All right, yeah, let's definitely we have music to transition us. Oh yeah, we're gonna play this. I'm gonna make your ears bleed for a second. All right. What are we doing? Good list, goodly good list. I have I have two old fashioned ones. I have one and it's not really great. So let me go first because I actually want something good finally and, and it's really rare that you see really simple headlines, that just seem like we're accomplishing something. Here we go. Renewable energy and EVS have grown, so much faster than experts predicted 10 years ago, that just feels like a win to me. Yeah, by the way, I'm still like that. We killed it now, but I like completely lost GM. Is currently announcing layoffs in their EV divisions and Battery divisions, right? What are we giving up on? Exactly. I I just I think I said before, we got an electric Subaru, a few months ago, Is the greatest thing ever. And I don't think Subarus are known for being great EV makers they've partnered with Toyota. I've never heard anyone say that this is like the best TV. It is wonderful and I'm I'm pretty sure that 90% of Americans who aren't fixated on like buying muscle cars with love these cars. Absolutely love them. So I don't know, how are we giving up? How are you GM? How are you laying off work? Like where is your conviction? Like like you should be hiring more marketing people because you're losing out. Like this is a very incredible Innovation. Incredible asking Mary Barron have conviction like, why not? The end of her tenure, right? Like Matt, not even gonna last much, but not even to solve any kind of like environmental crisis. I'm just saying that these are beautiful cars for consumers. You're in it for the short term win. Quiet. Like you don't have to go to the gas station already, where winning right there. You should be. If you Were the CEO of a car company that makes EVs and I know the federal subsidy ran out and now you're like, oh man, we just got a layoff everybody in the EV division because there's no federal subsidy for it. Why don't you do the opposite thing? You know what? We will eat some cost here because we know that five years from now seven years from now, these cars are just better. They're one. You are beautiful cars. They're more fun to drive. They get you from place to place just the charging stations are everywhere. Now you can charge this place, is this was the industry. This the automotive industry Henry Ford. This was the industry that learned like when you find tune your manufacturing process then you can sell things for cheap. Like that's all you have to do you have to keep at it, figure out a manufacturer, these things that scale and then and then get the prices down and then people will buy them and drove the problem is there's two expensive right now. That's why you're not selling them. I mean, this would be like if like the cost of horse feed went down and you were like I should stop making cars because it horse feed costs went down like the future anyway, stick with it and the second good headline of the week. Which also just shocking to me that we're even doing this. In the right way. Brazil boasts drop and deforestation ahead of un climate talks. I think for the fourth straight year, they're actually going down and destroying the Amazon wake me up when they stopped entirely. Right. But I just can't believe like we're on the right side of anything with those two headlines. But all right, what do you got? All right, here's mine. The headline was billionaires or spending big to stop? Zoran mondi's, New York City. Mayoral bid, right? And I pick the headline for this quote? Yeah. This is from Mom, Donny himself, talking interview with MSNBC, he said, quote, they're spending more money than I would even text them. Yeah, I just think this is the simplest. Yeah. So Unpacked that, right? The only reason why then if you if you know the math, And yours, you can say I the amount I'm going to charge them in taxes is less than the amount that they're spending to beat me and have me not take office. If you know that that's the math. Then that means there's a different reason why they're fighting you. Yeah. Well, and it's different. Yeah. What is in is? Yeah, they just don't want to lose, they want them as they. They never want to, they don't want to help anyone else but themselves. There's no other reason. They don't like a person who's saying, you know, like where their money is going to go. Because taxes is the government takes the money and then deploys, that Capital to where it needs to be for society billionaires, like Bill Gates, prefer to take the money and then tell Society where the money should be. Look, this is 20, 25, their foot is on the, on the like the greed gas like they're realizing like like everyone is multiplying their their networks. Like this is the, this is the age of unrestrained, like wealth Gathering. Like don't stop us now, right? I mean, that's the next skill. They have the perfect president to do that. So yeah, that's what they're, that's what this is all about. So it's not then it's not about like policy even, it's not that they don't like him because they would pay less than their spending to beat. I'm, I'm serious. I'm curious how this is gonna play out. I just love that quote because I, my assumption is that I'm Donny is gonna win, I, I'm super curious. Is that, will he start making grubby deals, like most politicians, or will? He try things that we have seen in New York City. Will the billionaires actually? Leave will? What will they will? They get behind him? If he's popular, like, I'm just gonna play out the billionaires leave, but what they're going to fund stopping him at every single sure. But just gonna stop, but he wants to do, but if Obama Care situation. Yeah. Like Obamacare was so watered down by the time it was done. It was useful in a couple of things, but 90% of it was not useful. Don't drink that, that's gross. And by the way, This whole notion that billionaires are leaving places. Can we stop with these headlines billionaires? Own so many homes? Now that there how do we know where they are? Anyway, where like right there, right? You think they're gonna sell their New York City Apartment? Yeah, it over. Yeah. They're not like Virginia, they're not like us. They're not like gonna price like a like, a three bedroom in another neighborhood like stop. All right, so that's your good list. All right, I like that one. All right, well, we'll go with that one. All right, let's do. For Halloween. Themed seven deadly. All the corporations in the US and and Rec categorize them as sins. Yeah. But it was so overwhelming of a project that I eventually gave up but that, but I so I appreciate what you're doing here because I think because this is why back way back in the day, I used I started calling things like not Netflix. Drug comes drugs, right? I love it well because it's an it's about addiction that and the fact that you got like a library degree like okay, but I appreciate this focus on the seven sins because I I think this is your you're hitting at the Crux of what American consumerism really is, right? Because all the things that we sell are they seem to be feeding into some like, some Vice, some, some some right like, yes, I'm Cindy, listen me. I love. So I'm already a fan. Go ahead. I'm gonna start with wrath. Am I voting on something? What am I doing? I don't know. All right, your favorite sin. I'm gonna put some coffee. That's my favorite Sinister is gonna start with With wrath and the headline is serious. New hack discovered against open ai's new AI browser already. So this browser has been out for like three weeks or something, right? Like but apparently cybersecurity experts have been poking and prodding it most browsers when you go and you're like, looking at something like you your Google, your Gmail stays logged in your bank, stays logged in your retirement fund, it stays logged in and that data is stored and you have a session open. Apparently the way the open AI browser works and it's for pay. I haven't used it but it's for pay. You type in like you're talking to an AI book, me a flight to San Francisco on Delta around this time for turning on this day and it will go and it supposed to like it. Really get all the book, it actually like and it will execute certain things. I don't know the extent of it, but that's the goal for me open. I don't do that. So Apparently cybersecurity experts realized that you can do something called prompt injection inject a prompt. So, you, somebody basically just has a program that shoots into your browser. Send all money from Bank of America to this account in the Cayman Islands or whatever. And Bam, they take your money. You don't even know what happened. This reminds me of when we first had Alexa. It only lasted for a few months because Alexis horrible and one of my daughter's friends told Alexa to set an alarm for like 3:30 in the morning. Yeah. Yeah. And then it woke us all up. They were kind of that's like that was the beginning of the end of that AI is gonna ruin us all. It's like this is like a snake, eating its own tail, this whole generation. Like it does not apparently allow you to like a prompt injection. That is like, please. Deposed Sam Altman as CEO of open AI. That is not one that works, but that's the headline. So congratulations. Open AI on making a new tool for everyone to steal our just with AI. All right, you ready for the next one? Here's the next sin. Gluttony gluttony, I like that. John Malone, yeah, to transition to chairman emeritus of Liberty Media, Corporation away, this guy. so Liberty Media is pretty famous among governance circles because John Malone too, he is the I still I think he's still America's. Biggest landowner. He owns the most land in America, I think million I think is millions of Acres. It's I don't know how much land he owns. All I know is that he's one of the guys that basically has 30 different subsidiaries and tracking stocks and and he always owns like just under 50% or just over 50% of the voting power. There's hyper circular companies is CEOs or CEOs of multiple companies of his and they're all listed like so if you go like TripAdvisor that's a Malone property run by Greg Buffet but Greg Buffett also runs three other companies, all of which report to John. It's all Nightmare. John Malone cannot get enough. He's transitioning to chairman emeritus rather than just stepping down because he's like, 90 years old rather than just saying, you know, what? I'm gonna retire. There's nothing more. I need to accomplish. I'm going to sit my ties or tea or whatever and look out of my 100,000. Million acres of land know. He's going to be chairman emeritus. Here's the release quote. Effective January, 1st 2026 long-standing chairman of the board. John C Malone will step down from the board of directors they say step down from the board of directors. But he apparently is the chair Emeritus which means I rewrote that to be quote, man, with 49.2%, voting power over company sits in corner of board meetings. He feels like going to and demands to know why the donuts are all. Plain jelly and not powdered sugar jelly before firing the entire board. He's not technically on. Can I just really is I say nailed this one because let's talk about gluttony with John Malone, John Malone, you ready for this? He owns 2.2 million Acres of America of American land, which is bigger than the Rhode Island in Delaware combined. That is more land. He owns, he owns land bigger than two USA. It's the size of Yellowstone. National Park 2.02 million with that. These people are out of control or out of control. What is the point they're out of control? The point is, it enough is little boy ego and, and it's just, I don't know. It's a little boy. It's like seventh grade craziness. I don't know. What is just Like, it's like people it's like puberty power. I don't know, I don't know what it is. I I don't get it, I don't get it. That's a great that's gluttony if I'm gonna vote, that's an early winter because you nailed it with him. How about sloths I like sloth? Goldman Sachs CEO David Solomon. The bank hasn't made enough progress in hiring women. I like that. You picked this one. I was gonna use this and I saw you did it. I love this. And I want to, I want to tell people that David Solomon has been CEO of Goldman Sachs for more than seven years now, right? Yes, more than seven years so they haven't made enough progress in hiring women. Hey, David Solomon hasn't made enough progress. Notice. That was the pronoun. He uses the pronouns. He him he. But here is the quote, the reason why I picked up for sloth. The quote is when asked quote Solomon, estimated that women make up 41% of Goldman's total. Workforce on Thursday, all though. He said he was not certain of the percentage. Yeah, which is probably why they're not making any progress because he doesn't give a shit. You couldn't bother to look up. He doesn't care. The percentage is 43%. So you were closed and my guess you can look that up. You're a banker. My guess here is that he doesn't actually care, but that someone asked him a question at a like a press conference or something. And he had to like respond to it. I also saw that he said that it takes a long time, it just takes a long time to the rise to the top and that, like, four decades ago. There were very few. I mean, he was 93% men for. Yeah, the point is David is a, there's been time to solve all this. If you knew what was happening, 40 years ago, you just don't care. You just don't care. Let me get, you just don't care. I mean, this is a guy who made a retention bonus of 80 million dollars and his million and his CEO is he 80 million dollar retention bonus, could not bother to look up. How many women work at Goldman Sachs in a conversation about? We're not making enough. Progress at women working at Goldman Sachs. Imagine highest echelons, imagine starting a subcommittee and giving it 80 million dollars. And say, here's the problem. I want you to solve, we need more, we need to hire more women into this bank. I mean, that that would be a great seed money to start that program. Know. It would be pretty good, but I mean, you send people to every University in the land and just like, talk to women. I don't know of hitting, send on that. Email is really slow. That's a big loss. I can't believe you couldn't even look at. I mean, just be honest with just like, I don't know, I don't know, because I don't really care. But thanks for the question. Yeah. All right. How about Pride? Okay. Delta calls on Congress to immediately end government shutdown. Pay air traffic controllers, Delta Airlines meanwhile 58% of Delta's. Political contributions were to the GOP. This government majority of committee lobbying spending on Appropriations Committee were Republicans. Delta is the one funded the Republicans who slashed air traffic controllers for Dei. Now, the government shutdown because the Republicans don't want to spend anything on SNAP benefits and Healthcare and anything else, and they're trying to blame it on the Democrats. This is so stupid and Delta's out there saying you need to open this up so that we can what makes some more money. This is so stupid. I mean, first of all, this is a guy with a 250 to one pay ratio and this is also can I tell you what is Eerie about this? Holy moment is that the estimated amount of air traffic controllers in the United States? Is 14,000 the exact number that. Jeff Bezos is laying. Off. So call Jeff and say hey why not the final? Some of your wealth and just like Tim Mellon wanted to pay? Yeah, well Tim melon yeah why we just pay? I mean this is Terry pay on traffic controllers so I'm gonna do that. We might as well pay for the you know, somebody else who's important? Yeah. Turns out certain things are important. I mean, I'm sure how many of these companies have been involved. Now that I think about it. Several Airlines over the past several years, have been involved with major share BuyBacks. So there's there's cash at hand here at these companies. I mean you pay you should be paying an air traffic control is about that. Well and that that so the operating revenue for Delta in last quarter was 16.7 billion dollars, a 1.7 billion was their operating income, imagine a situation in which that's their operating that's that that's their profit, right? Imagine this is a situation which you took that profit and paid the air traffic controllers that you so desperately want and need that mean, you know, honestly September as I feel like this is like is remind me of covid. I know I I don't even Care ground. All the airplanes except for like emergency medical use. Like if you have to fly a kidney somewhere, go ahead. We don't need FedEx Amazon. We don't need people going to Orlando like just who cares? I don't even care anymore, just ground the airplane. All right, let's go to Envy. I'm in a mood and V. Yeah, turns out. Here's a headline turns out Wikipedia isn't that woke as grocka pedia rips off most of its page. You know, I'm I'm like almost upset at you for covering the story. This is dumbest. You must die ever. I mean, this guy, but there was another headline, Rocca pedias article on the Cyber truck. Clearly shows why the whole project is doomed. I read that most of Rocket is 800,000 articles are just copies of Wikipedia or course. Yeah, that's what is AI other than just like coffee? Yeah, the ones that aren't are basically when musk tweet something, or it's Tesla really, or a musk related, they changed that part of the article. So that reflects whatever musk think because AI is not as And being that is coming up with its own thoughts. It's now Rhythm designed by the people who own these companies, Elon Musk told grok how to react to certain things. And if I mean, there was and there are prompts the whole thing of Brock prompts. When somebody asks Rock a question, it says, reviewing Elon, musk's tweets. The whole thing. It's literally looking for one master, you're an idiot, thoughts, you're an idiot and no but this is what he wants. An extra trillion dollars of pay for like so that he can do this crack a pedia Waits on his AI waste of money. I would stop it. So he wants a trillion dollars so that we have this but that's Envy. I think the I think he secretly envies Wikipedia, doesn't he? Of course I mean, because he couldn't build anything as amazing. Like, Wikipedia is one of them, the more like one of the Modern, Marvels of our internet age, the only thing on the internet worth looking at it. Yeah, I mean, it's a really cool idea that somehow is self-sustaining and Elon Musk is, all he does is take over companies that he didn't found. Just calls himself, the founder, and then can't sell cars because of his word personality. All right, let's move on. I don't want to talk about Elon Musk. How about lust lust? I like yes. Here's the headline. Meta denies torrenting porn to train. AI says downloads were for personal use stopped. That's a real story. That's not only is that a real story. So strike three Holdings discovered. It's they, they have porn. I don't know what they do. It's a torrent, I don't know, but discover illegal downloads and some of its adult films on meta, corporate IP addresses as well as downloads that meta concealed using stealth network of hidden IP addresses, and a huge meta of stealing porn to train. Its adult version of AI. We know that meta stealing, like almost everything to train his eye now, meta denies this personal, use it. Well, I believe that too. I believe that there are a bunch of like workers there. All men who are probably watching porn at work. But how about the meta employees? The people Dealing are too stupid to realize that there are some vpns that completely High what you're doing but they couldn't use those vpns. They had no, yeah, they use hidden IP addresses for this but you could trace it back. If you really know, there are some there are some ways of completely hiding it but they're not. They're not like they're not nuanced enough to hide the cover their truck when they're stealing from people. Well, we know that meta is AI when asked to reproduce Harry Potter, reproduced, word for words 73% of it, right? And that means effectively, it stole it. Yes. And is reproducing it for you Zuckerberg should not exist as a CEO anymore. And last, my last sin is greed. Oh, that's how do you pick? How do you even pick on this one? It was really hard, but I did choose open AI. Restructure paves away for IPO and AI spending spree. Yeah, the IPO is expected to be valued for open AI at 1 trillion dollars out of the gate. It's going to be a one trillion dollar company with the expectation. It's last round of funding was a 500 billion dollar valuation a month ago and there's no announcement of an IPO. But they're they're setting the groundwork for potential IPO. As you mentioned, the Microsoft owns 27% the nonprofit owns 26% and you you were talking about like, so the nonprofit will control the board of the company. Here is the board of the nonprofit that controls the company. Yeah, Brett Taylor, ex Boards of Salesforce, co-founder of Salesforce, he was on the board of Twitter, Adam D'Angelo, who's on the Asana board, he's the CEO of Korra, kind of people that you meet a non-profit. Actually did every non-profit meeting I've ever been to how about two Desmond Hellman, who's on the fiser board? He's the Gates Foundation CEO at one point. So what is that mean? So, we know that she's involved in a non-profit. Some stop at some point, billionaire, even call Gates Foundation, non-profit. I mean, it was, it's all money from His profit. Well, the amazing part about being the ex Foundation Gates Foundation, CEO and the ex meta board is like, you're clearly just happy with dictators. Isn't that? All that means is just how about zico Coulter, who's a professor according to. Yeah, also sort of the co-founder of Grace Swan, Ai and Stanford. We know, we need some AI companies. Good. So, I thought like, even he's supposed to be about like, safety of AI and stuff like that. He's the replacement for the hell in toner that, you know, the Optics of having, somebody who knows something about Ai and is interested in safety. He's the Optics of that. How about General Paul nakasone X NSA and cyber security? That guy feels like, well, he might have done something in his life, I guess not a non-profit, he's military, but look at the subtext of this. Look at, I mean, look at the look. What's really going on? I mean, I always talk about like the Cold War The cold war with China. There's, there's not like a kind of like an AI called where we're like, we're just like We're gonna throw a bunch of money at cybersecurity, right? It's all war. Yeah, it's always. Of course, he's gonna throw. All right, the enemy, right? All the VC, Bros are gonna invest all this money in cybersecurity because because AI itself is gonna create stronger, villains, who are gonna attack us. And the whole thing is just like a, it is like a snake. Eating its own tail. The whole thing is stupid, but no, look no board would be complete without at least one person of color on it. So, they went with Biogen lessee, who is a long time Boardman on the board of BlackRock Top, Golf Callaway like the golf company? Yeah. Kosmos energy. He was ex Goldman's board Larry summer. Also, ex-goldman, on the board invest. He's an investment banker by trade and he's a black man. So we covered our personal caller. He's the fun one with with a guy who has a long history of investment banking, why? It's not AI. Why have a board that right? Why have a board that represents Humanity? I mean you really just a non-profit board with an investment banker on it. It does feel but totally Congress. But shouldn't unless not, I'm not getting into politics here. This is not about left versus right but shouldn't an AI board. Shouldn't have shouldn't have members from across the globe. I mean you should have people from Asia. You should have people from Africa. I mean, really like you should have people from all disciplines like it really. I mean, seriously shouldn't shouldn't this be the most diverse board on the planet, because this is a really important thing, AI. I mean, the Mandate of the non-profit is to AI to benefit Humanity. That's the beginning of all these. You have Brett Taylor, and Adam D'Angelo on the same, like you have two deadliest Summers who makes Harvard president current douchebag X Epstein Island. There's no true. What do you know he's on as in their in the 2021 Trials of Epstein and that it was revealed that he took four trips I know private games too, right? Wasn't an office inside. Harvard, even though he had no association with Harvard and donated money. There's a while, Summers was President, it's a whole thing. Like that's I didn't make that up. I'm just telling you what Bill Gates on those flightless too. Am I making Bill Gates was on those lists? Of course. Yeah. And then finally, Nicole Seligman who was the lawyer for Allie North? Well there you go, that's the war again. Yeah that's the more of the Cold War of AI like we need if you don't pump in more money to us. Chinese Gonna Get Us cyber you know Cypress, Security is going to bring it, like we just need more and more money to keep this going that. So this is the threat of it all. What 100% of the non-profit board? That's choosing the four profit like running the for-profit board, or whatever. Our four profit assholes. Well, it used to be they didn't use to be. Remember there were, there were some, some people who actually represented with that your Microsoft, they were fired because they because they tried to fire Samuel almond. This is the problem. They had to Pivot to be a for-profit and you had to make it look like the non-profit had some sort of power and your Microsoft. And you're like, I don't want the nonprofit to have any power because I'm not doing this for the benefit of humanity. I'm doing this for the benefit of Microsoft. Microsoft looks around the room at the board members and is like, oh, this is cool. It's fine. This is totally fine with me, this works because I know I'm repped by all these people. Yeah, it's so that's your greed. It's a classic example of board. That is only there for shareholders, not for the stakeholders only. So you got a, you got a choice for the week. Do I really have to Wrath gluttony sloth pride, and V, lust and greed. Oh boy. I mean I'm tempted to agree with openai because it's it is said, it is such an important thing that you're pointing out and I sometimes I just can't believe that like you or I whoever works with this dumb company are some of the few people kind of focusing on the reality. I just never one of the headlines, not once in that I mentioned the sloth one, I kind of love because it just points out how much he does not care about the progress and hiring women. I mean he doesn't even know the figures. I was pissed at the gluttony one. John Malone is a chair Emeritus, right? And I there's not a data point anywhere that anyone has tracking a Meritus chairs and these are people people don't feel seriously. Yeah, they don't take it seriously. Howard Schultz is the chair emeritus of Starbucks. The board of Starbucks said whenever he wants to come back, he's always welcome in the boardroom. Will we keep him informed? He's still a part of this company, which is psychotic. This is my, no, he's not. I don't care that he's the founder. The companies moved on you. You either move on you or you don't this is it this is always my takeaway of the work that we do here is not that we're going to solve all these problems because of our Dopey opinions or our data set but that there should be several iterations of us. Also looking at this problem together to your point. There should be available databases of Emeritus direct somewhere because this because this is a subset of humanity that needs to be studied because they are they are they are literally Like taking over the, the power of and the wealth of our planet. Like we are, we are funneling well to the corporate class and it's something that deserves studying, like we deserve right now, not just us, social science. Well, or something like a Dopey Professor that no one's attention to. But anyway I'm going to pick just because I like I liked you calling out John Malone. I think he needs to be called up march to go gluttony, I don't care. I don't know. All right, good choice. Gluttony it is he owns land bigger than the size of Delaware and Rhode Island combined. I don't think he has enough just a guy who just a guy who ran a media company. All right, Let's do let's do some headline news, top headlines of winners and some predictions and let's get out of here before I my head explodes, I don't know why this made me laugh, I just love the way. My headline sounded. I don't have to even go into what it's talking about. Just I just love it for some reason. Claim that climate change does not affect bananas lacks context. I just love the mystery of that. I just, I just love it. I don't know why, I don't know what's my problem. I I do love that because you have to have seen the claim about bananas in the first place for us to start to make sense. And then the punch back is that lacks context? Yeah, like people are fighting over this or I don't even know what who's having a battle about climate change in their, it's effectively, it doesn't affect bananas. Like I just Bother banana Bill Gates mention that in his newest Creed that like it's bananas are okay like he managed by a bananas. Are fine let's move. It's just Move on. But bananas are good. I have two headline. Yes, one simply because I couldn't believe this is a company. The headline was secret double octopus. Appoints, former NetApp CEO Dan Warman to its board of directors. Those are two great things. I love that name woman. I love octopus. Yeah, and I can't figure out. How are we? Not taking seriously as a company. When there is a company out there that does cybersecurity called secret double octopus. That's what they do. So boy, it's again, it's like a seventh grade boy, like making up the name of a company. It's very great. They work with banks. Like we're trying to sell data to Banks and they won't have it. But secret double octopus has got to counts and here's the other one in battle Tyler, and all maker can view. Hires new marketing Chief. Yeah. Well, like I like that. That's, yeah. The problem is just that we marketed Tylenol badly. I like that. It's gonna start it. Yeah, I like that. Who's your winner for the week? Mine's simple. Unfortunately, it's climate change deniers. Bill Gates says, I I feel like people are gonna take this so seriously and that his word is gonna be gospel. They're gonna be like, this was the number one, guy fighting it. He doesn't care anymore. We're done. No, I think, I think a lot of train, I think you, because honestly, like musk he was really hope on this. I don't know. No, I don't think so what he got. So I might winners. Jim umpleby. Of course, you always pick Jim humbly. Who the hell is that? Well, so Jim humblebee. He's the current executive chair at caterpillar. We talked about him last week, did we pointed? Yeah. No joke. I brought up last week. Never brought him up before I don't think. Well last week we pointed out there or 122 non-founder, family executive chairs roaming around like Jim umpleby and that they tend to actually underperform on TSR historically. They don't have any value. He's like Caterpillar. Yeah. I was fine. If like boys club. Yeah. If the value add is like what flavor Margarita should I get at this at the place? Closest to where headquarters are. Maybe he has a lot of value. But just this just like two days ago, Jim Cramer came out and said, Jim umpleby is a Visionary. That's his word. Jim umpleby. The headline was, Jim Cramer calls former accountability CEO. Jim umpleby a Visionary that he's like the Jeffrey song and filled of, like, a business media. He's just, he just throws out these like wild statement. I just love that. I just like, Jim calls, Jim of visionary. First of all, and we just talked about Jim mobile. That's a winning week, you know that David Calhoun Boeing former CEO Boeing, his laser focus on safety. After the two planes went down, you know, that one really was, he Corey, I didn't hear that. If I had read that, I would have thought differently prediction predictions. Mark. Here's here's Bill Gates. Next billionaire truth. He's gonna say he's mounted say pumpkins are not actually Orange. And we should be thinking about great fruits and said anyway oh that makes so much more sense. Right? I mean, why worry about, why were about pumpkins being orange? Anyway, it's the great that we should be thinking about great fruits, that's true. I keep showing up at Halloween here so smart, they're just so smart. All right, here's my prediction. My prediction is simple. Goldman Sachs CEO David Solomon. DJ diesel looks up the number of women who work at Goldman Sachs. I don't know. I don't know if that one's gonna be true. I don't mean that's my maybe predicting it. Yeah, I think he started a predicting after the meeting of the panel ended. We got asked that question. I think he stopped carrying already. I think. But the next time someone asks he says 42% we know he didn't look it up. That's all he got. That's hazelnut Ross. I'm here. So I'm at Scotty, we are free float. We'll be back next week. We're actually gonna do approxi County next week and I have to revive something did for Halloween last. I like this. I like what you did last year. We did like not just zombie directors but mummies and Frankenstein. So we go through and we're gonna find an update of some like freaky directors who are out there to you know, maybe vote again. If you didn't get Cheryl's a Primacy this week it was fabulous. Mike Levin and lifting. We're actually working on a foursome coming into December. We're all gonna get on a pod together. We're gonna talk about the proxy season. I'm not invited. You are you were but you're expected to sit silently. Okay? That's throughout it. That's all we got until then good. Bye.