Transcript
Oh, hey, come on. Oh yeah, my job work. Come on. Live. Okay, here we go. This is a weird description. A lot live from Bob Monk's non-performing assets, baseball card collection. Oh, I like that. I would buy that featuring John gochenour. A shortstop who played from 1901 to 1903 who hit 187 with 0 home runs and made 146 errors and 264 games. 146 hours is a lot of errors, it's an all-new terrific. Tuesday edition of business pants joined by analysts whole map mascara. We're back on today's. Target still hate Dei comic book collection called July 1st 2025. How much does Matt care about the things we missed when he was on, when he was gone game? All right, what's happening with that? The end of that there? I don't know. There was one too many prepositions enough. Someone gonna get fired for too many prepositions. How much does Matt care about the things we missed when he was gone game. You understand? Matt, you were gone and I do every time you're gone, I get all the stuff that we missed, and I put it together, I get excited about it but then I run up by you to see really, if it's stupid or not, So wait, just before we talk about the sponsor of the show. Yeah. Where is the sponsorship I got deleted. I'm gonna go look for it. Can I ask what the rating or score is? Is it how stupid it is from 0 to 10? So, 10 is really stupid. This is there a binary game cared. Oh, you just? I don't care. Oh, I like this, even better. I don't have to think at all. Our show today is being sponsored by free. Float, analytics.com. The only platform measuring board power connections to Performance for free. Only free board, power connections, performance. All those words are just so delightful. I consult the platform. Several times for every show that we create. That is not a selling point. I'm sorry, it's my main source of data look. If you happen to be someone who spends a lot of money annually for data for ESG data, and you don't even really know what it all is, or means it's hard to use it. I would really consider. A contacting. The people at free flow analytics.com and maybe buying their data instead because not only yeah. Not only is it like a extra level of analytics that you're not going to get anywhere else, but the people there can actually help you use it. How do you use it? We can they can walk you through it, a quarterly. Look, it's all kinds of things we can set up. Well, we were just talking a pre-production a mess of data. It's not just like a mess, right? We're talking in pre-production. If you vote or proxy, like everybody likes to talk about Charles or proposals of which, there are like a couple hundred a year at the largest companies in the world and they're non-binding. Meanwhile you've got like 80,000 directors a year and all that data is on free flow analytics.com. They can really help you. Like, here's my promise. Like parse it, here's my guarantee. If you if you're coming from a big data provider and you and again you you're looking for something a little bit more Boutique, a little bit more Hands-On, a little. You want you want actual analytics, right? You want ESG. 0.0, not just the old bulshit, I guarantee that the people at free flow, analytics.com, will save you money on your next contract that, well, I, I, absolutely, I talk guarantee you, no matter what they will do it, they will save you money, actual money. Matt money, real money, money, money that you can pay us for this show one day. I don't think that come on, let's do this. Come on, ready. All right, there's no music for this. I just want to do it. Let's start with Elon Musk. Oh, I already don't care. And this is, this is just, I don't know. Look, yeah, I know. Okay, well, I'm gonna do it anyway, Elon Musk vows, it's just, it's just funny. The whole thing Elon Musk vows to defeat politicians, who back Trump's Mega Bill, if it's a last thing I do and that he'll form The America party if Trump's insane spending bill passes. But here's the here's the part I wanted to get to here's the here's the Trump's response which sounds like us basically it sounds like it could be from our show. Really Trump sounds like us Elon Musk know long before. He's so strongly endorsed me for president that I was strongly against the EV mandate. It is ridiculous and was always a major part of my campaign. Electric cards are fine but not, everyone should be forced to own one. Elon may get more subsidy than any human being in history by far. That's that's true. Without subsidies. Elon would probably have to close up shop and head back home to South Africa. No more rocket launches satellites or electric car production. And our country would save a fortune. Perhaps, we should have Doge. Take a look a hard look at this big money to be saved. So he's admitting what we've been saying. All along is that Elon himself is basically prospered off of Government handouts, to all of his May be successful companies. I don't know if these, I mean, it's it's still debatable. Whether any of these companies are actually accessible except for, of course Tesla's like bizarrely High meme, stock share price. I mean, I my head does spin because the South African billionaire, immigrant in the United States is starting the America party to fight against government waste for his buddy spending and like, for the he got elected, the guy he got elected and they're kicking out immigrants like Elon Musk. Well, like, not really like Elon Musk not the same skin color, but yeah. But I'm saying is, you know, like we don't think is really it's like a whirlwind tour. I I hope Elon Musk does this, but Elon Musk also said we'd be on Mars. I think 14 minutes from now and I'm pretty sure he said that we'd have self-driving cars. I have Say about that. Matt. Oh okay. Peter teal said while you were gone that musk has quietly dropped his ambition to go to Mars in 2024, like he's actually no longer cares. Oh says, hasn't been announced but I thought he literally, like, four weeks ago was talking about how because the sun is expanding. In one point, one billion years, it would consume the better rush to get tomorrow. We gotta get on I-95 now, get on the Mass, Pike and hit the gas. Listen. Here's here's what else I love about. What Elon Musk is the past week, Matt and I hope the board of Tesla's listening. He fired the head of North American in Europe in sales. He's blaming Omid afshar for the Dismal EV sales. You love the, he's fall. Yeah, it was that guy. Despite the fact that I walk around and everywhere around me are Tesla's with like 17 Crazy. Bumper stickers saying like I hate Elon like he's a jerk. I bought this car before I knew, there's even a dude in my neighborhood, who's, like, ripped off the Tesla decals and put SOB decals on these so embarrassed because of Elon like yeah, but yeah, let's blame. I only need F sharp. No Omid down with emits. Yeah. I I hope this happens but I don't care because he's such a lie. They're all just liars. It's basically Liars. Fighting Liars. So it's not, you don't care, don't care, don't care? That's correct, I don't care. Moving on, FedEx founder, Fred Smith, who we've talked about many, many times in this show has died at the age of 80, I don't know how to feel, I have no fear so you don't care. I don't care about a dead guy, you're gonna look like a horrible human being. And if I say I do care, you're gonna then I have to one of the care about a guy who threatened to fight the editors at New York. The New York Times in a parking lot because they didn't like a story. Yeah, like that was Fred Smith. Fred Smith ruled FedEx with an iron fist. For decades. He, he was one of our totalitarian dictator company. Yes, he's a 60. Oh he controls six. He did control. 64% of board influence. He's been on that board for over five decades. Yeah so like he was like a poster child for sort of not good governance in that way. He was the one who like, you know, we talked about UPS and FedEx and the drivers, you know, having to strike and living wages. It's like that's all Fred Smith. So I can't be happy that. I can't say, I don't care that he's dead because that's cruel. I also can't say that. I care that he's dead. Because I have no feelings. So what are my options here? I guess I have to choose one. Then, what's binary that I, I'm gonna say I care that he's dead because I can leave it up to you to think about the reasons. I might care that he's dead. Oh, interesting. Kind of like when Reagan died. All right, moving on. I have a lot of ISS material every week but it's not it's not for any purpose other than it just kind of tickles me. Here we go leading into. I got its kind of two headlines, leading independent proxy advisory firm ISS. Supports compelling case. Both of these headlines has the word compelling supports compelling case for change to Brookdale, Senior Living board of directors recommends withholds on Long tenure directors, Lee Weiland ski and Victoria freed. Here's what iss had to say. Given the tenure and positions of why landscape and freed they are arguably the most culpable among incumbent directors. Now, Matt, I only point this out, because last year, why Lance he got the support of 99.6% of shareholders. And fried got the support of 98.8% of shows. I just love, I love when this happens. I just I don't know what tickles me the same goes for another headline ISS supports compelling case for change to astronova board last last year that board, got 97% support despite the fact that issuing this year change at the board level is warranted to improve Independence and oversight. What gives I don't understand what gives you care. Do you care about? There's an activist involved, right? But still, but what happened was just in general. Yes, there's an accident? Yes there, yes, but that's not the point, I mean, yes. That's true. No, the point is they finally looked at who was actually on the board and then there was a like first of all, I want to know. I want to know what they're seeing. I'm fascinated when they get mad at boards. I mean, like, the their compelling case is arguably most culpable, right? Like like so I do like when they say things like arguably. Yeah. Like I mean, like it's already hedges in their compelling case. Yeah. And and second of all, the only way, a director there gets 99% 99. Sorry, 6%. Yes, say it right 99 because I, you know, what? When I do with the reporting on the proxy countdown show, I'm always rounding up I you know, me I hate but I wound up the night. When ESG data providers put out report and they they bring things to the 10th decimal to 100. That's what you doing. Nobody cares. Just round up or down. So this environmental score is a 7.4 stop. So this one I would actually round up to 100% of sure support. That's right, 100% support but the only way you get that is with issue and or guys of course, that's saying they're fine. Yes. So Like they're, they're making a compelling case. Were they arguably not culpable last year? Yes. That's what they're saying, that's what they're saying, right? Yeah. I don't, I care. Very. I care very much about these. You do I do because this is like Like this gets back to what I was saying about shareholder proposals and like free flow analytics. Day our sponsors data, right? This is the only thing that matters and it only seems to matter when an activist is involved. The only time we ever talked about whether a direct or is arguably, most culpable, is when an activist says that person has not been doing their job. Because last year, they probably weren't doing their job last year. It's not 12 months of time, the average director, 10 years, seven years. If you are a large cap, you us directer you are getting a 10 year aggregate. 10 year, 14, 15, 16 years across multiple companies. Yeah. So what are we really talking about when we're saying one year is the only like in the last year you went from 99.6% support to now your culpable for the failures of this company. These are long-term strategic decisions that get made. These are people who chose the CEO. Most of the time. Here's what's crazy too. Is that I wish I SS? I don't know. The ISS doesn't use the data if you flow, analytics.com, but I'm inviting them to use it because here's the crazy part is that we actually I should say free flow Analytics. Dot com actually has two directors who controls an aggregate of 60% of influence. That's, that's a majority of the board's influence, that's Frank Bumstead and Lucinda buyer. Now the headline says that they want to get rid of why Linsky and free because they're longed Frank Bumstead has been on the board since 2006. He is the longest tenure director on the board, by by nine years and controls most of the influence is 82 years old. So what are we doing ISS? Why are we targeting him? Why are you looking at the data? I don't understand this one, they're not looking at him because that wasn't the person on the proxy card, right, like that. That's the activist put up there. So they're literally only looking at and of looking at every single board, every single year and saying, are you doing a good job? Should you be there? Do you represent shareholder interests? They restrict all analysis to the one or two people identified by an activist only. When there's an activist to say, they're arguably culpable for performance. And why did you just say that they're arguably most culpable out of who, because the other guy has been there for 20 years? He's been there like years longer than everyone. It wouldn't he be more culpable. Like, I just the whole thing. So I care very deeply about them because I find them, very aggravated. Let's stay in the same subject matter. Oh good, another story you missed, this is from the The cork gov Dot law, that Harvard blog. What are they called that blog? They call it the Harvard corporate governance, Harvard Law School Forum on corporate governance. That's the block. Here's a story based on a report from the from pricewaterhousecoopers and the conference board. I think we've referenced this report before. This is the one that says that 93% of Executives say they want someone on their way. Yeah, I love this but here's something we missed and this is what they're reporting on this. This past week, only 50% of Executives have confidence in their boards ability to remove underperforming directors. First of all, I don't know how they make that evaluation at their underperforming but set that aside they ask what are their challenges in replacing directors? Executive say, half of them. Say That individual director assessments are not performed. Oh, so, there you go. So they challenge. So they want to get ripped. They want to get rid of underperforming directors, but there, but there's not even an assessment in the first place of the directors. And another, and then the directors themselves, say it's difficult to remove directors. A third of them, say, because of the personal relationships between board members. Yeah. There are offended, honestly, of hurting each other's feelings, despite the fact that they're making sometimes, in the cases of people like Robyn denholm, they're making almost like a billion dollars, but despite the fact that they're making millions and millions of dollars in equity and they're controlling, you know, Fortune 500 companies, they're worried about each other's feelings. Look, I know what I know. We are two morons, I know this. Okay. But really, I mean really combined, we're probably more like, three more. Let's be fairies. I did the math. It's yeah. But the reality is, do we need a survey from PWC to tell us the most human thing we do on Earth? Because one is it you put a group of 10 people together and you ask them if you think of any group of 10 or 12, people you've ever had to sit with in a class on a team like, like at a bar. There's always the one person you kind of wish, wasn't there? Yeah. Like their like every school project, every what 100% of the time you and you know exactly who it is. Just think of a group of people you've ever been involved with and think of the person in your head that probably you would have been a little bit better if they were not there. Yes. Sometimes just because they smell bad but you should be usually because they're not they're not pulling their load, they're not pulling, they're not doing their share of the work and you know, like you have a potluck Dinner. And they're the one person who was like I didn't have it and bring the ring and they like Edo's or something. They probably gum and apple right? Like gum. I like but yeah. So but you know what I'm saying? We know that to be true. So then you put 10 or 12 directors in a room and we think for some reason because it's capitalism that they'll all make individually, efficient decisions about allocation of capital. We think that there are no personal relationships that matter. This is all about business, it's the exact same thing. Somebody sucks. But the people in that room were all there because they know each other and they don't have a mechanism to get rid of to boot that person, that they know shouldn't be there. That's once again. That's what we're saying. We are survey to tell us once again, we're learning that that there there's a crisis and the fact that there are underperforming board members and we don't know how to get rid of them and see and how to evaluate them. Nice callback to the underperforming asset. I'm just saying, no, I'm not performing non-performing assets. Can I add something here too? One more thing and this is to the entire anti ESG crowd out there. This like, weird wave of anti-esg we're in and including all the ESG people who were two were afraid to fight back. Here's what Executives say they want the they want more bed board time. Spent on these, these two things, these top two things, ESG and talent management. So Well, talent management is ESG. I mean, it's the it's basically it's the S and ESG. So there you go, the executives themselves. Want the board to spend more time on ESG in this, in this fake world of anti-esg political theater. Don't buy the the theater. It's just politics. Don't buy it. Look, I'll make this. I'll make this offer right now. Anybody who listens to the show or watches it on YouTube or watch this? I don't know. Why would you want to look at us? Because look look at it. Look at there's a little trip. I don't even turn on my light. Yeah. Why would you want to do? It's amazing. Anybody watches the show or listens to the show? Who reaches out, to me directly? Matt was cardi on LinkedIn. Yeah, and says, I would like data on this. I will give you a list of non-performing assets, directors. Oh yeah, hand you that list. So it will be an Excel file, a list of names. The companies, where they It and basic performance indicators that show that they're non-performing assets. So, when I say non-performing, I mean I will Target directors that have had at least three years 10 year on at least two boards. And they will be Global and they have TSR and earnings below. 500 like they're adding below the average directors but not performing directors. I'll give you that list we can even come up with with Current public directors that you could actually Target to ask to join your board based on their knowledge expertise on their. I'm not I'm just saying. If you have a follow-up question about knowledge, if you have a follow-up question about Connections, I'm happy to talk to you about that but I will hand you this. I will make the shoes as soon as this show is over and I will hand it to anybody who asks, that's what that's my offer. Yeah, I only cost five million dollars for that report and I do care about this report moving on quickly, Texas, I don't think you saw this one while you're gone. Texas, speaking of political theater in New law. This is we're talking about ISS before, remember Texas, annex new law, to regulate proxy advisory firms. This bill aims to limit proxy advice based on non-financial factors. There's that word again they always talk about non-financial factors such as ESG and Dei and requires proxy advisors to provide a specific financial analysis for any recommendation in opposition to management position. There you go. Texas. Texas is requiring. If you Or go against management which happens about 4% of the time. Yeah. If you go against management, you need the proxy advisors need. Why should the owners of the company? Why do they need even need a compelling case? They could vote. I'm out of the hell. They want this whole thing is Kabuki theater. It's all, it's all stupid. Everybody's looking for that. We're all we're it's like it's like in this country we're looking for the next George Soros under every Rock we can turn right? Like we're just saying like who's the Puppet Master? What's the Deep state who's the secret one? Who's ISS? Now, it was Larry Fink but if George Soros controls 8% of a company's voting shares, he still he's in title to exercise, his vote and other direction isn't have to prove. Look, the reality is financial analysis, 25% of every publicly traded company is owned by Vanguard BlackRock and State Street. That's who votes all of those votes go to management. They almost never vote against management. I mean, like the number of times, they vote against management is so minuscule as to be laughable that you need advice or follow-up, or we there's a crisis of voting against management and ESG, whatever this whole thing is stupid. It's Kabuki theater. And if you want to hear more about it. Yeah. And Lipton and Mike Levin on the shareholder Primacy podcast which is produced by free float media. They actually talk about these texts bills, yellow or statue. Chan changes. Go check it out there. I don't care about this. By the way, ESG is all about long-term risks, so it, absolutely, it is a type of financial. I love when they include you and all of these regulations, they know G is everything that happens at a company. It's like writes, I love that on the proxy content. We focus a lot on leadership Shouldn't. But I like this one because there was something included in this in this filing. That I don't see very often but and again investors pay attention and vote on things because you're very nice, your compensation committees and your nomination. Committees are making these decisions Hormel Foods announces elevation of Jeffrey Ettinger to serve as interim. CEO. So it looks like they're so they've hired John gingo to be president and their former CEO was coming back. Jeffrey Ettinger's, basically a placeholder. Until John gingo becomes president, which sounds like a bungled succession plan, right? That you have to bring your former CEO back to babysit the new guy for a while, right? I mean, that's a failed succession, so already this failure, but listen to what this guy is getting, listen, what the former CEOs getting, he is going to be there for only 15 months and that nice nice deal, 15 months. Not only, is it getting, you know, like normal high level of pay like 1.2 million in baseball or in and annual short term Target of 2 million dollars. He's also getting a one-time Equity Grant of 7.2 million dollars, all of it, none of it on performance, it's just for being there. Oh, right. It's a guaranteed 7.5 million out of minimum. Yes, because 75% of his stock options. So if the market goes up just because it does as we're telling you it just goes up anyway. He'll he'll make a crap ton of money but also Built into this, he gets four weeks of paid vacation in 2025 and another six weeks next year. So he gets Ted. So in that 15 months he's baked into. It is 10 weeks of vacation. I never see that. I never see vacation. I've never seen this. I've never seen the vacation baked into the To the hiring it's weird. He's he's a, I don't, I mean, 10 weeks out of 15 months. He's only like 65 years old. Is he? He's like, why does he So Much Vacation? What is he got to do that? Did he already booked the trip to like a Majorca or whatever? Like what's I guess? So. I mean, from January 1st to October 26th next year, which is a the term for his defined period of employment. He's getting six weeks at all. I just weird. I've never seen that before this. I love that this is succession planning failure. This is. I love it. I love it because they tell you in like interviewing for a job 101. You don't go like after the interview and say, oh, by the way, if I get the job, I need to tell you, I'm taking 10 weeks of vacation that I have already planned. I've got this man. How about instead of his in terms CEO period is due to end October 26th. How about you subtract 10 weeks from that and he leaves sometime in August, right? And you don't make sure there's vacation. What he's doing? Just kick. Oh, I mean what, what are we doing here? Just so, you know. Yeah, I hear you. I do care because it's comedy. It's comedy gold. But here's a way to think of it. When you go to stop and shop or Krogers or wherever you get your food right, when you pick up like a can of spam or or a jar of Skippy, oh, just just think about like some percentage of that purchase goes to Jeffrey Ettinger's vacation for six weeks. If you bought in the next 15 months usually it's like a coupon. Like you want a coupon, it's like 5% off and you got to use it in the next like three months. Now, it's your paying for Ettinger's vacation, if you bought it in the next 15 months, that's a good way to think of it. Do you care? I'm gonna say get marginally, I marginally care. That's okay, so yes yeah. Netflix rejects. J-hope's resignation. Remember what? Oh no I didn't see that coming. Remember this 79% sure there's no Matt 79%. That's one of the largest votes in the history of all reporting, right? Yeah. 799 is really good. Here's what the company says, Mr. Hogs continued. Servers. As a member of the board is in the best interests of its shareholders. Of the 79% said, no, that's the 21%. Just, I gotta remind them out. This is not the first time, they've tried to vote him out. The board is pretending that this is all because he missed attendance know. This is not the first time they voted them out, they voted them out in the past because he ignored other shareholder votes. Well, wait, in the companies defense there last year, he got like, 91% support and and this year, he missed the attendance. It actually might be the Tipping Point where for over years they vote him out before they've been pissed at him before for a long time. He's not independent, but he's deleted independent director. He's everyone's annoyed with him last year. It was 91% and 91% support because he did some things shareholders asked for for 20 years, he finally got around to them. I guess that ignored like 15 majority Cheryl proposal, right? Like that. But that memo was somewhere. It was like he got stuffed under. Need is like in a sock drawer in the back and he finally found it and was like I should do this. Yeah. Game, the squid game script, it got lost somewhere and then this year, he missed attendance and everyone was like this guy just sucks to his job. He doesn't listen to anything we say and he doesn't even show up anymore. Like he just sucks and Netflix and let's say who Netflix is because it's read Hastings. Like the executive chair of the board who said he's moving from executive chair to be just chair because the company is going to stop paying him as an executive because we already have literally two other Executives. Cosios on the Sport Plus Leslie killer worked here. Plus read himself. So a third of the board, he's inside. Yeah, they say we don't, we don't care that they're, they're the ones, you don't care. We own. Why can you not vote out read Hastings? Why is he just mad about? Why isn't Texas mad about this? This is What they should be. Regulate, I don't understand anything anymore but this was so obviously coming, do you care that? I don't care. It was so obvious that it was coming. Here we go, let's keep this moving Starbucks. You know, Starbucks is like my favorite corporate governance company for. I'm not gonna go over all the reasons, Go download every single show we've ever made and you'll hear my thoughts of why I love Starbucks. I just I'm not I'm not saying that. I think the Starbucks does corporate governance right or correctly. I'm just saying that for for comedic value, for drama. I love Starbucks. I love everything about right down to the fact that they tell you what they're directors. Favorite drinks, are I love that. I mean, yeah, that's the best gold mine. um, Starbucks elects two new directors. Dimisa moyo and Marissa Meyer. Yes, Marissa Marissa Meyer. Yeah, to its board of directors. Now I I just pulled this because, well, first of all, of course Marissa Meyer caught my eye because whenever the, the former CEO of Yahoo of all things. Yeah. Who's like, one of the biggest disasters of tech big Tech History, but, whatever. She kind of resurfaces. I just really, I really, really enjoy it and it's perfect for Starbucks that she is now joining their board, because it's just it adds to my understanding of them as the as the greatest corporate governance drama story ever. But but here, I just wanted to tell you, the backgrounds have been some more and more moyo. Dimisa moyo. She is on the board. He Chevron know, I think it's a she Am I wrong about that? I'm looking it up. Look it up. Moyo is on the boards of Chevron and Conde Nast in previous served on the boards of Sam Miller Barkley's Bank three, right? Is she and Seagate technology? I mean, think about all sports Myer herself as also been on the board of Yahoo. She's on the board of Walmart. She's on the board of 180 Hilton hotel's. She used to be in the board of next door. I mean, Matt, these two directors have basically started on every board in the Fortune 500. I That is the point here, right? Like I'm crazy. If I look up these people, right? Like every board, they are 100% connected to everything everyone on the this board. I mean there's no be. So moyo might be in my backyard if I look that she's everywhere. There's no way these are these people are not already connected with directors on the Starbucks board that there's there's 0. It's a zero percent chance. So what do we do? We just hire I like oh this is the same. This is the story of every Fortune 500 like large cap Us in particular but all so you global company board. It's like Marissa. Meyer has made a career out of failing up from Yahoo to she's been on millions of dollars on every board. She's been on. I mean, these are Big boards, Walmart 18t and Hilton Hotels. I mean, that's pretty notice, to, like, tells the marks, run by families, right? Like Hilton and Walmart are run by Starbucks, is still run by Howard Schultz. So like this is just, I don't care, this is the same thing I always say. Yeah. All right. How about this one? There is there is a little bit of a hook to this one but I'm just gonna read the headline and give you a little information. The headline says the SEC bands CEOs from becoming chairs with without a three-year break. So they've issued a new directive saying that a CEO has to have a mandatory three-year cooling off period before they can transition to chair. So you can't. Wow, right. That's something that we basically even asking for Which is, you know, why are CEOs chairs. What are we doing here? But I will say, I will add, we'll tell me first. You care about that. That's this sounds like it's not possible. Well do you care about that? Does that sound cool like a good corporate governance initiative sounds like first of all. Three years is not long enough. It should be heard years still but it's great. So yeah, I would say yes I care about that. Okay. What if I told you that this is actually the SEC from Nigeria Why isn't Nigeria care more about things in Texas? What's the difference between Nigerian Texas? What's going on? Here's the Nigerian regulator. Yeah, they have their own SEC. This is happening in Nigeria right now. Oh, I was gonna say, this is not possible. Not look when I sew anti-america, this article, I was like something fishy is going on, is the onion? Of course, I had to figure out of Nigeria, but I just, I love the difference between a Nigerian Texas is basically like let's just treat the whole world as a joke. Nothing really matters anymore. It's all stupid. And Nigeria is like, we should pay attention to stuff. I mean, it is the most populous, you know, like a country in Africa, and it's going at a, it's actually do you remember vaguely, when Jack Dorsey, thought it was a good idea to move to Africa, because it was growing. So much all the white pontification in the US were like, whoa, what are you all the activists and the elite managements and no way, right, Scott stepped in and they said, we want to see full time on this company. This Is bullshit. You know who we're going to sell this to another CEO who has five jobs and doesn't pay attention to anyone? Maybe that's the right part of Africa. From the right, what was it right? Or white? I don't know. The right, literally sold it to an African. Yeah. That's I remember that. Yeah, that's still thing. I, I like the story, though. It's just do care. You do care. Okay, I'm moving on. We'll try to get out of here. Only five more stories, Zuckerberg, it's time. We talked about Zuck today. It's Zuckerberg's employees. Have a wild new nickname for him. That's the headline. Do you want to guess? Do you want to guess the nickname is play? Little game? Is it, is it middle school, man? Flake Zuck, basically. Yes, actually basically, yes. And the background to the story is, I'm going to repeat his interview with Joe Rogan earlier this year where he thinks that us business culture needs to quote, regrow its manhood. And oh yeah, what does it mean that they lost their penis? Is that what it meant? That what it means? By regrowing your manhood, is that a penis regrowth? What is no? They have to, they have to go to their gym and blast their lats and suck also said that American capitalism is culturally neutered. What do we just talked about here? That there are too many women in the world. Is that what he saying? That? I don't think that's women. I think that's black people. And the background of the story too, is another headline is that Mark Zuckerberg announces the creation of meta? Super intelligence Labs. A mark doesn't work there. So this other guy other people work there. This is the guy who thinks that he controls the intelligence of human. Kind Mark, Zuckerberg who dropped all experiments on the intelligence of human kindness this idiot. Here's the new nickname for him and I think you're basically right, they're calling him Maga mark. Oh yeah, that's right. That's basically it. That's this guy. This is the guy in control of super intelligence what a great oxymoron going on there, like, right? I mean this is the greatest oxymoron of the modern day world. I mean I Mark Zuckerberg is controlling super intelligence for all. I've been trying to go to the gym more myself, right? Like to regrow my manhood and so they have that machine there at your gym because they don't have that up here. It's right next to the lake press. Yeah, I I tried it. It's hard, it's hard. So I appreciate his difficulty. This is the guy who started a company just to put up pictures of people in a way to chat your friends, this and now he wants to meta super intelligence back up. Why first company if we let this happen is it because he has complete voting power at his company and the board is a joke and No one can influence them. Why are we letting this guy do this? The first viral company, created was to rate the hotness of girls. How do we get from that? How do we get from that to this? How does this happen that? But look, raiding the hotness of girls to culturally neutered companies. Need to regrow their manhood is actually a straight line. That was not that shocking to me. I guess. You're right. Dropping out of college with Peter, teal sitting on your shoulder saying, you're you're you're you're the greatest thing. You're the greatest gift to take technology stealing ideas from other people and making them big. It's stomping on your competition. Zuckerberg is a middle school. Child. It is a little ironic that regrowing. Your manhood means what growing your first mustache, like, because Zuck, you, you never actually achieved manhood, manhood is a totally different thing than Mark Zuckerberg. I but if I'm gonna Mark is not a surprise. You care about this at? I don't care. I want to say this to anyone who has As a college degree, delete WhatsApp, delete Instagram, delete Facebook. Just get over. It, just move on. Can we be done with this Empire? Yeah, it's, you're the one stopping them up. I mean, really, it's time you get and get off of X while you're at it. Just, you know what? Go outside and hang out with your friends, send them, you know, a text message right now. Okay? All right, speaking of Peter, tilian types and Zuckerberg types. This story really is all about Bill Ackman. That's why I picked the story. Oh, I already hate. I'm not trying to play Paul 6 here when you were gone. Matt, in New York City. The hell, the primary for the Democratic primary for the for the mayoral position. New York city mayor, right? I'm sure you read about that. Zoran mumi beating a coma. What's his name? Andrew Cuomo, Andrew so I don't know if this is I you know what? I don't even know if this is a political statement or not because Cuomo is sleazy. So it's like you I don't know if it's just because Cuomo was there that This guy one, but that's not the point of this is not a politics show. Here's why I picked this article because I love this little, this little man flake, this little man. Flake moment here Zoran mom Donnie's, victory in New York City, mayoral primary leaves Wall Street, alarmed and depressed. Oh really and I got the guy that referring to his depressed is Bill. Ackman. Bill ackermans depressed. It's the only guy and then this other headline. Bill Ackman pledges to bankroll any mayoral candidate capable of defeating Zone. Ron mom, how about the state of our democracy, that a depressed Bill. Ackman is gonna bankroll candidates. What the hell is happening in America? See me? I don't know what else going on. I mean, this is he depressed, he's depressed. I mean, Cuomo was already way like, like five x as much funding as Mom Donnie had, right? He suffered a massive, Bill crisis. A few years ago? Yeah, go ahead. Bill the president. Problem. Isn't that Cuomo lost? It isn't a bankroll problem. It is that people fucking hate. You billionaires coming in and stepping all over. I mean telling us what we should like Mom Donnie is is the anger antidote to Bill Ackman, right? Like yeah it's not about bankroll build must know that a large percentage of New York City can no longer afford to basically pay rent ride, the Subway or buy groceries. I think I mean he must be aware that right. Well, I like it move to Texas. The greatest threat coming out of these stories is that they're threatening to move to Florida. It's like, do they think? Do they think good? They think the residents of like, queens and Brooklyn in the Bronx are going to care if a couple of billionaires leave for Florida. This is what they're threatening. They have two Americas right now. One is inhabited by 100 people who have billions of dollars who think they could buy every single thing. They think everything is a trade, everything is transactional, I can just buy it in some way, shape, or form. I can buy influence like, whatever, and then everybody else. And eventually, everybody else gets wise to the fact that now, I don't know anything about my, I didn't follow this primary at all. I don't live in New York City, I don't really care. But mum Donnie, from what I know is a Democratic Socialist, he's in the Bernie Sanders world of sort of like the Bernie like liberal Progressive populism, right? The reason why that is growing in interest to a lot of people, is because we're tired of fucking like, billionaires on the far right. Telling us that everything we do is wrong. Bill Ackman. You already got the first black female president of Harvard kicked out of Harvard. That was like yeah you are Trump elected. You got and now you're depressed, he's depressed, you're sad. You're real sad because this one didn't go your way and you're gonna throw a tantrum and I'm gonna like, I'm gonna primary, like, I'm gonna bankroll everybody. I'm gonna screw with Mom, don't like what are you doing? Stop it. I loved I loved two that they paint this guy's around him. He is some like aliens some like some some like villain from Mars. You know you know who this guy really is just like Hastings. We're just talking about reading some Netflix, he's a, he's just a guy who went to Bowdoin College, he's just a guy who went to a nice College in Maine, like he's not some crazy guy from Jupiter. Okay, people get over it. You know what else he is? He's the mayor of New York City, he is not the president of the United States. He's not a senator, not just a man because because this is how this baby world Works. Matt is that Como is threatening to keep running as an independent. So this is all such babies, get out of the fucking way and let's somebody else have a chance. All right. Do you care about this headline? I like hair less about what Bill Ackman says. All right. This is this is this this one got a lot of press while you're gone. This is at a Salesforce AI is doing up to 50% of the work. 50% of the work at Salesforce according to CEO, Mark Benny off, you care about that 50% of the work. I don't force. Can they do 50% of the work here? Can I do more sales? What can they do here? What. Yeah, my understanding of Salesforce is it just enables people to sell more shit, right? Like that's it's it's an online platform to track like, client. What is this? Like no means insulting and whatever. I don't like, Sales. Like, we're bad at it, right? Like so I don't know, though. I don't care AIS doing 50% of the work, like eight. Look, if you got laid off at Salesforce. I'm actually really I'm sad for you. I know he's scared to work our sales force right now. You got to be right. Like I'm sure like that's scary thing and and people but you devoted your career to making sure that people could sell more shit to other people, right? Like, I don't know that I care that much about it. It's not like so I don't care move on move on. Travis kalanick. We talked about him a lot calendar. Yeah. He's back, Matt, they all come back. All the fail I come back. I already don't like it. Uber of uber the place that he got removed from. Remember he got he got ousted in a very famous idea, I remember. Yeah. So famous, they made a TV show about it, Uber and talks with its founder, Travis Clinic to fund self-driving car deal. That's from The New York Times, They want to help him by the US subsidiary of Chinese, self-driving car company. Pony date. Dot AI. So, Uber Uber is back being buddies with Travis. You care about this. Yeah. But you know what? Like this, this is the moment we're in. Yeah. Is everybody who grabbed a woman punched to do like defrauded their investors kick someone in The Shins. You know, every white male, who like sneezed in the buffet tray is now getting a job back. So like this is not, neither is Surprising. Nor is it one of those things where anyone's even going to look up? Like, no one, no one's surprised by this, this is the moment of white petty, man, flakes, taking back their stupid drone, I don't know, it's like I'm past this. I hate all of it and I don't want to hear about it. I don't care, move on Tyson workers, Tyson Foods. We talk about them. A lot notably this year. We've talked about how the the one of the Tyson Food. Airs. What's his name? Might John H Tyson. I think or John R Tyson John R, one of the Tysons. Yeah, he became CFO magically after magically being the chief sustainability officer, so he was the CFO and then he got fired because he got arrested every like third Tuesday, he was getting arrested for something, so we got fires to CFO and now he's back on the board. Of course, talking about failing upwards. The headline is that Tyson workers authorized. Strike at a Texas plant over CEO. Pay in labor practices. This is Alberto. He's the president of local 577. He said that the strike is in part a response to this Tyson CEO's, pay saying that last year Tyson CEO made 525 times that of the median worker. That's a nice use. That's a co-pay ratio. He's actually using the proxy statement there. So what do you care about this? No, why don't you care about this? I it's fine. I like no one ever uses even I SS doesn't use proxy data, they just say things like, arguably compelling like case. Like, they don't even talk about anything that's real. Like, at least this guy's opening the proxy. And he's like, I don't like this. I'm gonna make a decision based on this performance. Look, I, I it's nice. Come on, give me but it's what first of all, it's one plant whereas you. Yeah, whereas the rest of the teamsters, I don't know. Like how about this Texas? It's Texas. The teamsters actually like the union is much larger. It's not like Tyson only is the is the only company that Teamsters are a part of right? The CEO pay ratio at other companies. Yes. True or significantly, higher in some cases. Then Tyson. This is all so a family owned company. What I like about this is investors have no say, and right, there's won't Dive Right, exactly? Right. So, I do like that workers have to recognize Is that the only way for that to change is if they take it into their own hands which means sacrificing themselves, right? Like Matt, what is the average percentage of investors who support directors? And 96%, 94. 98% of this of this local 577. This Union supported this strike 98%, so there you go. Tit for Tat. So yeah, right, head on. Yeah, there you go. I, I but, I don't know. I, it's all right, I care a little know, I can't, I'm not gonna sway you and finally, one more headline for the, what is this game called? It's called The how much does Matt care about the things we missed when he gone game. Yeah, it's real compelling. Where'd you go? By the way, I kept, I kept calling you and you were answering your phone. I was in Provincetown Massachusetts. Is that true you the Greatest Town on Earth? I've been in a lot of places and I love provinces tells me that The Regulators at Texas would not like that town. It is a fabulous town and I do fabulous in every way. Let me tell me that Target CEO. Brian Cornell might be uncomfortable. I think he took a call from somebody in Providence town and they Told them to f off, that's he's like, stop breathing and hung up. All right, let's end the show on this headline. I mean, just because it made me laugh, and I'm gonna ask you if you care and let's just pretend you own this car. All right, let's play a hypothetical game. Let's Pretend you own this. But but again, this just made me chuckle because I just love the headline right to the point, Ford recalls, over 130,000 Lincoln aviators. How about the fact that there are really 130,000 Lincoln? I was buying this. What is that? Who's buying that Ford recalls over 130,000 Lincoln aviators due to risk of Parts detaching while driving Parts detaching while driving. I thought I thought Elon Musk in the Cyber truck, had the corner on the parts detached side panels falling off that was like rust and Pals falling off Parts detaching. While driving, I'm a little sad. That Ford is entered the parts detaching while driving race, right? Like I thought it was just a musk thing going ask. Yeah I don't care in reality but I do like the idea of Parts attaching well driving that is pretty funny. Sounds like the Tesla Mission. Wait did I win? Did I win this? Absolutely a big win? Yeah. How about this? A SpaceX there was a crane that remember I think while you were gone maybe right before you left one other spaceships blew up again. Yeah I saw the blow before it even got in the air blew up and they had a crane they brought in a crane to fit to like clean up fix the stuff and that collapsed even that even that collab that's what's going on at Tesla's company that's so good. I really want that that's already. We are free float. We are back through Thursday this week July, 4th holiday here so we won't be here on Friday but next week we're back to normal. Also no shareholder. Primacy this week, check out last week's episode with Andrew droste. They've had trustee really great episodes in the past couple of weeks, people love it. We get all sorts of male about it. If you've got questions, you actually can send them questions in the mail email address. And shareholder Primacy, a free float dot LLC. You can search out proxy countdown well, proxy, season is nearing an end. So we've been told so we're gonna sum up all the things that happened this year and we won't spend all of our time on Cheryl the proposals. You can get real information until that good. Bye.