RUSH TRANSCRIPT Stuart waking ░░░░░░░░ to wokeness I like ░░░░░░░░ graphic Disney threatened with ░░░░░░░░ Bud Light style boycott ░░░░░░░░ a new partnership with ░░░░░░░░ social media influencer Take ░░░░░░░░ through this one Lauren ░░░░░░░░ partnered with Sean altman ░░░░░░░░ man biological man identifies ░░░░░░░░ a man but likes ░░░░░░░░ dress as a woman ░░░░░░░░ he is To promote ░░░░░░░░ s girls clothing He ░░░░░░░░ a TikTok video of ░░░░░░░░ are dressed as minnie ░░░░░░░░ and said minnie is ░░░░░░░░ Well some Disney fans ░░░░░░░░ outraged x they are ░░░░░░░░ a Bud Light style ░░░░░░░░ of the brand with ░░░░░░░░ difference is in my ░░░░░░░░ a trip to because ░░░░░░░░ always want my opinion ░░░░░░░░ A trip to walt ░░░░░░░░ World is a lot ░░░░░░░░ expensive than a can ░░░░░░░░ beer So if customers ░░░░░░░░ back that s 10 ░░░░░░░░ they re withholding if ░░░░░░░░ re not booking a ░░░░░░░░ to walt Disney World ░░░░░░░░ Florida And we know ░░░░░░░░ Disney s earnings that ░░░░░░░░ park attendance in Florida ░░░░░░░░ struggling Stuart okay We ░░░░░░░░ a guest who will ░░░░░░░░ this lauren why are ░░░░░░░░ making such a weird ░░░░░░░░ Do you disagree with ░░░░░░░░ in Stuart no we ░░░░░░░░ got a limited time ░░░░░░░░ ve only got three ░░░░░░░░ on this show Here ░░░░░░░░ go former anheuser busch ░░░░░░░░ anson fred ricks is ░░░░░░░░ me Do you think ░░░░░░░░ is making the same ░░░░░░░░ at Bud Light Same ░░░░░░░░ as Bud Light and ░░░░░░░░ think they ve been ░░░░░░░░ it for over a ░░░░░░░░ now If you remember ░░░░░░░░ a look at Disney ░░░░░░░░ mission statement What is ░░░░░░░░ trying to achieve as ░░░░░░░░ company It is trying ░░░░░░░░ be the world s ░░░░░░░░ family entertainment company You ░░░░░░░░ back one year what ░░░░░░░░ them getting involved in ░░░░░░░░ parental rights bill in ░░░░░░░░ have to do with ░░░░░░░░ being that company Has ░░░░░░░░ do with nothing They ░░░░░░░░ an approval rating of ░░░░░░░░ of people It crateredded ░░░░░░░░ 33 after that And ░░░░░░░░ take a look yesterday ░░░░░░░░ had their earnings yesterday ░░░░░░░░ they missed revenue numbers ░░░░░░░░ Millions of subscribers stopped ░░░░░░░░ to Disney their theme ░░░░░░░░ attendance is down They ░░░░░░░░ making a mistake by ░░░░░░░░ involved in these controversial ░░░░░░░░ Stuart you re the ░░░░░░░░ who wrote a very ░░░░░░░░ op ed titled why ░░░░░░░░ capitalism works for Ben ░░░░░░░░ and Jerry s Okay ░░░░░░░░ can spell that one ░░░░░░░░ for us if you ░░░░░░░░ but I want to ░░░░░░░░ why it works for ░░░░░░░░ Jerry s but obviously ░░░░░░░░ t work for Bud ░░░░░░░░ It goes back to ░░░░░░░░ mission statement of the ░░░░░░░░ which I talk about ░░░░░░░░ Disney Mission statements are ░░░░░░░░ very important for a ░░░░░░░░ What do they do ░░░░░░░░ say what the purpose ░░░░░░░░ the company is and ░░░░░░░░ it s trying to ░░░░░░░░ When companies get this ░░░░░░░░ they increase revenue faster ░░░░░░░░ can competitors and also ░░░░░░░░ faster Why is that ░░░░░░░░ those clear mission statements ░░░░░░░░ kind of align investors ░░░░░░░░ employees with what the ░░░░░░░░ s trying to achieve ░░░░░░░░ the products and services ░░░░░░░░ it s tried to ░░░░░░░░ to customers to increase ░░░░░░░░ value For a company ░░░░░░░░ Ben Jerry s it ░░░░░░░░ on their web site ░░░░░░░░ s clear as day ░░░░░░░░ says we use ice ░░░░░░░░ to change the world ░░░░░░░░ a progressive social mission ░░░░░░░░ know it s a ░░░░░░░░ country capitalism works Whatever ░░░░░░░░ you want Also customers ░░░░░░░░ decide not to buy ░░░░░░░░ products if they don ░░░░░░░░ like your mission When ░░░░░░░░ do things like defund ░░░░░░░░ police initiatives on Fourth ░░░░░░░░ July this year they ░░░░░░░░ the U S should ░░░░░░░░ back land to indigenous ░░░░░░░░ That s just part ░░░░░░░░ their mission if what ░░░░░░░░ do They re not ░░░░░░░░ to hide anything they ░░░░░░░░ actually authentic This company ░░░░░░░░ s a country cooing ░░░░░░░░ up in Vermont that ░░░░░░░░ this company They re ░░░░░░░░ awe authentic That serves ░░░░░░░░ a smaller minority of ░░░░░░░░ because less than a ░░░░░░░░ of people want politics ░░░░░░░░ their product but for ░░░░░░░░ who do Ben and ░░░░░░░░ s has found a ░░░░░░░░ market share with them ░░░░░░░░ you know we introduced ░░░░░░░░ as a former anheuser ░░░░░░░░ executive We should introduce ░░░░░░░░ as the president of ░░░░░░░░ asset management which I ░░░░░░░░ is Vivek ram swam ░░░░░░░░ s operation isn t ░░░░░░░░ We ve known each ░░░░░░░░ since high school Stuart ░░░░░░░░ wasn t to high ░░░░░░░░ with Vivek High school ░░░░░░░░ Laughter I guess we ░░░░░░░░ been asking you to ░░░░░░░░ for us for 25 ░░░░░░░░ years Stuart I ve ░░░░░░░░ a minute left are ░░░░░░░░ really want to get ░░░░░░░░ in You re going ░░░░░░░░ blackrock aren t you ░░░░░░░░ two funds you re ░░░░░░░░ today directly going after ░░░░░░░░ and the esg nonsense ░░░░░░░░ blackrock They want to ░░░░░░░░ to increase the financial ░░░░░░░░ of everyday citizens but ░░░░░░░░ do that by actually ░░░░░░░░ environmental social and governance ░░░░░░░░ into investment decisions even ░░░░░░░░ it s been shown ░░░░░░░░ underperform market We already ░░░░░░░░ eight funds last year ░░░░░░░░ the equity side that ░░░░░░░░ and and give Americans ░░░░░░░░ the act to invest ░░░░░░░░ shareholder returns We re ░░░░░░░░ two on the fixed ░░░░░░░░ side because blackrock actually ░░░░░░░░ funds from investing in ░░░░░░░░ that have great credit ░░░░░░░░ good cash flows just ░░░░░░░░ they don t necessarily ░░░░░░░░ their esg metrics Our ░░░░░░░░ one is bu can ░░░░░░░░ this is sort of ░░░░░░░░ it s a short ░░░░░░░░ fund invest in all ░░░░░░░░ regardless of their esg ░░░░░░░░ cans based on their ░░░░░░░░ and what they do ░░░░░░░░ think that s good ░░░░░░░░ American capitalism and we ░░░░░░░░ excited at to be ░░░░░░░░ the launch Stuart I ░░░░░░░░ a lot of Vivek ░░░░░░░░ off on you because ░░░░░░░░ re very articulate and ░░░░░░░░ you want to come ░░░░░░░░ on the show you ░░░░░░░░ come back okay Thank ░░░░░░░░ very much Stuart thanks ░░░░░░░░ conservative legal group going ░░░░░░░░ kelloggs, the cereal