1 00:00:02,480 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,800 --> 00:00:09,920 Speaker 2: Schwab shares. I'm just taking a look at them shares 3 00:00:09,920 --> 00:00:12,600 Speaker 2: of the Charles Schwab Corporation. They're up about one percent 4 00:00:12,640 --> 00:00:15,360 Speaker 2: in today's session. Stock is trading higher after the company 5 00:00:15,360 --> 00:00:19,240 Speaker 2: reported earnings earlier today this morning. It did report a 6 00:00:19,320 --> 00:00:21,960 Speaker 2: surge and average daily trading volume in the fourth quarter, 7 00:00:22,400 --> 00:00:25,080 Speaker 2: and that's happening as retail investors really sought to take 8 00:00:25,079 --> 00:00:26,720 Speaker 2: advantage at the end of a strong year of the 9 00:00:26,760 --> 00:00:28,960 Speaker 2: stock market. We did see some big moves there. Hey, 10 00:00:28,960 --> 00:00:31,240 Speaker 2: to talk about the quarter and the outlook. Great for 11 00:00:31,320 --> 00:00:33,520 Speaker 2: Tim and I to be back with Rick Worster. He's 12 00:00:33,560 --> 00:00:36,160 Speaker 2: president and CEO of the Charles Schwab Corporation. He joins 13 00:00:36,240 --> 00:00:40,840 Speaker 2: us from their headquarters in Westlake, Westlake, Texas. Rick, Great 14 00:00:40,880 --> 00:00:41,720 Speaker 2: to have you back with us. 15 00:00:41,760 --> 00:00:46,199 Speaker 3: How are you. I'm doing really well. Nice to be 16 00:00:46,280 --> 00:00:48,600 Speaker 3: with you, Carol and Tim. I always enjoy it. Well. 17 00:00:48,640 --> 00:00:50,279 Speaker 2: We are so glad to have you back with us. 18 00:00:50,560 --> 00:00:53,720 Speaker 2: It feels like twenty twenty six is often running. I'm 19 00:00:53,760 --> 00:00:56,520 Speaker 2: just curious though, I want to talk about the last quarter, 20 00:00:56,640 --> 00:00:59,840 Speaker 2: and you guys did note about clients conducting a lot 21 00:00:59,880 --> 00:01:02,920 Speaker 2: more of their financial lives at Schwab doing different things 22 00:01:03,040 --> 00:01:05,840 Speaker 2: wealth management, trading, and banking. So talk us a little 23 00:01:05,840 --> 00:01:08,200 Speaker 2: bit more about how the quarter wrapped up and where 24 00:01:08,240 --> 00:01:09,760 Speaker 2: you saw them engaging more. 25 00:01:11,959 --> 00:01:14,000 Speaker 3: As a record quarter for us as a firm, our 26 00:01:14,360 --> 00:01:17,240 Speaker 3: earning screw fifty percent year over year, our revenue was 27 00:01:17,319 --> 00:01:20,160 Speaker 3: up twenty two percent year over year, and we saw 28 00:01:20,520 --> 00:01:23,120 Speaker 3: net new client assets to the firm of five hundred 29 00:01:23,120 --> 00:01:26,479 Speaker 3: and nineteen billion dollars on the year, including an all 30 00:01:26,520 --> 00:01:28,880 Speaker 3: time record quarter in the fourth quarter of one hundred 31 00:01:28,880 --> 00:01:32,600 Speaker 3: and sixty three billion dollars. And importantly, what we are 32 00:01:32,680 --> 00:01:35,959 Speaker 3: seeing is a bull market for convenience, not just in 33 00:01:36,040 --> 00:01:39,600 Speaker 3: financial services, but I think across most industries. The way 34 00:01:39,640 --> 00:01:42,759 Speaker 3: that reflects itself for us is a desire for clients 35 00:01:42,760 --> 00:01:46,240 Speaker 3: to have more of their financial life conducted with one institution, 36 00:01:46,600 --> 00:01:49,120 Speaker 3: and we've been the institution for many that they're turning to. 37 00:01:49,160 --> 00:01:51,520 Speaker 3: We can help them with their investing needs, we can 38 00:01:51,520 --> 00:01:53,760 Speaker 3: help them with their trading needs, with their wealth needs, 39 00:01:53,800 --> 00:01:56,400 Speaker 3: with their banking and lending needs, and so Brian bringing 40 00:01:56,440 --> 00:01:59,160 Speaker 3: together a client's financial life, we're able to help them more. 41 00:01:59,200 --> 00:02:02,600 Speaker 3: When we do that, there satisfactionally actually increases in our 42 00:02:02,640 --> 00:02:04,960 Speaker 3: business growth so it's a win for them because we're 43 00:02:05,120 --> 00:02:07,440 Speaker 3: bringing convenience, and then it's a win for us because 44 00:02:07,440 --> 00:02:09,160 Speaker 3: we're doing more business with them and doing more to 45 00:02:09,200 --> 00:02:10,560 Speaker 3: help them in their financial life. 46 00:02:10,720 --> 00:02:12,639 Speaker 1: You mentioned financial lives, and you just went through a 47 00:02:12,680 --> 00:02:15,280 Speaker 1: whole list of things that people do with these apps 48 00:02:15,280 --> 00:02:18,919 Speaker 1: and services. What about prediction markets? Can you talk a 49 00:02:18,960 --> 00:02:21,040 Speaker 1: little bit about whether you're planning on exploring options for 50 00:02:21,400 --> 00:02:23,840 Speaker 1: customers When it comes to prediction markets. It's all the 51 00:02:23,919 --> 00:02:26,079 Speaker 1: rage right now, as you very well know, and you. 52 00:02:26,000 --> 00:02:27,720 Speaker 2: Thought we were going to warm you up, we weren't. 53 00:02:27,760 --> 00:02:30,160 Speaker 2: We're just going right in. 54 00:02:29,560 --> 00:02:33,840 Speaker 3: First, I distinguished between prediction markets and gambling being able 55 00:02:33,880 --> 00:02:37,440 Speaker 3: to forecast employment or inflation and being able to take 56 00:02:37,440 --> 00:02:39,880 Speaker 3: a point of view or position on those and that 57 00:02:39,919 --> 00:02:43,679 Speaker 3: could somehow heads or accentuate the positions in your investment portfolio. 58 00:02:43,960 --> 00:02:46,840 Speaker 3: And I think as that those were born, I think 59 00:02:46,880 --> 00:02:50,960 Speaker 3: that makes sense within the context of an investment portfolio, 60 00:02:51,200 --> 00:02:55,160 Speaker 3: and we're absolutely open to having that on our platform, 61 00:02:55,200 --> 00:02:57,920 Speaker 3: those types of prediction markets. At the moment, it's not 62 00:02:58,040 --> 00:02:59,919 Speaker 3: high on our client's list of things they want to 63 00:03:00,280 --> 00:03:02,680 Speaker 3: innovate for them, and so we've been focused our innovations 64 00:03:02,720 --> 00:03:05,760 Speaker 3: in other areas that are more interest to clients. But 65 00:03:05,840 --> 00:03:09,040 Speaker 3: I distinguish that between that and sports gambling. And if 66 00:03:09,080 --> 00:03:11,920 Speaker 3: you look at ninety five percent of the volume of 67 00:03:11,960 --> 00:03:15,360 Speaker 3: what people call prediction markets is actually just sports gambling, 68 00:03:15,680 --> 00:03:18,960 Speaker 3: and that's not something that is we're keenly interested in 69 00:03:19,000 --> 00:03:22,040 Speaker 3: getting into for a very simple reason, which is our 70 00:03:22,200 --> 00:03:25,480 Speaker 3: mission as a firm is to make clients better off 71 00:03:25,480 --> 00:03:28,400 Speaker 3: in their financial life. And less than five percent of 72 00:03:28,440 --> 00:03:30,800 Speaker 3: people who go on to one of these gambling apps 73 00:03:31,360 --> 00:03:34,680 Speaker 3: take out more money than they put in in the 74 00:03:34,720 --> 00:03:38,720 Speaker 3: first place. That's the complete antithesis of what we do 75 00:03:39,240 --> 00:03:41,800 Speaker 3: at schwab. Our client's wealth is at an all time high, 76 00:03:42,120 --> 00:03:44,320 Speaker 3: the level advice we're giving them is that an all 77 00:03:44,360 --> 00:03:46,200 Speaker 3: time high, and the amount we're doing to try to 78 00:03:46,240 --> 00:03:48,600 Speaker 3: help them is that an all time high. So we'll 79 00:03:48,720 --> 00:03:51,720 Speaker 3: leave the sports gambling, which constitutes ninety five percent of 80 00:03:51,720 --> 00:03:55,040 Speaker 3: the prediction markets volume. We'll leave that to the gambling houses, 81 00:03:55,040 --> 00:03:57,520 Speaker 3: to the van Duals, the DraftKings, and the Robinhoods. 82 00:03:57,960 --> 00:04:01,000 Speaker 1: So it's funny, it's interesting that you say Robinhood. We'll 83 00:04:01,000 --> 00:04:03,560 Speaker 1: get back to that because I think Robinhood would probably 84 00:04:03,600 --> 00:04:06,000 Speaker 1: like to position itself as a competitor to Charles Schwab 85 00:04:06,000 --> 00:04:08,360 Speaker 1: in a lot of areas, if we stick with the 86 00:04:08,480 --> 00:04:11,440 Speaker 1: ninety five percent of what you believe prediction markets of 87 00:04:11,480 --> 00:04:15,520 Speaker 1: sports gambling, what is the five percent that is of 88 00:04:15,560 --> 00:04:17,880 Speaker 1: interest to you that we could potentially see at one 89 00:04:17,880 --> 00:04:22,160 Speaker 1: point on Schwab's platform, give us some examples there. Well. 90 00:04:22,200 --> 00:04:24,080 Speaker 3: I think if you want to take a position on 91 00:04:24,120 --> 00:04:26,320 Speaker 3: what the employment report's going to be, you know, at 92 00:04:26,360 --> 00:04:29,159 Speaker 3: the end of the month, or how inflation's going to print, 93 00:04:29,400 --> 00:04:32,440 Speaker 3: those things could have an impact on your portfolio. If 94 00:04:32,440 --> 00:04:34,960 Speaker 3: you have a big bond position, you may have interest 95 00:04:35,000 --> 00:04:37,039 Speaker 3: in what's going to happen in the inflation report, and 96 00:04:37,080 --> 00:04:40,120 Speaker 3: it's a simple way of taking a position based on 97 00:04:40,160 --> 00:04:43,039 Speaker 3: a yes or no position, and so that could be 98 00:04:43,080 --> 00:04:45,240 Speaker 3: of interest to clients. But the reason I think we 99 00:04:45,360 --> 00:04:48,200 Speaker 3: see haven't seen much volume in those and the reason 100 00:04:48,200 --> 00:04:51,520 Speaker 3: why ninety five percent of the volume is in sports gambling, 101 00:04:51,839 --> 00:04:53,440 Speaker 3: is because if you want to take a position on 102 00:04:53,520 --> 00:04:57,160 Speaker 3: the employment report or the inflation report, there are countless 103 00:04:57,160 --> 00:05:00,080 Speaker 3: ways to do that, and financial market participants already doing that, 104 00:05:00,120 --> 00:05:02,800 Speaker 3: whether it's in the bond market, in the futures market 105 00:05:02,839 --> 00:05:05,280 Speaker 3: through options. There's plenty of ways to do that today 106 00:05:05,320 --> 00:05:07,640 Speaker 3: and I think that's part of the reason why the 107 00:05:07,800 --> 00:05:10,960 Speaker 3: true idea of prediction markets really haven't taken off, and 108 00:05:11,520 --> 00:05:14,320 Speaker 3: why the firms that offer this have pivoted to sports gambling, 109 00:05:14,360 --> 00:05:16,920 Speaker 3: because there's a lot more interest in that than there 110 00:05:16,960 --> 00:05:20,320 Speaker 3: is in taking a position on the employment or inflation report. 111 00:05:20,400 --> 00:05:21,800 Speaker 2: All right, So then safe to say, Rick, if you 112 00:05:21,839 --> 00:05:24,119 Speaker 2: were a betting man, I would guess that there's nothing 113 00:05:24,120 --> 00:05:26,400 Speaker 2: in terms of a prediction market on the Schwab platform 114 00:05:26,400 --> 00:05:28,680 Speaker 2: in the next year or so, or maybe never. 115 00:05:30,240 --> 00:05:33,160 Speaker 3: Well, we've been innovating at a very fast rate. Twenty 116 00:05:33,240 --> 00:05:35,280 Speaker 3: twenty five was all about how do we meet the 117 00:05:35,320 --> 00:05:39,400 Speaker 3: wealth lending active trading needs of our clients, and we 118 00:05:39,520 --> 00:05:43,240 Speaker 3: had significant innovations in every one of those areas. We 119 00:05:43,279 --> 00:05:46,040 Speaker 3: went to twenty four by five trading for our active traders. 120 00:05:46,400 --> 00:05:49,760 Speaker 3: We continued to make our mobile app even stronger for 121 00:05:50,440 --> 00:05:53,080 Speaker 3: those that want to actively trade and do so via 122 00:05:53,080 --> 00:05:55,920 Speaker 3: the mobile app. For our wealth clients, we launched new 123 00:05:56,000 --> 00:05:59,480 Speaker 3: tax trusts and the state capabilities, including an investment we 124 00:05:59,560 --> 00:06:03,960 Speaker 3: made in com to bring trust capabilities directly to our clients. 125 00:06:04,640 --> 00:06:07,960 Speaker 3: We've launched a series of new capabilities for our advisor clients, 126 00:06:08,360 --> 00:06:11,440 Speaker 3: and in particular really leaned into innovations around making it 127 00:06:11,480 --> 00:06:13,839 Speaker 3: easier for them to work with us. All of those 128 00:06:13,880 --> 00:06:16,640 Speaker 3: are things that we think are far more impactful to 129 00:06:16,680 --> 00:06:20,239 Speaker 3: our clients' ability to grow their wealth than prediction markets. 130 00:06:20,320 --> 00:06:22,200 Speaker 3: And when we go out and survey our clients about 131 00:06:22,200 --> 00:06:24,800 Speaker 3: what they want from us, prediction markets is low on 132 00:06:24,839 --> 00:06:27,240 Speaker 3: the list, So it's something we are actively looking at. 133 00:06:27,520 --> 00:06:29,400 Speaker 3: I think at some point in the future we will 134 00:06:29,440 --> 00:06:32,520 Speaker 3: have true prediction markets at some point, but it's just 135 00:06:32,600 --> 00:06:35,480 Speaker 3: not high on our innovation list because we're firmly focused 136 00:06:35,520 --> 00:06:38,160 Speaker 3: on those innovations they're going to have the most impact 137 00:06:38,160 --> 00:06:39,120 Speaker 3: on our client's. 138 00:06:38,839 --> 00:06:41,520 Speaker 2: Wealth, right Unlike something we talked about when we were 139 00:06:41,560 --> 00:06:43,440 Speaker 2: at SWAB Impact with you in November that you had 140 00:06:43,480 --> 00:06:46,640 Speaker 2: just done a deal which would give investors access to 141 00:06:46,680 --> 00:06:49,760 Speaker 2: private companies, as was buying Forge Global, So I get 142 00:06:49,839 --> 00:06:51,719 Speaker 2: that's more of a priority for clients. 143 00:06:53,240 --> 00:06:55,400 Speaker 3: Yeah, I think you go back to the eighties when 144 00:06:55,680 --> 00:06:58,719 Speaker 3: I believe it was KKR that did the first leveraged buyout. 145 00:06:59,120 --> 00:07:04,280 Speaker 3: Institutions have been benefiting from the diversification and the return 146 00:07:04,360 --> 00:07:09,120 Speaker 3: enhancement from alternatives investments, and in the past decades or 147 00:07:09,200 --> 00:07:12,200 Speaker 3: multiple decades, they're really wealthy have also been able to 148 00:07:12,240 --> 00:07:15,840 Speaker 3: participate in those return and diversification benefits, but the everyday 149 00:07:15,880 --> 00:07:19,560 Speaker 3: retail investor has not been able to. And our Forge 150 00:07:19,600 --> 00:07:23,880 Speaker 3: acquisition was really about democratizing investments and alternatives. We're now 151 00:07:23,880 --> 00:07:25,320 Speaker 3: going to be able to bring it to all of 152 00:07:25,320 --> 00:07:28,320 Speaker 3: our investors in multiple different forms and allow them to 153 00:07:28,320 --> 00:07:31,600 Speaker 3: participate in private markets the way institutions and the very 154 00:07:31,640 --> 00:07:34,160 Speaker 3: wealthy have been able to. And we're thrilled to bridge 155 00:07:34,200 --> 00:07:36,320 Speaker 3: that gap and excited for what that could mean for 156 00:07:36,360 --> 00:07:37,200 Speaker 3: our client's wealth. 157 00:07:37,600 --> 00:07:39,160 Speaker 2: Hey, hey, Rick, one thing we've got to bring your 158 00:07:39,200 --> 00:07:41,640 Speaker 2: attention to. It's just a headline that cross the Bloomberg, 159 00:07:41,680 --> 00:07:45,440 Speaker 2: and we're seeing markets turn around and rally pretty substantially 160 00:07:45,640 --> 00:07:48,400 Speaker 2: on it. We see a straight move up on all 161 00:07:48,400 --> 00:07:50,440 Speaker 2: of the major equity averages. We're now up nearly one 162 00:07:50,480 --> 00:07:52,600 Speaker 2: point two percent on the S and P and up 163 00:07:52,640 --> 00:07:55,120 Speaker 2: almost one point four percent on the Nasdaq one hundred. 164 00:07:55,440 --> 00:07:58,240 Speaker 2: President Trump, who's in Davos and meeting with European leader, 165 00:07:58,280 --> 00:08:03,640 Speaker 2: says he has so you won't impose Greenland limited tariffs 166 00:08:03,680 --> 00:08:05,600 Speaker 2: on February first. But the headline that really think got 167 00:08:05,640 --> 00:08:08,200 Speaker 2: markets moving was that the President says he's got a 168 00:08:08,240 --> 00:08:11,920 Speaker 2: framework for future deal on Greenland with NATO. And I 169 00:08:11,920 --> 00:08:14,360 Speaker 2: guess I want to bring this into the conversation because 170 00:08:14,360 --> 00:08:17,640 Speaker 2: I feel like when Tim and I and you were 171 00:08:18,360 --> 00:08:22,200 Speaker 2: together at Tuama Impact in Denver, it was pretty upbeat. 172 00:08:22,280 --> 00:08:24,880 Speaker 2: I think about the market environment and the outlook, and 173 00:08:24,920 --> 00:08:27,560 Speaker 2: there's been a lot that's happened here in twenty twenty six. 174 00:08:28,520 --> 00:08:31,600 Speaker 2: It feels like volatility is back. I'm just curious, you know, 175 00:08:32,280 --> 00:08:34,680 Speaker 2: have any of the assumptions about the White House and 176 00:08:34,760 --> 00:08:37,680 Speaker 2: policy and changes changed in your view, And I'm just 177 00:08:37,679 --> 00:08:39,800 Speaker 2: curious what you make of something like this from the 178 00:08:39,840 --> 00:08:42,559 Speaker 2: President that definitely has the markets moving to the upside. 179 00:08:43,600 --> 00:08:46,040 Speaker 3: Yeah, I don't think any of that surprises us. We're 180 00:08:46,080 --> 00:08:48,480 Speaker 3: still within you know, percent or two of all time 181 00:08:48,600 --> 00:08:51,439 Speaker 3: highs and markets. I think there's going to be geopolitical 182 00:08:51,559 --> 00:08:54,080 Speaker 3: noise from time to time. If you've read the book 183 00:08:54,120 --> 00:08:56,600 Speaker 3: The Art of the Deal, I think it begins with 184 00:08:56,679 --> 00:08:59,520 Speaker 3: starting big in your requests and then negotiating to something 185 00:08:59,520 --> 00:09:03,240 Speaker 3: that that is workable for both parties. And my guess 186 00:09:03,320 --> 00:09:05,679 Speaker 3: is that may be the playbook that's followed here. But 187 00:09:06,679 --> 00:09:09,199 Speaker 3: for our clients, we're not seeing an undue amount of 188 00:09:09,280 --> 00:09:11,760 Speaker 3: concern And this is a kind of environment in which 189 00:09:11,800 --> 00:09:14,160 Speaker 3: we thrive because we're not just an investment app. We're 190 00:09:14,200 --> 00:09:16,280 Speaker 3: so much more than that. We took thirty million calls 191 00:09:16,280 --> 00:09:18,240 Speaker 3: from clients last year and answered them in less than 192 00:09:18,320 --> 00:09:22,400 Speaker 3: thirty seconds. We're in all many local communities across this 193 00:09:22,480 --> 00:09:24,959 Speaker 3: country with actual people that are there to help coach 194 00:09:25,000 --> 00:09:27,120 Speaker 3: our clients and how to navigate periods like this and 195 00:09:27,760 --> 00:09:30,560 Speaker 3: how to see through the noise and be diversified and 196 00:09:30,600 --> 00:09:32,160 Speaker 3: stick with it for the long term so that they 197 00:09:32,200 --> 00:09:35,480 Speaker 3: can build their wealth. So whatever markets and geopolitics bring, 198 00:09:35,960 --> 00:09:37,640 Speaker 3: we're going to be ready for it, and it's going 199 00:09:37,679 --> 00:09:40,080 Speaker 3: to help us distinguish what we stand for here at Schwab, 200 00:09:40,120 --> 00:09:42,360 Speaker 3: which is helping our clients grow their wealth. 201 00:09:43,000 --> 00:09:46,839 Speaker 1: You know, we had some reporting in recent days about 202 00:09:46,880 --> 00:09:49,800 Speaker 1: the New York Stock Exchange exploring ways for twenty four 203 00:09:49,800 --> 00:09:54,439 Speaker 1: to seven trading of certain assets, and I'm curious crypto 204 00:09:54,520 --> 00:09:55,960 Speaker 1: kind of paved the way for that because a lot 205 00:09:55,960 --> 00:09:58,800 Speaker 1: of people can trade crypto twenty four to seven. What 206 00:09:58,840 --> 00:10:01,440 Speaker 1: do you think of the ability for people to trade 207 00:10:01,440 --> 00:10:02,520 Speaker 1: stocks twenty four to seven. 208 00:10:03,760 --> 00:10:06,040 Speaker 3: Well, I think we're very open to that and would 209 00:10:06,080 --> 00:10:09,960 Speaker 3: certainly participate. We're already twenty four by five today. We 210 00:10:10,440 --> 00:10:14,040 Speaker 3: see very little market activity or very little client activity 211 00:10:14,080 --> 00:10:17,040 Speaker 3: outside of market hours. It's usually only a couple of 212 00:10:17,040 --> 00:10:20,440 Speaker 3: a percent. The vast majority of trading happens within the 213 00:10:20,480 --> 00:10:23,800 Speaker 3: market hours, and I think the market hours are a feature, 214 00:10:24,320 --> 00:10:25,880 Speaker 3: not a bug. And what I mean by that is 215 00:10:25,920 --> 00:10:29,960 Speaker 3: by limiting the marketing hours the market hours, you draw 216 00:10:30,080 --> 00:10:32,160 Speaker 3: people in at the same time and create a lot 217 00:10:32,200 --> 00:10:35,559 Speaker 3: of liquidity so that spreads are tight and trading efficiency 218 00:10:35,800 --> 00:10:38,560 Speaker 3: is very high. I think the convenience of twenty four 219 00:10:38,559 --> 00:10:41,840 Speaker 3: to seven is certainly very appealing, but we need to 220 00:10:41,880 --> 00:10:43,719 Speaker 3: make sure that those trades are done in a way 221 00:10:43,760 --> 00:10:46,120 Speaker 3: that makes sense for clients. And you know, as we 222 00:10:46,160 --> 00:10:49,240 Speaker 3: see clients trade on our twenty four by five platform, 223 00:10:49,280 --> 00:10:52,200 Speaker 3: we make very certain that they trade in a way 224 00:10:52,240 --> 00:10:55,280 Speaker 3: that they're recognizing the higher spreads, and we make that 225 00:10:55,440 --> 00:10:58,840 Speaker 3: very clear to them and they live with that for 226 00:10:58,880 --> 00:11:00,600 Speaker 3: the convenience. But we just need to be careful as 227 00:11:00,640 --> 00:11:02,160 Speaker 3: we go to twenty four by seven that we don't 228 00:11:02,200 --> 00:11:04,319 Speaker 3: lose the efficiency of the market and the benefits of 229 00:11:04,360 --> 00:11:07,200 Speaker 3: getting everyone into the market at around the same time, 230 00:11:07,240 --> 00:11:09,000 Speaker 3: which is great for trading efficiency. 231 00:11:09,080 --> 00:11:12,600 Speaker 2: Hey, Rick, super quick ten seconds. It feels optimistic this year. 232 00:11:14,120 --> 00:11:16,040 Speaker 3: I think so there's a lot, you know, the economies 233 00:11:16,040 --> 00:11:18,800 Speaker 3: on strong footing. Market's been up three years in a row. 234 00:11:18,960 --> 00:11:21,840 Speaker 3: Unless something changes, things look pretty good. Well. 235 00:11:21,960 --> 00:11:24,400 Speaker 2: We certainly look forward to coming back to you throughout 236 00:11:24,400 --> 00:11:26,520 Speaker 2: the year and checking in on it. Rick, thank you 237 00:11:26,600 --> 00:11:28,960 Speaker 2: so much. Happy New Year, Rick Worster. He is the 238 00:11:28,960 --> 00:11:33,760 Speaker 2: Presidency of the Charles Schwab Corporation, joining us there from Texas.