The Way I Heard It with Mike Rowe 424: Anson Frericks—Last Call for Bud Light
Feb 4, 2025
Anson Frerichs, former president of Anheuser-Busch Sales and Distribution and co-founder of Strive Asset Management, shares insights into Bud Light's dramatic decline and the shift from shareholder profits to stakeholder capitalism. He discusses the mistakes that led to a loss of consumer loyalty and market value, and the ongoing challenges of corporate responsibility. Frerichs also highlights the balance between social issues and profitability, raising questions about brand authenticity and corporate identity in today's market.
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Shareholder vs. Stakeholder Capitalism
- The U.S. system of shareholder value significantly outperformed the European stakeholder model.
- The U.S. saw higher stock returns and better societal outcomes over a 40-year period.
The Rise of ESG
- After the 2008 financial crisis, banks sought to improve their image by adopting ESG.
- This coincided with the Occupy Wall Street movement and growing pressure for corporate social responsibility.
ESG Funds and Fiduciary Duty
- Asset managers realized they could charge higher fees for ESG funds.
- This created a potential fiduciary breach as they prioritized ESG over shareholder profits.
