 go to Nick. You hear me? Yeah, can hear now. Okay. I wanted to ask a question. Maybe maybe this is a topic for a show because we're straight for time. I wanted to ask about the 10 trillion dollar man. Do you know who that is? No. That's they call it's Larry Fink, because he controls 10 trillion dollar assets. I've talked about it. Yeah. So no, but he's pushing his ESG, the reason I brought him up is because he's pushing his ESG agenda, his version of the with sustainable investing, what he calls sustainable investing. So, you know, I thought it'd be a good show to cover the various flavors of ESG. If there are any, you know, palatable ones are all horrific. But, you know, the one, you know, he's got tremendous influence. He has 139 sustainable ETFs. He's just huge. He's in equity fixed income. And he's pushing it hard. And he got raked over the colds the other day on MSNBC for his hypocrisy with his relationship with China. So, you know, to be a so-called conscious investor responsible, you have to be a hypocrite, because there's no way to do it. It's an impossible task the way they've set it up. I'm giving a talk on ESG. When am I giving the talk? Yes, on Tuesday, the 26th a week from today at Columbia University. I mean, it'll be on Zoom. So you'll be able to watch it. I'll stream it live. It'll be on ESG mandates and capitalism. The role, you know, we'll see how I take it. But yeah, BlackRock is a big issue with this. We can talk about why BlackRock even exists, how it could be a $10 trillion fund. But let me just leave you with this. Funny thing is that if you look at the all those sustainable portfolios that BlackRock claims at ESG and you can player them to just regular diversified portfolio of stocks, the overlap is unbelievable. So you can make anything ESG if you're willing to be a hypocrite and you're willing to, you know, it's a marketing tool right now more than anything else. But it's also a way to undermine capitalism. It's also a way to undermine the profit motive and a way to undermine the idea of shareholder wealth maximization as a goal for the corporation. Is there an anti ESG fund? Is there an anti ESG fund? Maybe that just focuses on the government. All the funds that actually they're to make money are anti ESG funds. They give you the best returns. Yep. It's just like the tobacco industry. It's over the last 40 years it has showed the best returns because they do share buybacks and they increase their dividends. Share buybacks and dividends are not what cause returns. But you know we can do that another time. What cause returns is the free cash flow they generate. They generate a lot of money. How they choose to distribute that money to shareholders does not determine the returns. Share buybacks do not affect returns long term. So how are the free cash flow yields that high then? Free cash flow yields are very high. They're very little to invest in. They have no R&D and because of the government restricts competition for tobacco, they have basically a kind of a duopoly or monopoly over it. So they wake in money. They make a fortune and most of the money comes from overseas because they don't sell that many cigarettes in the US. But it's good to be in an industry where the government does not want competitors because then yeah. Okay. So there's other facts but are there many flavors of ESG in your mind? Yeah. Yes. Yes. Maybe you can cover that one. Every single ESG fund has its own flavor because there's no objective way to determine what ESG is. So it's a moving target in other words. Constantly and everybody interprets it the way they want to interpret it to make the investments they want to invest. And if you ask Greta, I was just going to measure Greta. It's going to be different than other people's view of ESG. Greta says blah, blah, blah. Blah, blah, blah. 30 years, blah, blah, 2030, blah, blah, blah. Daniel. Thank you for listening or watching The Iran Book Show. If you'd like to support the show, we make it as easy as possible for you to trade with me. You get value from listening. You get value from watching. Show your appreciation. You can do that by going to iranbookshow.com slash support by going to Patreon, subscribe star locals, and just making a appropriate contribution on any one of those channels. Also, if you'd like to see The Iran Book Show grow, please consider sharing our content and of course, subscribe. Press that little bell button right down there on YouTube so that you get an announcement when we go live. And for those of you who are already subscribers and those of you who already supporters of the show, thank you. I very much appreciate it.