Transcript
There it is. Come on. Yeah. Come on years. This real enthusiastic live enthusiasm from the lead independent director Resort Hotel. Where I don't even know where that is Resort Hotel to business pants Friday, show here at June 13th Studios. Friday 13th, featuring analyst whole map mascardi on today's weekly wrap-up. Starbucks hire somebody what drugs, one McNugget zero and Two Face, Texas. Oh, mine sounds lameer than yours. Oh really? Yeah, our show today is being sponsored by free. Float. Analytics.com measuring board power connections. I don't care about. Its. My first story is depressing so I don't the crowd should shut up. All right, do we want to just do? Let's just do this. Let's just say no, the thing I have to announce is I have nothing to announce except why don't you have a free flow, analytics.com free. Account. Yeah, like what if you're listening to this, you didn't just go there and sign up like the day. There's so much data. I don't understand what you need. I don't understand who needs more. How about this? Share the show with somebody. You're sitting by at your office. Yeah, whoever you're sitting next to well, you know what, you can even just go, give it a five-star, whatever you're listening to even need that. Shall take that too. Yeah, I'll take anything. Anything stopping anything. Come on. All right. Story of the week story is up. I don't even know how to I mean, I don't I don't know how to even. I don't know what to say about this. I don't have a takeaway other than It's a story, we've long covered, we've long covered the issues at Boeing. So I do have to report that there's been unfortunately another crash this time in India. The first fatal incident involving the are the 787 Dreamliner this time. I and I remind you that there were stories in the past where whistleblowers. Yes, were warning about this plane. Specifically about Boeing's Corner cutting with with safety checks. And but I don't want to make any Grand takeaways. This could have been operating error, right? They don't know why this plane crash but this was out of Air India. a couple of other headlines that go along with the story, which is just shows the The ludicrousness ludicrousness ludicrously, porosity, that's not a word. Is it ludicrously of the business headlines? This headline business, Boeing stock slides, after Air, India, 787 Dreamliner crashes, do we need the headline? Is that necessary? Why do we need that seem a little gratuitous like, obviously that's gonna happen. And is that really what the focus should be on? Know not maybe like maybe like two weeks from now. We could you could report back and look at your data. Report back to us. Did you see the video of the crash? I mean, I kind of glanced that I don't generally like to look at that stuff. I did kind of the corner my eye. I saw a fireball and I felt really sick to my stomach. There was a video, there's one survival. That's the part that is being shared the most over the news that there's one guy British guy, somehow. I, I like watched a lot of this. I, I was watching like a live stream with it, you would? Yeah, because I depressed myself. Yeah, I was watching a live stream of it. When they cut to, we think this is a Survivor because the guy actually cut to that live. He's just, yeah, walking away from the crash. Right. Like like disoriented confused. People were like surrounding him and he was like, trying like he went right to like a star box a hospital. And basically, it's like, I think I was just like, it was like, so surreal horrible. Everyone else is dead. I don't, I don't understand it at all. Not to be more Britain, dark or have a horrible sense of humor which I, you know I guess I have all those already. Do you think that the seat he was sitting in will be the number one seat requested on all flight. Question for the for the whatever it was, I don't even know we're receiving. It was 11. 11 a do you think that's the number one question? See I mean honestly I don't I I don't know but but so far there's no they haven't said Bo. It's Boeing's faults, nobody. Like there's gonna be a while before we can say like this is another error could have been all kinds of things I suppose. Well let's I mean let's let's just hold off and putting this feather and Dave Calhoun's cap for a little while. Let's just wait until all the information's in what it reminds me is is special as my daughter has been traveling, and I always looked to see whether it's a, what kind of aircraft it is, what it reminds me is that the stupid Airline the, the industry that makes airplane. It's a stupid duopoly. It's too stupid companies like that. That's it. No other options. It's aerbus air Boeing. Which sucks kind of? Yeah. I feel like, yeah, that's the first story that we got. Yeah, I don't really know what to say about that. Second Story of the week. These are these are weird week Starbucks. Yeah. I don't know why not write, Starburst. Sure. Yeah, we can go from massive playing Crash to coffee come. This is the other one that made me laugh because of the borrowing crash is not making me laugh but the headline did. But start. So the story is Starbucks accelerates, new Staffing model. To all company owned, North America stores adding, as many as 85,000 workers across, you know, more than 10,000 stores. Essentially what they're doing is they're getting employees back to pre-covid numbers. I think that's the genius really, really, it's really not much, right? But I I did I did like that. I saw I had line that said that, like, Wall Street is worried, like, you know, Wall Street worries as Brian Nichols announces. It's like, come on, really gonna worry just Look, people be hired for Christ sake and people write, get people a break. It's not like a 200,000 dollar a year job, right? It's really not. This is, these are not, although, you know, the, the union is still there, still an unknown ending to that story, right? We there is no resolution, he's negotiating as part of this hiring spree. Okay, the unions. This will help him lower the probably the way just right. If they're if they're telling the union we're going to add more. Can it give him an opportunity to get them? Lower wages and worse benefits. This is give him a leg up. I don't know. No, I don't, I don't think that, but but I do think the craziest part about the story is the reason why. Right? Like so, Brian nickel announced that they're going on this hiring spree and they're basically focusing on getting Baristas there. And they did that because they were trying to mechanize everything, they were trying to make it all automatic. They're even going to use AI to help. They were gonna use AI to help. And, and, and now they, they sort of realized when people go to a coffee shop, they don't want to talk to Wally to get their call, and you just someone to actually give them a coffee. They just want someone there. Who hands the Macaw coffee? Yeah. And there's nobody there because they fired everyone. And they're trying to get a machine where you press two buttons and everything pops out automatically and the wait times are incredibly long and I don't know if you've been to a Starbucks in last few years, I have not too often. They're not, I do. Remember when we started this company, I would go to a Starbucks and work every single. It used to be pleasant places and now they're like the Walmart of coffee shops. They smell like bleach. The floors are like this hard tile that I don't know what I understand. Yeah. But over, but everyone's miserable, so his Grand Innovation was to make the store comfortable and have people in it. Yeah, that was the Grand Innovation. Here's the sidebar to this. This headlines. Going around the Howard Schultz, who is the, the founder, the still the biggest shareholder, the, the boomerang CEO 25 times, he's the real Leader of the company said, he's the headline is that says he did a cartwheel when Star Bucks CEO nickel coined back to Starbucks strategy. The guy to blame here is Howard Schultz, right? Isn't he the guy who got rid of half? Yeah, that's what I'm thinking. Like, he's the one who kind of Messed everything up and then is trying to fix it. He fires CEOs, and he doesn't know what he's doing. And this is the guy that really look at. It's something special, well, look, congrats to Brett at least some executive came in and said, you know, maybe humans are an answer. Look something, this just made me feel good. I mean fell I think about all. It's not the worst. I don't hurt it but I don't all the Auto Work Humanities Majors all the English Majors. All the right. They do have a massive talent pool you ex-government employees too that they can draw from, that's true. Yeah. All right, that's the second story of the week. Going on at Starbucks. The Third. Netflix, we gotta talk about Netflix and now again, technically this happened right after we signed off last week. So but I did want a chance to wedge it in there. This actually happened. I think last Friday, but it was after our show. So the big story here. Again, this is like the nerdy story of the week. Alright, I think I have two nerdy stories that we uh j-hope j-hope leading independent director at Netflix. 70% of the vote against his re-election. Yeah. There's a there's a there's a lot of things to unwrap here but let me start with this one. According to the company's director resignation policy, he J has to immediately offer his resignation to the board and then the nominating committee considers his record designation and then makes a decision. So the good part of this mat, there's two good parts of it. The good part of it is that J Hogan himself chairs, the nominating committee, right? But I know but the second weird part of this is that he actually did not attend any of the an Many committee's meetings last year, so it makes you wonder, like, what's gonna happen, is he gonna be? Is he gonna show up to the meeting where he decides his own fate or? No, he can't. He must have to recuse himself. He's not going to recuse himself and so you're so cute. Yeah, and, and leave it in the hands of reading stop, like, Susan Rice. Just joined the board this year, like, she's gonna decide whether j-hope has a job at at Netflix. Well, okay. Let here's the, here's the story behind the story. This is the the second time. Okay, 2017. He was voted out. 55% against him in 2014. This is this what used to be a classified board. So he was only up for election every three years and 2014 409% said no, and 2000 and 2011 409. I have these, I have these dates wrong 2020, 55 percent, 2017 49% 2014 to 49.7 percent that this the shareholders have hated him forever. Yeah. The other part of the story is that there have been 22. Sure, I did, I tried to count them all since 2012. I don't know if I got them all. There have been 22 shareholder. Proposals that have won. They have actually gotten a majority. I don't know how to miracle. If somehow gotten a majority vote including a simple majority vote. Got nine wins to repeal the classified boards. Got six wins, a majority, voting policy got four winds and the biggest takeaway here is that Jay Hoag who was deleted, independent director and the nomination committee, chair got blamed for ignoring shareholders forever. So, that's the, the background to the story is that they hated him forever essentially because he doesn't care what shows this thing. Yeah. Well, when You Pat, look, it's hard enough to pass a shareholder proposal at all. And then whenever happens, the lead independent director decides ma'am. Yeah, I'm not that interested again. Been engaging on this, this is the lead independent director who's been there since 1999, only two years after Reed Hastings. The founder joined in most jurisdictions, he would not be considered independent. He's not independent. It's just, it's a horse that American loophole, that he's a called independent. So this is just such a strange case. It's so strange, it's worth saying we cover this in our show yesterday the proxy countdown or other show. And we went into great depth because we think we're theorizing here, that one of the precipitating factors. The reason why it was such a high. No vote. Yes, was actually not just that people don't like him because he ignores them because last year he only got 9%. Yes, again. That's right, like 91% in favor last year. No other factors were different last year right? Like The thing that changed in 2022, I believe was the company finally acquiesced and they decided to declassify the board and they decided to eliminate supermajority voting Provisions. So that got the heat most heat off of j-hope but so he's getting he's 91% in favor last year but this year He only made 50% of the board meetings. Yeah. And and all of his nomination committee meetings, and ISS and glass Lewis, and a lot of like pension fund policies, have pretty like they have a nice line. That says, if you make lessons 75%, we generally vote against generally, unless like this, like a medical issues, we've noticed they don't vote against you medical issue. You need a doctor know. I don't even know what there were. There were, we did Cover in the show that like, Michael Hall at, you know, Monster Beverage got 99% of the vote and by Milling attendance 75% fail to. So it's not like such a clear line that everyone gets voted out. Yeah. But but he knows though he had a bloody nose. That's true. He did sneeze in the blood. He. Yeah, and they were really uncomfortable with it. And this case it is very strange that he got such a high, no vote again. So I conspiracy theory matters, whether or not like there's something happening behind the So you're like, so you're suggesting that they're trying that they're, they're trying to create like buzz for a new Netflix movie. Maybe they're trying to create a story, I just think, isn't this a script that itself? Like that's what's happening. The beleaguer adventure capitalist on the board, the shareholders hate him, but he's a lovable guy. He's super smart. They finally vote against him. He, he hands in his resignation and he says, I think it's time and then they, that's your Cliffhanger until The Next Step episode when he himself has to consider his own resignation. And then says, it's not time. Let's do this. And then, like you like, is that a movie? That's a Netflix show. Here's the other part, that's fun. That I just noticed this morning will digging around on June 5th a day before the meeting he sold 40 million dollars of shares. He got 40 million dollars. This is the lead independent director of 40 million, dollars of share, like, director compensation before. You got voted out a day before. Director compensation is one of the least discussed and most egregious things because the company like gives you one year vesting because it's an annual, it's generally annual election, so they can give you just a one year vest, they tend to give it to you, you know, like the price, they give it to. You is cheap for that one year. If you just get market returns, you know, they give you a stipend, several hundred thousand dollars is a stipend to show up to the meetings with J. Couldn't even do. Yeah, if you just do market returns, you're getting often multiples on your stipend. If you hold the stock throughout your tenure, you don't execute necessarily You're getting a lot of money. We're talking about Robyn. Denholm is a 3/4 of a billionaire, as a result of, just letting Elon Musk, do whatever he wants, just sitting around and yeah, watching the star. So up. No one talks about how much these directors get for effectively doing whatever management says, remind remembering that this is a board with Reed Hastings. Ted sarandos Leslie, Kilgore and Greg Peters. All of whom are company. Our or work company employees, like a third of the board. Basically is Netflix. So all you got to do. J is show up. You couldn't do that and you still got paid for 40 million. I just wish they would tell if I was on Netflix, a live feed of that nomination can be where he decides his own fate. I just want to watch that. I want to see what he says and does Netflix should be live streaming all of their board meetings. That's great. That's the third story of the week. Oh I actually speaking of that I have a story about that later on my fourth story. This is the ultra nerdy story of the week. I like to highlight these stories just because I do and all be, because I didn't know what else to pick this week. The headline is why companies with more female board members have better, workplace safety. So that's the conclusion from a paper written by a couple of professors from Notre Dame and someone from Villanova the papers called from The Boardroom to the job site, female board representation and workplace safety. Looked at the data from 266 companies and determined that the number of workplace accidents and injuries were lower at businesses that had higher number of women on their boards. Now, the only caveat here is they looked at data from 2002 to 2011? I don't know why. So, oh, why, why are they looking at data? That's so old. I don't know, really know. Well, typically first of all, the workplace data probably sucked then too, like that's when we were at the mothership and like it, not a lot of people, this is government and corporate worker safety data. So it's probably already difficult to meet the second of all the academics, always lag. Because if you're like a massive data provider, like, msci or sustainalytics, you're not giving them like you're cutting edge new data. You're basically like, why don't you go back to our old database and find something? But I thought that these places you typically sell to like libraries at academically, you're making enough money, the library is all get it for like, you know, you know, 12 dollars in a bag of popcorn, they get to Dusty data that. Dusty. Yes, so they give you the dusty data, give you all right? I've got four options here, Boeing Starbucks, Netflix and female board members have better workplace, safety. I, I can't in good conscience. Call a story of the week data from 2011, right? Like yeah, but I really can't. Yeah, it's more. Like they had a finding, the papers new 14 years after the data. So that leaves me with Netflix Starbucks in Boeing. I'm not gonna do Netflix. I like Netflix as a story, but we already covered it so much this week, that I don't really cover it since we know he's not going anywhere. Which means, I have to choose between hiring Baristas and a massive playing crash in 300, people dead. Oh, I'm pretty sure I have to go. We had a Survivor though. we did, but I do have to go with Boeing in part because even if this isn't found to be bowing, even if it's not Boeing's fault. Boeing kicked this company off and a lot of ways by being so horrible. And so compromised at the board level like the lawsuit against Elon musk's PayPal package, his Paypal package was you know, billions of 40 billion dollars, right if Dave got home was granted a billion dollar PayPal package. You could have sued that board every single year from 2011 until the day he retired as being fully compromised in the pocket of Dave Calhoun, right? Like you could have easily made the same exact case that that you had at Tesla at Boeing and because of that, we've been tracking that company for so long. This is just another, you know, it's not even like its it doesn't even have to be their fault. Now, all they have to be is a chase that they could have been one worker from Bowling, looking out the window at are in India, and they probably would have found a way to blame it on Boeing somehow. That's how bad the company is. Yeah, because they and this kills their run of good news, because they really kissed up to Donald Trump this year. So they've gotten some benefit from that. Like, they sold a bunch of planes that cutter and something else happened that well, they didn't have justice department criminal charge. Yes. After they drop a criminal charge, a plane falls out of the sky. That's hore Horrible. Um and and their and they're effectively killing all regulation of these things. Right? Like the FAA is you know, being cut well so the people The Regulators, who the people who run those jobs are being fired, aren't they? I mean, are there people around to inspect anything anymore? They're firing everybody. Fire. People who actually are in control Towers like telling the planes, where to land. Right. Like so, there's so so this is not great but that's the story for sure. All right, should we do good? Let's pick it up a bit. Oh yeah. No, this is the shows always a real up. Mine's not a genre. I might not either. Yeah, it's a little ironic maybe, maybe mine just stupid. Well, do my first because yours is yours is probably better. I saw this headline and I just smiled so it's more like Smiley of the week. McDonald's downgraded on glp. One drug worries. Wall Street's top analysts calls I just like the idea that in the midst of their, there was another headline. You pulled earlier this week about McDonald's, chicken strips, make strips, make trip chicken strips. What were they called strippers? Yeah. Who cares? Yeah. They're they don't taste good like no, people don't actually like them. I like the idea that like America has decided, That we would take a drug to be thin. And not go to McDonald's. I like that. Isn't that good? That's that feels good. It makes me smile. Sure, it's great. What's yours? I don't know what this this drug. I don't even get this drug. How did it they even test this drug? Do they test drugs anymore? They're like the test, a long-term effects of this stuff. Know, they, they only test vaccines but now, No One's Gonna Take those so. Well, I was gonna actually include that story because idiot Supreme RFK Jr. A fired, the entire panel that oversees vaccines in America part of the CDC I believe. And I was going to kind of incorporate it, as kind of like a board story, like firing a whole bore, but I was like it's too much of a stretch, but I think he brought a couple of them back and then just replaced the rest of that. Yeah, my story of the week is kind of good maybe bad rubber. This is the headline rubric CEO, let 800 employees in on board meetings and he says it's supercharged the company. Okay. First of all, I love the idea of opening up board meeting employees have long. I love that long advocated that they should, at least be one employee. Representative of all us company board. I'm not suggesting half the board like they do in Germany that seems kind of ridiculous. But oh, who am I to say? Maybe it's not ridiculous, but but at least one, I think we should actually represent all stakeholder groups but one employer would be great. Now, we have to take his word for, of course that it's supercharged, the company. Yeah, I don't know what that couldn't find any actual proof of that. And the other problem is that they, I guess they kind of stopped doing it right around the IPO, which is kind of concerning. So the company became public and then they're like, yeah. Okay. You can't come to the meetings anymore. But legal reason for that though. And then the other thing I was looking at is that this board is full of Founders, full of CEOs and chairs, and Executives. And also, there's only one woman on the board. So I'm thinking this company is maybe this is more of a PR stump but I kind of, I don't know. I kind of liked it. I kind of liked the idea of it. I like the way that you just put that up for good, undermine the whole story. Like, I don't even know what to feel anymore. I was disappointed because this is one of it seems you be one of very few companies that is not in our database and we have thousands thousands, it IP owed just over a year ago, maybe not the eyes database. Yeah she doesn't make its way into our soon. So anyway, in in theory, I think this is amazing. I I at a minimum I wish that American companies would report board activities like they do in your Europe. At least they give you kind of a itemized agenda of the board meeting. Like what they're talking about and hear they give you nothing. They don't tell you, I want them to live stream it. I should live stream all of them. I think you should be open to the public. Like, why not? And just bleep out all the swears if you were about it. Hi. What about what about the me too? Inappropriate jokes. Maybe you gotta leave that in, right? That's my girl wins. Good list. Oh God, I don't have, I now, I feel like mine wins because you undermine, you're so much know. I like the idea of your mind. Actually good. My in theory wins, why is yours good? Because no one's. Okay. Let's give yours a win. Yeah, correct mine wins. All right, I got three three asshole options, usually have like nine, and it's actually only one story. Oh, three potential. As this is perfect. This is perfect. But yeah. So here's here's a story. Yeah, this yeah, I like the different perspectives. Yeah. Um, here's the story. Texas, removes black rock from energy boycott Blacklist. That's the story. Yeah. There are three elements here to choose from number one. Obviously, by the way, I'd be proud to stay on that Blacklist. I hope we're on that. Blacklist know, we're not number one, obviously is Texas, right? They're the first sort of protagonist here but you actually, you could choose BlackRock because Black Rock. You can get removed because Texas decided, BlackRock was great, Black Rock, got removed for a myriad of other reasons most of which were sucking up because they bent the knee. Yeah. And then you have the idea of a boycott blacklist at all this discrimination against the company. Isn't that? Like I thought Republicans didn't do stuff like that. I mean, like so if so if I invest only in like healthcare companies, I'm discriminating against, you know, like companies that make, you know, Scotch tape right? Like its capital markets allocation, so they're doing the most ESG thing because they hate ESG. So here's the first. The your first option reason, Texas. So Texas, unless we forget in 2022, Texas bands, government entities from doing business, with firms, that boycott fossil fuels, that's what I would, that's what they want to do. I would call this the error of the 2022 is really the start of the political theater. I'd call it because a lot of it's disingenuous, but this is kind of like the start of all the political theater against Wookie kind of write ESG, kind of stuff. So at the time, Texas, put BlackRock, and then about 15 International Banks, they didn't do business with on their boycott list, right? Like, but there were full page ads they're like Bill wasn't there like anti Larry Fink Billboards? It was all. Yeah there's a there was a moment showing his face. They love saying his name. It was all about Larry Fink. But so BlackRock basically was the only one they really targeted. And then they spent a lot of time. BlackRock spent a lot of time, trying to convince Texas saying things like it's patently absurd that we discriminated against fossil fuels, as the largest fossil fuel investor on Earth, we are, we have the shares of a oily mic drop moment, is it not? It did not win, the argument know. Um, but fast forward to 2025, black rocks, now removed in part, because Larry Fink shows up at a conference in Texas, to talk about how much they love fossil fuels. Larry Fink spent a lot of time like kind of kissing up to the Trump Administration, cowboy boots and a big 10 gallon hat at that meeting. I mean, probably close. Yeah. Um, but then this is what drove me over the edge with Texas's asshole. Already this week, there are two headlines first bills that could have hurt, renewable energy. Die in the Texas, legislature. Okay, meaning good, right? Meaning Texas is actually supporting renewable energy. Of course in Texas Bank on it, right? And Texas finalizes, 1.8 billion to build solar battery and gas, powered, microgrids crazy, Texas, Is the leader in the country in renewable energy Generation by a long shot and they've nearly doubled renewable generation since 2019. In just six years they've nearly doubled their entire renewable capacity. And now is 30% of all energy created in Texas is renewable solar or wind which is good. I mean, it's good too, right? I mean Texas, you have to fucking ban yourself. Yeah. Like your boycotting fossil fuels yourself because it makes sense, and that's because this is some discrimination against fossil fuels. You effectively got BlackRock, who manages point four percent of their money, you know, is your money. Like some insignificant amount of money in their AUM, is you, you got them to bend the knee to you and, and show up all the time in Texas and kiss your ass. And, and back your your, you know, you're one of The original backers of the new like exchange that they're setting up in Texas because oh or no. Now black rock is really just Texas Rock. It's like not a as always been a thing. You got them to do that. Meanwhile, at the same time, you're discriminating. All the Kabuki theater. You're doing it. You're the one who's cutting. Plus oil and gas. Lest anyone think this is like a miracle of democratic gerrymandering in Texas. The state house in Texas is still controlled by the Republicans 83% to 67. Same with the Texas state senate. So these are Republicans, making this, these are Republicans who are Banning oil and gas in their own state, by transitioning to a clean as they more effects fuel source. Yeah, It makes total sense, but you asked holes like home theater of it. You think we're not paying attention to both the things that come out of your mouth and then what you're doing? Come on. Well, they learned president. So, that's option. Number one, Texas is the main protagonist in the story. Now the story is Texas from moose BlackRock from energy boycott Blacklist. So we got to talk about BlackRock is up number two. Okay? BlackRock, here's a here's actually a the quote from Blackrock in response to being banned by Texas. Quote, BlackRock does not boycott fossil fuels investing over 100 billion in Texas. Energy companies. On behalf of our clients, proves that 100 billion dollars. They've invested Yeah, that that's a 2022. That should have been the end of the story for BlackRock they. They should have told Texas to go up themselves. Why you didn't leave? That should have just left your your, your, your, your idiots. You're doing this for political theater. You're trying to confuse your constituents. Look what all the money you're pouring into Renewables. You're you're just trying. You're just, this is just political fodder. You're throwing read me at your, at your voters. That's all you're doing. Why don't you just say fine? We're banned in Texas. We'll no longer do business with you, which means we're not going to finance either oil and gas because we're one of the biggest finances of it or we're not going to finance your Renewables, which is the biggest like the Lord, one of the largest portions of your own State's energy. I would think if they made that decision to withdraw the 100 billion dollars that you talked about investing in energy companies that that Texas would blink would it not like they want 100%? They would have blanked. I don't know why we keep Ending the need. I don't know. Why does everybody bend the knee? I don't know. Stop it. Yeah, I don't know. Like, here's what Fink wrote to clients, not the CEO letter. This is his client letter in 2020. Our role as a fiduciary is the foundation of blackrock's culture. The commitments, we are making today. Those commitments, being sustainability and climate change commitments, reflect our conviction, that all investors and particularly the millions of our clients who are saving for long-term goals, like, retirement. Must seriously consider sustainability in their Investments, that's what Larry thinks. Well, I will say this though, 2020, not to ruin your parade. Jamie dimon. There was a article today yesterday about Jamie dimon. He only reads the CEO letter from certain CEOs because he thinks most of them are bulshit. I saw that and it's not Larry, he only needs on, Warren Buffett who's now gone Andy jassy, CEO of Amazon, and then Jeff Bezos who doesn't do the letters anymore. So sorry, just Jesse. Maybe call Andy jassy. Yes. What do you thinks? Maybe like, Jamie maybe Texas, didn't read Larry, Fink's letter that I pretty sure that's true. But here's a, here's a headline from Justice week as EU acts to stop greenwash funds, drop climate change, climate claims from their names. An email BlackRock sent to clients on March 18th, although it just leaked today or this week, which it shared with climate home said it responded to esma naming guidelines. These are the new naming guidelines. You can't call yourself the ESG, Wonder sustainability fund. If you don't actually do that thing right by changing, the name of 56 funds, worth 51 billion to drop sustainability terms as an example, it gave was dropping ESG from the BSF system, systematic, ESG, World, Equity Fund, even that is dumb in the first place. Like, what was why is that? What is that prove? It's a set of data. Like what are we? What is it? What is the wind there? What do you shoving it into the network, BSF, systematic ESG, World Equity Fund? What the hell does that do? Like, what do they realized even? Did they really think they're investors? Who see the word ESG? And they think like it represents like Mother Teresa or something. Like it's Gonna Save all, babies and flowers. So Black Rock One hand is talking about how sustainable they are in 2020, they're kissing Texas is ass. Now to you know like they love oil and gas, they love it so much. They have to drop sustainability from their name and and now they're actually seeking a dismissal of Texas's antitrust case over coal production. Because they've now they they've proven how much they just love to suck on oil and gas. They love just delicious. It's just so good. And then, and then finally, for Black Rock. I just this just drove me nuts, too. Black Rock, CEO, Larry Fink, not leaving anytime soon. Okay. In an interview and a conference in Toronto, he said that he has no plans to step down to see. Oh, did you forget you have a board? It's like your decision, right? Yeah. All right. It is. It is what is real? I'm gonna what is free for free flow. Analytics.com, say about his inflation. It's really hard to it. It's really hard to say there. Actually not On freeflow analytics.com, I think right now but because BlackRock is has compromised because their own, they own, I'm a CI, the problem, the problem we have with them even when it was up which was like a couple months ago was that they have not one, but three founders on the board, okay? And they have like two Executives from the company on the world and they own 6.7% of the themselves. In stock Larry's, just doing a Jamie, Larry likes to Paris. What? Because Jamie, we make fun of Jamie Diamond because every headline is Jamie dimon says, so Jamie is has been going around telling everyone the same thing. Like he's not leaving and he's you know, he's he doesn't have a boss and so I think Larry's just parodying Jamie here because we know that it's up to Larry and Jamie when they leave and don't ya, they leave when they put your right to point out that really is the board's decision. It's supposed to To be the most when you stand in a conference and you're like, I'm not leaving supposed to be. Yeah. Aren't you supposed to say? You know, if I'm lucky the board and our investors will think I'm doing a great job and I'll stay as long as I can, like, that's the answer. You don't say, I'm not leaving, I'm not going anywhere. Like I'm sorry, the investors own your company and the Border their representatives, they can fire you for sucking, they can they're supposed to be able to do that. So number two, option is Blackrock. Number three option. My last option. Yeah. So Texas. Black Rock and number three. What's number three? And the third option is the, the metaphysical won the boycott, Blacklist discrimination in capital markets, discriminating against like a sector or a company somehow. I can't get over that, that this idea of an exists, like how can you pass legislation that says you've just discriminated against fossil fuels? Here is the headline that may be like this is the headline this week about discrimination markets. I've been discriminating against McDonald's for for so many years because that's what I'm saying, this is what it's insane about it. Where is this stuff? Okay, it's a hate crime, basically, because I don't go to Burger King. I don't go to Arby's. Well, I pulled this headline, this Canadian tourist to the US down. Nearly 40% in May, new data says, can we Sue Canada? Because they're discriminating against traveling to the United States. Not let's not Sue. Donald Trump for making them hate us. Let's Sue. Canada for not. We should sue Canada or X's new sales pitch. Give us your ad business or will sue. I hate this. Here's a quote from the article last year. Verizon communications got an unusual message from from X spend your ad dollars with us or will see you in court. It worked Verizon which has an advertised on next since 2022, pledged to spend at least 10 million this year on the platform. This is, this is just to remind you 2023. Here's a headline, Elon Musk did this at a conference Elon. After personally driving away, advertisers tell them to go fuc themselves repeatedly and says, Earth will judge them for killing x /, Twitter. Do you remember when he was on the conference and he said, you think you can blackmail Me by, you know, leaving my Platinum platform? Fuck you. I don't want your money. Now he's suing them for their money and they're coming back. They're coming back. Why are you coming back? What are you doing? There's still Nazis on there. There's more Nazis on the word. 21 is X anymore is it's just like baseball highlights and Nazis. Like what else? What is happening? Just I don't understand it. It's like seven journalists and a bunch of Nazis, that's crazy to me. Yeah. And this and if you don't go on X. So I I'm not on social media. I might discriminating against social media. Yeah. Probably. What, where's the line here, like? So if I don't use everything ever done, you know what Black Rock? You're not a client of ours, right now. You're discriminating against governance data. Yeah, we'll see you. If you don't, I'm gonna what. If we file lawsuits against everyone? Who's not a client. I'll be a long list. Yeah. Like that would be very big. Yeah, let's insane. So I like the idea of the boycott list is insane, by the way, Black Rock. I love you. You should be our client. So those are your three options, Texas, BlackRock and the insanity of these boycott discrimination which of this is the most like relevant to this week. So, the story is this all this week, right? Texas. Remove black rock from energy boycott blacklist, which means they're maintaining The Blacklist. They still have it. Black Rock was on it but now is off. So it's now just populated by European people that no one, they don't actually use and Texas. The the renewable energy stuff that's all from this week and the removal is this week. So there's my highly. Here's my highly intelligent way of analyzing the situation. First of all, I don't want to talk about Elon Musk anymore today. So okay. Second of all, Larry Fink is Rich enough without me and I wish he would become our client. Because once he becomes our client, I'm just gonna, I'm gonna bend the knee and say that. Everything he does is lovely and perfect and smells like flowers, but the real, the Texas thing makes me nuts. It's the, the political theater part of angle of this where? Because the end game of this really is your, your constantly. Throwing misinformation at your constituents. You're you're driving your constituents nuts by by saying one thing while doing the other we live in this world. This world we live in is its incredulous, how insincere we are about everything, right? It's just it makes me nuts. I mean what? There's and I've been screaming this for years. If you believe in a capitalist America, a capitalist, whatever, Western World. Why can't we just agree to make money off of renewable together? Why do we have to shun? Why? So why can't? Why can't text you say it's good business? It's good for the environment. Our young people want it, whatever just like like support it. Why? Because it's making money off. Why do why does here duplicitous political theater? It makes me crazy. The worst part about the theater is and this is the same thing that Trump just did with the tariffs where we are now. Like they just announced today, they have the framework of the structure of an outline of a, you know, of an agreement with China about trade. What we effectively are doing is we are looking at a thing saying, like what is it right now? Then we make a big stink about something. We it's all theater. Only to get back to exactly the way we are right now, nothing changed in Texas. Well, not one thing changed because it's easier than actually governing just to make a little bit of noise. And so, all the only ones who benefit from this are politicians, who make the noise like the like, we're Savvy enough to put out these press releases and give press conferences and show up on tiktok and say, things like the woke lives or doing this. Look, what did you know, or like look at the horrible, conservatives and what they're doing, all we end up with is status quo. It's just a status quo machine, it's just a loudness machine text. I'm going to Texas. Texas. It is. We're making good time. Let's let's wrap this up. We got winners predictions. Patently ridiculous. That's the best headline of the week that I would even find this. Or like it speaks not only to my lack of intelligence, but to the the other thoroughness of our headlines of, right? I mean that, that this can exist. So, these both had lens came this week. I have two headlines BJ's Restaurant, announces, Lyle D, tick as new president, and CEO. And then this headline zrg, appoints in term Talent. Trailblazer Liz dick to board of directors. So Liz dick. Yours and Lyle tick. You're so cute. Didn't I make a joke about basically, like, tile dick? Yeah, in our Tuesday, and then, like a day. Later Liz dick is taking over and it's not because of that name. I just like the, I like the rhyme, it may be this because of that, it is because of the name that's gonna be the rhyming. I like the brevity of those names. Anyway, I spent looking at headlines so I need something to make me happy. Well, you pulled this one. I said I like Hulk Hogan. Oh, wants to reimagine Hooters restaurant. Oh, as his real American beer brand, makes a new bed. To save the change, but it's just it's fabulously. Ridiculous, all of it. How about listening to Hulk Hogan as a business leader? How about that? All every every piece. If you unpack that every part of that sentence is not right. But just on his face, how do you reimagine Hooters exactly? Like what is the new imaginative with like men's balls like testicles? I don't understand like I don't know, steroid induced testicles. It's really confusing to me what the reimagination is and really American beard and we need that name that name. Can you imagine if he walks into like, you know, they they buy the brand and he's like, my idea for this is women with larger breasts than before, right? Like what is your real, what do you reimagine? Its a shity die, okay? To break it to you. Take a trip to Portland. Maine. There are like 700 real American beers. Every like we have so many microbrewers here. It's basically our number one industry when you walk around at night. So I hate to break it to you Hulk, but there are already making beer. Everywhere everyone everywhere. It's America. It's All American. Yeah. Ah, you have a winner of the week, my winners short and sweet for the trifecta, j-hope. He. Yeah. He not only is he ignore shareholders, he ignore shared holders while selling his shares and like that and while pretending to be independent, yeah, it's a win try he might be the winner. Right? I have a bizarre winner. A winner that doesn't know they're the winner. Yeah. There's a Polish investor named Slava Masters. Poland, still a country. Okay, it's still is I think Slava smaller Kowski. Sure. Of course, actually went out and bought Polaroid Polaroid. The old cameras, sure. You know, like the brand Polaroid that he owns it. Give that Texas is pushing BlackRock to its knees for discriminating against oil and Robbie Starbucks is winning the war on discrimination against white men and elon's winning the money for discriminating against Nazi platforms. Apparently give them that. All of these things are winning. Doesn't pull right? Have a chance. Sue Apple for discriminating against cameras with its phones. I like this. Yeah. Does it? They could sue the state of Texas for divesting from Polaroid in 2001 when they declared bankruptcy like how dare you divest from me just because we're bankrupt they could sue the US public for not buying cameras that print on flimsy you know piece of plastic anymore. You got to get creative companies. Start suing everyone who made any decision that resulted in you having less money. Speak. Robbie Starbucks. I should make another. I have a prediction this week but here's a sub prediction because you mentioned Robby Starbuck he's the quote citizen journalists who basically hates everything. That's not like a yeah we're gender male white heterosexual, he everyone speaks them. In the Netflix uh, proxy statement there is a picture of some of the the most famous shows from the year. One of the one of them being baby reindeers, which were one of my favorite shows the year, featuring a picture of a trans actress, Robbie, no grandson. Oh, right? So, I mean, this is bigger news than Bud Light, right? It's right in the proxies. A big picture of a transaction. What are you gonna do? Robbie. Somebody's gotta tell you Netflix right after we have to Robbie, come on. All right. That wasn't even your your prediction. It just made me think of that. That I feel like we're gonna, I don't know how nobody's noticed that. That's just seems so egregious, how dare they? How dare they My prediction is this. It's a bit long. Okay, bear with me. I'm staying with the j-hope story. Okay? So, Jai Hoge does not, he does not attend the nomination committee meeting, which is meant, to accept, or reject his resignation, you know, because as we know, he doesn't go to meetings much anymore. So he's busy, so doesn't go. But since the other three committee members are way too scared to act without him, they kind of just sit around and they talk about Netflix's upcoming season of stranger things or maybe they talk about baby reindeer, I don't know that probably not, they do that for like 45 minutes until bread Smith. One of the nominating committee members of the you know he's a he's an executive at Microsoft. Yeah he gets a text from j-hope which simply reads this just this reject. So that's it, they're getting reject. His resignation that they That's a good prediction. My prediction is there that will come true by the way that will that absolutely happening. My prediction is darker. Oh no, it's just Dave Calhoun boomerangs. Back to Boeing to save the day after this crash. How soon before? Dave someone's calling Dave Calhoun and saying Dave what should we do about this? Well, then maybe they already are actually, I don't know. That's what I'm saying. Yeah. He's gonna come back, he's gonna be a special advisor to the board first and lame Kelly Orbit for this one though. Oh yeah, oh yeah, it's fast as possible. It's got to be Kelly's fall, right? That's it. That's his float. That was a wrap of the week. We'll be back next week. We got a show on Tuesday. Like every Tuesday, we got a proxy countdown coming next week, like, every week, we got. Yeah, the week after. So, what more week and then we'll get people, right? And then, we got a summer break for everyone involved and until then good.