Yeah, haven't had that as a word of the day. Yeah, as in hip hip hooray that yeah is gone.

Breaking news this morning, a deed is finally got back from vacation. I've no idea. I didn't realize ever that there would be a time when an entire company would go on vacation.

Normally you split it up. You have some executives go, then you have some stay. But apparently the entire company was away because they hadn't paid attention to what one of their main producers, their main celebrity endorsers, their main business units led by the former Kanye West, then called easy now called yay.

Has been on this amazingly sad pathetic angering anti-Semitic tour.

Adidas had been quiet. So here's what happens in the front office in the C suite of a big company when you know that something bad is happening.

You try to figure out whether or not it's going to pass and you decide it's much like a sports team. You're deciding what is your tolerance for waiting for it to pass and what is the impact on your business by either waiting it to pass or not having it pass.

So the head of Adidas is going to bring in his finance group. He's going to bring in his PR group and they're going to have a meeting. They're going to deal with the yay situation. And they're not going to comment until they're ready.

And the yay situation is we have a brand. Here is the revenue from that brand. Here's the net income from that brand. Here's the earnings per share from that brand. That is a part of our stock price, which is what we deal with on Wall Street when we talk to investors when we talk to analysts.

This is what the net worth of all of the owners of Adidas have in mind. We have to protect the stock price.

The calculation by Adidas was never about yay being an anti-Semite. It was never about yay bringing negative attention to them. It was never about them being a German company and taking the high road and trying to not be associated with the Holocaust. None of that was part of the calculation.

No matter what they say, it was simple math and Adidas came out with a statement this morning that will make you smile with anger. Yes, I said it. You will smile with anger.

Adidas does not tolerate anti-Semitism and any other sort of hate speech.

Yay's recent comments and actions have been unacceptable, hateful and dangerous. True. And they violate the company's values of diversity and inclusion, mutual respect and fairness.

Did it take a week for you to read the manual to decide whether or not his statements violated? I'm just asking, that seems like you're not interpreting Sanskrit.

If there is a code that you're in violation of when you're talking about Jewish people, I think first reading should say so. But we'll keep going with their statement.

After a thorough review, the company has taken the decision to terminate the partnership with yay immediately.

So now you know why it took so long. So it had nothing to do with his statements violating the company's values of diversity and inclusion. There had to be a thorough review.

Ah, the thorough review of what they don't say yet. But keep in mind, after a thorough review, we'll get back to their statement in a minute.

Production of easy branded products and stop all payments to yay in his company's blah, blah, blah. Here we go.

This is expected to have a short term negative impact of up to 250 million euros on the company's net income this year, given the high seasonality of the fourth quarter.

Adidas is the sole owner, blah, blah, blah. Here we go. Ready? Last line of a statement about trying to curb antisemitism, about trying to do the right thing and getting rid of someone who is taking your brand right down the crapper. Final sentence.

More information will be given as part of the company's upcoming Q3 earnings announcement on November 9, 2022.

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