Who's the stupid one, Rob or Katie? We really enjoy getting your feedback and getting your questions. And we try and loop as many of those questions into the pod as we can. And so hit us up if you think one or the other or both of us are stupid. There's an email address that will reach the both of us. That's unhedged at ft.com. Drop us a line. Be nice. I'm going to grab a cough sweet and then we're going to be back in a second. Congratulations on not

dying during the podcast. Thank

you so much. There's still time. If bonds are back today, why wait for tomorrow? At PGM, our fixed income strategies help investors uncover hidden value and unlock opportunities. Whether you're looking to enhance your income or diversify your portfolio, our broad range of strategies bring together local expertise and deep credit research to help you achieve your long-term goals. PGM. Our investments shape tomorrow, today. Alrighty, it's time for long short, that part of the show where we go long a thing we love or short a thing we hate. Rob, I'm going to go first because I think I might be about to lose my voice. And very obviously, I'm going to go short this lurgy, whatever this bug is. I've got enough of it. Everyone is ill.

It's a powerful one. On both sides of the Atlantic, everyone's ill. This lurgy can swim, apparently. Yes. What

have you got? I am

long Elon Musk's absurd $56 billion pay package. The court in Delaware said, no, you can't have it. It was illegitimately granted. I have a lot of respect for the Delaware chancellery court and I wouldn't want to cross them. But I think once a board acts stupid and writes a very stupid pay agreement that ends up giving the CEO $56 billion, they have to give the CEO $56 billion. This is a

legal... Heaven knows if someone wrote down somewhere that they're going to give me $56 billion, I would pursue that.

This is an ancient principle of the common law called no givesies, no backsies. And I really do think it's a matter of incentives. Nobody can protect a lazy and shiftless board, which is clearly what Tesla had from itself. And the courts shouldn't try.

So give him the money. They

got to. Is that what you're saying? Learn their lesson. That'll teach them.

What a world. Listeners, assuming we're not all dead, we will be back in your podcast stream on Thursday. So listen up then. Unhedged is produced by Jake Harper and edited by Brian Erstad. Our executive producer is Jacob Goldstein. We had additional help from Topher Forhez. Cheryl Brumley is the FT's global head of audio. Special thanks to Laura Clark, Alistair Mackey, Greta Cohn and Natalie Sadler. FT premium subscribers What a world. get the Unhedged newsletter for free. A 30-day free trial is available to everyone else. Just go to ft.com/unhedged offer. I'm Katie Martin. Thanks for listening.