Valuetainment - October 30, 2023


Florida Insurance Rate Hike Crisis - BlackRock’s ESG Influence Causing Industry Exodus？


Episode Stats

Length

21 minutes

Words per Minute

220.2595

Word Count

4,838

Sentence Count

414

Misogynist Sentences

2

Hate Speech Sentences

4


Summary


Transcript

00:00:00.000 So a recent article came out with Newsweek talking about insurance premium in the state
00:00:04.200 of Florida is up in some places 900 percent. And you read this article, oh my God, this whole
00:00:09.680 Florida. A Tim's donut and coffee is the original collab. And now any classic donut is a dollar
00:00:14.240 when you buy any size original or dark roast coffee. Get a deal on the iconic duo with a
00:00:18.840 Tim's dollar donut plus tax at participating restaurants for limited time. Terms apply.
00:00:22.300 See app for details. It's time for Tim's. I think maybe it's a gimmick. Maybe they're not doing as
00:00:27.180 good of a job. And if you look at the article, it says 275,000 people left the state of Florida.
00:00:33.160 In some places, premiums gone from $1,700 to $4,200 per year. How are people making these
00:00:38.140 things happen? Farmers, massive company, just announced they're leaving the state of Florida.
00:00:43.020 It was so bad that the CFO of Florida, Jimmy, came out and said, Farmers is the Budweiser,
00:00:49.280 Anheuser-Busch of the insurance industry because they follow this ESG score. So what is really
00:00:53.700 going on in Florida? Are they targeting DeSantis? Are they targeting Florida because they had the
00:00:58.240 best reputation during COVID and California got destroyed? Who knows? What I do know is we got all
00:01:03.080 these slides to go through today on what the hell is going on in Florida with insurance.
00:01:06.900 Okay. So if you get value out of this video, give it a thumbs up, subscribe to the channel. But listen
00:01:10.220 to the people from California, you're watching this video saying, oh my gosh, finally redemption
00:01:14.360 time. He's going to attack Florida and California is going to come back to being the winner. Hang
00:01:18.620 tight. Listen, the reason why I have a different perspective than some of you is for the following
00:01:23.140 reason. Imagine if a man had dated Marilyn Monroe, Elizabeth Taylor, and Sophia Loren. To me,
00:01:30.100 all dimes, right? He can probably give you perspective on all three. Now, I have not dated
00:01:35.100 those three, okay? But I have dated California for 24 years. I dated Texas for five years and I'm still
00:01:41.200 dating Florida for two and a half years to kind of give you some context. Having said that, before you
00:01:45.840 jump to conclusion, whether you're pro Florida, pro Texas, or pro California, hang tight to the end of
00:01:50.720 the video. When you jump to conclusion, wait for the data. Let's get right into it. So stats,
00:01:55.400 home insurance premiums have tripled in the state of Florida the past five years. Florida average is
00:01:59.580 more than $4,200 per year. National average is $1,700. Some insurance premiums have risen by nine
00:02:04.960 times what they were in 2022. According to the chief executive of NSI Insurance Group and construction
00:02:10.380 costs has risen by 40% since 2017. Again, they give this data. This is Florida. This is what's going on.
00:02:17.860 Super expensive. All right. Next one, Newsweek. I told you earlier, Florida resident flea state
00:02:22.060 has insurance premiums skyrocket up to 900%. They're not lying. This is actually happening
00:02:29.220 in some places in Florida. In the same article, when people are reading stats, people don't go
00:02:33.680 and investigate even more. They're like, oh my God. Did you see how many people they said left? How
00:02:37.420 many? 275,000 people estimated left Florida. Nearly 23,000 people every month. And according to
00:02:43.500 the Bureau, they relocated to places like Georgia, 46,000. Carolina, 42,000. Tennessee, 36. South
00:02:49.200 Carolina, 31. Texas, 30,000. This must be a bad thing. A lot of people are leaving the state of
00:02:53.720 Florida. Man, we were all talking about how many people left California where they were kind of
00:02:58.440 like, since 1851, we've never had this kind of numbers of people leaving California. The whole U-Haul
00:03:02.660 joke that they would say, you know, Gavin Newsom is the number one U-Haul salesman because he's got so
00:03:06.760 many people renting U-Hauls to leave the state of California, right? So this shows Florida bad. But when
00:03:10.480 you go and look at U.S. Census Bureau of net positive versus net negative, guess who is still
00:03:15.920 number one in net negative in 2022? You ready, California? You're not going to like this,
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00:04:25.840 masterworks.art forward slash value attainment, or click on the link below. California, minus 343,000
00:04:32.600 people left California. According to Census Bureau, New York, minus 299,000 people left. Illinois,
00:04:39.900 minus 141,000 people left. But if you go to the net positive state, guess who's at the top? Florida,
00:04:45.260 number one. Domestic net migration, 2022. Florida, number one, 318,000. See, Newsweek, you didn't tell
00:04:52.120 the whole story. You know who number two is? Texas. 230,000. Then it's Carolinas. Then it's Tennessee.
00:04:57.640 Then it's Georgia, Arizona, Idaho, Alabama, Oklahoma, Nevada. You get the idea. At the bottom is California,
00:05:01.900 New York, Illinois, Jersey, Massachusetts. Blue, blue, blue, blue, blue, blue. Get the idea?
00:05:05.520 What's going on here? What people are doing? Bad policies have consequences, but they're targeting
00:05:09.300 Florida. So let's continue with this whole Florida concept, seeing what else they're going to tell us.
00:05:12.820 Since 2017, 11 property and casualty companies that offered homeowners insurance in Florida
00:05:16.960 liquidated. Five of those companies liquidated in 2022, meaning they're liquidating. They're no longer
00:05:21.800 wanting to do business in the state of Florida. Five of those companies left in 2022, United Property
00:05:26.600 and Casualty Insurance Company, left in 2023. Okay? This is obviously not a good look.
00:05:31.600 When you look at the Florida company's liquidation, this is what you'll find. American Capital Insurance
00:05:35.180 Group, Avatar Property and Casualty, FedNet, Florida Specialty, Guarantee Insurance Company,
00:05:40.280 Gulfstream, Physicians United Plan, Southern Fidelity Insurance, St. John's, United Property,
00:05:44.580 Universal Healthcare, Universal Healthcare Inc., Western Property and Casualty, Windhaven Insurance
00:05:48.860 Company. The list this year you can find is, it's all over the place, not hard to find. However,
00:05:53.200 several factors. Number one, they left for high threat of widespread weather-related damage.
00:05:57.720 Okay, fair. Florida's got hurricanes, all the stuff they talk about. Number two, insurance fraud
00:06:01.980 driven by fraudulent roofing claims. Number three, Florida accounts for 9% of country's home insurance
00:06:08.600 claims. It is home to 79% of the country's home insurance lawsuits. And by the way, some of these
00:06:14.860 can be addressed by the governor. So let's see what Governor DeSantis did. Underwriting, Florida
00:06:18.960 property insurance are projected to post a cumulative underwriting loss of $1.7 billion for 2021 due to
00:06:25.520 these runway litigation costs. According to Mark,
00:06:27.720 Friedlander, Director of Corporate Communications at the Insurance Information Institute. This is from
00:06:32.160 2022 and 2023. Let's continue. Senate Bill 2D, signed by Governor DeSantis in May of 2022,
00:06:38.120 enacts pro-consumer measures to help alleviate rising insurance costs, increases insurance claim
00:06:43.840 transparency, and cracks down unfrivolous laws that drive up costs for all Floridians. So what does
00:06:49.500 this mean? For the longest time, these guys don't have to report how much it costs. Now they're like,
00:06:52.700 no, no, why are you charging me this much? Because of this. Okay, disclose it. We need to know.
00:06:56.340 There's got to be transparency. He's holding them accountable. So for some of you that want more
00:06:59.920 intel, let's go a little bit deeper and kind of see what Governor DeSantis did. So this is what
00:07:03.200 you'll find here on flgov.com. Property insurance legislation. The bill's proposed provides both
00:07:08.320 short and long-term relief for Floridians. That's good. Provides grant funding for homeowners to make
00:07:13.300 their homes more resilient to storms, resulting in insurance premium discounts. Number three, reforms the
00:07:18.060 legal environment to reduce frivolous lawsuits. And last but not least, cracks down on fraudulent roofing
00:07:22.720 scams and predatory actors. That's very good. By the way, this has happened. I've been in life
00:07:26.580 insurance. There was a lot of fraudulent going on in life insurance and Medicare, many different
00:07:30.040 things. This is actually very normal for states to do. So he's taking the right actions. Now let's go a
00:07:34.720 little bit deeper. Pro Consumer Measures. Provides $2 billion in reinsurance relief to benefit policy
00:07:40.100 holders over the next two years. Dedicates $150 million to the My Safe Florida Home Program, which
00:07:44.860 provides grants to Floridian homeowners for hurricane retrofitting, making homes safer and other
00:07:49.940 resilient and more resistant to hurricane damage, results in premium discounts for homeowners who
00:07:54.060 participate in the program, and requires the Department of Financial Services to report the
00:07:57.820 average annual amount of premium discount for participating Floridians. This prevents insurance
00:08:01.580 companies from denying coverage based on the age of a roof that is less than 15 years and
00:08:05.940 strengthens Office of Insurance Regulation oversight of insurance companies to better detect and prevent
00:08:10.160 insolvencies. Again, this is all good things that he's doing. But when you do this, you're kind of
00:08:14.360 putting insurance companies in corner and they're kind of saying, well, it's not as lenient, man. I want to
00:08:18.440 kind of leave because I can make profit other places. That could also happen. That's the risk
00:08:22.320 when you come up with certain regulations like this. So, increases insurance claim transparencies.
00:08:27.780 Number one, prohibits insurance companies from denying claims without communicating sufficient
00:08:31.240 reason. They need that. You know how many times you get rejected. Can you tell me why? Nope, we don't
00:08:35.020 need to tell you. You need to now tell the client why you're doing that. Number two, provides consumer
00:08:38.520 greater access to information during the claim adjustment process. Number three, requires insurance
00:08:42.760 to provide adjusted reports to policyholders in a timely manner. And last but not least,
00:08:46.640 anti-fraud and legal reforms cracks down on predatory actors who file fraudulent roof claims,
00:08:51.520 reducing litigation costs, which are passed on to Floridians, and limits the assignment of attorney's
00:08:55.920 fees to contractors in property insurance cases, de-incentivizes frivolous claims and further
00:09:00.740 stabilizing premiums. What does this do? Those who are doing these things, those actors, are going to
00:09:06.060 say, I'm no longer going to do business in Florida and I'm going to leave. And it's going to actually
00:09:09.540 increase the quality of business that people are doing. And the actors that are trying to take
00:09:13.340 advantage, they leave. So now somebody may say, but Pat, you know, this is great. You know, you could
00:09:17.440 lose a customer here and there on some of those insurance companies you read. We've never heard
00:09:20.640 of those companies, but everybody knows farmers. There's some farmers like massive. You're right.
00:09:24.080 Farmers is massive. So what do farmers do? Farmers Insurance has become the latest insurance company
00:09:28.900 to pull out of Florida. They said the move will affect only company branded policies, which account
00:09:33.160 for about 30% of policies sold in the state. Fourth major insurer to leave the Florida market in the
00:09:38.940 past year with most citing the risk from hurricanes. So what are some of the big insurance companies
00:09:43.280 that have left Florida? Here you go. You got Farmers, Lexington, Centurion, Bankers have left
00:09:47.540 Florida. So now if you're thinking like me, you're asking the question, is it just Florida that farmers
00:09:51.560 left or are there other states they don't do business with? And is there a pattern with these states?
00:09:55.300 Like what do they do? Here's a list of states that farmers doesn't do business with. Alaska,
00:09:59.280 where is it at? Coast. Delaware, coast. Hawaii, coast. Maine, coast. New Hampshire, Rhode Island,
00:10:05.320 Vermont, West Virginia. All of these places are in a place where they have a higher chance of getting
00:10:11.280 some risk. And by the way, even in the state of California, they kind of have a creative way where
00:10:14.920 they don't necessarily do with everybody, but they're a little bit tighter and stricter on who
00:10:18.560 they underwrite. So now the questions I want to know is, is this happening across the board in
00:10:22.180 America or is it just a Florida thing? What states are premiums increasing more than others and what
00:10:26.900 states is lower? Here's a list for you. Okay. So if you look at the largest increase, Florida is at the
00:10:31.420 top. 35%. That number is a real number. Then it's Idaho, Colorado, South Dakota, Oklahoma, Texas,
00:10:37.320 Louisiana, Arizona, Nebraska. You see the list of names. Some people may say it's only the red
00:10:40.860 states that are increasing. How about the blue states? Go to blue states. Smallest increase.
00:10:43.920 Vermont. We know who's from there. The legendary Bernie Sanders. New York. We know where New York
00:10:48.040 leans. California, Nevada, Maine, New Hampshire, Wisconsin. They had a smaller increase. So why is
00:10:53.940 that? Some states, like I've been in the life insurance industry for 20 plus years. You ever heard of
00:10:57.720 New York life? You've heard of New York life? You know what's one of the worst businesses to do
00:11:01.160 insurance in? New York. And New York life is from New York. How weird is that? That's one of the
00:11:05.760 hardest states to do insurance with. Why? Overly regulated. So you have to balance over regulation
00:11:11.880 because then people don't want to do business there. And you have to also balance under regulation
00:11:15.840 where insurance companies can kind of just come and say, nope, you got to pay for this and we don't
00:11:19.180 have to explain it. Florida has to kind of figure out where they stand with this ranking here.
00:11:23.100 So one argument some people are making are saying, well, listen, this is all because Governor DeSantis
00:11:27.420 took such hard lines when it comes down to ESG. And it's one of the biggest anti-ESG states.
00:11:32.040 And when you look at this map here, based on Bloomberg, you'll see this. Red are the anti-ESG
00:11:37.120 states with the most laws against them. Then you have those who boycott the law, those who are both
00:11:41.840 anti-ESG and boycott. Then you got the divestment and a pro-ESG law. If you notice Florida on the
00:11:47.340 bottom right is anti-ESG. And Farmers is one of those companies that is fully committed to making sure
00:11:52.860 they have a high ESG score. So one would say, well, those stories kind of go together and maybe
00:11:56.960 behind closed doors, somebody influenced Farmers to leave Florida because, you know, Florida is not
00:12:01.300 really an ESG company, ESG state. That could be something to consider. So I want you to see this
00:12:05.100 exchange of different thoughts from the CFO of Florida, Jimmy. He continues. But I also want you
00:12:10.280 to hear what the CEO of Farmers have to say. Watch this. So Jimmy says, while they're bad at helping
00:12:14.420 people, this is Farmers, that's what he's saying, they're good at virtual signaling. Instead of focusing
00:12:18.400 on their policyholders and running a functioning business, the insurer became the first U.S.-based
00:12:23.600 insurer to become signatory of the United Nations Principles for Sustainable Insurance. Very
00:12:29.300 interesting. Okay. First to do that. Now watch this. Here's a response from the CEO of Farmers and
00:12:34.060 see if there's anything about ESG there. This is him. Farmers is committed to operating in a way that
00:12:38.840 positively impacts our customers, our employees, and communities by incorporating environmental,
00:12:43.320 social, and governance, ESG considerations into our business. So maybe the CFO of Florida was right
00:12:50.540 on what Farmers is focused on. We'll see. Now let's see if, you know, the CFO, Jimmy Petronas,
00:12:54.900 knows what he's talking about. Maybe he's just kind of upset at what they did. Let's actually go to the
00:12:58.260 U.N. website and see if we can find Farmers. Here's what we found. U.N. influence, last signatory
00:13:03.300 stats, 151 signatories, 103 supporting institutions. If we look further, the U.N. influence convened by
00:13:10.220 Geneva, Switzerland-based secretariat, more than 500 banks, and insurers with assets exceeding,
00:13:15.700 ready? $170 trillion. That's a lot of influence. Working together to facilitate the implementation
00:13:22.340 of UNEP, FI's Principles for Responsible Banking and Principles for Sustainable Insurance, as well
00:13:27.100 as the three U.N. convened net zero alliances. We'll talk about that in a second. Now to learn more about
00:13:31.740 UNEP, FI, this organization founded in 1992 was the first organization to engage with finance sector
00:13:37.200 on sustainability and incubator, the Principles for Responsible Investment, now the world's
00:13:40.980 leading proponent of responsible investment. Today, we cultivate leadership and advanced
00:13:44.920 sustainable market practice while supporting the implementation of global programs at a regional
00:13:49.180 level across Africa, Middle East, Asia Pacific, Europe, Latin America, Caribbean, and North America.
00:13:53.760 Principles for Sustainable Insurance, PSI, established in 2012 by UNEP, and today applied by one quarter
00:13:59.340 of the world's insurers, 25% of world premium, PRI established in 2006 by United Nations, and the
00:14:04.780 UN Global Impact, and applied by half the world's institutional investors. Again, $83 trillion by
00:14:10.840 2022. That's a lot of assets. That's a lot of money. And by the way, the three finance sectors that they
00:14:15.660 were talking about for the Net Zero Alliance, the first one is Net Zero Asset Owner Alliance AOA,
00:14:20.080 launched in 2019 with a membership of more than 70 institutional assets with over $10 trillion in
00:14:25.360 assets, about 7% of global investment. Number two, Net Zero Banking Alliance, NZBA, launched in 2021
00:14:30.760 with over 100 banks and U.S. $65 trillion in assets, about half of the global banking industry
00:14:35.460 assets. And last but not least, Net Zero Insurance Alliance, NZIA, launched in 2021, convening 25 leading
00:14:41.740 insurance representing about 12% of world premiums. And by the way, guess who's on that list? UN
00:14:46.180 influence. Bingo. When you look at this, farmers insurance. Who knows? Maybe farmers left because
00:14:50.960 they're being pressured by UN, ESG, DEI. Who knows? But there's some influence there when a state like
00:14:57.700 Florida. And Governor Ron DeSantis says, I don't support you bullying your ESG policies in my state
00:15:04.000 with UN. And he makes all that noise. There's a lot of quiet people that nobody knows their names or
00:15:08.780 their faces behind closers going to work to say, I don't like this guy. We have to make their life
00:15:12.460 hard. Guess what? Let's expose him. Let's write a bunch of things about the state of Florida and hurt
00:15:17.280 his reputation when he's running for president. Is that true? Is it not happening? I don't know. But it's
00:15:22.140 worth speculating that there's a possibility of that happening. So if you're watching and saying,
00:15:26.580 Pat, I don't even know about the war with him again, ESG. Are we just making this up? I've not
00:15:31.160 been following this story. What's DeSantis said about ESG? Well, let's take a deeper dive and kind
00:15:34.940 of see what he said about ESG. August 2022, Governor Ron DeSantis, along with fellow trustees of the
00:15:39.960 State Board of Administration, SBA, passed a resolution directing the state of Florida's fund
00:15:43.920 manager to invest state funds in a manner that prioritizes the highest return on investment for
00:15:48.960 Florida's taxpayers and retirees without considering the ideological agenda of the environmental,
00:15:54.980 social, and corporate governance movement, ESG. Florida pulled $2 billion from BlackRock
00:16:00.140 venture funds back in December 2022. You think Larry Fink likes that? He doesn't like that. You
00:16:05.920 pulled. How dare you? Do you know everybody says yes to me? Who do you think you are to say you're
00:16:10.640 going to pull $2 billion? You, Governor DeSantis, you. I'm not saying Larry said that, but maybe
00:16:15.000 something like that went through his mind. Florida's chief financial officer said his department
00:16:18.460 would pull $2 billion worth of its asset managed by BlackRock. The biggest such divestment by a
00:16:23.500 state, again, big as such divestment by a state, opposed the asset manager's environmental, social,
00:16:29.460 and governance policies. The move will hardly dent anything with BlackRock. This company's an A2,
00:16:34.280 $10 trillion of assets under management. They don't really care about that. What they do care about
00:16:38.740 is an article that says a state had the brass to stand up against BlackRock. What? Because if you do
00:16:45.640 that, maybe you're going to teach other states to follow Governor DeSantis. That's not good for them.
00:16:51.180 By the way, if you want to read further, you can. We'll put the link below, but I want to read one
00:16:54.220 of them here, some things that he's prohibiting. Prohibiting the financial sector from considering
00:16:57.800 so-called social credit scores. There's a lot of people that are worried about the social credit
00:17:01.620 scores because they're doing that in a lot of different places. In banking and lending practices
00:17:05.640 that aim to prevent Floridians from obtaining lines of credit and bank accounts. Can you imagine
00:17:10.260 if somebody says, I don't like what you posted the other day? Nope, we're not going to give them this
00:17:13.800 loan. Florida's trying to protect that from becoming the norm. That's become in many different
00:17:17.900 places. They had it in Europe. You had the vaccine passport. You were traveling at the airports. Can
00:17:22.640 you imagine? They don't want to bring that to the state of Florida. So if you're against this,
00:17:25.860 guess what? You support what Ron DeSantis is fighting against. But if you say, I want a social
00:17:31.220 credit score, then Florida's not the state for you. I want to go a little bit deeper with this
00:17:34.720 whole concept. Some of you guys may be asking a very valid question. Why would farmers be afraid
00:17:39.160 of BlackRock? Who the hell is BlackRock? Wouldn't you want to have a better relationship with Florida
00:17:42.740 than a BlackRock? Well, you have to understand that when it comes on to BlackRock, they don't
00:17:46.680 just give institutional money. They also lend to big companies. So imagine if you're worth eight
00:17:51.300 to ten trillion dollars of assets, some of that money you're lending to people and you're getting
00:17:55.240 interest back. So when you're borrowing money from a company like BlackRock, you don't want them to
00:17:59.120 charge you eight percent. You want them to charge you the least possible because you are in good
00:18:03.760 standing with them. But BlackRock, if your score isn't good, they can say, farmers, you didn't do right
00:18:08.620 with us in the state of Florida. Instead of giving this thing to you at four percent, we're going to give it to you at
00:18:12.140 eight percent, seven percent, nine percent. That may not seem like a lot of money. That's a lot of money.
00:18:16.020 And by the way, when you look at this chart here, here's what you'll notice. Okay. Market size for
00:18:19.960 broadly syndicated loans in America is one point two trillion dollars. Europe is two hundred billion
00:18:24.600 dollars. And private direct loans market, U.S. market is nine hundred and ten billion. And in Europe is
00:18:29.980 one hundred and twenty billion dollars. This is why companies like farmers want to be on the good graces
00:18:36.320 of a place like BlackRock. They worry if we don't do right by them, they're not going to lend us more money.
00:18:41.720 Does that kind of make sense? If you want to kind of unpack it and you're like, Pat, I want to know
00:18:45.160 what part of that one point two trillion dollars goes to different industry, how much of it is
00:18:48.240 insurance for farmers to be afraid of it? Let's take a look at this chart. This is the U.S. broadly
00:18:52.020 syndicated loan market breakdown. And if you look at this, the dark blue is the CLOs. Okay. These are
00:18:57.680 collateralized loan obligations. But if you go to insurance, that's PNC and life. PNC stands for
00:19:02.720 property and casualty and life. Light blue, baby blue, all the way at the top there to the right,
00:19:07.480 you'll notice two percent. The hundred percent is one point two trillion, but two percent still
00:19:11.280 equates to twenty four billion dollars. It's a lot of money that companies like farmers, one of the
00:19:15.640 biggest companies, they need access to that twenty four billion dollars. So it's real money we're
00:19:19.900 talking about here. So let me give you my final thoughts on this year. Number one, we learned
00:19:23.200 during COVID one very simple thing, maybe more than ever before, that governors matter. Governor DeSantis
00:19:29.400 had better policies than Governor Newsom. Okay. One got people to show up here. The other one lost
00:19:34.160 people. What is the problem of losing people? You got to replace them. But what is the problem
00:19:38.040 of gaining a lot of people? Holy shit. Prices are going to go up. You know, cost of living is going
00:19:41.940 to go up. Everything's going to go up. How are we going to handle all this stuff? They both have
00:19:45.260 a problem. It's a different problem. When a company is growing very, very fast, you don't have money to
00:19:49.800 catch up with the growth. That's still a problem. When a company is not growing, you're also losing
00:19:53.320 money. Both is a different problem to solve. Newsom's got to make sure he makes an argument for people
00:19:57.000 to say, come to California. No one's coming. He's got to make a better place to say, listen, those of you guys
00:20:01.320 that came to Florida, you got to stay here. So, regulation. You know, some may say, well, we need
00:20:04.780 to deregulate. And some say, we need to overregulate. California is overregulate. New York is overregulate.
00:20:09.620 Illinois is overregulate. Florida is here. So, as a parent, I have two sons. If I don't have proper
00:20:15.040 regulation in my house, my oldest son could bully my youngest son. Employer. I'm an employer. We have
00:20:18.880 employees. I need to be held accountable to certain levels. My employees need to be held to certain
00:20:23.140 levels. Okay. If one is over the other, the other one doesn't have an incentive to do something.
00:20:27.700 So, Governor DeSantis has to figure out the balance of regulation so these insurance companies don't
00:20:33.820 just charge premium because they can. And these other people don't go abuse and take advantage
00:20:38.460 of insurance companies with fraud because they can. So, he's dealing with that part. But more than
00:20:42.900 anything else, the ESG story tells you it's real. That is involved. They have a lot of influence.
00:20:47.360 It is becoming deeply concerning to a lot of different people. And there's a big part of America that
00:20:51.460 doesn't want to live in a place that companies like BlackRock have such a big influence over what they get
00:20:56.400 to do. Small business owners don't want to be controlled by companies like BlackRock. They want
00:20:59.920 to be able to say, look, I got access to you, but I don't want you to give me access because of the
00:21:03.800 way I vote or because I took the vaccine or because I did this or I didn't do that. Just judge me based
00:21:07.900 on the kind of a business I built. Not who's Middle Eastern. Not who's black. Not who's white. Not
00:21:12.120 who's women. All this. That's just nonsense. Let me build a good business. If we have a good
00:21:15.960 profitable environment, our employees are happy. We take care of the people in our community. Reward us for it.
00:21:20.500 Nothing more. Nothing less. If we don't do it, we'll go out of business. So, there's a reason why
00:21:24.820 Ron DeSantis is running for office because many of his policies attracted a lot of people here.
00:21:29.840 And now he's probably being targeted. And he's got to show his fight. It's not easy. Not everybody
00:21:33.360 wants to be a governor. He chose to be a governor. Not an easy job. But I trust he's going to do his
00:21:37.980 fight and show up like he has the last few years. Having said that, if you've not seen the video,
00:21:41.360 by the way, if you got value out of this video, give it a thumbs up. Subscribe to the channel. But if
00:21:44.680 you've not seen the video we did on ESG, it's a must watch. By the way, if you've not seen the one on
00:21:50.400 Larry Fink, click here. But if you've not seen the one on ESG, click here. Both of them are great
00:21:56.080 videos. Take care, everybody. Bye-bye, bye-bye.