Panel 1: Having observed that for some reason, Elizabeth is taking her teddy bear with her on the first day of school, Mike asks her if he can show her something.
Panel 2: Said thing is pinning a facecloth around his neck in order to turn him into a Super-Teddy.
Panel 3: Once this is done, one yells HI-YAAAAAAHHHHH and throws him at someone.
Panel 4: As he gets frog-marched somewhere to have his attitude adjusted by Rage-Faced Asshole Dad John, Mike tells her to make sure that the person she throws it at is someone she can outrun.
Summary: It's fairly good advice coming from him. The problem is that she doesn't heed it because she needs to learn that peer pressure is bad and wrong because falling prey to it means that you want your poor mother to DIE unlamented and forgotten.