Transcript
I mean yeah what does that mean? Nothing means everything's gonna fail live from a black rock sponsored zero emissions. Confetti cannon. It's an all-new terrific Tuesday edition of business pants, featuring analysts whole, Matt mascardi. on today's shareholder Shenanigans, spectacle called, October 28th, 2025 the who do you blame game? Can I say? Yeah, go ahead. this is, My favorite way to get information out. But yeah. Maybe this is like our only real show. It's also super and time tiring. Our show today is being sponsored by free float and analytics.com. The only platform measuring Ford power connections before performance for free that. Yeah, they do that. Man, it's a lot easier if you care at all about. Anything related with publicly traded companies boards. It is just so much easier, just to go to that database and find things as a like, you know. Maybe going to like I don't even know Yahoo finance, maybe it's correct or opening the the proxy statement and that might look outdated. It's hard to find stuff. So there's an entire like like industrial complex. It's built around proxy voting. That's been In the works for like a decade, trying to get retail investors to vote their proxies and they're all built around these ideas of like if you believe and environmental social justice, if you are an environmentalist, if you believe in, whatever, they're all these like it could be conservative causes, you know, and I abort or whatever. Whatever your position is, they have all these Policies that you can subscribe to at places like iconic. And as you sow and all these places, you subscribe to a policy and then and then they'll execute the voting for you only. They can't do it for directors. They do it for shareholder proposals. They basically voted against companies that do badly on things and they won't, they don't really vote against directors, free flow Analytics, Is the director database? That's a 90% of what you do, when you, I think the 77%. It's exactly 77.78% of what you do, and they have the data for it. So, go use it. Only that. But you know what? The policies are cute. The governance regulations are cue. The proposals are q, but I mean, it's the directors, it's the board videos. These are the people that are shaping the policies that are affecting our universe. Yeah, vote them out. Let's talk pretending otherwise Are we going to go back and forth here? Let's go back and forth. Hey, you just like, I guess you just determined it. Yeah. All right. I'm gonna start because I have an easy one to wet your whistle. We have gloomy. Who do you blame game music? I didn't know that. Yeah, I mean Halloween themed or just I do have her Halloween theme music. If you want to say that for Friday, okay guys, an easy one just so in case people never heard the show, who do you blame game, this is how it works. We pick a headline and then we, you know, we find someone to blame for that headline, Amazon to announce largest layoffs and Company history in AI push. I've seen anywhere between 14,000 and 30,000 and mind you, these are people. It, right? Not ants know. These are actual people. I mean So, who do you blame? Again, I'll keep this one easy and quick. Because some of the other ones are not easy and quick former CEO, Jeff Bezos. Okay, yeah, we know he's a Founder said, he just said, he's the least retired person and he's he's talking about the CEO and he's at least get to that former CEO, Jeff Bezos. The founder. The founder AI, I mean, it's an AI push and Okay, right. Yeah, covid. They claimed that this wave of layoffs, results from over hiring during the pandemic, right? So somebody made a boo-boo Oh, I mean these are people by the way, these are like real people. I mean, yeah, over hiring is such a soulless term for it'd be it'd be better if you just said like the name, like give it a like a person's name like Claudine. And these are firing Claudine because of former CEO, founder, Jeff, Bezos, and these are, these are covid. Yeah, these are vast Empires that are still grow. Still maintain huge profits. You don't have to lay off. Anyway, I want you just look at Claudine and say we over hired you during covid. So finally how about executive chair and largest shareholder Jeff Bezos? Oh just twice because he's around. Actually, I mean, he's still in the executive, he still he, he runs the agenda. The board. He's still the companies like a shelter. Although he's selling a lot of shares recently, because he's, he just bought like a hundred and twenty million dollar mansion in Florida, one of many. Properties that he owned. It's a Clawdeen. Jeff. Uncle Jefe needed to buy a house. He hired you during covid. When you know, I was a hiring spree so you're an extra anyway. And now we've got a computer that will do everything that you do except do it. You know. It does, it doesn't have to feed a family. So I'm going to go with executive chair and larger shareholder, Jeff Bezos. That's clearly. Not the founder. The founder was up to something different. He was creating a company with his former wife. Mackenzie Mackenzie. Yeah. And they were doing some stairway trying to like destroy Local stores and bookstores, which was nice Crush. Yeah, you're wondering if you're a hardware store, everything. But now, you know, I just saw the 14,000 Amazon employees about roughly. A couple billion dollars. Taking cost so Jeff you're right. Jeff could just write them a check. Anyway that's that's the first one. The blame game, Amazon layoffs. We're gonna blame executive chair, Jeff basis. What do you have? Give me one. All right, I'm gonna give you the same kind of question because the same one exactly. That would be someone know almost Target 1800 rolls. There's a lot of, there are a lot of layoffs going on a lot of layoffs. Yeah as new CEO Michael fiddelke gets set to take over the struggling retailer. You blame keep forgetting. They have a new seat you know you said set to take over. He's still hasn't taken over yet. He actually does take over till February 1st. Is that what is that coincide with fiscal year? Or what is that? What is February 1st? Isn't that the day? What is Groundhog Day? That's freaky Groundhog Day Eve. That's it. Grand Day, Eve. That's where we're celebrating the news. The fact that it's the same thing every like the movie. All right. Here, your options. Current CEO who is quote, unquote are quote stepping down. To the role of executive chair, which is stepping over. She's just still a CEO. He's moving over. He's just the CEO on the board but currency CEO. Brian Cornell is able to fire 1800 people and then just fade away. There's no, he just, he like so he can make all these choices. He could be. Like, I'm gonna forget 18, all right, fire 18,000 who cares? Like a fire or whatever who's gonna stop. If I was the future CEO, I would ask Brian to do it so that they wouldn't blame me. I'd be like, can you just do this? Yeah, well, I asking Brian Cornell to do everything back, I don't want to start the n-word six times into a microphone and then go be the executive chair. I don't know that's necessary. I'm just saying he could or could get rid of the DUI policies which in effect is sort of the same thing that already. Yeah. It's at that version of that. The version of saying the n-word six times in the mic. So Do you have Brian Cornell currency? Do you have future CEO, Michael fiddelke? Who starts on? Like I said, February 1st, but he's currently the CEO. Yeah, that's so he's not actually. So he's not exactly like, like, he's a new guy. Target in there for over 20 years at Target. Like he's in charge, he actually sent the memo to the employee's telling. Why 8% of the workforce will be cut. This is the first of many Cuts. So they're already gonna hate him and be afraid of him. When he takes over, this is not gonna, we know this is not gonna work this. I mean, this is just not gonna work. I'm sorry. But, but like, he's not the CEO right now. All right. He's got plausible deniability, right? I'm just sending the memo, right? Like I'm the guy who said demo, well, do you blame chair of the compensation in human Capital Management Committee of the board? Monica, lizano Monica, Lazada. I know. Yeah, you know, her because she's on the Bank of America board, and apple board Apple. That's the one apple. So, you know, from and she is By far the most connected board member on this highly maybe in the world knows each other, right? Like So, doesn't the chair of the human capital committee have to weigh in on like a last layoffs. That'd be cool that has to happen, right? Yeah, I have to happen because this is about talent and human capital if the board revolted against the decision. And one of the meetings. Yeah. Then they might have stayed this off. Yeah. One would think, right? The board can revolt Um, or do you blame this on open AI? Yeah. Yes, lovely name for a lot. Yeah. Why you can't blame it on because they partnered with Walmart. No, no, they did. They did not, they did partner with Walmart. They did do that. But the memo actually makes zero mention of the fact that part of Target's problems is, they basically shit on gays and black people, right? Like that's basically with the last day, they the cave into the anti-walk Brigade and they did it because of a feckless internet toad named Robbie Starbucks. Right? Like, because, like, in a race one guy with a ponytail was angry at them. Yes, you say that. But really, it's the, it's the, it's the bravado of our anti-black president Donald Trump so. So here's, but here's the kicker. The memo itself. Actually feels very rich and by AI because like it would account for phrases. Here's a phrase from the memo. Adjusting, our structure is one part of the work ahead of us. It will also require new behaviors in sharper priorities that strengthen our retail leadership in style and design and enable faster execution. So, we can lead with merchandising Authority Elevate, the guest experience, with every interaction and accelerate technology to enable our team and Delight our guests. Does that sound like the biggest word says? You know what that means? Uh, it is an interesting question. Is there like for teachers, like, do they have software? That helps them figure out if it's written by it because I I put that while you were talking, I put it into Into open, AI chat, GTP, chat GPT. And it said, yes, this could plausibly have been written by AI, but of course, they don't know. Right? I mean, no, they wouldn't know, but but plausibly. Yes, you're right. You're right, literally, nothing in that. Is a thing, right? Like lead with merchandising Authority. How does that mean? I don't like that. Hit you over the head with some underwear? I don't know. Elevate, the guest experience with every interaction. I don't I don't need them. Following me around. Yeah. Are they chasing me through a Target accelerate technology to our neighbor? Our team and Delight our guests. Anybody delighted by accelerated technology, not a Target not no, no, you're there for underwear and like a paper. That's a stretch. So I don't know if I'm gonna blame open. I for this one. Monica is on those future. Hmm, I'm tempted to say the current CEO Brian Cornell. But you know what? I'm gonna I'm gonna throw you a curveball and say, I'm gonna blame the guy who wrote the memo. And that's the future CEO. Michael Fidelity is our first time we're gonna blame, that's that's a fabulous answer. I've been like he should have been at a minimum. You should have been like Brian. Know. Yeah, Brian. Come on. The CEO of this company. You're gonna send out this memo. You own the memo, it either the head of human resources or to you. It's not, you know what, I read know. The funny part is I read like an analyst. Take like one of the sell side analysts like UBS or something. Who said this is great because it shows that Michael fiddelke is already making tough decisions. Oh, stop and moving forward. You analyst you just you just Thinking of stuff to say like that's really all you're doing because you don't understand like there's no statistical evidence on that theory. That's the dumb take. All right, my turn. Now we get a little, a little more difficult F5. The cyber security company. Expects Revenue hit from a Cyber attack. Yes, that's right. F5. A 20 billion dollar cybersecurity company, which is how to having a huge gross profit margins recently. Maybe that's part of the problem experienced a Cyber attack. A involving unauthorized access to certain company systems by a sophisticated nation state threat actor. Aside what? I mean I just sounds ridiculous but I mean A cybersecurity company. Got hit by a Cyber attack. I mean isn't this like a drop the mic kind of moment for but anyway who do you blame? How about I went, right? I start with the risk committee, the risk committee that their purview is to oversee cybersecurity. Now, I like this, because the chair Mary and Budnik, she's deemed to have cybersecurity experience, because she serves as a chief marketing officer in the cybersecurity industry, does that go? Or or how about this weird risk Committee Member Peter Klein. He was CFO at Microsoft for less than four years and then he was the CFO for WME for six months. and then since then, he's been just a professional director since 2014 But anyway, that's the risk committee. Okay, how about this? Risk Committee Member Michael Montoya specifically. So on the day that the F5 disclosed the Cyber attack this is like a week ago. No, a couple days a couple few days ago, They also announced mysteriously that risk Committee Member Michael Montoya who also had who's supposedly had cybersecurity experience left the company. He resigned it, despite having been there for only four years in the same filing. Right. Isn't that mysterious? Yeah, that is a little but they of course won't tell you why only you don't you know it's only been four years, the same filing. The guy left. Okay, a little sketchy. How about the entire board? That guy who got like a phishing scam was like a Nigerian Navy phishing scam. It was tell us. If you're gonna fire it, say it, how about the entire board for just doing? Dumb, modern day board things, 12 days after they announced the Cyber attack, which again is gonna expect a revenue hit from this 12 Days After. And this, the stock has been going down greatly 12 days after they announced that their the CEO Francois. Local Danube is also going to assume the additional role of board chair. Is that 12 days after the Cyber attack? Or that's why predetermines? Right that's. But why would that make it better? Why would you want that? I don't maybe he wasn't paying attention when he was just CEO and pay attention more. But I, what are you doing? Let's put some, let's put some conspiracy pieces together. Michael Montoya leaves the board, the same 8K as the Cyber attack and then 12 Days Later, the CEO becomes the board chair. So he saying isn't that effectively saying this is the board's fault and the CEO needs to be more involved. I mean, yes, except that that the chair who was retiring Alan higginson has been with the company director for 30 years and 20 years as chair. I mean so right like he was already ancient and should have been gone. Yeah so I don't know how about how about just investors 98%? Yes. Average for all directors seven directors over 99.2% including the risk committee chair, who I mentioned. She had a 99.6%. Yes vote. I mean nobody feels like they had to work hard at this company, right? I mean you just get all. Yeah, you're guaranteed 99% approval or finally, who do you blame F5 the whole company? Because it's a God damn cyber security company. Hey, can we blame the whole company? They don't use their own products. That's like what are you here, CEO? You don't eat McDonald's. This happened in August 9th and they disclose it a few days ago, you know. They they were, they were trying. To do everything they could not disclose. Yeah. The revenue hit their like fuck. We got this gonna be an inevitable lawsuit about this that they didn't mean. What are we doing people? I mean, people were jacking up to stock. I bet you, if you look at the Forum forums, there's a whole bunch of sales of stock by Executives between Cyber attack and now find that out later. But wow, I guess what choice is hard. Yeah, this one's hard. This is a complicated puzzle. Um because it I mean it's obviously the risk committees purview. Yeah. But the entire board doing like dumb crazy things like they all have to sign off on. Like disclosing it late the firings and like changes and there's hiding. So the chair like after a cybersecurity trying to quietly like get rid of a director, I know that's no good. I don't think but then there's a conspiracy theory with one guy on the risk committee. You know, like the same day they disclose it. I don't think it's Investor's. 99% is basically like what they do to everybody. That's the way it is and the share price has been high so that they don't pay attention. Yeah. They don't care about that F5 the company itself, I don't think the company itself. Well this one's hard. I'm gonna go crazy here. I'm going to go full conspiracy theory and say it is risk Committee Member. Michael Montoya who resigned in the same filing where they disclose the attack. I think those two things can't not be linked is what I'm gonna say. No, I let me just check before I screw up the story. Um, now I'm seeing a conflicting report here. That he didn't resign okay, he's been a valuable member of the board, following his resignation, from the board. Mr. Montoya continued, his service with the company and has been appointed as their Chief technology operations officer. So oh, so there's something going on a beat a blame know. So placing the guy who is the blame so that their effectively blaming the chief technology. Yeah. So I think I may be, I missed a part of the story here. I'm sorry. The chief the risk committees job is to do that, right? You can't put a guy on as CTO, basically saying, you didn't actually monitor the CTO very well in these kind of things. The we're gonna put, put you in charge know. I now it's the risk committee. I'm gonna go with the risk committee. You know, this is a, this is points out the first of all, you know, I for our one listener. I know you think. Oh, God, these guys are a bunch of chuckleheads. They're just like a bunch of goofy goofy dopest and, but there's a lot involved with these these quizzes. You know, what makes me upset is. And again, like, these are like the rabbit holes. He go into kind of like, figure out who Blame is it's it's a lot less than you think, especially when you try to Wade through some of these company filings where where they're burying things and you know and they're not really. It's like you're not getting a full picture. But you know what upsets me is that we are the as far as I can tell. We are literally the only are we a media company? Are we a news service? I don't even know what we are. We are the only people who spend any amount of time digging in to these matters. Like every week, we do this for different companies. There's clearly something going on here, no one's gonna talk about it. No one's gonna deal with it. They're just gonna report what the company says, they're gonna move on. It's a shame. It's a shame that people don't take this stuff. We're gonna buy seriously now while the stock is down and then it'll pop back up. And because to your because to your point, I mess up the game a little bit there because I missed something, but to your point, the it's the risk community that should be to blame and, you know, and to consolidate the power of the CEO at this moment is is stupid. I mean is nuts. It's misguided. So, if anything else goes wrong, I hope investors are listening and they sue them for something. I don't know, I expect investors will be pissed. And next year, 8% vote for everybody. Not all right, moving on moving. All right, here you go here. Is a headline I saw Hormel. You know, the food company like make food Hormel recalls 4.9 million pounds of chicken, who possibly contaminated with pieces of metal. The metal pieces were apparently 7 millimeters to like 12 millimeters in size. so, you know, Not not nothing. Like 12 millimeter piece of metal is like a stabby. Who do you blame? Who do we blame? Ya. Do you blame the audit committee? Who's the closest committee responsible? For Enterprise risk. IE metal and chicken. There's no other committee. They don't have like a Food Safety Committee or anything like that. The audit committee is Stephen Lacey. Bill Newlands who's also the lead director Deborah schoenman Sally Smith. Who's the chair of the audit committee and Stephen White and Michael zephyrhill? Yeah. Do you blame the governance committee? Oh and here's why James Snee is the now retired CEO. He retired in January but the company still has not found a permanent replacement. Nine months later, it's being run by interim, CEO, Jeff Ettinger that doesn't make any sense to me. So what on Earth have you been doing for nine months like to mention? Don't you need somebody? Would there be metal in my food? If you had a CEO, I mean there's a lot of like, food production in this country. Especially with meat, they can't find one executive like a person is not, this is not a person. This is not like a new like crazy technology that no one can Master. This is just like ham slices. It's like, what are we doing? People so that's this is chair. Gary blowjob Samurai know. Bill Newlands also lead directors, he's also on the office around. He's around Deborah showman on the committee. And Steve White also on the Wait. Maybe this has a different committee or the sounds like the same totally different. This is the governance committee. Yeah. Do we blame the one black guy on the board, Steve White, who works at Comcast somehow in is qualified to be on the Hormel board while working at Comcast and is on both the audit and governance committee and is a black man, the only black man, and I mean, everyone hates Comcast. I mean, not only like everything here. Stacked against him. He's a, he's clearly a d e. I hire, wouldn't Robbie Starbucks say he's on both committees or do? We just blame the conveyor belt? That's spit pieces of metal, as large as 17 millimeters in Two Fire braised chicken that they use at hotels and restaurants, is it the conveyor belts, fault? Are you raise a compelling point about Robbie? Starbucks said, no one ever. How does Robbie, determine which black person is a Deo higher in which black person is like there because they're good human being like they're at How does he determine? Where is the edge of his racist? Bulshit, like, do we know what is a Deo Dei hired? You just have to be a woman or a black person. Is that it? Or I thought that was it. I thought that was the only quality we still haven't put out a list of like, what qualifies you for for to be on a board. Because we've seen family members on board, like Kimball musk is the brother of the CEO. He's, yeah, he's not qualified to do anything. There's not a lot of data on the Dei NIS of the person, so it's just hate to be just hate your heart. Is that Hate in Your Heart? That's the data point. I'm gonna just throw another curve ball here and go right after just in the spirit of Donald Trump and Robbie Starbucks and the Republican party. I'm going to I'm going to just do what they do. I'm gonna blame the black guy. Yeah, it's Steve White, it's got right. Plus his name is Steve White, it's mocking me. His know, his name is mocking me. I mean now how dare you to be named white? I don't know if you noticed, but like half of each committee is exactly the same, they're two different. It doesn't matter the best, the black guy, but he's the only black guy in the board. So yeah. And according to Charlie Kirk you'd be a not only should you be afraid if he is piloting your plane but you should be afraid. If he's piloting, your letting your your conveyor belt, you're corn dog conveyor belt or whatever, right? Because that's what d e. We learned. That's what Dei is. It's I believe. So if you're a black person, I read that in chat GT. Yeah, somewhere. Yeah. All right. What do you got? Oh, this game. It's exhausting but kind of entertaining at the same time. I got another quick one for you because my last one was convoluted and I still feel shame for missing a segment, although, you know, you should feel horrible other people like, literally, Lie in their podcast, all in live streams all the time. And you got one fact, I'm Gen X. And I went to college and I learned how to research and stuff. So, like quite it though, I will say that the filing itself like, why are you leading with his director resignation? And burying the fact that he's becoming CTO like the end of the paragraph, like a break. I have a lot of fine works out. You, you're horrible. That's what this comes down to. Here's an easy one. A quick one, how climate change is fueling hurricane? Melissa's ferocity. That's the headline. How climate change is fueling hurricane? Melissa's for Rossi? I think it's a already a category five. It's Jamaica right now. One of the most, I think, the most powerful storm ever to hit the island of Jamaica, which is saying a lot because I feel like hurricane to Jamaica hundred five mile an hour. What do you blame? I took some poetic license with this one. Do you blame Exxon CEO Darren Woods? Because last year, he sued his own shareholders are Juniper capital and fall this. Well, I'm not sure how the lawsuit against his, you know, cause the hurricane. Yes. Okay. It okay, do you blame Exxon CEO Darren Woods? Oh, because just yesterday, Exxon, Sue, is suing, California yesterday? Exxon is suing, again California, the state of California over new laws, requiring corporate climate disclosures that's actually that lawsuit first because there's calling it infringes on Exxon mobil's first American, right? First that's ever bulshit that's that's some bulshit right there. How about just do you blame Exxon CEO Darren Woods? Just because you know Exxon gas oil all the all the nonsense. The next song Or. Do you blame climate change? No, no. That's kind of a weird one. That one you have four strange choices there. I don't know that. Yo, Darren would, which one? Because of gas in oil, that's what's going with, not that one. Seems like the rightist one. Except for the fact that like, don't you, when you're suing everyone to prevent you from from things related to climate changes to make you look guilty for something like, why you why you always suing everyone you Doing your shareholders for putting up, share proposals at about climate change, your suing California because I want to learn some, they want some data. That's where California wants data, if, if not for the gas and oil thing. That's, that's really, that's true. That the heart. What? Here's one. This is gonna be boring. Oh good. Okay. Yeah, I'll take a walk. Servo Med. Oh, I'm already bored. Servo Med. What the hell is that a points? McKenzie veteran. David Quigley to board of directors. I think every company has a pointed, a McKinsey veteran. Who do you blame? The board is to VCS to capitalists a long time. Biotech CFO, of course, and five, MD / phds like they have any influence so, well, sort of among those eight are just two women. One of the women is the co-founder. But the wife of the other co-founder. Whose yeah, well, okay that's weird. And the other woman is of one of the VCS when they did their search for a new director. They could only find this guy, a professional opinion. Haver, that's what Consultants are, right? Yeah, he's allowed. Who do we blame? Yeah, the nominating committee for lack of imagination. Okay. I did. You want to hear some data? I have data on this. Do I have a choice? I actually, this is the rabbit hole. I was in this point you were reading filings. I was in a deep data set X current, ex, or current McKinsey Bain or BCG, the bossing. Those are the big three, the mbb. Um, I didn't know that MBA x m b b, or current mbb director's. Yeah, the opinion industrial complex make up four percent of all us directors. Wow, that's a big number. How many US directors are 20,000 us directors that of directors that's sick. Yeah, that's a lot of directors among boards with multiple smell Grover opinion directors. Yeah. Kohl's. Has 25% McKinsey Bain or BCG? Hey directors, Kohl's a struggling. Starbucks 27% opinion, havers. A Starbucks is struggling. Disney 30% opinion, havers Disney one in three Disney boys had a rough few months. William Sonoma. Yeah, 38% opinion. Havers. I don't know about William, I feel like they are struggling but are they? I pretty sure they declare Banks like this. I don't actually even know about them. Yeah, go ahead and finally CBR, either the real estate company. 40%. Consultants. 40%. That's in. Yeah. Or Boston Consulting Group, that's a whole day party. I don't want to be, I don't want to be at any holiday party. That's half McKinsey consultants and half real estate people. Like I don't know that. Yeah, so one person playing would be the nominating committee. Did not have any better ideas. This is a total lack of like lack of imagination. Do you blame nominating committee, chair, Jane Hollingsworth, well, like this for, not looking around the room and saying, hey, can we like add one other lady here? Who's not married to the CEO? Can we add a different lady? Because they could only find And male directors McKinsey veteran, David Quigley. So, Jane, you could have just raised your hand and said, how about a lady? How about something else? So there's only one, Woman there who's not married to this CEO. Correct. It's a one woman board so when you go we're still like we're still somehow it's 2025 and we're back to being okay with like one or two women on the boards like that. That's a fine. That's fine. We're and we're deluding them by adding another dude to the board. Yeah. Not to mention that this is a company that This is in the medical field, right? Yes, they make like, like this is for, you know, dementia and yeah, like neurogenic disorders. Yeah, it's so my point being that this is a field. Maybe that is full of women. I dare, I say dare, I say, I mean, I read somewhere that there was one. Yeah, this isn't like just like coal mining. Do you blame co-founders Sylvie Gregoire and John Alum do own 17.3% of the voting power together. That's the power couple. Are they? And they really did win. They really did. This is, they really did do this together. This is really there. Well, that's what it says. They're co-founders. If you throw in Josh Boger, who's the board chair? He's got 12.3% of the voter power. You basically have CEO daddy, his wife and his buddy, Josh with just under 30% of the voting power. This sounds a lot a little bit like Walgreens, and we know how that ended up at Walgreens and they just like, so bought out or like bought by private Equity or something. Yeah, I'll yeah. They after, after blaming Rosalind Brewer for all their problems, what else, what else? And finally do we blame Sylvie and John's bios which neglect in the Bios to mention that they're married to one another really Yeah, they mention it because they have to, they have family relationship disclosure. It's like a one-line that says, like, they are married. So yeah. Just see that family relationships. Yeah. And that in the Bios themselves, no mention of the fact like. So when you're voting on this, the BIOS are like the thing that are up no mention of the fact that the two with different last names are married to each other. I actually went to the website. I thought they were totally different people. I was actually like oh that's amazing like a female co-founder of a you know biotech company that doesn't happen a lot. That's really cool and then I read the closed fine print when going combing through the proxy and found out that they were married to each other because it wasn't in their bios. So who do you blame here? Do you is it named committees lack of imagination chair? Jane Hollingsworth, the co-founder power couple or their bios seems to be hiding. The fact that there are power couple. What about the online? Did you check online their bios? I did. Yeah. Does it mention online? It does not mention it anywhere. Interesting, I don't like that. Right, I didn't either. It made me uncomfortable. I'm gonna, I'm gonna go right to it. I'm blaming the BIOS. Right. That is something to blame. We're blaming that for adding McKinsey veteran, David Quigley. I think it's just, it's important to know as an investor. The, there's a power couple. Look, I'm gonna I'm gonna admit something. One of my favorite shows is Survivor. I've been watching it since my kids were children, and they're not children anymore, but I still watch it because I'm a loser and a nerd. And one of the things they always try to get rid of and Survivor. The show is our power, they call power couples because when you have two people and the way Survivor works, is you vote other people off of the game. So two people is, is a is a is too much power, so they always try to vote them off if they're. So it should be the same in a board. You shouldn't have two directors. Who are combining have that much power over the rest of the the board is there to provide independent oversight. You know what? The amazing part about that old people that Palmer Luckey. Who's the CEO of Andrew? Which is like a private defense company funded by Teal named after Lord of the Rings. I don't like actually said to Barry Weiss. Now of CBS, anything you're saying in an interview that he would If he were on Survivor yeah none of his investors. Nobody could stop him because he's like he's his own power couple great. So there's like survivors now. A theme like it's a it's like a joke theme I guess that's my answer. What do you got? What do you got for? Where are we? I got one more after I got two more. I know you're not gonna want to hear this but I'm gonna go right at it. Openai says, us needs more power to stay ahead of China and AI. I hate open my eyes so much. I hate everything. Everyone is just stay ahead of China. Hey, electrons are the new oil? That's the, that's the tagline from this headline electric. Yes. So we're we're, you know, congratulations. We're in Another Cold War. Who do you blame? Do you blame the fear and spending Geniuses behind the original Cold, War, Truman Stalin Churchill. I mean, they're the ones who came up with the stupid concept where you make everyone afraid of things that may or may not be real. It may or may not happen and it allows you to get to spend at will and make tons of money at will and you. Okay. Do you blame the people who historically ignored Eisenhower? And his statements on the US, military industrial complex. When he explicitly warned that defense contractors in the military could exert. Undue influence on government policy. Does it sound familiar? I know it's not it's a little bit different now but we're kind of getting there we are, we not the tech Bros are they're building Ballroom complex, they're building ballrooms, they're they're funding Trump. They're getting really want to drones themselves. They are building crypto markets that they're regulated their way in on everything, they're telling unregulated Ai and intelligence their weighing in on decision to whether or not the President should send troops to our cities. This is how important they are now. So I don't know, maybe we should listen as an hour in the first place. Do you look at the blame them? Do you blame anyone? who empowered the board the open app board to not be empowered when they originally tried to fire Samuel for such reasons as Conflicts over open ai's, rapid growth and Direction, especially the tension between aggressive, AI deployment versus safety oversight. Oh, we've worked way past that or is gone or the power dynamics with Altman where he had too much unilateral control, right? That's that's why they tried to originally fire. So it's anyone who didn't empower the board to be empowered to their own job. Do you think about everybody who came on the media and said everyone in the world? But us saying, yeah, the only ones you said this is the, this is a horrible. Did their job to the letter and a month later people caught on being like everybody. Oh shit. Yeah. And now, and now they saying that open AI is basically like holding up the bubble, the US economy like like itself, like the company, and all the AI spending around just turned to be a for-profit. Yeah, which we'll get to do. You blame the college that allowed Sam Altman to drop out? Maybe they should have been like, no, you have a lot to learn. Hear my son including things like buddy who goes to the college Humanities? Yeah anyone who goes to a college to say I am going to drop out to start a company, the college should say we will go a free ride for the rest of our ten years so you're not going anywhere. Yeah, don't go anywhere. Just say, you agreed. You agreed to come here. We're gonna sue you if you leave. You cannot go anywhere. Yeah, that's a musk did to the advertisers. Why wouldn't it work? Because we have some here's a Tony Morrison novel. Like, why don't you learn about The Human Condition? First before you go into destroy? You manage Jesus Christ. People, I mean, really like, all right, or do you just blame Sammy Altman himself? Do you blame him? I Go with. Who historically ignored Eisenhower? Wow, you're going right to that weird one. That's the one that's the nerdiest choice. You could have picked. All right. I like that, it's very nerdy but it's very, it's very I hate this. New fake cold war with China. Oh sucked. Did it Altman does it. They all whenever they want something. They always like, oh, China is gonna be coming together, soon. They're gonna, they're gonna come the tech, bro. Industrial complex might be your greatest idea, ever. Oh, no. I don't, it's not my idea. All right. Yeah, go ahead. Um, all right, here's my last one. This is a speed round. Okay, well I like a speed round because I'm really getting hungry for lunch. We are all terrified of the future. I mean, split yourself formerly. Every it doesn't matter what side of the aisle you're on. We're basically terrified. Okay, that's a good point. Which headline is worse for your Terror? Who do you? Blame? Ya for increasing your Terror. Here's a list of headlines. I'm just gonna go. I'm just gonna rip through them. You ready? I'm ready. The world is about 4.5 trillion short of securing a sustainable food supply for the future Global Food and AG business. CEO says, I almost covered that story. I cross out the last second. Yeah, go ahead. Bill Gates says, climate change will not lead to Humanity's demise. What is he know, what ostensibly he saying? The billionaires who have bunkers will, in fact, survive climate change what they were eating metal. Filled Hormel chili in a bunker or something, what gives him the right to opine on that. So, so vociferously, I mean, I mean, this is the dude who's stole some like software ideas from Apple and then, became a monopoly and then that's why he That's why he's telling us, what will and qualifications required? Now we don't have scientists anymore, right? Bill Gates, I like a lot about Bill Gates to be honest, there's plenty, I agree with him on but he should not be declaring things like this. What is he? What is he? The Churchill of the tech, bro, and complex. I mean actually the old card, yeah? Right. How about this one? Sorry Yoda mentors are going out of style. That's a headline. That's it. Not only is that a headline? Yeah, it's talking about the fact that nobody wants a mentor anymore. They just want like oh can I get back? Yeah yeah. Um, that was horrifying this one, I love man alarm to discover his smart. Vacuum was broadcasting a secret map of his house. I'm troubled by that one. Why does he? Why does the man think that anyone cares about the map of his house? Why is the Smart vacuum broadcasting? I don't know, you know, you can go online and just look at. I love. I love the modern day fear and paranoia of my fellow Americans. They, they have all these stupid smart devices that that protect their home. They hang them like, you know, the ring, I see them all the time. Like and then they tell they they send out a picture of someone stole their Amazon package and they want their like sponges back. But it's like people, you know, they can still, people can still punch through the glass and just open your door or like, you think that's gonna be protected by all this bullshit. I like the part I like better about it is like you're so worried about like someone breaking in that, you literally are empowering a company to Watch everything that happens at your house. All I mean record that he's just relax. Yeah, what about this? Jennifer Garner's baby food company is going public on the nox. Stock Exchange should investors be putting their eggs in this basket. That's like, well, I would say no because it's a woman a woman found that a company. We don't see that very often so maybe that it's probably. Can I say that the amount of Celebrities and athletes now who, Who start or now like their VCS. They're starting companies, it's nauseating. I yeah, Travis Kelsey is going to be on the board of Six Flags. I was flipping through the channels and some Michael Strahan on Shark Tank, the the linebacker for the New York Giants. Yeah, yeah. These investor now Woman repeatedly, warned by Canadian exchange. Not to transfer crypto, get scammed. Anyway, I don't understand that one. What? So they try, they try to help her but she just woman or who had a crypto wallet, she bought a whole bunch of a theory of someone was telling her like, oh, just transferred into this wallet. We'll make you 1% a day and they told not to the, the actual exchange was like, you shouldn't do this. They sit they gave her four warnings of repeated escalation. This is a bad idea. You're probably getting scammed, don't do this. Why? So, she threatened to sue the exchange and she lost her life saving. This is the price of the mega movement and then she sued the exchange. Well, this is the transfer it. This is one of the great grave dangers of the mega movement is that people don't trust Authority anymore. They don't trust anybody. Yeah, like open, AI completes restructure solidifying, Microsoft's major shareholder, so Microsoft that owns 27. Percent of openai, and the nonprofit, which was 100% of the company that runs the board. Now controls 26%, so a Humanity. Got 26% Microsoft got 27, but okay, interesting. So, are there. The so the is the voting power one, one share. One vote is Microsoft control, its private company. So like the rest of the companies owned by other investors like soft bank and all the employees. They own, they own a lot. So those are your options. Which one, terrified? Which one's increasing your Terror? More. Who do you blame for increasing your Terror? I mean really like I the correct answer though. I do have I'll give you one answer to make it easier. The correct answer would be to say, I, I'm gonna squint and say they're all the wrong. They're all of them, can I just do that? Okay, okay, I'm gonna like all I wasn't gonna pick the first one that like that were, We're not gonna have a sustainable food supply for the Future like that doesn't sound good. I would have I would have chosen, the mentors are going out of style, I asked we hate other people so much and don't want to listen to anything any any lived experience of another human being so much that literally no one's asking. For mentorship right? Like, well, we don't need it, we could just Google it or no chat GPT or whatever. It's just like haddock to me like we hate you other humans. So much, just just get in your bubble. I had put on your VR goggles, I had chat GPT to do the math. For me about that sustainable food supply one, it the world's top 28 richest, people actually have the wealth equal to 4.5 trillion and could solve the this potential food supply for the future. Of course, they could, they could for the teacher. 20 284 people, for all the future. It wasn't they didn't say, like, for this year, they said for the future is. I mean like I mean sometimes I don't want to go to like a concert with like 400 people cuz I feel like it's too many people. This is 28 people. Yeah, we had 28 people at our house for an open mic night last month. That's, that's not 20 people. All right? So one more for me and get out of this crazy horrible, who do you blame game? October 28th 2025. Oh there's another boring one cities Jane Fraser consider call consolidates power with board chair vote. I should have ended on a funner happier one and a 25 million dollar bonus, who do you blame? Do you blame the entire competition Performance Management and culture committee? Not only for its horrible name, but just, you know, because they, I mean, how many commas should be in there, that that aren't right? They're the ones who gate forms are giving her this, this, this money. Do you play two of the long tenured members of the of this committee Diana Taylor who's a and Peter Henry. Diana Taylor has 10 other directorships including Brookfield corporations. Peter Henry has eight other directive Nike and Analog Devices. They're not all public companies but they're they're listed in their proxy statement 10. 10 other directorships at various things like Public Health. Brookfield back up because Brian Hemphill at Wiley just got voted out ostensibly for having too many directorships and he had less than 10. He was just a black man, with a bow tie, who's the head of Dominion college? I don't and Diana Taylor is on 10 other things at city, and she hasn't gotten voted out yet. Like your Henry has a including Nike and Analog Devices. I mean, those are busy. Those are big busy. I mean, the National Bureau of economic research is pretty busy like economic Club of New York is pretty busy. These are busy. Absolutely. How about do you blame the low the lowest common denominator that is all Bank. Competition committed. They're all doing this together and dragging everyone down. Well as Fargo CEO, Charlie sharf. He just got a 3000 dollar special Equity Grant, and he also consulted power becoming chair and CEO. This was a few months ago, Goldman Sachs CEO and CEO both got 80 million dollars and a key core. They gave out 20 million dollars to to Executive. So do you blame just, you know, everyone's doing it. So we're just gonna do it for Jane or finally, do you blame the passive ownership RE Management friendly ownership of Black Rock State Street in Vanguard. So they come, they combine their own 22% of voting power at Goldman Sachs. And I'm going to, here's my theory. That if they had voted on the right, the right way. They shot down these this 160 million dollar. Special award to the CEO and CEO of Goldman Sachs. The beginning of the year. They actually might have stopped this wave of consolidating power and special grants for banking CEOs because it would have been a warning shot, right? To say, no, we're not getting involved with this. It could have been so simple, but I know I'm sick of this. Calling these people passive owners. They're not passive owners. Yeah, there we go. They're management friendly owners. That's what they are. So they're there it is. Who do you blame for this? Like for cowardly owners, how does a cowardly owner, you know, For the right. This is a boring end. Yeah, I I crossed out. Iiii up twice today. I feel utter shame. I'm but I'm gonna go with the Cowardly owners as the correct answer. The Cowardly owners are to blame for everything. Literally everything, everything in the world. That's all we got his little. Oh, Blame of blame and cross breaking down. We look at the banking industry, where we looked at opening, I was a climate change Cypress Security, Uh, we'll be back retail. We look at so much for a Friday show. I don't think we have a proxy countdown this week. There, it's too slow, it's too quiet that we got away for things to pick up, but we are gonna do a crossover show with shareholder, privacy and proxy countdown. Mike Levin, and Lipton Damien Raul's. And me your analyst Hall, they're gonna let me talk all together. I think we should be quiet and talk. That's gonna learn something that's all. We got until next time. Goodbye.