18 Burst results for "Chris James"
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"So let's talk a little bit about engine number one. First, how did you get there from BlackRock? What led that transition? Yeah, so I left BlackRock's very large. I wanted to do a little bit more innovation and I think sometimes the biggest firms are great, but they can't always lead from an innovation or change perspective. Right. So I spent a couple of years, I built an advisory firm and took a couple of years to decided, what was the next move? And I had some great did some great work with a number of large wealth in RA firms that were going through an M and a or selling themselves process. Did some work on impact investing actually led me to ethic and joined the mankind board. But decided I was I was definitely going to be a builder that there was this opportunity to do something different than traditional mutual fund and passive ETF. And so I started looking for what would be the thing I wanted to build with partners. And then I met Chris James. And did you launch engine number one or did you join him when it was already existing? We launched it together, but Chris is going back before we started the firm. So Chris James is our founder at engine number one and Chris background is hedge fund and private fund investments. And what he's really known for is he's known for taking an extremely long view on something and doing the work to say, where's the opportunity as you go through a huge transformation or transition. So Chris was hard at work on this. And wanted to reach into the well space. So rather than just doing products that were private and you could help institutions invest. What could we do that was broad and into the wealth space. So I joined him to collaborate given my background on that side of the business. And the idea of engine number one is just to help people benefit from these huge transitions and transformations that are very much not the backwards looking. Look, Google on Amazon got great. Our portfolios have a lot of growth in tech. Great. There's a lot of money to be made in the energy transition, transportation, agriculture, and so really the idea of the firm is to be able to look forward, find mispricing and make money as we go through these huge changes. The firm's name is intriguing, where does engine number one come from? The first firehouse in San Francisco is actually a couple of blocks from our office. And in talking about what we were trying to do, which is maybe it's grandiose. But if you think about it, like capitalism works and what we were agitated about is we saw the market, you have ESG over here, very small. We think old school ESG is not does not work. We have a strong view on that and come back to that. Indexing, too many shares are locked up in indexes, index don't vote their shares. And then maybe most important of all, we're going to need a General Motors and a Ford to actually be able to do this huge transition from internal combustion to battery electric vehicles. And so actually the firehouse is the center of the community. And if you think about how a community survives, the firehouse is the center, the community takes care of itself, a well run business, really should be as simple as sort of taking care of the environment it's in being aware of it. And in public markets, that means you also have to be able to adapt and manage through change. So tell us a little bit about the strategies you guys employ. What are your key focuses? How do you deploy capital? Yeah, we as a business, we run an alts business, and then we run the ETF platform. So if you think about it very simply, these huge ideas about transition and transformation and how to make money are very common across what we do, but we have two businesses. And the big ideas are these transitions and transformations and how do you take advantage. And so when we look at public companies, we look at every single company and we look at what their path is through time. So I think this is one of the problems with a lot of investment strategies right now as they're looking to short term. And then we build the impact or externality data. We just build it into the financial model, right? Because the data is out there, particularly on governance, particularly on environmental issues. And when we do that, in these sectors that are in transition, let's take energy, for example. If you're an oil and gas company and you don't account for the emissions that you're dealing with and you don't decrease them over time, you're going to have a problem. And we saw this when we started building the business that a lot of these companies were heading towards zero terminal value. So let's take Exxon, for example. Where if you take Exxon and Exxon keeps doing long dated fossil fuel projects and has no plan to reduce emissions at any point in time and has no plans to develop a green business, well that's not very good for Exxon stock. When we get to 7 or ten years out. And so we see a lot of these opportunities where it's just math. The capitalist system is supposed to have the company govern itself so that it's making money through time. It has a longer duration of business and it has a higher value. And that's the kind of the way that we work in everything that we do. So you mentioned environmental issues and impact. You mentioned governance, this sounds a lot like two thirds of ESG. Yeah, we think the way people use that label is a little bit problematic. So people often use that label looking backwards. Flush that out a little more because when I hear someone mention ESG, I typically think of an investor and for the most part, as we go through this generational wealth transfer, and you do surveys of investors, a husband passed away, the wife tends to be much more empathetic with issues of equality and environmental concerns and the next generation is much more concerned. So it seems like there is a desire to express those beliefs in their portfolios. Why does that not work with the SJ? Yeah, I mean, I guess our view on that would be you can always express values in a portfolio. But if you're going to express values in a portfolio, say that I am expressing my values in the portfolio, which is different than the core concept of managing money over time is generally for the person that's doing the managing is to be a fiduciary and drive good outcomes and strong returns. And for, in general, for the investor, is to drive returns over time. And so the way we think about it is really you can do that. And any business that is
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"So let's talk a little bit about engine number one. First, how did you get there from BlackRock? What led that transition? Yeah, so I left BlackRock's very large. I wanted to do a little bit more innovation and I think sometimes the biggest firms are great, but they can't always lead from an innovation or change perspective. Right. So I spent a couple of years. I built an advisory firm and took a couple of years to decided, what was the next move? And I had some great did some great work with a number of large wealth in RA firms that were going through an M and a or selling themselves process. Did some work on impact investing actually led me to ethic and joined the mankind board. But decided I was I was definitely going to be a builder that there was this opportunity to do something different than traditional mutual fund and passive ETF. And so I started looking for what would be the thing I wanted to build with partners. And then I met Chris James. And did you launch engine number one or did you join in when it was already existing? We launched it together, but Chris is going back before we started the firm. So Chris James is our founder at engine number one and Chris background is hedge fund and private fund investments. And what he's really known for is he's known for taking an extremely long view on something and doing the work to say, where's the opportunity as you go through a huge transformation or transition. So Chris was hard at work on this. And wanted to reach into the well space. So rather than just doing products that were private and you could help institutions invest. What could we do? That was broad and into the wealth space. So I joined him to collaborate given my background on that side of the business. And the idea of engine number one is just to help people benefit from these huge transitions and transformations that are very much not the backwards looking. Look, Google on Amazon got great our portfolios have a lot of growth in tech. Great. There's a lot of money to be made in the energy transition, transportation, agriculture, and so really the idea of the firm is to be able to look forward, find mispricing and make money as we go through these huge changes. The firm's name is intriguing, where does engine number one come from? The first firehouse in San Francisco is actually a couple of blocks from our office. And in talking about what we were trying to do, which is maybe it's grandiose. But if you think about it, like capitalism works and what we were agitated about is we saw the market, you have ESG over here, very small. We think old school ESG is not does not work. We have a strong view on that and come back to that. Indexing, too many shares are locked up in indexes, index don't vote their shares. And then maybe most important of all, we're going to need a General Motors and a Ford to actually be able to do this huge transition from internal combustion to battery electric vehicles. And so actually the firehouse is the center of the community. And if you think about how a community survives, the firehouse is the center, the community takes care of itself, a well run business, really should be as simple as sort of taking care of the environment it's in being aware of it. And in public markets, that means you also have to be able to adapt and manage through change. So tell us a little bit about the strategies you guys employ. What are your key focuses? How do you deploy capital? Yeah, we, as a business, we run an alts business, and then we run the ETF platform so that if you think about it very simply, these huge ideas about transition and transformation and how to make money are very common across what we do, but we have two businesses. And the big ideas are these transitions and transformations and how do you take advantage. And so when we look at public companies, we look at every single company and we look at what their path is through time. So I think this is one of the problems with a lot of investment strategies right now as they're looking to short term. And then we build the impact or externality data. We just build it into the financial model, right? Because the data is out there, particularly on governance, particularly on environmental issues. And when we do that, in these sectors that are in transition, let's take energy, for example. If you're an oil and gas company and you don't account for the emissions that you're dealing with and you don't decrease them over time, you're going to have a problem. And we saw this when we started building the business that a lot of these companies were heading towards zero terminal value. So let's take Exxon, for example. Where if you take Exxon and Exxon keeps doing long dated fossil fuel projects and has no plan to reduce emissions at any point in time and has no plans to develop a green business, well that's not very good for Exxon stock when we get to 7 or ten years out. And so we see a lot of these opportunities where it's just math. The capitalist system is supposed to have the company and govern itself so that it's making money through time. It has longer duration of business and it has a higher value. And that's the kind of the way that we work in everything that we do. So you mentioned environmental issues and impact. You mentioned governance, this sounds a lot like two thirds of ESG. Yeah, we think the way people use that label is a little bit problematic. So people often use that label looking backwards. Flesh that out a little more, because when I hear someone mention ESG, I typically think of an investor and for the most part, as we go through this generational wealth transfer, and you do surveys of investors, a husband passed away, the wife tends to be much more empathetic with issues of equality and environmental concerns and the next generation is much more concerned. So it seems like there is a desire to express those beliefs in their portfolios. Why does that not work with the SJ? Yeah, I mean, I guess our view on that would be you can always express values in a portfolio. But if you're going to express values in a portfolio, say that I am expressing my values in the portfolio, which is different than the core concept of managing money over time is generally for the person that's doing the managing is to be a fiduciary and drive good outcomes and strong returns. And for, in general, for the investor, is to drive returns over time. And so the way we think about it is really you can do that. And any business that is going to survive over time has to be sustainable has to address or basically cover their impacts, right? After the cost of capital so that they can be profitable over time. So instead of thinking ESG means its values based, I don't like the company, they're bad. I'm going to screen them out of my portfolio. We don't think that's a great way to manage your core portfolio over time. We think the better way is you simply have to engage with the companies to make sure that they're most material impacts. That's financial data, right? That's risk data if you don't manage your emissions as an oil and gas company. And so let's build that into just investing to make returns. As opposed to this special class, which values base and ESG
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"Talk a little bit about engine number one. First, how did you get there from BlackRock? What led that transition? Yeah, so I left BlackRock's very large. I wanted to do a little bit more innovation and I think sometimes the biggest firms are great, but they can't always lead from an innovation or change perspective. Right. So I spent a couple of years. I built an advisory firm and took a couple of years to decided. What was the next move? And I had some great did some great work with a number of large wealth in RA firms that were going through an M and a or selling themselves process. Did some work on impact investing, actually led me to epic and joined the mankind board. But decided I was I was definitely going to be a builder that there was this opportunity to do something different than traditional mutual fund and passive ETF. And so I started looking for what would be the thing I wanted to build with partners. And then I met Chris James. And did you launch engine number one or did you join him when it was already existing? We launched it together, but Chris is going back before we started the firm. So Chris James is our founder at engine number one and Chris background is hedge fund and private fund investments. And what he's really known for is he's known for taking an extremely long view on something and doing the work to say, where's the opportunity as you go through a huge transformation or transition. So Chris was hard at work on this. And wanted to reach into the wealth space. So rather than just doing products that were private and you could help institutions invest. What could we do? That was broad and into the wealth space. So I joined him to collaborate given my background on that side of the business. And the idea of engine number one is just to help people benefit from these huge transitions and transformations that are very much not the backwards looking. Look, Google and Amazon got great. Our portfolios have a lot of growth in tech. Great. There's a lot of money to be made in the energy transition, transportation, agriculture, and so really the idea of the firm is to be able to look forward, find mispricing and make money as we go through these huge changes. The firm's name is intriguing, where does engine number one come from? The first firehouse in San Francisco is actually a couple of blocks from our office. And in talking about what we were trying to do, which is maybe it's grandiose. But if you think about it, like capitalism works and what we were agitated about is we saw the market, you have ESG over here, very small. We think old school ESG is not does not work. We have a strong view on that and come back to that. Indexing, too many shares are locked up in indexes index don't vote their shares. And then maybe most important of all, we're going to need a General Motors and a Ford to actually be able to do this huge transition from internal combustion to battery electric vehicles. And so actually the firehouse is the center of the community. And if you think about how a community survives, the firehouse is the center, the community takes care of itself, a well run business, really should be as simple as sort of taking care of the environment it's in being aware of it. And in public markets, that means you also have to be able to adapt and manage through change. So tell us a little bit about the strategies you guys employ. What are your key focuses? How do you deploy capital? Yeah, we, as a business, we run an alts business, and then we run the ETF platform. So if you think about it very simply, these huge ideas about transition and transformation and how to make money are very common across what we do, but we have two businesses. And the big ideas are these transitions and transformations and how do you take advantage. And so when we look at public companies, we look at every single company and we look at what their path is through time. So I think this is one of the problems with a lot of investment strategies right now as they're looking to short term. And then we build the impact or externality data. We just build it into the financial model, right? Because the data is out there, particularly on governance, particularly on environmental issues. And when we do that, in these sectors that are in transition, let's take energy, for example. If you're an oil and gas company and you don't account for the emissions that you're dealing with and you don't decrease them over time, you're going to have a problem. And we saw this when we started building the business that a lot of these companies were heading towards zero terminal value. So let's take Exxon, for example. Where if you take Exxon and Exxon keeps doing long dated fossil fuel projects and has no plan to reduce emissions at any point in time and has no plans to develop a green business, well that's not very good for Exxon stock when we get to 7 or ten years out. And so we see a lot of these opportunities where it's just math. The capitalist system is supposed to have the company govern itself so that it's making money through time. It has a longer duration of business and it has a higher value. And that's the kind of the way that we work in everything that we do. So you mentioned environmental issues and impact. You mentioned governance, this sounds a lot like two thirds of ESG. Yeah, we think the way people use that label is a little bit problematic. So people often use that label looking backwards. Flesh that out a little more, because when I hear someone mention ESG, I typically think of an investor and for the most part, as we go through this generational wealth transfer, and you do surveys of investors, a husband passed away, the wife tends to be much more empathetic with issues of equality and environmental concerns and the next generation is much more concerned. So it seems like there is a desire to express those beliefs in their portfolios. Why does that not work with the SJ? Yeah, I mean, I guess our view on that would be you can always express values in a portfolio. But if you're going to express values in a portfolio, say that I am expressing my values in the portfolio, which is different than the core concept of managing money over time is generally for the person that's doing the managing is to be a fiduciary and drive good outcomes and strong returns. And for, in general, for the investor, is to drive returns over time. And so the way we think about it is really you can do that. And any business that is
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"Let's talk a little bit about engine number one. First, how did you get there from BlackRock? What led that transition? Yeah, so I left BlackRock's very large. I wanted to do a little bit more innovation and I think sometimes the biggest firms are great, but they can't always lead from an innovation or change perspective. Right. So I spent a couple of years. I built an advisory firm and took a couple of years to decided, what was the next move? And I had some great did some great work with a number of large wealth in our a firms that were going through an M and a or selling themselves process. Did some work on impact investing, actually led me to epic and joined the mankind board. But decided I was I was definitely going to be a builder that there was this opportunity to do something different than traditional mutual fund and passive ETF. And so I started looking for what would be the thing I wanted to build with partners. And then I met Chris James. And did you launch engine number one or did you join him when it was already existing? We launched it together, but Chris is going back before we started the firm. So Chris James is our founder at engine number one and Chris background is hedge fund and private fund investments. And what he's really known for is he's known for taking an extremely long view on something and doing the work to say, where's the opportunity as you go through a huge transformation or transition. So Chris was hard at work on this. And wanted to reach into the wealth space. So rather than just doing products that were private and you could help institutions invest. What could we do? That was broad and into the wealth space. So I joined him to collaborate given my background on that side of the business. And the idea of engine number one is just to help people benefit from these huge transitions and transformations that are very much not the backwards looking. Look, Google and Amazon got great. Our portfolios have a lot of growth in tech. Great. There's a lot of money to be made in the energy transition, transportation, agriculture, and so really the idea of the firm is to be able to look forward, find mispricing and make money as we go through these huge changes. The firm's name is intriguing, where does engine number one come from? The first firehouse in San Francisco is actually a couple of blocks from our office. And in talking about what we were trying to do, which is maybe it's grandiose. But if you think about it, like capitalism works and what we were agitated about is we saw the market, you have ESG over here, very small. We think old school ESG is not does not work. We have a strong view on that and come back to that. Indexing, too many shares are locked up in indexes, index don't vote their shares. And then maybe most important of all, we're going to need a General Motors and a Ford to actually be able to do this huge transition from internal combustion to battery electric vehicles. And so actually the firehouse is the center of the community. And if you think about how a community survives, the firehouse is the center, the community takes care of itself, a well run business, really should be as simple as sort of taking care of the environment. It's in being aware of it. And in public markets, that means you also have to be able to adapt and manage through change. So tell us a little bit about the strategies you guys employ, what are your key focuses? How do you deploy capital? Yeah, we as a business, we run an alts business, and then we run the ETF platform. So if you think about it very simply, these huge ideas about transition and transformation and how to make money are very common across what we do, but we have two businesses. And the big ideas are these transitions and transformations and how do you take advantage. And so when we look at public companies, we look at every single company and we look at what their path is through time. So I think this is one of the problems with a lot of investment strategies right now as they're looking to short term. And then we build the impact or externality data. We just build it into the financial model, right? Because the data is out there, particularly on governance, particularly on environmental issues. And when we do that, in these sectors that are in transition, let's take energy, for example. If you're an oil and gas company and you don't account for the emissions that you're dealing with and you don't decrease them over time, you're going to have a problem and we saw this when we started building the business that a lot of these companies were heading towards zero terminal value. So let's take Exxon, for example. Where if you take Exxon and Exxon keeps doing long dated fossil fuel projects and has no plan to reduce emissions at any point in time and has no plans to develop a green business, well that's not very good for Exxon stock. When we get to 7 or ten years out. And so we see a lot of these opportunities where it's just math. The capitalist system is supposed to have the company govern itself so that it's making money through time. It has longer duration of business and it has a higher value. And that's the kind of the way that we work in everything that we do. So you mentioned environmental issues and impact. You mentioned governance, this sounds a lot like two thirds of ESG. Yeah, we think the way people use that label is a little bit problematic. So people often use that label looking backwards. Flesh that out a little more because when I hear someone mention ESG, I typically think of an investor and for the most part, as we go through this generational wealth transfer, and you do surveys of investors, a husband passed away, the wife tends to be much more empathetic with issues of equality and environmental concerns and the next generation is much more concerned. So it seems like there is a desire to express those beliefs in their portfolios. Why does that not work with the SJ? Yeah, I mean, I guess our view on that would be you can always express values in a portfolio. But if you're going to express values in a portfolio, say that I am expressing my values in the portfolio, which is different than the core concept of managing money over time is generally for the person that's doing the managing is to be a fiduciary and drive good outcomes and strong returns. And for in general, for the investor, is to drive returns over time. And so the way we think about it is really you can
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"A volume game with them. So James talked to the CEO of Sotheby's about their whole luxury strategy, which is really evolved in the past couple of years. It's interesting because for a while, quote unquote luxury was something that was very much less than less prestigious, less interesting, less volume, less room for growth than art for a lot of these auction houses. And they realized relatively recently that actually this was a huge growth market that they could really tap into. And that coincided with of course a lot of people bored at home during COVID buying stuff. And there was a supply shock, right? Yeah. If everyone all of a sudden has extra money because they're not spending it on travel or restaurants and everyone decides that you know what they're going to treat themselves to a fancy watch. Well, there's only a finite number of fancy watches out there as Chris can talk about. So ultimately, auction houses became a major beneficiary of people realizing that if they wanted a fancy watch they were going to have to buy a used one. And that has become not only a source of growth for these auction houses, but as a real strategy for the way that these auction houses are charting their course over the next couple of years. Gotta say, I can't wait for the coverage pursuits coverage in the coming year. It's always a fun thing and we love kind of sitting in here and just chatting with you guys all about it. It's looking forward to it. Thanks for having us. Yeah, thank you, happy new year. That's Bloomberg pursuits editor Chris rouser, along with arts columnist, James Tommy. Another amazing year of work from the entire team guys, and we really barely scratched the surface, Carol. Yeah, so much there to cover. Ticket all out online at Bloomberg dot com slash business week. Our deepest thanks to Chris James and all the other great individuals we get to work with, Jim gatti, kit crater, Hannah Elliot, and of course, are undercover reporter Brandon presser just to name a few. He's always worth a read. Always worth a giggle. And we just love reading your work and being able to bring it out to the world. You're listening to Bloomberg businessweek, coming up, we wrap up our new year's weekend programming with some final thoughts from
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"A volume game with them. So James talked to the CEO of Sotheby's about their whole luxury strategy, which is really evolved in the past couple of years. It's interesting because for a while, quote unquote luxury with something that was very much less than and less prestigious, less interesting, less volume, less room for growth than art for a lot of these auction houses. And they realized relatively recently that actually this was a huge growth market that they could really tap into and that coincided with of course a lot of people bored at home during COVID buying stuff. And there was a supply shock, right? Yeah. If everyone all of a sudden has extra money because they're not spending it on travel or restaurants and everyone decides that you know what they're going to treat themselves to a fancy watch. Well, there's only a finite number of fancy watches out there as Chris can talk about. So ultimately, auction has became a major beneficiary of people realizing that if they wanted a fancy watch they were going to have to buy a used one. And that has become not only a source of growth for these auction houses, but as a real strategy for the way that these auction houses are charting their course over the next couple of years. Gotta say, I can't wait for the coverage pursuits coverage in the coming year. It's always a fun thing and we love kind of sitting in here and just chatting with you guys all about it to looking forward to it. Thanks for having us. Yeah, thank you, happy new year. That's Bloomberg pursuit senator Chris rouser, along with arts columnist, James Tommy. Another amazing year of work from the entire team guys, and we really barely scratched the surface, Carol. Yeah, so much there to cover. Ticket all out online at Bloomberg dot com slash business week. Our deepest thanks to Chris James and all the other great individuals we get to work with, Jim gatti, kick crater, Hannah Elliott. Of course, our undercover reporter Brandon presser just to name a few. He's always worth a read. Always worth a giggle. And we just love reading your work and being able to bring it out to the world. You're listening to Bloomberg businessweek, coming up, we wrap up our new year's weekend programming with some final thoughts from the editor of the magazine, Joe Weber. This is Bloomberg. There's so much news happening around the world that were somehow supposed to stay on top of. That's why we launched the big take. It's a daily podcast from Bloomberg and iHeartRadio that turns down the volume of it to give you some space to think. I'm west
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"A volume game with them. So James talked to the CEO of Sotheby's about their whole luxury strategy, which is really evolved in the past couple of years. It's interesting because for a while, quote unquote luxury with something that was very much less than and less prestigious, less interesting, less volume, less room for growth than art for a lot of these auction houses. And they realized relatively recently that actually this was a huge growth market that they could really tap into. And that coincided with the course a lot of people bored at home during COVID buying stuff. And there was a supply shock, right? Yeah. If everyone all of a sudden has extra money because they're not spending it on travel or restaurants and everyone decides that you know what they're going to treat themselves to a fancy watch. Well, there's only a finite number of fancy watches out there as Chris can talk about. So ultimately, auction has this became a major beneficiary of people realizing that if they wanted a fancy watch they were going to have to buy a used one. And that has become not only a source of growth for these auction houses, but as a real strategy for the way that these auction houses are charting their course over the next couple of years. You gotta say, I can't wait for the coverage pursuits coverage in the coming year. It's always a fun thing and we love kind of sitting in here and just chatting with you guys all about it. It's looking forward to it. Thanks for having us. Yeah, thank you, happy new year. That's Bloomberg pursuits editor, Chris rouser, along with arts columnist, James Tommy. Another amazing year of work from the entire team guys, and we really barely scratched the surface, Carol. Yeah, so much there to cover. Ticket all out online at Bloomberg dot com slash business week. Our deepest thanks to Chris James and all the other great individuals we get to work with, Jim gatty, Kate crater, Hannah Elliott and of course, are undercover reporter Brandon presser just to name a few. He's always worth a read. Always worth a giggle. And we just love reading your work and being able to bring it out to the world. You're listening to Bloomberg businessweek, coming up, we wrap up our new year's weekend programming with some final thoughts from the editor of the magazine
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"The good news is it's there and it's not going anywhere. Well, speaking of something that's there and finally back is the Venice Biennale. Long delayed due to COVID, you got to go there as well. How were the themes this year in terms of how they're thinking about the year? Let me just say that the Venice Biennale is why I have stayed an archer list. It is absolutely the most fun because they turn over the entire city of Venice to art. So you get to go into these private homes. You've got to see all of the most cutting edge artworks which countries from around the world have brought. You get to traipse through the giardini looking at these different pavilions filled with different national efforts. It's a huge deal. And beyond it simply being fun, it's actually super, super, super important because what it does is it charts basically the way that the rest of the art world is going to go for the next several years. It's a way of seeing what's going to be next. So for a while, the R world had been really inward looking, or maybe not even inward looking in the art world itself, but inward looking on the people who are making the art. Very much about identity politics, very much about nationality and background and biography. That has really begun to change. First, it began to change in Venice, and now we're actually seeing it change in the art market itself. In Venice, it was all about the future. It was about ecology. It was about climate change, very, very interesting because it was trying to take an artistic perspective and really apply it to something that affects everyone. And sometimes it was successful and sometimes it wasn't, but it was very different than what we've been seeing for a while. There is one story I want to get to that you did. This past year, James, and I feel like this is near and deer also too, Chris, and this has to do with watches, Sotheby's, Pablo Picasso. So Chris first of all, this story, I mean, watches, you guys do a lot of coverage. We know you love them. But they have become quite the investment. Watches have had a kind of up and down year this year. They became huge in the past couple of years on the secondary market, which is people buying pre owned watches online or at auction. And that was partially fueled by the crypto craze. It was very much like a speculation and also a pride thing. And prices have softened in the second half of the year, which is good, I think. But Christie's and Sotheby's in the other auction houses have really started focusing on luxury because the whole secondhand market from bags to cars, to watches, to jewelry, has really, really boomed. And they don't make as much money on a particular piece, like a patek is not going to go up for as much as a Picasso, but there's a lot more protects out there than there are picassos and it's easier to play a volume game with them. So James talked to the CEO of Sotheby's about their whole luxury strategy, which is really evolved in the past couple of years. It's interesting because for a while, quote unquote luxury was something that was very much less than and less prestigious, less interesting, less volume, less room for growth than art for a lot of these auction houses. And they realized relatively recently that actually this was a huge growth market that they could really tap into. And that coincided with, of course, a lot of people bored at home during COVID buying stuff. And there was a supply shock, right? Yeah. If everyone all of a sudden has extra money because they're not spending it on travel or restaurants and everyone decides that you know they're going to treat themselves to a fancy watch. Well, there's only a finite number of fancy watches out there as Chris can talk about. So ultimately, auction has this became a major beneficiary of people realizing that if they wanted a fancy watch they were going to have to buy a used one. And that has become not only a source of growth for these auction houses, but as a real strategy for the way that these auction houses are charting their course over the next couple of years. Got to say, I can't wait for the coverage pursuits coverage in the coming year. It's always a fun thing and we love kind of sitting in here and just chatting with you guys all about it. It's looking forward to it. Thanks for having us. Yeah, thank you, happy new year. That's Bloomberg pursuit senator Chris rouser, along with arts columnist, James Tommy. Another amazing year of work from the entire team guys, and we really barely scratched the surface, Carol. Yeah, so much there to cover. Take it all out online at Bloomberg dot com slash business week. Our deepest thanks to Chris James and all the other great individuals we get to work with, Jim gatti, kick crater, Hannah Elliott, of course, our undercover reporter Brandon presser just to name a few. He's always worth a read. Always worth a giggle. And we just love reading your work and being able to bring it out to the world. You're listening to Bloomberg businessweek, coming up, we wrap up our new year's weekend programming with some final thoughts from the editor of the magazine
Bloomberg Radio New York
"chris james" Discussed on Bloomberg Radio New York
"Is Bloomberg radio. Now a global news update. An abortion ban that dates back to 1901 even before Arizona became a state is now in effect in the state. Brad Siegel has more. On Friday, a judge lifted an injunction on the state's territory era law, which bans abortions even in cases of rape or incest. Now, abortions will only be offered if the mother's life is in danger. Following the ruling, gubernatorial candidate Katie Hobbs released a statement calling the law draconian and said not having exemptions for rape or incest will have dire consequences on women's health. Attorney general Mark brnovich tweeted out, we applaud the court for upholding the will of the legislature and providing clarity and uniformity on this important issue. I'm Brad Siegel. The White House is condemning the ruling, press secretary karine Jean Pierre called the potential consequences catastrophic dangerous and unacceptable in a weekend statement she said the ruling will set women in the state back more than a century. Federal intelligence officials are continuing their review of top secret documents seized from former president Trump's Florida home, a spokesperson for the director of national intelligence, says the focus will be to determine national security implications if sensitive documents were improperly stored. Efforts by federal officials to comb through the documents had previously been halted by a federal judge. A New York City judge says Rudy Giuliani is in contempt of court and could be arrested if he doesn't make a payment to his ex-wife. Judith Giuliani says the 78 year old former mayor owes her $225,000. He says he only owes her about 50,000. A boy who was seriously injured during a mass shooting at a 4th of July parade and highland park Illinois is now home. 8 year old Cooper Roberts suffered a broken vertebra severe spinal cord injury and paralysis from being shot. He spent several months at a rehab facility, a GoFundMe page set up for Robert's medical and financial needs, has raised $2 million so far. NASA is putting Tuesday's scheduled launch of its Artemis one mission on hold as Florida braces for tropical storm Ian, it's the third time the launch for the unmanned moon mission has been delayed following technical issues in late August and early September. I'm Chris. James Earl Jones is retiring from Star Wars after 45 years of voicing Darth Vader, Jones announced he's officially signed his voice rights over to LucasFilm. Now sound editors will use archival recordings and an AI program to create new dialog with his iconic voice. This method has already been used in the Star Wars franchise to recreate the voice of a young Luke Skywalker and to mimic Darth Vader's voice in the new show Obi-Wan Kenobi. Jones has given his blessing for LucasFilm to use his signature voice in future Star Wars content, even those made after his own passing. Taylor Swift is denying rumors that she's performing at this year's Super Bowl halftime show. Brian shook has more. Rumors were flying on social media that swift would be performing at the show after fans thought the NFL was hinting at her being this year's big performer. The singer released this statement on Friday confirming she was asked to perform at Super Bowl 56 but turned down the offer to focus on her music. Swift said she's open to the idea in the future, but the timing of this year's game wouldn't work with her recording schedule. I'm Brian shook. Sylvester Stallone and Jennifer flavin are deciding to halt their divorce after 25 years of marriage, for even filed for divorce this August, claiming Stallone purposefully engaged in intentional dissipation, depletion and or waste of marital assets. The actor denied those allegations and is representative announced on Friday that the couple was able to talk through their differences and are going to try again, Stallone did previously admit his purchase of a new pet rottweiler caused tea and flavin to butt heads, but denied rumors that the dog was the reason for the divorce filing. The mega millions jackpot keeps getting bigger, a lot of the officials say no one picked all 6 numbers in last night's drawing. That means Tuesday's jackpot in the multi state lottery game will be worth 325 million. Friday's numbers were 5, 50, 53, 58, 64, and the mega number was 22. And in music history news on this date back in 1957, Elvis Presley released the single jailhouse rock. The film clip from the movie where he sang the song is considered by many historians to be the first rock video. I'm Chris. And I've Denise Pellegrini in the Bloomberg newsroom. We'll see if stocks could regain some ground going into the new trading week. Worries about interest rate hikes and inflation triggering this past week sell off. And one place here not seeing much inflation these days. Is the used car lot. Brian moody is executive editor at Kelley blue book. He says it's all about supply and demand right now. There just are more used cars available. Meantime, why AA CEO's chefs that says all this is putting buyers in the driver's seat on these used car transactions. Wholesale used car prices have declined a lot and by a lot, I mean double digits in the past three months. Ultimately, that has led to an incredible opportunity for retail customers, mu and me to go negotiate card deals. And a full on U.S. recession would trigger an even bigger drop in used vehicle prices. New York City preparing for its first ever sale of bonds explicitly earmarked to tackle social issues. More on that from Bloomberg's Larry kowalski. Denise, a $1.4 billion bond sale planned for next month includes $400 million to address the city's deepening housing crisis. The mayor's office says the proceeds are expected to finance more than 3000 affordable housing units. The remaining $950 million will be used for general capital purposes. Denise, thank you, Larry, security being beefed up at New York City's synagogues for the high holidays. The NYPD says there will also be additional security that you don't see. A New York Republican gubernatorial candidate Lee zeldin sees a road to victory through Brooklyn. He's the underdog in the race against incumbent Democrat Kathy hochul. But The New York Times says Zelda was treated like a rockstar
Capitalisn't
"chris james" Discussed on Capitalisn't
"He's not factoring in the political consequences of his own action now. I might be a little bit conspiratorial here. But the degree of attention that his pamphlet received is quite impressive right because was quoted by the economists by this but and so whenever something comes out of the blue and receive so much attention. I use the old fashioned. Latin census coup proudest who benefits from it. Because generally this kind of publicity publicity is done to somebody that plays a positive role in interest of somebody. I think that what he's doing is tikey fantastic service to people like exxon who are terrified. You know that chevron went and talked to chris james in advance because was afraid that crease james play the same tweak with that chevron so big oil companies are sorry my expression peeing their pants about what is going to happen and these of tariff fancy is music to their ear because is useless. In fact is counterproductive. We should go back to the award. Wait for big brother. Two plays the role. Now that is a conspiracy theory that had occurred even my conspiratorial brain. So that's that's impressive. And much whether you are conspiracy theory or my dystopia and fantasy of governments handing out passes to allow us to drive our cars. It's more believable. Actually gonna go with yours. I doubt i doubt that. I doubt that it's deliberate on his part. But i would very much doubt that it's delivered on his part. But you're right that you can certainly see it as serving the interests of big companies. That don't want to have to change by saying. Oh wow well. we don't have to do anything at all. That make the government. Do it. And i do sorry. Sorry i'm not saying deliberate spot and saying that the f. e. so concerned about the political consequences or what you're doing. He should be the first one to allies the political consequence. What he's doing. yeah. I i understand. I understand that point if you were to take his point of view. It's logical extreme. you'd say companies to stop pretending it all and just go back to the old world of what whatever makes money and that does bring us her. We started to your to your point. Maybe then that is actually worse than allowing the status quo continue. I guess i'd say i guess. Say they both have costs. And i'm not sure which costs are worse. I agree on that. Have.
American Outdoor News Magazine
"chris james" Discussed on American Outdoor News Magazine
"Podcast. Today we have chris james. Vpn sales for verizon outdoors. Chris thanks for coming on extravagant curious. I appreciate the opportunity affair. Done has so many products such a diverse company but specifically today. We're going to speak about the axe crossbow. Win really is a game changer. Yeah it's a it's a really unique technology and a lot of things kinda rolled up into one package there We really tried to do something different in the crossbow. Game when we came out with it. And i think it really is. You know the the slowest performance optimized. And that's really what we were trying to stop the buys everything you get out of that. Crossbow proprietary Cam system on the job. What makes it different You know the the way that the way that the cable hangers in in a way the cans work Keep it from having cam. Lean and so it's a lot. More efficient can so the the amount of efficiency machine called the instrument machine that tests the efficiency of the cam. And so it's it's one of the highest efficiency cams that's made and the fact that you don't get any cam because the way those cable hangers work Make sure that it. It's that string is going perfectly parallel to that rail every single top. Okay so you get every ounce of energy when you pull that trigger. Exactly everything's there and then it's also a rail is designed. So there's there's no relatives riding on it's just like the vertical boat. It still has the archer's paradox for that. The ball does actually flexing as it's going along which helps the which helps the accuracy quite a bit as well. Now this is a reverse limb system kinda like How what horton came out with years ago. Yep now what are the advantages of a verse limb system. Well you a couple of things. One can be shorter boat to get the same amount of draw. Draw stroke if you will so the power stroke of it. How far goes forward before that string stops with the traditional bow. You're gonna have you know four to six inches between where the string stops in the front of the crossbow is actually at yep with the with the ax. You have maybe three or four inches. You know because you have the stirrup put out there maybe eight your ten inches but the actual bullet silk were the were the rail stops in your your grips at is right underwear the string stop so you can get a much more compact bo known that has a has a better center of gravity than you do with the traditional bow with a traditional crossbow. You have all of the way on the front of it. So all your your and your games and everything's on the front of the bill and it's basically a lever so it's making it feel even heavier by having it all there on the front in the lot the longer that it is the more amplifies that so by having shorter more compact bow in by having the rouser. Sit over top of your hands. You're shooting everything is based over the top of your strong dominant arm in. It's tucked up against your body as opposed to be way out front of you so you can all you can actually shoot that ball I could probably shoot it as well. One hand is a lot of people shoot a traditional crossbow. Odd to hand it because you can just hold it so steady up against your body That it's it's it's just a really balanced a good feeling crossbow. And don't let the mass wait. Oh you you know. It's i think it's a little over nine pounds. In comparison to some of the bows out there that are seven pounds or or six pounds. That that that sounds like. It's a lot a lot more weight but when you're actually holding it you can hold the acts a lot longer in lot steadier on target. Then you can one of those other bose because the so. It's like when you pick up a perfectly balanced rifle like a blazer is A little bit of a heavy gun but when you pick when you shoulder it waitress falls away. You don't use falls away. Yep exactly the same same thing is is going on with this crossbow in so you know it's one of those things you can't always just look at the paper specs. You have to actually go out and shoot one and try you know and then the other thing is. It's a lot quieter you know. The that design allows us to have a have a lot more substantial Rouser in the the frame of the the crossbow in the stock on with that reverse lamb. You're not you don't have all that vibration out on the end of that. That rouser kind of like a tune in for you actually have it all you. Have you have a lot more compact and so You can you can reduce vibration a lot more by doing that as well. It's such a compact though You could even maneuver in and out of the woods. Pretty quickly Without getting hung up I use a a cam lewis. Oh right now. That's pretty compact. This looks fuller. yup it is it is really small. You know when it's when it's on cotton you know one of the things is about this is you. You can walk into the woods where they don't cock in out of the woods with cock you never have to make any noise doing it so you're always gonna have that same profile and you have to worry about trying to be stealthy and in walking with a crossbow. Cocked on your back. It's got a lot of energy stored But yeah it really is. It is pretty small in the in the overall scheme of things you know if you compare it to you know a lot of your other crossbows it's going to be it's going to be Thing it's like thirteen or fourteen inches wide. i can't remember the exact top of my head. in the unconscious the four. Five continents Ten inches ten inches cog fourteen. On god's yup and the four forty is eleven and a half cocked and sixteen A little sixteen on cock which is still a relatively small crossbar. Yes yeah it really is in. You know the you know the overall length of it to you know they're fairly compact so those are those are some other things too not just the width of it. But the link of it and you do have that the footsteps so that you can actually lengthen it out a little bit or two so when you're maneuvering it around in a blonde. Having shorter having a shorter profile is a big deal Especially like i take my kids out with it in when you got two people inside of a blind you already got a lot going on and so having a having a lot lot smaller profile to turn it makes a big makes a big difference as well well. One of the things i noticed is that it's really loaded with features and I think something that everybody likes. It has the the Cocking mechanism we can crank it. Up a crossbows You gotta poll and You know cock at the in that manner but if you have shoulder issues or you're an older person The more weight you get up to like in the four or five is two hundred and ten pounds. That's a lot of way to pull back up with this cocking mechanism. You just roll it back and if you stop it's not gonna keep his not gonna rival is that's a great feature.
Capitalisn't
"chris james" Discussed on Capitalisn't
"I cared deeply about so if we open up a way. For investors to communicate their preferences to institutional investors is usually investment would be forced to to companies and that will have more of an impact than we expect. I think that the big risk that we saw usually under the trump administration with clayton at the sec. We will see what gansler does now. Is that the regulators can in the picture to stop this process because coppard does not want to be told what to do. They wanna make sure that you give them your money but you don't give them your voice because they like your money but don't let your opinions and what is the best way to do it. East to block this system of a proxy advisory proxy voting and or the staff and is basically to have a couple of small rules that change the ability of all of us to express our opinion. That's really interesting. Well then. I guess maybe we should be grateful. I think that chris james is launching this in the biden administration rather than in a republican administration which might have been more attempt to sneak little changes into some of the rules. That would have made it much harder for for this for this sort of tactic to tactics to succeed. But you can that an investment. Banking boardrooms everywhere. You remember back in the late. Nineteen thousand s when the whole defensive takeovers the greenmail thing was a whole strategy that every investment bank had you can bet. They're coming up with the chris. James strategy for how you prevent this from ever happening again to implement it company after company in the big law firms are all working on it any little any loophole that exist on us. Whether the fun part is they can't butte making crease ultimate strategy mo- successful because they go out scaring the hell out of the board members that's why they make money they go out and say oh. The war is ended. You need our advice too out to fight out to prevent out to do this out of that. But at least in part that strategy mass include do something for example for climate change. I hope i hope you're right. I tend to be a little bit more cynical but you know what we shall see. And i certainly wish him the best of luck capital into the podcast from the university of chicago stiegler center in collaboration with the chicago booth review. Also check out pro-market dot org a publication of the stiegler center. Don't forget to subscribe and we've reviewed a capital into wherever you get your buddy..
Capitalisn't
"chris james" Discussed on Capitalisn't
"I admit i was coming up a little short. Actually i don't think so so. Think about social media for example. If i typically chris james tragedies to say if you're doing something that society doesn't like eventually you're gonna add the government after you you're gonna have the consumer satisfied you're going to have the walkup. Complaining is now going to be a good business. Long-term that sees proposition. I would like to see the numbers to trust that. This is always the case or most of the time the case i would like to believe so i wear certainly in the very long term is hard to imagine that this is a great strategy in a sense is a border version and you heard the term of the net promoter. Score is a marketing concept. People have used with a lot of success is the difference between the customers that we love you and the customers that hate you and i think that industries that the bad companies particularly but also indicated that they low net promoter. Scores are right for change so comcast it probably not but as probably a super negative net promoter score because nobody likes comcast and actually i love matt stoller that came up and said the worst. The sentence in language is from comcast. And i'm here to help. But so that is an industry that you know that people are upset..
Capitalisn't
"chris james" Discussed on Capitalisn't
"Juan with a combination of make money and make good than josh read. Either make money make good. I think i'm still going to disagree with you. A little bit. And i wanna come back to the index fund issue. But my point was not that. This doesn't have a lot of utility chris. James model doesn't have a lot of utility for climate change. I think it does because arguably you make a very broad economic argument that if we don't fix climate change we're all screwed economically. I think what i heard chris say and my takeaway is that it is less broadly useful than than i might have thought going into the conversation. In other words climate change you could make an argument is an economic issue that is going to affect all of us other social issues. The link to the to the to the economics of it are not as clear and what i heard him say that he would not be interested in those sort of topics. So this isn't a mechanism for taking on social issues. As much as it is a mechanism for taking on social issues that also have broad and pretty obvious and pretty compelling pretty broadly compelling financial ramifications in that sense. It's a more limited strategy than i might have thought firsthand but i totally agree with you about about index funds. And i think that's part and parcel of this conversation. Which is larry think at blackrock. For instance has been very outspoken about the issue of climate change and this played right into something that that that that he already believed but chris himself was a little bit cynical about the idea that index funds were going to be forces for change rather than forces for the status quo. And so i think he understands what he's up against their that another words. The specific dynamics of the exxon mobil situation may be may be hard to repeat. I completely agree. I think that he was very smart in packaging the entire thing together in in the case. Xm board was particularly asleep at the wheel. But i think that what is important. Once you see a phenomenon like accent this will ever effect on all the major corporate boards. Because the ceos was to panic they are going to see out to prevent a future attack from his james. We're going to see a lot of people elise playing paying lip-service to the environment et cetera. In order to block even that. Is that a good or a bad thing. If we see more people playing web service to the idea more than more people actually doing something about it. We hope that the something behind lip service. This is what i think that. Ideally the press and academia should expose if they pay lip service but not with those substances. Have you ever wondered what goes on inside. A black hole.
Capitalisn't
"chris james" Discussed on Capitalisn't
"I think that the simplest idea is excellent was pulling manage and you could have two kinds of takeovers one that was maximizing profits and one that was maximizing something more than just the prophets like chris. James is doing and it looks like chris. James strategy is also very effective from a marketing point of view. Because i was reading that they had budgeted almost thirty million for the proxy fight and they ended up spending only twelve point. Five million which. It's a bargain now for your met for large investor toboggan and part of it is actually manically. Covid that you didn't need to travel to talk to so many people but the other that's mine too is that this strategy makes it more appealing to a lot of people and makes them more appealing because people do care about things other than just profits and not so sure about that. I thought after our conversation that the strategy was less revolutionary that appeared on the surface. I thought that chris was quite almost. Friedman ask in some of his final remarks where he said that the business of a company is is to make money. I don't think he was driving a wedge between the idea of making money in the idea of doing something good good for society. I think his point of view is that a lot of times. Those two things are aligned in the issue in our capital markets is more one of timing short term versus long term and as long as you can convince investors to be sufficiently long term oriented than the actions that engine number one wants to take. We'll be in the long term economic interests of the shareholders. But what. I did not hear him say in fact i heard him say he would not do. This was take on ideological or social issues. That didn't have the potential to make money or prevent a company from losing money. Either so even though what he's doing is really really interesting and i applaud it. I think it is actually more. Friedman ask them less friedman ask and i think it has less revolutionary than i had thought it i i partially agree with you and definitely the case that he wants to make money and that this is also a very good marketing strategy to raise money and make money and this is not passed him but i think one of the reason why it is such a good strategy is because some investors actually do care also about the environment imagined you can have two different investors running your money and one can be an old or doing a takeover of exxon and trying to restructure or to have chris james i think crease james looks more appealing today and is more likely to win a larger consensus by adding that strategy. In fact the crucial point is the reason why he was so successful is because the large index funds voted for him eventually so van god fidelity blackrock. Those guys count for a lot and they are shaped by a few people who make that decision and whether it is simply the iss and glass lewis of this war than the proxy advisory firms. All they are the governor's department or blackrock. If you people decide on the votes of millions of shoulders and they count for a lot and these people can be more easily..
Capitalisn't
"chris james" Discussed on Capitalisn't
"Last quick question for you and i know you have to go and it comes back to what we had talked about earlier. How much support do you think. There is broadly among investors for issues that are purely ideological that aren't economic in the end. I don't think it was a lot of support For items that are only ideological unless you can tie them back to economic outcomes you. The shareholders vote and shareholders to vote. What they think is in the best long-term interests of of the company but if you can't link ideological argument to an economic argument then it. It's probably not not something that that should be anyway so i think that linkage it occurs over the long term in many cases and therefore you can do that but i i don't i don't think there's there's Personally don't think there's a way to affect change in a duration. It's it's probably not the markets job to do that. Probably government's job to do that. If you can tie it to to economic terms that is great. Thank you very much for your time and now good luck with that strategy. We hope succeed. Okay thank you very much..
NEWS 88.7
"chris james" Discussed on NEWS 88.7
"Named Engine One recently claimed three seats on the board of directors for Exxon Mobil and in one is a group of activist investors with a goal of moving the energy company towards combating the climate crisis. Many of the world's energy companies have begun to scale back fossil fuel investments, though Exxon has doubled down on such deals, forecasting increasing demand for oil and gas for years to come and putting vast oil reserves on its balance sheet. But Exxon reported a $22 billion loss last year amid the economic slowdown from Covid 19. That loss and a lack of planning for the climate crisis has investors worried, prompting several investment companies to support engine one in their bid to move the board towards action on climate change. For more. I'm joined now by Andrew Logan, A senior director at the Sustainability nonprofit series. Andrew Logan. Welcome to living on Earth. Thanks for having me So tell me First, about Engine number one, the activist investment group that claimed these seats on the X on board. Who are they? And what are their goals here? Sure, well, entry number one didn't exist until about a year ago. So they're a new fund, though, started by two people Chris James and Charlie Pander, who have a long history as activists in more traditional corporate venues, But I think they saw an opportunity. Multiple climate change more generally, but with Exxon Mobil specifically to take those techniques that the sort of tactics they've honed over years to pressure companies that don't want to move and an opportunity to apply those to Exxon, a company that is is sort of famous for not wanting to move. So they are small fun. I think they have around $250 million under management. Which makes them about 1/1000 the size of ExxonMobil. So definitely a David versus Goliath kind of battle. But ultimately, you know, I think, as we saw this was a fight where size was not the most important variable Yeah, it is a real David and Goliath situation. But engine number one was supported in this effort by BlackRock Investments, which is the largest asset management company in the world, and the second largest holder of Exxon stock. Why did Black Rock put their weight behind this move towards cleaner energy? Yeah. I mean, I think what was powerful about the engine number one campaign is that it was not just about climate change, and it wasn't just about financial management, which are both areas where investigative had concerns with ExxonMobil's performance. But it really was about the intersection of the two really hitting at the idea that For any company, but certainly for an oil and gas company. You know, having a good strategy in the low carbon transition is really critical to being successful, you know financially, but you can't have one without the other. And while you know engine number one kind of launched on their own, and they had no support. At first they manage with that argument to build, you know significant support among some of the largest investors in the world over the course of the campaign, so starting with some big pension funds, like the California Teachers Retirement System, or the New York State Common Retirement System, and then as you say, you know, as we got closer to the annual meeting, picking up support from the legs of black Rock and even Vanguard, so I think it just goes to show that the argument that they put forward That climate change is a key financial risk and opportunity for oil and gas companies was able to get a lot of traction. It just makes financial sense as well as Ethical sense at this point, exactly. I mean, if they had gone out and launch store of a moral crusade, you know, saying that Exxon was about a company and they're out destroying the earth That wouldn't have gotten them very far. But, you know, going out and arguing that that Exxon was essentially destroying people's retirements because it wasn't taking climate change seriously, that proved to be much more powerful line of argument. So the activists now have three seats out of the 12 member board. But there's still outnumbered. What kind of influence can they really have moving forward? Do you think Well, that would be the big test of his whole strategy, because as you say they they are outnumbered on this board, and I think a lot will depend on how the remaining members of the board, you know, choose to view last week's vote, you know, I think if they're rational people, which one assumes they are, they have to see the vote, which which resulted in some of their colleagues literally being tossed out of their jobs. As a rebuke of the company's strategy on on climate change and really rebuke of the board as a whole. So you know, it would be logical for this board to really want to, we think and reassess. You know both the direction they're taking the company and but also, you know whether or not they are sufficiently independent from management because that that was certainly one of the main criticisms that was lobbed at them in this fight was that they were essentially You know, a tool of the CEO. So you know, While there are only two or three seats held by these activists, ultimately, we think the rest of the board will want to change tact as well. Otherwise, you know, we may find ourselves a year from now back at the annual meeting in the same position of seeing directors tossed out of their jobs. And what about pressure from the federal government? At this point? I mean, President Biden was recently touting how how great that all electric f 1 50 years. It seems, you know, the federal government is making a hard push away from traditional energy sources like oil and gas. Yes, And I think that was, you know, that was partly why this campaign was so successful. I think it really came at the right time. I think one of the things that X song has failed is to sort of keep track of the ways in which the world has changed around it. So not just on the policy front, And obviously, the the new administration has brought in a very different approach to energy. But just the way that the rest of the economy is changing and de carbonized just over the past, you know, year or so we've seen the sixth biggest banks in the U..
Native America Calling
Navajo COVID Surge, Native Veterans Honored, and Biden Win Heralded
"The national native news antonio gonzales the navajo department of health is warning residents of uncontrollable spread of covid nineteen and thirty four communities on the reservation navajo leaders and health professionals are urging residents to take precautions and stay home. The tribe has been hit hard by covid nineteen and saw the first wave peak in the spring strict measures including mandatory mask. Orders curfews and lockdowns are credited to numbers dropping in the summer and fall but his cases start to rise navajo leaders and health officials. Say they're prepared to take extreme action to help prevent the surge from surpassing the first one. Dr jill jim director of the navajo department of health during a virtual town hall this week says many of the cases have been linked to large gatherings and travel off the reservation as we were in many those were at our highest peak in may and at that time. Any what we. Experience is a complete shutdown for a number of much the tribes shutdown government offices and things like that but living in with kobe. Nineteen has teens and perception of how we need to respond has detained. But i'm bill what we experience in on. You never know we might have to do. Extreme mitigation listeners. On to ensure that we stop the spread of covid nineteen so and that will impact our healthcare system as of wednesday the total number of positive covid nineteen cases on the navajo nation. Where twelve thousand. Eight hundred and eighteen native veterans. Were honored wednesday. Virtual events were streamed online including a program to mark the completion of the national native american veterans memorial in washington dc mel sheldon councilman of the tulalip tribes. Who served in vietnam kicked off. The event recognizing veterans for their service. When i got back from vietnam. I was very proud to be a veteran. I was a helicopter pilot at nineteen. We flew in near cambodia and into cambodia and we should as best as we could coming home talking to other veterans knowing that we had done our job. It was a proud tradition for a lot of veterans coming. Home was not always easy and it was. The powwows are tribal communities. Put their arms around us to make us feel proud. Tampa's become hold again as those it were in combat. They were changed in a way that we could help them. He'll help them recover. The memorial is on the grounds of the national museum of the american indian it open to the public on wednesday and recognizes native veterans on a national level. Joe biden is making plans to take over. The federal government is president in preparing for his cabinet. Even as president trump fights the election and has not conceded. The biden harris transition team was announced this week and includes native americans. Kevin washburn chickasaw janey. Hip chickasaw in chris. James eastern band of cherokee washburn law professor and dean and is a former federal official hips leader in native american agriculture and has worked in washington. Dc james has held positions in the federal government and leads a national native economic development organization biden harris transition teams will review agencies to help with the smooth transfer of power tribal leaders and directors of national native organizations across the country recognizing the biden harris projected win and are prepared to move forward with the next administration this week. The alaska federation of natives released a statement of congratulations and said the af looks forward to working with the teams and seeing the new administration's initiatives next year. The national congress of american indians in a statement. Saturday said it looks forward to working with the team to ensure indian country priorities are addressed. I antonio's gonzales.