Episode Grade: (9.0/10)
Kendall shakes things up at the annual investors meeting with the announcement of Living Plus. Tensions rise as important figures are put under pressure.
Plot (42/50)
Much of the episode built up to this vision of a new product from Waystar: Living Plus. Kendall molded the vision from Logan’s legacy project to exciting growth driver to potential Matsson deterrent. Along the way, he caused a good deal both internally and externally. Everyone was waiting for a nervous breakdown that didn’t come. Instead, Kendall defied the odds and generated positive momentum for himself and for the company as a whole. As always, the devil’s in the details.
The Tribute Band
The episode begins with Kendall and Roman calling a meeting of senior board members and executives to express their concerns about Matsson. They acknowledge that the offer is great, but they express some concerns about Matsson’s character. How ironic. Regardless, the group collectively and decisively pushes back. Kendall and Roman fold, or so it seems. After the main meeting, the siblings have a mini-meeting of sorts. Of course, Matsson told Shiv what actually happened, so she calls them out. She’s caught on to their plans to tank the deal, and she doesn’t approve. The boys apologize, they all hug it out, but Shiv isn’t convinced.
Following the opening meeting, the siblings disperse. As Kendall prepares for the annual investors meeting, Roman pays a visit to Joy Palmer, an executive at Waystar Studios. Roman comes in with news of more funding to get the division moving, but he comes out having fired Joy. Obviously, he felt that Joy wasn’t taking him seriously. As a result, he felt the need to project his power. After all, he is co-CEO. However, he does not share this information with Kendall quite yet. Instead, he carries on as if nothing happened. That is until Gerri catches wind and confronts him about it.
Gerri is incensed, and understandably so. Joy is well-equipped and well-connected, yet Roman discarded her without so much as a second opinion. To make matters worse, he didn’t inform anyone of the decision afterwards. She certainly has a point. However, she makes the same mistake Joy made. Her aggressive approach triggers Roman, once again. He responds by firing her on the spot. Then, he finally decides to tell Kendall about both firings. Roman tells Kendall that they might have to roll back on Gerri’s firing, but Kendall’s in manic hold, so he approves.
Living+
Kendall is in manic mode because he has manipulated the numbers for Living+ to the tune of doubling the company’s earnings. Later on, he coerces a reluctant finance guy, Peter, to sign off on estimations that would 10X the company’s revenue. The valuation is nonsensical, of course, but that doesn’t matter. Companies can make bold predictions if they are backed by real numbers, even if they never materialize. As Kendall mentions earlier on, the sweet spot sits between “delicious” and “stupid.” Have the numbers reached stupid yet? It certainly seems so.
Regardless, Kendall gets to work putting together the right package that he thinks would get analysts to buy into the idea of Living Plus as a major growth driver. If he can get them to give Waystar a tech valuation, then the stock price would soar. Consequently, Matsson would be priced out of the deal. That right there is the end game. For added legitimacy, Kendall tasks Greg with getting Logan’s pre-recorded message edited. Instead of “a significant boost,” they want Logan to say “double the earnings.” Greg applies the right amount of pressure to get this done. Onwards and upwards.
The next day, Kendall’s still on cloud nine. As Shiv points out, “he’s got that gleam in his eye.” However, his plan had not yet been challenged. That would soon change. First, his clouds literally came crashing down. The crew could not accomplish that part of his elaborate stage setup. He felt dejected, but he shrugged it off. Next came the big blow from Roman. Roman succumbed to Shiv’s fearmongering and essentially backed out. Finally, on his way to the stage, Karl delivers a third blow. He threatens to “squeal” if Kendall puts him in a tough spot. Again, Kendall is rattled, but he marches on nonetheless.
Investors Meeting
Kendall heads into the meeting isolated. The pressure is on. His presentation is corny, as usual, but it is also confident. After all, he is executing a well thought-out plan. Waystar’s senior members watch on. The “old guard” watch on from their box seats in the auditorium, while the rest watch from the back. Everyone is waiting, maybe even hoping, that Kendall fails. The motivations may be different, but the sentiment is the same. Everyone wants to cash out. Kendall wants to stay and fight, but the rest don’t think they can win. Maybe if his presentation goes badly he’ll fall back in line.
Unfortunately for them, Kendall does not fail. And it’s not for a lack of opportunities. He overcame the hassling by Roman and Karl before the meeting. He kept his emotions in check even as his father’s image literally hung over him like a cloud. And most impressively, he responded to Matsson’s tweet in a diplomatic, dignified, and assertive manner. In short, he knocked it out of the park. By the time he returned backstage, generally positive reactions had come out and Matsson had deleted his problematic tweet. This round goes to Kendall.
Looking Ahead
This was another excellently orchestrated episode. Kendall’s anticipated breakdown that did not happen here had an effect similar to that of Logan’s death. In both cases, the anticipation made for a captivating and suspenseful experience. There was drama and intrigue surrounding Kendall’s latest tip-toeing on a cliff. He managed to keep his balance which means the battle for Waystar continues to heat up. The election keeps popping up in the background. I thought we would have been there by now, but the pace has pretty much been one day per episode. It will be interesting to see how it fits into the bigger picture.
Character Development (15/15)
This was another one of those episodes that was heavy on character development. Separating Kendall, Roman, and Shiv was a great choice as we got to see them in control. This shone a bright light onto their different personalities in a way that was natural and effective. Their crossovers were well-timed. Their interactions with other characters were fantastic. Everything seemed intentional, and as a result, there were some big moments.
Kendall
Kendall’s central characteristic has been his propensity to ride momentum, whether to the upside or the downside. For the better part of the series, he has either been going through manic highs or spiraling down into the abyss. Those are his two modes. Middle ground? Not possible. This was no different. Living Plus sparked an idea in his mind, and from there the ball got rolling. The further he developed his idea, the further he moved away from reality. By the time he got to the investors meeting, his plan was very loosely grounded in reality. He was not.
Normally, this is where Kendall’s momentum peaks. This time, he keeps his poise long enough to weather the storm. He successfully rides the wave but also manages to get off before it comes crashing down. As a result, when the dust settled, he had won. This is uncharted territory for Kendall. Does he buckle down and look to solidify his precarious gains, or does he push his luck further? All it takes is one misstep for it all to come crashing down on his head. He needs to be smart. In a sense, he needs to be more like to Logan.
Kendall was clearly channeling his father’s zing throughout the episode. The epitome of this was his rule to the staff that “no one can say no.” His aggressively assertive behavior projected dominance in a way we have only seen Logan project. And it worked too. The staff could not get the clouds, but they did set up the house. In Greg’s case, Kendall’s dominance manifested itself as fear. As a result, Greg got the job done. Even Karl fell in line after initially challenging Kendall’s authority. Kendall’s at his best when he feels isolated, and this was no different.
Roman
Roman, on the other hand, has always needed someone by his side. His defining characteristic has been his insecurity, his whimsical indecision. Time and time again, he’s backed out at the last moment. He did it to Kendall in the first season, and he did it again here. He let Shiv convince him that Kendall was going to fail, so he chose to distance himself from the Living Plus pitch. And honestly, that was the correct decision from a risk standpoint. Now, it might not have played out that way, but he couldn’t have known. Therein lies the issue. Roman doesn’t have the confidence to leap into the unknown.
The same whimsical indecision was on full display in his interactions with Joy and Gerri. What started off as a standard corporate check-in turned into an impulsive firing of a top executive at a time when the company needs stability above all else. To make matters worse, he’s too afraid to tell anyone about it. Then, when Gerri confronts him about his poor decision, he fires her too. Of course, he tries to walk that one back almost instantly. In both cases he felt disrespected, like no one was taking him seriously, so he childishly lashed out. What he doesn’t realize is that his supposed projection of power just makes him look weaker.
Shiv, Tom, and Matsson
I wanted to briefly touch on Matsson. His tweet was intentional. He wanted to put Kendall under pressure thinking he would crack, just like everyone else did. The belief is that Matsson can not go over $192/share. Waystar’s stock would have to make a massive run to even get to that number let alone blow past it. Matsson’s operating with the assumption that he has already won. He thinks that by cutting Kendall and Roman out of the main dialogue, he has nullified them. Furthermore, he has put a ton of faith in Shiv. He thinks that by winning her over to his side, he’s sealed the deal. But, this is Shiv we’re talking about.
Shiv’s central characteristic is her inability to commit. Her noncommittal is evident in everything from her marriage to her career. She’s keeping her options open by playing as many sides as possible. She plays the game well, so much so that someone like Matsson can be fooled into thinking she’s on his side after a couple conversations. He’s no different that anyone else, just another option to string along just in case. It’s a dangerous game, as Tom points out, but it’s all Shiv knows. A deep fear of abandonment naturally drives her to maximize her options. Logan’s death was as a brutal affirmation of this.
Of course, Shiv’s emotional state is complicated by significant developments in her life: Logan’s death, her pregnancy, and her and Tom’s continued estrangement. She took a big step towards resolving the latter. The hookup was a start, but what really moved the needle was what followed. Tom was brutally honest about the materialistic nature of their marriage. That puts the onus firmly on Shiv to decide the direction of their relationship. In short, she has to choose a side.
Theme/Messages (4/5)
- Groupthink is a dangerous phenomenon that is increasingly prevalent in everyday life.
- The importance of honesty in relationships can not be overstated.
- Rapid disruption can easily get out of hand and turn into rapid destruction.
- Trying to be like someone else is a mentally taxing and generally futile endeavor.
Acting (15/15)
Jeremy Strong (Kendall) put in a standout performance, as we have come to expect of him. Kieran Culkin (Roman) continues his excellent run of form. The chemistry between Matthew Macfadyen (Tom) and Sarah Snook (Shiv) has grown leaps over the seasons. Shoutout to J. Smith Cameron (Gerri) for doing the absolute most with the limited screen time she’s given. Her scenes with Kieran Culkin (Roman) always feel intense. Alexander Skarsgård (Matsson), Nicholas Braun (Greg), and Annabeth Gish (Joy) round out the list.
Cinematography (14/15)
- Powerful shot of Kendall watching Logan’s recordings. Kendall has his back to the camera, head down, out of focus while the TV has Logan’s angry face in focus, as if he was looking down on Kendall in contempt (2:43)
- There’s a sign for a movie called “Morons” on the side of the Waystar Studios building (7:52)
- Great shot of Kendall, Roman, and Shiv sat at the conference table: Shiv is in the middle with her back to the camera (very Logan-esque), Kendall and Roman are on the sides looking towards her (11:11)
- “Harder Than You Think” by Public Enemy plays as Kendall gets on stage
- Nice variations of the theme throughout the episode
- Symbolism with Kendall in the water at the end looking in control unlike in previous seasons where he was always in great distress
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