Transcript
Hey old. Hey, hey, live. From a black rock branded. Biodegradable, disco ball. Is that what's going on? A black rock? Disco ESG disco balls. That is no ESG. That is well, it's an all-new terrific Tuesday edition of business fans, featuring analyst whole Matt mascardi. Yeah. Oh, on today's ready for this one on today's proxy statement circus of confusion, Called September 23rd 2025 the audio blame game. Yeah, maybe I should just call it the blame game. What do you like better? Who do you blame game or the blame game? I is the blame game like an actual, like 70s game or something. We'd be in some sort of copyright. Oh sure, sure. Well, by the way, before we get to the sponsors. It's 2025 is Black, is Black Rock woke, or are they not woke? Where are we with the black rock? It's a really good question. Look, it's a new ones. The question, okay, it depends on what America should be talking about this. Not all the other crap and all the Kirk Kimmel crap, how much Disney did they owned before? When Kimmel treading and then after when they yanked him all? And then now when Kim was back like how, you know that determines the wokeness? This reminds me of a story. I almost covered today but I didn't in the audience can think me as that. Now that Charlie Munger is dead. They're getting rid of all the the byd Chinese EV stock. It's like they had billions of dollars of stock. Now they're getting rid of all of it. I was thinking Let's go on here. Can I have some like, what's going on? Like is this? Because mongers dead, is it because it's like an anti-china play, so it's kind of similar, right? Probably not not similar. No, no, I would show. Today is being sponsored by free flow to analytics.com. The only platform measuring board power connections to Performance for free. Matt is there. Do you know, you talked to the the Geniuses behind the Enterprise? Is there a data update coming soon? There is, it's a very big one when we know when we know. Well, we the data has been run. It's in QA. Now I've seen the data. Okay, that's promising. And there are a couple glitches not in the data but in the mapping of the data. So we're expecting an update, you know, imminently. In fact, what I did here is there they're trying to automate the whole thing so that it's like, you get the data instantly, it just runs and goes. So by December, by the end of this year, we should have it. We should have, they should have it all well in hand, but just, you know what? It doesn't matter. Sign up because if you're not signed up, you won't get the zine. That's the thing that you should be really worried about. My only concern was, it did say that the CEO of Ford Motor Company was a guy named Henry Ford. Is that all day? It's a little behind. Yeah, yeah, it's just a little behind on. It really doesn't matter. I mean it's still really the Ford family controls the so maybe it doesn't really matter. I don't know. All right and just just in case the audience is is is is is worried it does actually say Henry Ford. But Henry Ford is like the great descendant of Ford. I was making a joke. Does it really say? It actually says Henry Ford. There's a real Henry Ford on the board. So my young guy named Henry, Ford has years old and Alexandra Ford English, and yeah, Bill clay for Ford who are the Ford family represent, he would happen. You can't even make a stupid. Corporate governance CEO joke because it's still true. I mean it's still a guy before it's still controls the port of. That's stupid, that's stupid. Yeah, I know offense children and grandchildren of Henry Ford but I knew Henry Ford and you ain't no Henry Ford. Is that how the old member that Old Dan Quayle? There's Dan quilt in there. If you were older than 90 years old, you'll get my joke. All right. Let's play the blame game. Here's the Blame Game Works. We pick a headline from the last few days. We're not like a we stay up to date on news headlines that we don't dig back to teleport. Like we don't we're not like looking back weeks, we're fresh. Every show is fresh. You're supposed to be fresh. We're supposed to be fresh. Yeah. And I was gonna go first, we both have actually blame games but, you know, I think the audience, unfortunately, I didn't feel like doing this. I think the audience wants it. They want to hear more about Disney and Jimmy Kimmel and Charlie don't. So go ahead Max. Give us a game surrendered. Around that stupid story. Go ahead. All right, you ready? Yeah. Ready to feel the intensity? Yeah. So the way this game works is I'm gonna read a headline and then give Damien a list of people who are I get a blame? I can Damian chooses who's to play for this? Here's the headline, Disney says, Jimmy Kimmel Live will return to ABC on Tuesday. Well, To be clear and maybe you're going to get into this, but when they say return to ABC, does that mean all of the ABC channels will play Jimmy Kimmel? Like, does Disney does Disney get to tell? It's we talked about the Affiliates last week, that was what was it next star and Sinclair run by two Mega boys. So the Affiliates are separate, they will think why the show, if they want, they don't get their choice to broadcast it, but Jimmy Kimmel will be going live to nobody because the Affiliates will be going live to only the Communist cities like Portland Oregon and like Cambridge Massachusetts, that's it. So, but who do you blame, you blame now. He's coming back. Oh okay. I like this. I like this. Do you blame Fearless wizard? Bob Iger. Yes. Now in the production notes you can't see this but fearless and wizard were both names. Giving to him by Jeff son. And yeah, Professor the voted Yale's best Professor ever. Yes, I have information. He was voted. Best Professor ever to go to Yale, I believe. So he is, he's very cozy with CEOs. In fact, he's in the news today on that, I have his, he's talking to the CEOs, he loves CEOs, he loves you. He wants everyone to know that he knows the CEOs, but you don't, that's what he wants. Yeah, well to know, but he called him an article this and a wizard and separate how is this? Let's talk. I okay. Sorry. I'm Gonna Wanna hover here for a second. How was this looking for? Son of felt now that like I Disney has been destroyed in the media from every perspective. Like he called that move by Bob by Bob Barker an incredible movie that even Walt Disney would have made, which I don't. Yeah, he said Walt Disney have done it to evoke. That is a little uncomfortable. I mean well Disney is for years people wonder like was he not see sympathizer so that's a little awkward to begin with but everyone's crapping on Disney, in fact now, They're saying that the only reason why Bob Iger caved again. He's this is a second cave days. Yeah, it's because people were were canceling their subscription to Disney Plus, in droves and just, and Disney is trying to increase that price this week. So they wanted to appease them by not gonna work. The whole thing is a mess, Mr. Sun, and fell. This isn't yeah, like a Fearless wizard move. Well, so, Fearless wizard by just 4% influence on the board. The board is entirely in the back for Igor, 100%. Free flow analytics data. We looked at it, Mary Beres connected to 70% of the board that she's on the Disney board, Michael Froman, Almost 100% of the board. He's on the council for foreign relations. He says not even a CEO and he's still connected all of them somehow. So buyers, your first option, your another option you have is Yale Professor Jeff sonnenfeld or his marshmallow declaration? Yeah, that Iger was right to yank Kimball, oh, he was right, he was right to do it. That's what he said. He's got, he was right to boarding. Kimball to Jeffrey sonnenfeld prompting. The rest of us to say, why is anyone listening to a Yale Professor named Jeff son, and father about anything, right? So it's such a weird position to he. So I guess he's studies leadership. It's such a weird thing to make this park Proclamation that he was right. It's just strange to me. It's just not how I study. Leadership, remember the who were blaming somebody for bringing Kimmel back and here is Jeff sonnenfeld. Most recent track record, Jeff. Sonnenfeld backed Boeing, CEO, Dave Calhoun. Yeah. That's where we started to get interested in Jeffrey's laser focused ladies focused. He said, on after the two horrific plane crashes that now he was laser focused. He was suddenly laser focused on safety and planes, not something. He was laser focused on prior now. Laser focus. Do you want to evoke do you want to evoke lasers when talking about airplanes? Anyways I I think of like a Superman villain like bringing planes down with lasers. Well, just over clear after saying he was laser focused late. Dave Holland was laser focused on getting a golden parachute. As he loud like out of he was out. He was, he was merely resigned. Yeah. Jeff sonnenfeld came to the defense of the Norfolk Southern Sea. Yo, that's another one again from his Torah. Yeah, Infamous train wreck there in Ohio. Right. Yeah and said that it was a personal Vendetta that activist investor in Korra had only for Aunt Cora to win because it was not a personal Vendetta the company stunk, because the company was not great and the CEO is now gone now left because was found to be having an affair or isn't there? Something like there was some felt comes to your defense. Yes. The Short History. We had there's there's a couple more examples here but the short history is inevitably. Whatever you did. Fails right? So maybe almost back because Jeff said, this is an interesting twist because I've always said that if we make fun of you a lot your job might be in danger because yeah, so maybe it's the opposite with Jeff if he defends you your job might be in your job is you but you should quit. Then you know so far I could blame CEO, Baba of Disney who Disney loves so much that they keep bringing him back to CEO to blame him for Jimmy, Kimmel returning to the Airways, his choice, he's returning or I could blame Yale leadership expert Jeffery son on who else because when he says it. Yeah, it happens. Yeah. You could blame dereka rice. Oh, who's a board member on the Disney board and the reason why you would blame particularly Derek or rice is Derek, or rice is also a board member at Target. Well, Target was attacked by citizen troll. Robbie Starbucks. They rolled back their Dei and pride merchandise. Only to face a boycott and then, effectively the shares sunk. And they had to reverse on Dei to some degree, they're having conversations with black leaders. They're, they're trying to basically say, look, we're committed to Dei and it's not working really well. Well, Derek, or rice had this experience already Targets in the toilet. Derek rice on the Disney Board gets attacked by government troll. Brendan Carr rolls back Free Speech. Now, dereka! Well, as already proven that, once you get attacked and face a boycott, you're just gonna roll back. Yeah, he's the greatest role backer, so maybe he was using his experience from Target and having that sucks so much to say, hey at Target, it sucked a lot. We rolled everything back and then rolled it back again. It's cool. Why don't we do that here? So here's where we start on the bus and lost a few years black People write women gay people. The First Amendment. That's just recently though. Yeah, this is cool. I like this Derek rice, Derek rice, he's an option. Here's another option from the board James Gorman. Jimmy gorms. Yeah. James Gorman brought in to do succession, right? He's the Morgan Stanley, dude, he was from Morgan Stanley. He was brought in to do succession planning because he did such a good job succession planning when he was the CEO of Morgan Stanley, not already. And I was a harder, right? I mean, there's even more focus on. Well, there's this problem and as much as we pretend that nomination committees and Boards select the next CEO, but was the CEO Morgan. Stanley hand chose his own successor and everyone loved it so much that now they're asking him to hand, choose successors everywhere else there's no proof that James Gorman is good at choosing successors plural. What we know is as CEO, he hand chose his own successor and Morgan Stanley. Did not sink into the ocean and therefore were happy about it, right? Like that's so James Gorman is the head of Disney's succession planning committee which only exists Because the nominating committee is so compromised with people who are in the bag or been around for so long with Igor that they did a horrible job the first time when they chose Bob chapek, when Eiger chose chip and they okayed it that they made a new committee called the succession planning committee. To just pick Bob iger's replacement and they brought in a new guide to do it. It's not the nominating committee. Its new guy James weird because that would suggest that your the previous board member who were tasked with that job are so completely ineffective that they can't do their jobs very well. So why keep them, you know what I mean? Like why why do we need any of them around but but James Gorman. We, he's the chair of the board, we could blame him. For because he's going to want to get I grow out of there with, you know, a nice stock package and stuff. So why can't we blame him for telling igar? Like look, just bring Kimball back, the stock will go back up and then you can retire again. All right, for the third time, Um, do we blame consumers who boycotted Disney for getting Jimmy Kimmel back? This is one of those areas where I don't know where the reality is. Like, you did hear. There are a lot of headlines. But people, canceling. I, I was actually angry because I had canceled Disney plus last month, just because of a cost thing. I just I don't use it and I don't want to pay for it. I so I was mad at myself that I wasn't able to cancel it, but I don't really know if that's like, are people really canceling it or is it like just ate loud people on tiktok canceling? I don't know those numbers, right? They won't allowed. Like he made music videos, he's like, it's just a troll and he's claiming a victory over 15, Mega cap companies for flipping their Dei. Why not take a screenshot of your canceled, Disney Plus subscription and say like hey, it was Jane from Kalamazoo or finally your final option. Do you blame shareholders? Oh called bye guys. Disney board? You know for this I don't have any proof of this but we're going to speculate, we're speculating. Do we think that the shareholders called up Igor and demanded that like, Pastor cast of Cheryl? There's like Vanguard or like, hey, they got a whole bunch of calls from Cheryl holders were saying, I am, I hate you guys restore him? All right. So you're options. Who do I Fearless wizard Eiger? Yeah. Derek or rice James Gorman, consumer shareholders or Jeff Sanel? This is a weird because it makes me sound like, I'm upset that they're bringing back Jimmy Kimmel. But to me I I love that they're bringing back. Jimmy Kimmel not because of the First Amendment issue because it just I loved it. It's a coming a huge dumb corporate governance mess. I just love it. It's such a mess. I, I am tempted to go with the easy joke and just say, Yale Professor, Jeff son and Phil because he's obviously the, he's like the show killer. He's like that something the opposite thing happens, but I'll oh, you know, well, I'll just go with him like yeah. But really Jeff and I know you're not listening. Really the person that you should blame is your friend Bob Iger, because he created this mess, he didn't even have to, he could have just waited a few days to see what happened, but he created this mess, the one that you supported immediately, not probably even knowing half the facts. You just jumped on the Fortune Magazine and just supported the hell out of them because that's what I do. I guess like if you're a CEO of a Fortune 500 company or a large cap company in the United States and something happens just ask Jeff and felled not to write about it. Yeah because the minute he does you are likely to get fired. The opposite thing is going to happen is going to be massive backlash just as soon as he defends you it's over. All right. This is an interesting one, not to delay it too because there are a lot of people affiliated with Disney itself who spoke out against it actors directors, you know customers. I mean there was a lot of ground Swell, this wasn't just like a kid rock shooting a Bud Light can there were some pretty important. People who make the company, a lot of money saying they weren't gonna, they weren't gonna work for the company anymore. So, can we be clear? No trans people were involved in the decision to either yank or that we can't be. We don't know that answer. Well, I want to be clear what else? Stay with this one more time, one more Disney. Again another Disney Here's a headline. Sinclair says, it won't are Jimmy Kimmel on its stations after Disney announced his return. Yeah, same with next turn. Next star said no comment first, I don't even said. Yeah, not gonna air it. Yeah. Okay, I'm confused about because Disney why can't the powerful Fearless wizard CEO? Bob Iger, why can't he just make them do it? That's not the way it works. But just say, then you're getting no. Disney content. You're getting nothing. Yeah. That would be a thing. A thing you could do is say if you won't are this. Yeah, we won't give you anything like that. Just don't be comedian dollars. Because all those late night shows are four. Are there Dopey ways to promote every other show? Because all they do is interview Dopey, celebrities about their Dopey shows are coming on these platforms. It's marketing, late night, show late night shows are marketing. That's all it is. Incredible. Irony here is that there's been algorithmic suppression of people for a very long time and the hands of a few Tech Bros and no one really Groundswell talks about it. It's out there, but it's not like, but You Yank, late night show host, who nobody watches off the air and wow, the reactions are pretty amazing, I guess it's so different. He has a lot of his friends. We should be Be asking the same question of the algorithm algorithmic suppression is way worse. All right, so we've got Sinclair will not are Jimmy Carr. Good for them stationed. Who do you blame for that? Whose fault is it that they won't are it, is it David Smith just like the obvious answer. Yeah, nepo baby. Executive chair toad. He's got 25.4% of the voting power. Look at you, he's got a stupid super toad face you. Yeah, he's the really a punchable face. So he controls the Sinclair Empire and it was his daddy that started the company, right? It was his daddy who started a company that is related to this company like a prior company and gave. But I will say, yeah, he's you know, he's he's in his seventies. I wonder how long he'll be around but yeah, go ahead. Keep going. Well, if David Smith were to die you could also blame Duncan Smith. Is he a brother? Or is he a brother? So brother, nepo, baby, retired, vice president, and secretary. He has 23.1% of. He's still on the board and mine still on the board. I'm looking for free flow analytics. All these Smiths have been on the board since the Reagan Administration. Heard him. Ronald Reagan, heard him. Yeah. Yeah. No. Because that's all the board. Um, but well you said Smiths right there on YouTube. Yeah, let's mention some more go ahead because it could be Bob Smith's ball, you just making up Smith's now know it's a real Smith Neville baby. What company he and Treasurer. Bob Smith owns 21.8% of the voting point of directors. Now just so you're clear here. I'm doing this in order David Smith 25.4% voting power, Duncan Smith, 23.1 and Bob Smith 21.8. We're seeing a steady decrease in the voting power. Do we blame Doctor Fred Smith? Who is an echo? Baby also retired again. I was a vice making up men's names. Are there any female chromosomes at the Sinclair broadcasting? What's going on? Have a thesaurus of most commonly used white men's names and just went today, throw the Smith daughter, well so that they couldn't take over. Like why is a gay boys? Don't get Bob and Fred. That's right for the boys. The Smith boys, he was an oral surgeon before he got into broadcasting. That's actually important work. I married. Yeah, we actually need that like all the billionaire nepo baby apps that they make now. Look, the fact is when oral surgeons are like fixing your teeth, there is a television on in the background so they know a lot about my dentist. Think God, yeah. He has 10.8% of the vote. Okay, Power. I I do actually, when I was doing this, I realized why don't? Fred, Bob and Duncan. David is the executive chair. He's like running this. This company does all the hard work. Yeah, he does. Why don't Fred Bob and Duncan collect their voting power and vote out David? That's not how family money works. You, you just you shut up and you just know it is but the Murdoch family like that's why the three siblings. They said, I'll take the cash. Let Lachlan ruin American democracy and we'll just take the money and shut up. Do you blame at Sinclair, Christopher Ripley the CEO of Sinclair? Who has 0% of the voting power. Stop. You're just making me. Laugh is not an EPO baby. Was once upon a time at UBS, where he like did Mercury stuff for Media or something? It was like a investment banker and he's definitely not a figurehead. Do we blame Christopher Ripley the CEO of Sinclair who is not been mentioned like one time in a single story telling you everything. You yeah. What a pointless CEO or do you blame Bob Iger himself. Yeah, because they're actually not rejecting. Jimmy Kimmel. They really just think Disney's woke and Disney tickets to Super Bowl those like goofy cartoons. They put out, so there's yours. I'm just gonna Smith Smith Lee or Eiger. Uh, let's just keep this serious. And just pick a Smith and I'll just pick obviously David. I don't want to make a joke here. It's obviously David Smith. All right. Well, that's boring, but I want you, I'm mindful of the clock. I have like 400 ones to ask you. Sticking in the important headlines Oracle names. Two, CEOs in rare leadership, shift after suffer cats exit. So, I'm gonna change the game a little bit and say, who will you blame know, who do you blame? Who will you blame when something goes wrong? And I'll try to go somewhat quickly here. Is it Lord, Emperor? Larry Ellison, he controls 65% of board influence 42% of voting power. He already owned 380 billion dollars of Oracle stock and they still, they still pay him 8 million dollars a year. He's still the board chair. Do you will you blame him or were you blame former CEO and now Executive, Vice chair? Saffron Katz, who's staying on the board of all things? Wow, yeah I love this. He gets 3 million dollars in security and I tried to do the math because they wouldn't tell you exactly how much she gets in security but she gets 1928 dollars spread between legal fees and security. So I'm gonna guess around 1,000 dollars he gets three million So the game could end right here, right? I mean, clearly they don't care about Safra Catz, I mean right? They just don't care. A thousand dollars in legal fees is like, one phone call to a lawyer like what and what's 1000 dollars in security? It's like pretty sure that's a Simply Safe. Is a brass knuckles? Is it all right? So one can of Mace, well, you blame new co-ceo and directors? Yes, he's joined the board Clayton. McCormick who's getting stock options worth 250 million dollars to be in this guy's 39 years old, will you blame him? Or were you blame? The other co-ceo and director. Yes. All four of these people will be on the board, Michael Cecilia, now he's 54, but he's only getting 100 million dollars in stock options. That's a masculine know he's getting less been there since 2009 and he's getting less than the other. Dude. I found that to be weird honestly. Wow or okay. Yeah go ahead. You don't have co-ceos then first of all that's true right? This is a no CEO Company. Larry Ellison runs the company so it's not it's a no CEO Company talking about so staff for cats was not, in fact I saw we made fun of the story like last week about like self-made billionaire. South Africa is one of few female self-made billionaires and we said you mean Larry Ellison's oracles? Figureheads app for cats who's Larry Ellison just like she company. She owns three billion dollars a company stock investors. Can I ask you something? Yeah. How many CEOs is too many CEOs? Could be like is for the number when we hit four? And when we hit four, not only four but one of them spends three million on security, the other one, spend a thousand, the one of the Cote new clothes CEOs gets 250 million in shares. The other one gets 100 million. Are we saying we don't actually have four Coast CEOs, we don't have anything. There's nothing. It's just one. Guy stopped calling at CEOs. All right, what do you pick one? I mean the obvious choice is is Larry Ellison, but I know. Will you blame? That's who you're gonna blame? Who will there's a woman there though? You could blame the woman. Well that's why I hired pause here, right? Like giving me pause because Larry Ellison's job is to deflect blame from what happens at Oracle. Yeah. So I am actually gonna blame not even the woman. I'm going to blame. The First new coach, right? So many more, but a blame, if something goes wrong, it's really incredible. Because if something goes wrong, he's the one who got 250 million in share. She's the one that's probably the, you know, the CEO one a to the CEO 1B. That is Michael Cecilia. Like I think when someone has to get in front of a camera and answer a question, it's going to be Clayton McCormick and that's the one who we will blame for stuff. Even if the real answer should be at Larry Ellison. That's who we will blame. All right, that's my pick. You're probably right. Let's move on. This is a boring one but I don't care Auto Zone, stock Falls after its fifth consecutive earnings Miss fifth consecutive earnings Miss. That's seems like a lot to me. What do you blame To Bill Rhodes. The third, he's been executive chair for almost two decades, former CEO. He's still on the board, though. I don't really know why. How about current CEO Philip Danielle the third? Yes, there's two thirds for just being weak in the face of Roads. The third right? I mean, he's just like what's he doing there? Oh, how about Earl Graves Junior? Yes, a third, a third in the junior. He's been the board for over two decades and still calls himself, lead independent or somehow. I don't know how that works out. What about Linda Goodspeed? So all the directors Auto Zone where blue shirts and their, oh yes, one of my favorite things about them and she is wearing a blue shirt, but she's also wearing a red sweater over her shirt. It looks consistent. It's weird. I don't understand it. Maybe it's her fault. Maybe it's bad luck. You could blame shareholders average, 96% board support so they don't, you know, they just like everyone you how about this? Could you blame the fact that there are four suffixes on this board for suffixes? A junior? A junior, a third and a third. I don't think everyone that's a lot or do you blame the depressingly? Low minus 20% gender, influence. Cap, there are no women in leadership roles at this company, none, except for Linda's red sweater. Actually who's been known to chair audit committee meetings. When the chair is absent, the red sweater is given the gavel during some. Yeah. Well, this one, this one is an easy pick for me and it's definitely red sweater wearing Linda Goods. Okay? Put on, take your sweater off, take, come on, you gotta be in the AutoZone Blues. That's the way this works. Let's move on keeping the headline, Michelob, Ultra overtakes Modello, a special as best selling beer in the US. Who do you blame? Remember it used to be Bud Light but now Michelob Ultra is a winning over Modelo. Do you blame social media personality, Dylan Mulvaney for being alive and getting a can of beer? Is it? Is it Dylan Mulvaney's fault that Michelob Ultra is the new beer, right? And not Modelo or or Bud Light. I mean, this is really about Bud Light because Bud, Light used to hold the crown. Do you blame those woke idiots at the American subsidiary Anheuser-Busch companies, they're the ones who gave the can of beer to Dylan Mulvaney including their very woke CEO. Brendan Whitworth, who was a first lieutenant in the Marine Corps and used to work at the cei's counter terrorism Center. That sounds very woke, right? That's a good company to attack because a woke CEO, handing beard or a trans person, right? I mean you worked in the CIA. That's the focus thing you can do. Not to mention the American subsidiary. They have a very woke leadership page. There's 50 Executives Matt, but I found a woke D E. I hire A chief people officer Lindsay King. They have a woman as an executive one of only 15 but I don't know what she's doing there. She Who did she pay to get that job D? I hire how about the woke idiots, at the parent company. The Belgian parrot Anheuser-Busch inbev right? Yeah, yeah, yeah, yeah. They're even worse than their American counterparts because of their 18, executive leaders, they have two Dei women two. That's a lot of translating women. Yeah, achieve Communications officer and a general console. That's a lot of women there. Or do you just blame all the stupid corporations that go woke, go broke because, you know, that they just they ruin companies. So who do you blame? What? Oh wait, Matt, I guess we can't play this game because it turns out, man that Michelob Ultra and Bud. Light are both made by Anheuser Busch companies. So, the whole, the whole thing's a joke go broke. Is it complete joke? Matthew fell for it. They fell by buying the wrong beer, because they're too stupid. They're realized. It's All Anheuser Busch God. I love America. Like, we have we, I would, I would love to be on the next ABC. Favorite Story of the Year earnings call and listen to them be like we've overtaking the first spot, you know, start American Beer, well, we're still dealing with the Fallout with the Budweiser, but fortunately. Our other brands is the now the top selling beer in America and no one knows this is really bad. ESG, research? You anti-walk weirdos, you have to follow through. You have to see what the SEC who that makes the second beer. You can't just pick another beer on the Shelf. I think your job is done. Can we just there are other beer options period, are there? No, like, Michelob, Ultra, and Budweiser, like, the worst beer to begin with. Well, look, they win local, broke they win. I can't, I can't, I can't play this one. I lose no matter what? I pick. Let's move on. Oh, speaking of Jeffrey, son felt. I put together a little game for the article that you cited in Fortune called behind closed, doors are top CEOs. Say Trump is bad for business and I'm to make America into America again. Finally, I don't know what that means. Who do you blame? Because again, this is a an article penned by Jeffery son of the CEO. Professor at Yale, CEO Whisperer Whisperer, do you blame Sheriff holders, they supported approximately 97% of all S&P, 500 directors. Right. I mean do you plan? No, I mean, okay cuz they're there. Okay. Do you blame our CEOs about 30% of us directors or CEOs, you blame American corporate governance practices which permit nearly half of all S&P 500 CEOs to also serve as board. Chairs the very bodies intended to oversee their management. Giving them unmatched, power and ego. Do you do you blame them for For not, I'm just waiting for the one where we say the same. CEOs, got Trump elected by saying, by like, again, I'm looking, who do you blame here for these CEOs? Who Behind Closed Doors? Don't like what's going on, but they won't say anything. All right, so do you blame the average S&P 500? CEO pay of about 20 million dollars? I mean, that's, it's really, it's protecting them really from the need to even weigh in on political issues left or right, right? They don't why say anything if you're making that much money, right? I mean, they pick the page, though. I can't blame the pay. Do you blame passive, institutional investors, like BlackRock Vanguard group State State Street, for just opening the door. Open for company management, right? They're not pushing back against management. They, you know, you they're not making CEOs, get involved with making America into America again. No. Do you blame them? Have okay. Or finally, do you blame Yale, Professor Jeffrey Sutton Feld. Oh, there we go. Who a shoes journalism in favor of being friends with important people and makes him right? Things like, quote, one, CEO of a major US Manufacturing Company explained to the group and quote, or quote, a well-known business leader, with a significant, manufacturing footprint in the US and quote, or Quote the head of a major US multinational, Investment Bank and quote he's protecting the people that he's calling out for for wanting to. Do you blame him for? Why don't you just say their names? Why are we protecting this class of CEO? I know why? Because he throws the CEO conference every single year, and it's a Chatham House Rules. They're not supposed to say who was there even though he so prominently. So what do we doing here goes? Why are we writing this article? The agenda, this is a journalism. This is not supposed to, it's not journalism know but he did say. So in the Bob Iger defense, he said, Igor confided in me that journalism. I don't know what that is, that's gossip, I don't know what that is. Look this, this story got some play, I saw it in multiple places because, well, they should, because he suggesting that CEOs are finally angry at Trump and yet, they're not doing anything. They're still not saying anything. Well, while he's busy defending. Yeah, Miracle Worker wizard, Fearless Bob, Iger for not saying anything. In the face of political pressure to yank, Jimmy Kimmel, he simultaneously saying, but they're all on your side people. They're all against this administration because it's bad for business. They agree with you that business sucks right now. Don't worry about it. This is got to be or were we gonna have the first? Who do we blame game, where the same person gets blamed for two different things? How about the fact that Jeffrey sonnenfeld, again, the only CEO who spoke out is a four murder Disney CEO. Michael Eisner, who called out Bob Iger, that's it. In the history. Okay Governor but still he's saying something I. He said a thing, how much money do you have to pay these CEOs to weigh in on crises that affect Americans? Like what are we waiting for? I we hear LeBron James weighing in about a ball that he threw out of bounds. Like why can't we hear these CEOs weigh in on the stuff that they're, they're whispering to Jeffrey sonnenfeld at the at the party? I think after after every event to CEO goes to, they have to have a press conference in front like 45 people. And they have to ask him, lots of questions that I want to hear how the shrimpers prepared and I want to hear what you gonna do about Trump ruining America. That's why. Yeah, wonderful. All right. Let me Sneaker because I have one more to end the show. So one more and then we'll end up. Here's here's, here's my last one. Yeah, here's that line. I saw Office Depot workers. Refused to. Well, it's not the headline, but this is the story because the headline was weird. The headline was actually the way they wrote it was a Charlie Kirk poster. Reignites debate over when businesses can refuse service but the story is about Office, Depot workers. Yeah, refused to print a Charlie Kirk posture because they said he was a propagandist. They basically said we're not printing that here. We're not gonna hear Charlie. I didn't know if people still existed but go ahead. So who do you blame? Okay. Do you blame the workers at Office Depot? Who said no to printing the poster to, to a kid who wanted this poster printed, we're taking literally the Supreme Court decision from 2023. Yeah. Just that's like two years ago that allowed a website designer to refuse to work with the same-sex couple because it went against their belief. Wait, they yeah, they saw that decision and they were like they really did cite this to they when this happened or you're you're just referencing know I'm saying, they know the right, they know the right. They have the right to refuse service ability, I feel to the Supreme Court 2023. They have the right to refuse service. They just took that literally they just interesting. Do you blame Office Depot? Yeah. Who probably to your point should have been closed in 1997? Yeah, just go to Office, Depot anymore. But Office, Depot fired, the employees, and issued a public apology. That's just happened. I didn't know that just happened. They bent the knee already. Dear leader, they bent the knee because they do not want Office Depot. Now currently owned by private Equity company because it came out of like bankruptcy, it was horrible. In fact, we have directors on other boards who sat on the Office Depot board, when it went into bankruptcy, and they still have board jobs, but this is like a terribly run company that nobody goes to. This is horrible, even fired. Their employees. Even just said, yeah, we have the right to refuse service and we know our rights and so and they got fired, they got fired, I don't know. It doesn't even matter what race, these employees were, what gender. I because even as a white man, I was reading, I was I unfortunately, this morning, I spent some time reading some of Charlie Kirk's quotes about black people and even I, oh, why did you even even I Despite days of learning about this guy, I had another realization of like holy crap. This guy is he races like he was a horrible every time I read new things about it. So it's like how do you not have? I'm not saying I'm imagining myself working at Office Depot having to print out like Adolf Hitler posters like, I'm not gonna fucking God. That's saying like, anyone deserves to get shot but he was a horrible. That's not what the story is about, though. That's not know. The story is not about that. The story simply about the right to refuse service. Pam Bondi. Yes. Oh, I could blame her every day. Go ahead, the department of just head of the Department of Justice. Who missed the day that the Supreme Court said that you could discriminate because this is what she had to say about Office Depot. Quote businesses, cannot discriminate. Oh yes, this is a quote, if you want to go in and print posters with Charlie's picture on them for a vigil you have to let them do that because they're not gay. We can prosecute you for that that probably would have been better to have an understanding of the Precedence. Because that's where, you know, that's what lawyers do. But also just suggest me, they go buy their own printer and print it at home. Well, here's a little bit the problem. Yeah, the same Supreme Court that's in the Supreme Court now. Yeah, this is only two years ago, the one that made this decision In 2020 with you, I'm with you. So Pam. If you fight them, this Supreme Court would literally have to reverse its own decision from two years ago. Yeah. Ah, this is a, this is a tricky. One in general. It's a tricky Topic in general, but you mentioned my next option. Do we blame gaze? Just all the gay people, just all the gays, American, gays are all the good know if they had just used a web designer. Just instead of a non-gay website Depot is what you're saying, then the Supreme Court wouldn't be in a position where they resist themselves. You see everything originally blaming gay people because they're the ones created this pressed in the first president? Yeah like you made it so it's a report ruled against you just you're supposed to only work with gay designers and like whatever you know like there's not the way we wanted to work, right. Or do we blame FedEx. Oh, And here's why. Yeah. FedEx is employees because this kid took the poster to FedEx after that, because they own certain codes, they have printed the kid's name is James Asher. And to his credit, he came out and said you guys, he recorded it, put it on social media. And like I went viral. He actually said they have the right to refuse service, but I have the right to not go there anymore. Okay, that's what it's about. Yeah, I haven't been going off asleep over a decades and Pam Bondi, does not agree with a 17 year. 18 year old kid. Does he have to record like a couple of minimum wage workers? Anyway, I just need to do that to them, of course he did because he actually said he felt bad that he got fired, but recorded them. You moron. How about that irony though? The minimum age, the minimum wage workers at Office. Depot are being essentially docks. They're being recorded and showing all across the world for making this very strong political statement and yet the CEOs at Jeffrey's son and Phil's shrimp, Party are two. They can't put their name behind any of their thoughts. How dare you? One of them's is a is a leader. Yeah, he had a mustache in 1974. Yeah, okay. Well FedEx, yes. When this kid brought his posture to FedEx and he told them Office Depot, refused to print it because of Charlie, Kirk's, racism and sexism. While he was alive. They refused and phobia. FedEx printed it for free to support Charlie good for, which honestly, surely, there's a lawsuit there because FedEx discrimination. Is that not Dei FedEx discriminated against other white male racists, who wanted to pay for their posters who had to pay. They had to pay this kid didn't have to pay or did you discriminating against you know, you love it. Absolutely period. So that's your options. Yeah, I gotta go right to the end there and, and just because they made it so confusing and stupid just and just made it absolutely insipid. FedEx, for joining this fight. I mean, what a wow, I love that. Just stupid reaction to do it for free honestly. All right, last one. This is an exhausting show, I apologize. This is the, who do you blame game for September 23rd 2025? I hope people understand how this works now, right? We find a headline and we blame someone they don't yet. It's the last one we're doing is the worst show ever. So, let's End on this, unfortunately there's more Charlie Kirk and this one hopefully we can be done with Charlie Kirk talk but here's the headline 30 year old billionaire College Dropout I could just end there I could just sort of yeah never talk again that that person 30 year old billionaire College Dropout recommends, at least one year in higher education. Okay. So now this is where like, well that's that's better than the none years that yeah, like yes. Like and our constant attack on higher education in this country. This is where we're at, right? So, this is from, of all, this is from CNBC of all places. It's like, give me a break CNBC, but so, who do you blame for this? This this, this turn to anti-education and to higher education. I mean, like, you know, we got the president blaming moms now for making their kids autistic for no scientific studies linking a drug to. We're just, we're just we're anti, scientists were and 20 about moms. It. Yeah, not the tangent of us. First of all, the kenview, the maker of Tylenol. Their stock was not like it was down the other day and anticipation. And now it's up again today, it's up again because it's the so stupid, it's so stupid, not only is it ridiculous but the back there's been backlash to it and you think oh there's backlash from scientists. So there's backlash from women who like you know like are effectively being blamed for, you know they're they're the target here. Yes no the backlash is from. Anti-vaxxers who said there's no way it's title in all, its the vaccine. Sure. It's the vaccines again. Great. But this is what you created on higher, education, science. Yeah, but this is what happens. This is the culture they've created. So who do you blame? Do you blame the protected CEO billionaire class? I'm not gonna go over all of them, but Elon Musk said that college is not for learning, but mostly for fun and doesn't require degrees at Tesla and SpaceX. Do you blame Peter? Thiel? Created the teal Fellowship. A piece paying young people to drop out of college. That's the dumbest Fellowship I've ever he blame Mark Zuckerberg now, is now an interview this year? He's expressing skepticism about about the effectiveness of a college education. How about do you blame the VC bro? Brat Club, the market and reasons of the world. He said that traditional call Rob, he's out date. It's outdated and he compared to other to skills training. Do you blame the mega Christian supremacists? Supremacists like the Charlie Kirks of the world, who said the college is overrated, went to college, okay? To talk to college kids, like a moron and said, they're overrated like his wife, which took over Turning Point. USA has three degrees already, she's going for her doctorate, in biblical studies, she agrees with Charlie Kirk brother. The way who said, a few months ago that he encouraged the women in the audience to trade, feminism for femininity into forego a career to stay home and raise children, do you? Named Ben Carson is talking, he's a doctor, he talks about he's against. He says there, he prays practical experience and self-directed, self-directed learning over formal college for achieving success. I love when I go to a doctor and they were like, I taught myself self-directed, I love that. He and then, or do I have so many more names here, but I'm not gonna bore you with all the more. Do you blame all of the above the chorus of anti College Antioch, higher education, voices from billionaire, CEOs, and mega pundits to Christian commentators, which serves less as genuine guidance and more as a mechanism to preserve the power of the wealthy Elite, discouraging, widespread education and critical thinking. So that the majority remain dependent unpowered and less capable of challenging. The socioeconomic status quo. Well, I mean it's Would obviously all about it, it's obviously, but but I actually think the reason is much pettier and stupider than that, I don't think. Like, I don't think there's some Mass conspiracy in, which they want to keep you down. Oh, in order to control more protects, I think, I think these people notice every single one of them is like a Libertarian or a far-right, or Christian conservative, they're Tech Bros, whatever digging deeper moats around their castles. I think what they want and what they think is college, colleges have been bastions of liberal thought, yes, college is overrated. You don't need to come out some liberal. Don't go, I think it's as basic as US versus them. And there are also saying things like, you know, I became a billionaire with dropping out of college. I think it's overrated that you go to college and learn something. Learn how to think, critically, because that might make you liberal, and I think that's more what it is. This was, this was fun. I I just Word, my coffee kicked in right when the show began, so I apologize if I might find was a word for this. That was the show that hazelnut Rose. That was a lot. That was good. We are. Float. I do like the blame game. It gets into something. Get your juices going. Gets a really gets me going. You, come back later this week, we got to show. Are we doing a proxy countdown this week? We keep, we just might not going on. We want to be in a bike weekly schedule, but we're gonna see if we have enough. We'll see if we have enough. The plan is to do. One will be back on Friday tomorrow. There's a shareholder Primacy that's coming out. They've been Crazy. There's all sorts of new Texas rules and there's new like challenges and they're going to talk about everything and much smarter than we are. So get shareholder Primacy that podcast until then good. Bye.