The Dr. Doug Ramsey Show - 20240618

Episode Transcript

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The opinions and information expressed and discussedon The Doctor Doug Ramsey Show or for
informational and educational purposes only. Itis not intended to provide, and should
not be relied upon for accounting,legal, tax or investment advice. Please
consult with a professional specializing in theseareas regarding the applicability of this information to
your situation. All things financing businessleading you to success at work, at

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home, and in live. It'sthe Doctor Doug Ramsey Show. And now
here's your host, Doctor Doug Ramsey. Welcome to the Doctor Doug Ramsey Show.
I'm your host, Doctor Doug RamseyBroadcasting maybe live the mojo of five
zero Radio Network. Change the formatup on the platform a little bit so

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I may be posted up whenever Irecord the show and send it in.
So anyway, it is June first. I've got some wild stories, kind
of picked them up over the lastten days or so. I didn't do
a show last week. It wasout, but his first one Salpe.

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Everybody I think knows who Salpe is. He's down to one restaurant in New
York. And this comes from TheEater. In his article from last week,
says that the salt Slinging Slasher fullname New Shred and goat Cha has

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closed New Shred Steakhouse in Manhattan's Meatpackingdistrict at four to twelve West fifteenth Street
near ninth Avenue. Closure is partof a company shift to international markets.
They tried some markets out, saysa spokesperson for New Shred restaurant group.
Some works while others haven't. Thatleaves Goch with just one restaurant in New

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York, a branch of Steakhouse inMidtown at sixty West fifty third Street near
sixth Avenue. Last year, theTurkish butcher closed another one of his Manhattan
restaurants, Salt Bay Burger, whichwas widely panned for its ninety nine dollars
milkshakes and free for women veggie burgers. A writer for Gothamists called it the

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worst restaurant in the city. I'mnot sure you want to be the leader
of the pack on that list.The Steakhouse was received better when it opened
in Midtown and twenty eighteen, foodcritics ad Eater in The New York Times
said the gimmicky, gimmicky food wasn'tworth the price, but they had to

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admit having your steak salted by aliving, breathing internet meme had its charms.
The location of the meatpacking district openedin twenty twenty two. Since opening
in New York, goch and hisrestaurant group have been the subject of multiple
labor lawsuits. Twenty nineteen, toformer server file the class action lawsuit alleging

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go Cha was pocketing worker tips.The case ended in a three hundred thousand
dollars settlement. Two years later,employees filed an overtime wage lawsuit aimed at
go Chase restaurant in New York andMiami. It was eventually dismissed. Yeah,
if he settled for three hundred grandon the of workers tips, sounds

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like he was ripping off his workers, let me just on the face of
it, and with his the waitstaffs, you know, the working for
the tips, probably getting some minimumwage or close to it, and make
the rest up with those tips thatthe customers leave. So any restaurant owner

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that's pulling money out of the tipjar to enrich themselves is not doing any
favors for anybody. The United States'snews shreds second largest market globally. The
company operates more than thirty restaurants inseven countries, including Italy and Mexico.

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At its peak, Cha had threerestaurants in New York City. And if
you ever watch any of those YouTubeshows he's been on, he's getting in
there and gyrating and cutting the cuttingstock aches then just putting on a show.

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Got the Bill Salts scene where he'sdropping that salt down his arm pretty
wild. Is it worth it?I don't know. I haven't ever been.
Will I go, probably if Iget the chance, be worth checking

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out at least once. All Right, Red Lobster, a lot of people
have eaten there. I haven't beento a Red Lobster in a long time.
But Red Lobster is just in bigtrouble and it's an interesting story because
it goes down. It has todo with the supply chain and how they

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manage the business. So this isfrom May twenty fifth from Saturday says that
when the Seafood Conglimerate Tie Union Groupbecame Red Lobster's leading shareholder in twenty twenty,
gaining forty nine percent control the chain, Red Lobster employees were assured Thai

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Union would not interfere in key decisions. Thai Union will not be involved in
Red Lobster's day to day operations,including its supply chain, standards and processes.
According to a document titled Seafood Suppliertalking Points viewed by CNN that was
approved by top Thai Union Red Lobsterexecutives, we intend to maintain relationships with

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all current seafood suppliers, the talkingpoints said. So Thai Union Group bys
forty nine percent of the equity,So now they've got a big voice in
hell, the company's gonna operate.They're claiming they're gonna be hands off,

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but let's see what happens. Thosepledges didn't last. By twenty twenty two,
representatis from Thai Union in Thailand,whose four billion dollar empire includes brands
like Chicken to the Sea and JohnWest Foods, were embedded in Red lobsters
or Orlando headquarters, serving in toprolls and closely directing the largest seafood restaurant

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chain of the world. We're muchdeeper involved in the management of Red Lobster,
Thai Union finance chief Ludovic Garnier saidon an analyst call in November twenty
twenty two. Now Red Lobster isdrowned and a relentless supply of Thai Union

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supplied shrimp. Red Lobster five forChapter eleven bankruptcy Sunday and plans to sell
its business to its lenders. Inturn, Red Lobster will receive financing to
stay afloat. So what they're talkingabout there is getting dip financing, which

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is called debtor in possession for thenancy, they work it out with the
banks. The banks will lend moreto keep the lights on and pay the
bills, but that additional money theylend has a super priority in terms of
any claims on the assets of thebusiness. So if the company were to

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completely liquidate at that point the diplenders, those banks would get paid back
their dip loan money first, andthen it would trickle down the right hand
side of the bounce sheet, Soit'd go from the dip lenders to senior
secured lenders, to unsecured lenders,and then you get down to preferred stock

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if there's any value left and there'spreferred stock outs stand and if there's anything
left after that, it would trickledown to the existing common stockholders. But
in this case, if the lendersare taken over anyway, it sounds like
there isn't any money left to goto the current shareholders, including Thai Union,

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Thai Unions damaging where we go here, Thai unions damaging decisions drove the
pioneering chains fall. According to thirteenformer Red Lobster executives and senior leaders in
various areas of the business, aswell as analysts, all but two of

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the former Red Lobster employees spoke toCNN under the condition of anonymity because of
either non disclosure agreements with Thai Union, fear that speaking out would harm their
careers, or because they don't wantto jeopardize deferred compensation from Red Lobster.
Yeah, I wouldn't speak out eitherif I got deferred comp company. And

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that's another thing. When you dothese Chapter eleven reorganizations, a lot of
times the company will do retention bonusesbecause they it's much harder to bring new
people in to figure out what's goingon and keep the business going, So

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they'd rather keep, you know,at least you know, some portion of
the existing workforce in place, becausethey've got the knowledge and history and they
know how the place runs. Sothe way to entice them to stay is
you give retention bonuses, and youknow it would say something like songs you

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stay working for us for the nexttwelve months, then we'll give you a
retention bonus of under grand at theend of the twelfth month, because last
thing they want everybody doing is polishingup the resumes and going out there and
looking for a new job, becausethey know the company's file for Chapter eleven
and if a Chapter eleven reorg isdone right, the company can keep on

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going. So it's not you shouldn'tif you're an employee, you shouldn't necessarily
hit the panic button and be jumpingship. It could be you have somewhat
lucrative if you stick around and workthrough it, especially if there's a retention
bonus at the end of the period. Tie Union, they blame that COVID

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nineteen pandemic, and they said ithas been a plier to Red Lobster for
more than thirty years, and weintend for that relationship to continue. A
bankruptcy process will allow Red Lobster restructureits financial obligations and realize its long term
potential and a more favorable operating environment. Company said. Thai Union did not

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respond to CNN's questions about the specificallegations that were raised in this story.
Former Red Lobster employees say that whilethe pandemic, inflation and rent costs impacted
Red Lobster, Thai Union's ineptitude wasthe pivotal factor in Red Lobster's to climb.

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So they're throwing some grenades here atTai Union. It was miserable working
there for the last year and ahalf I was there, says Less Foreman,
a West Coast division vice president whoworked at Red Lobster for twenty years
and was fired in twenty twenty two. They didn't have any idea about running

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a restaurant company in the United States. So that's an interesting point right there.
You get foreign owners that come inand you know, they analyze the
business. Maybe they think they canrun it better, but things don't always
run the same in a different countrythan where you're from. So you really

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have to understand the culture and youknow, marketing, what's going to get
customers in the door in the US, you know, versus other countries.
So it sounds like Tay Union reallydidn't have a good handle on that.
Had Red Lobster headquarters employees prided themselveson a fiercely loyal culture and low turnover.

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Some employees had been with the chainfor thirty and forty years, which
is that's almost heard of in therestaurant business. Restaurants have super high turnover
and that's really impressive. But asThai Union installed the executors at the chain,
dozens of veteran Red Lobster leaders withdeep knowledge of the brand and restaurant

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industry were fired or resigned in rapidsuccession. Red Lobster ended up having five
CEOs in five years, so there'sturmoil going on. You know, internally,
you don't have that much turnover unlessit's just really disruptive. Thai Union

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CEO Theorifong Chan Siri visited Red Lobstersheadquarters in twenty twenty two and toured restaurants
around the country. He brought alonga feng Shway consultant named Angel to Orlando.
Former senior leaders at Red laws Opsterheadquarters told CNN about this. The

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consultant determined that executive offices in Orlandowere bad feng Shui and no one should
use them. One former leader toldCNN. The executive offices sat empty,
unreal, so Angel, the fengShue consultant checks out the executive officers in

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Orlando doesn't get good vibes. Badthing shue going on, and so they
didn't even use the offices that they'repaying for. That's ridiculous. Former Red
Lobster employees describe a toxic and demoralizingthe environment. It's taih Union appointed executives

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descended on headquarters, and interim CEOPaul Kenney eventually took over the chain in
twenty twenty two. Kenny and Australiaborn former CEO of Minor Food, one
of Asia's largest casual dining in quickservice restaurants, was part of the Thai
Union led investor group that acquired RedLobster. Kenny criticized Red Lobster employees at

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meetings and made derogatory comments about them, according to former Red Lobster leaders who
worked closely with Kenny. Commenting ona woman's weight at a Red Lobster or
annual conference in twenty twenty two inDallas, as she walked across the stage
to accept an award, Kenny said, we need to institute an exercise program
in this company. Another former RedLobster executive told CNN, oh my gosh,

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that's brutal. You can't be sayingcrap like that. Kenny did not
respond to CNN's requests for comment onthese allegations. Under Kenny, Red Lobster
also cut two of its longtime shrimpsuppliers and competitors to Tai Union to purchase

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more shrimp from Thai Union at highercosts. According to Red Lobster's bankruptcy filing,
Kenny's decision came in in a parentcoordination with Thai Union and under the
guise of a quality review. RedLobster said, So you dump your longtime
suppliers that are reliable, you basicallymove everything over to Thai Union, and

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Thai Union raises the costs, raisethe costs, there's the margins, lowers
the profits, causes problems. Thenif Thai Union gets in trouble on the
supply chain, comes up with shortages, whatever, you know, you're beholding

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the one supplier and you know,granted they're your largest equity owner, but
you put the chain, the RedLobster chain at risk, says. These
changes on the supply chain culminated ina twenty dollars endless shrimp promotion in twenty

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twenty three that would come back tohaunt Red Lobster. Tai Union exercise and
outsized influence on the company's shrimp purchasing. Red Lobster allegend it's bankruptcy filing.
Red Lobster said it was investigating whethermister Kenny's decision making process circumvented to the

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company's normal supply chain and demand planning. Tay Union told CNN that Red Lobster's
accusations in the bankruptcy filing were meritlessand the company looks forward to a full
representation of the facts. Red Lobsteralso slowed investments in dining room upgrades,

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raised prices, and cut labor underTai Union. Former executives and operations leaders
say the decisions pushed away customers andcut into Red Lobster sales. Red Lobster's
annual customer account has dropped by thirtypercent since twenty nineteen. Red Lobster set
in a bankruptcy filing. Yikes,thirty percent chain wine. That's a huge,

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huge drop. Red Lobster was startedin nineteen sixty eight by Bill Darden,
an architect of the casual dining revolutionin America. General Mills quickly bought
Red Lobster and then nineteen ninety fivespun the chain off into a new company,
Darden Restaurants, named after its founder. In twenty fourteen, Darden sold

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Red Lobster Golden Gate Capital, aprivate equity firm, for two point one
billion dollars. To help fund thedeal, Red Lobster spun off its real
estate. The arrangement wound up hurtingRed Lobster because it became stuck with leases
it no longer could afford to payas the business struggle. Yeah, so

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they sell the real estate. It'scalled a sell lease back. They sell
the real estate and then they leaseit back from the new owner of the
real estate. But when they dothe sell process, they get a bunch
of cash that helped to pay forthis private equity acquisition. And now they've

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got these what I assume are longterm leases on all the properties. Well,
if the business starts to struggle incertain geographic markets and that particular location
is no longer profitable, you're stillstuck in a lease and either got to

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work something out with the landlord payoff the remaining amounts, or stay there
and keep losing money. The benefitof the Chapter eleven filing though, is
these leases are executory contracts, Sonow Red Lobster has a chance to go
through and analyze every single location andevery single lease, and they can reject

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any leases they want to reject andshut a store down. So this is
kind of their get out of jailfree card by doing the Chapter eleven process.
Let's see after this purchase by theprivate equity firm, two years later,
thy Union took a five hundred andseventy five million dollar minority steake in

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Red Lobster. In twenty twenty,tay Union expanded that stake, leading an
investor group to buy out Golden GateCapital and acquire Red Lobster. During the
first half of twenty twenty one,Red Lobster posted an operating profit, and
Tai Union tout Red Lobster strength oncalls with analyst and company presentations. Red

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lobster turnaround continued amid the pandemic tyUnion set in a quarterly earnings presentation in
August of twenty twenty one, therewas clear improvement in Red Lobster operations.
Red Lobster rehired twenty six thousand employeesfrom January to August to twenty twenty one

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ty Union said in the presentation,and appointed Kelly A Lot a CEO.
A Lot They brought on a newleadership team, including a new head of
finance, chief marketing officer, andchief information officer. But Kenny, then
a Red Lobster board members, soonbegan exercising more control. In early twenty

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twenty two, Kenny began visiting RedLobster headquarters more frequently in touring restaurants.
Former Red Lobster employees who worked closelywith Kenny say at a tense board meeting
in late March twenty twenty two,Kenny disagreed with the Lotti that significant further
investment was needed in Red Lobster.According to a former Red Lobster leader,

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he chastised Red Lobster's mansor team,which included Vadi's three recently hired executives.
This person said within forty eight hours, Lottie resigned just eight months into her
tenure. Another Red Lobster board member, who had decades of experience running casual
dining restaurants in the United States,resigned a day after Vatte was appointed Denny's

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CEO. Two months later, shedid not respond to see an End's request
for comments. Well, this goeson and talks about some of that turmoil,

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all right. Next this page refreshes. We've had storms for days here
in the Dallas Fort Worth therea,and it seems like everything is run super
slow. Power's gone out in multipleneighborhoods and just kind of crazy. All

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right, So we're switching to LasVegas. And I don't know how many
of you have been to the kindof leader in the upscale golf experience,
which is top Golf. Really interestingstory and they I knew the that worked

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at be of A who made thefirst loan for their first location. And
you know, it's a big investmentbecause you've got, you know, the
land purchase, then you've got tobuild out the multi story complex that you
know is really nice inside. Youknow, you've got your golf base,

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and then you've got the furniture,and you've got the bar area, restaurant
area and everything else. And it'snot cheap to stand one of those up.
And so they were kind of slowto grow, but then they really
kind of hit their stride. WellLas Vegas. It turns out they've got
four new golf bars as they callthem in the area and This is from

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Eater. It says that a hightech, seventy five million dollar driving ring
to open just north of the LasVegas Strip barely two months ago, and
it has already started laying off employeesseventy five million bucks, which is big.

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That first stop golf I can tellyou was quite a bit less than
that. And then if you're thinkingabout standing up a indoor gun range,
your indoor gun ranges can run anywherefrom about fifteen to thirty million dollars,

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So seventy five million dollars for adriving range, that's some big money.
Prior to opening, this is thename of the place. Atomic Golf hosted
a hire an event to contract hundredsof staff members to work. It's more
than one hundred driving ranges, sixfoot service bars, kitchens, lounges,

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and events spaces. Now the entertainmentvenue is administering layoffs that will impact up
to half of its staffers. Sothey gear up, higher up, and
then they tap the brakes and goand reverse. Two months later, when
it opened in March, Tomic Golfis one of four new golf bars to

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open in Las Vegas. The onehundred thousand square foot driving range offers golf,
play, sports viewing, and foodand drink. On May twenty fourth,
Atomic Golf confirmed that the new venueis already conducting layoffs. According to
eight news Now, a Reddit userposted a photo of an email indicating that

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two hundred and fifty positions are beingeliminated. Staff at Atomic Golf will only
confirm that a substantial number of staffhad been laid off. The sprawling four

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story driving range next to the strathas a two hundred and twelve yard range
with technology that Atomic Golf says tracksplayer statistics. A digital putting district uses
projection mapping for its putting bays,and a multi use room called the Astrocade

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is covered in Florida's seiling displays forentertainment or watching sports. Former Top of
the World executive chef Roberts Lamelli runsthe kitchen, which serves bites like chiach

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your own nachos with cherizo and QuesoBlanco, a trio of pulled pork,
sliders of pickles, and crispy chickensandwiches. The Viapi Lounge has antier options
with seafood towers, caviar service,an eighteen ounce Ribbi steak. So far

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atom At Golf's other new golf complexpiers have skirted layoff issues. Those new
venues include the Tiger Woods affiliated PopstrokeCourse at town Square, the Bar in
Virtual Jbar and Golf Lounge in Chinatown, and the forthcoming Adults Only Many Swingers

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Crazy Golf golf course. Either willupdate this story is more information becomes available,
so you get to the point whereyou know you saturate a market.
Potentially that may be part of thecase here because you got too many of
them and you don't have enough demandto support it. But if you're trying

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to cover debt service on part ofthat seventy five million dollars, you gotta
have a lot of people coming byand enjoying your golf experience that you're providing.

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All right, waiting on the computerhere, j Lo. Here's a
little look behind the scenes on theLas Vegas residency. And I don't think
anybody ever thinks about the numbers,but it's kind of interesting. So j
Loo is from Clutch Points, bythe way, from looks like May thirty

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first, says Jennifer Lopez. PopeyeCan't con whose career has spanned decades,
facing significant challenges as They're highly anticipatedLas Vegas residency deal at MGM Grand appears
to be in jeopardy. The dealinitially valued at one million dollars per show

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for a total of ninety shows.I already did the meth. We always
spilling the beans right there. Ninetytimes a million is ninety million dollars.
It has come under scrutiny due toLopez's recent professional setbacks and declining star power.

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Jennifer Lopez's professional life has hit arough patch recently, despite her long
standing reputation as a chart topping artistand entertainer. Her latest album, This
Is Meeting Now, released in February, marked her first new music in a
decade. Accompanying the album's release wasthe announcement of an ambitious tour. However,

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the tour faced disappointing ticket sales,leading to the cancellation of multiple bookings
and a rebranding as a Greatest Hitsshowcase. This commercial underperformance has raised concerns
among MGM Grand executives about our abilityto draw crowds to her Las Vegas residency.

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According to a report from The NewYork Post, casino executives have grown
wary of Lopez's ability to sell ticketsa critical factor for a successful residency,
and insider stated it's pretty rare youhave a poor tour and then go to
Vegas. Initially, Lopez's residency wasexpected to bring in a million dollars per

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show, mounting to a total ofninety million dollars. There you go,
We already did that man hover.With her recent career struggles, there are
discussions about reducing her per show paymentto between six hundred thousand and six hundred
and fifty thousand dollars with fewer dateson the schedule. Jennifer Lopez's recent headlines

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have been dominated by rumors surrounding hermarriage with Ben Affleck. The couple,
though known as Bennifer, reunited intwenty twenty one after initially breaking up more
than fifteen years ago, and tiedthe knot in twenty twenty two. However,
reports of marital troubles of surface throughoutmay adding to the pressures on Lopez's

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professional life. Lopez's career trajectory tookoff in the late nineties and early two
thousands, with her debut album Onthe Sixth and the follow up in j
Loo, which cemented her status asa global superstar, Yet the entertainment landscape

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has changed, and sustaining such highlevels a success has proven challenging. Despite
these setbacks, Lopez's ambition and driveremain evident as she continues to explore new
opportunities and projects. The potential falloutfrom a canceled or renegotiated residency would be
significant. The ninety million dollars payday from the Las Vegas residency would have

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been a substantial addition to lopez Isalready impressive estimated net worth of four hundred
million dollars. However, the hesitationfrom MGM Grand executives highlights the reality of
the entertainment industry where star power andticket sales are crucial for high stakes deals.

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All right, fast forward a dayor two, and here's the other
side of the coin. Just towait for the computer page to change,
and it turns out that she hascanceled the This is Me Live tour.

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She is heartsick and devastated, sothe live tour has been canceled. The
news came Friday via the on theFloor singers on the j LO blog and
newsletter with a message It read,I'm completely heartsick and devastated about letting you
down. Please know that I wouldn'tdo this if I didn't feel that it

(35:20):
was absolutely necessary. I promise Iwill make it up to you and we
will all be together again. Ilove you all so much. Until next
time. Live Nation representatives set ina statement that Lopez is taking time off
to be with her children, familyand close friends. If you bought your
tickets your ticket Master, you're gonnaget an automatic refund. If you went

(35:46):
through a third party resale site,you need to contact that site directly.
So her whole comeback blown up tourand residency looks like it's going down the
tubes all right. Next up,Elon Musk. This is kind of interesting.

(36:22):
It's from the Associated Press. Lookslike May thirty first, and it
talks about its pay package in thevote coming up, says A second shareholder
advisory firm has come out against reinstatinga pay package for Tesla's CEO, Elon

(36:45):
Musk that was voided earlier this yearby a Delaware judge. Iss ISS stands
for Institutional Shareholder Services. Late Thursday, joined Glass Lewis in a recommended in
recommending against the package, recently valuedby the company at forty four point nine

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billion dollars, but in January hada value of about fifty six billion dollars.
So I ass in Glass and Lewisthat provides services primarily for institutional shareholders.
So those are the big funds upin New York and Boston, and
they're the ones investing fun money,four one K money and whatever, all

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the big pockets of money that areunder management with various firms like black Rock,
at State Street and the like.And it's I've known institutional shareholders services
for a long time and in GlassLewis is the newer on the scene.

(38:00):
But what they do is they lookat the proxy statement and they analyze each
of the proposals and they make recommendations. Well, these institutional investors, some
of them have policies where they votestrictly based on what iss and or Glass

(38:22):
Lewis recommend and they don't deviate fromit. Other institutional investors will say,
you know, we'll take the recommendationunder advisement, but they may go against
the recommendation. But it's a servicethey get. It's save those funds a

(38:43):
bunch of time because Isis and GlassLewis analysts go through those proxy statements and
look at everything and compare it tothe market, what other companies in the
industry are doing, and so forth. In this case, they're saying,
hey, whether it's a forty fivebillion R package or a fifty six billion

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R package, it is excessive.So it says shareholders the electric vehicle and
solar panel company are voting on thepackage, with the results to be tabulated
at Tesla's June thirteenth annual meeting.ISS set in its recommendations on Tesla's proxy
voting items that must stock based packagewas outsized when it was approved by shareholders

(39:35):
in twenty eighteen, and it failedto accomplish board objectives voiced at that time.
So with the com packages, usuallyfirms they hire a company that does
compensation package of preparation and analysis,and they're going to try there almost always

(40:06):
going to tie metrics performance metrics tothe bonuses that are in the com package
that's proposed. You know, whetherit's you rate to return type, milestones
or changes in stock value, thestock price, it could be any number

(40:29):
of things, number of customers.Whatever. They'll build this. They'll build
this whole structure of milestones, anda lot of times they'll grit it out,
and they'll weight the way different components, and then based on that waiting

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and the actual results, assuming thepackage gets approved, you do the look
back at the end of the year, and you see did the see achieve
all the milestones or only a portionof them? And then you grate it
all out, and then that determineshow much of the potential bonus they've actually

(41:13):
earned. So in this case,it says the firm said that Tesla met
the pay package's performance objectives. Thisis Tesla's speaking, and it recognized the
company's substantial growth in size and profitability, but concerns about Musk spending too much

(41:36):
time on other ventures that were raisedin twenty eighteen and since since then have
not been sufficiently addressed. Iss said, So, it's what Iss is pointing
to is what we call conflict ofinterest. He's got so much going on

(42:00):
at how can he rightfully say he'searned forty five billion dollars if he's only
dedicating two thirds of his time toTesla work, or fifty percent of his
time to test the work, andthe other fifty percent to all the other
stuff he's working on SpaceX and whateverelse. The grant in many ways failed

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to achieve the board's other original objectives, a focusing CEO Musk on the interests
of Tesla shareholders as opposed to otherbusiness endeavors, and aligning his financial interest
more closely with those of Tesla's shareholders. Iss wrote, also, future concerns
remain unaddressed, putting a lack ofclarity on us future compensation and the potential

(42:51):
for his paid is significantly the lootedshareholders of value, Iss wrote, Must
plays big roles in his other ventures, including's face x neural link to the
boring company. Last year, hebought social media platform x and formed an
artificial intelligence unit called Xai. Lastweek, the other prominent proxy advisory from

(43:13):
glass Lewis also recommended against reinsteading musttwenty eighteen compensation package. The firm said
the package would be would dilute shareholdersvalue by about eight point seven percent.
The rationale for the package is not, in our view, adequately considered dilution

(43:35):
and its long lasting effects on disinterestedshareholders, glass Lewis route, But in
a proxy filing, Tesla said thatglass Lewis failed to consider that the twenty
eighteen award incentivized Must to create overseven hundred and thirty five billion dollars in
value for shareholders in the six yearssince it was approved. Yeah, that's

(44:00):
a good point. Tesla is oneof the most successful enterprises of our time.
The following said, we had revolutionizedthe almotive market and become the first
vertically integrated sustainable energy company. Allright, then it goes on. It's

(44:21):
got a little more detail on this, but you get the point. Now.
The cyber truck, I'm finally startingto see him on the road.
They are just getting a bad wrapand press where people are picking them up
and having problems from day one andhaving a taken back in for service,

(44:45):
and then they'll fix one thing andthen something else breaks. It's not particularly
going well for the cyber truck,and it's a little hard to look at
kind of future risk, kind oflesa to belongs to Mars or something doesn't

(45:08):
quite look that interactive. You've beenlistening to the Doctor Doug Ramsey Show.
Remember you can't make dough without Doug