WEBVTT - Charles Schwab CEO Rick Wurster Talks Earnings, Prediction Markets

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Schwab shares. I'm just taking a look at them shares

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<v Speaker 2>of the Charles Schwab Corporation. They're up about one percent

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<v Speaker 2>in today's session. Stock is trading higher after the company

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<v Speaker 2>reported earnings earlier today this morning. It did report a

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<v Speaker 2>surge and average daily trading volume in the fourth quarter,

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<v Speaker 2>and that's happening as retail investors really sought to take

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<v Speaker 2>advantage at the end of a strong year of the

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<v Speaker 2>stock market. We did see some big moves there. Hey,

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<v Speaker 2>to talk about the quarter and the outlook. Great for

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<v Speaker 2>Tim and I to be back with Rick Worster. He's

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<v Speaker 2>president and CEO of the Charles Schwab Corporation. He joins

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<v Speaker 2>us from their headquarters in Westlake, Westlake, Texas. Rick, Great

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<v Speaker 2>to have you back with us.

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<v Speaker 3>How are you. I'm doing really well. Nice to be

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<v Speaker 3>with you, Carol and Tim. I always enjoy it. Well.

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<v Speaker 2>We are so glad to have you back with us.

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<v Speaker 2>It feels like twenty twenty six is often running. I'm

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<v Speaker 2>just curious though, I want to talk about the last quarter,

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<v Speaker 2>and you guys did note about clients conducting a lot

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<v Speaker 2>more of their financial lives at Schwab doing different things

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<v Speaker 2>wealth management, trading, and banking. So talk us a little

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<v Speaker 2>bit more about how the quarter wrapped up and where

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<v Speaker 2>you saw them engaging more.

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<v Speaker 3>As a record quarter for us as a firm, our

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<v Speaker 3>earning screw fifty percent year over year, our revenue was

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<v Speaker 3>up twenty two percent year over year, and we saw

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<v Speaker 3>net new client assets to the firm of five hundred

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<v Speaker 3>and nineteen billion dollars on the year, including an all

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<v Speaker 3>time record quarter in the fourth quarter of one hundred

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<v Speaker 3>and sixty three billion dollars. And importantly, what we are

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<v Speaker 3>seeing is a bull market for convenience, not just in

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<v Speaker 3>financial services, but I think across most industries. The way

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<v Speaker 3>that reflects itself for us is a desire for clients

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<v Speaker 3>to have more of their financial life conducted with one institution,

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<v Speaker 3>and we've been the institution for many that they're turning to.

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<v Speaker 3>We can help them with their investing needs, we can

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<v Speaker 3>help them with their trading needs, with their wealth needs,

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<v Speaker 3>with their banking and lending needs, and so Brian bringing

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<v Speaker 3>together a client's financial life, we're able to help them more.

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<v Speaker 3>When we do that, there satisfactionally actually increases in our

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<v Speaker 3>business growth so it's a win for them because we're

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<v Speaker 3>bringing convenience, and then it's a win for us because

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<v Speaker 3>we're doing more business with them and doing more to

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<v Speaker 3>help them in their financial life.

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<v Speaker 1>You mentioned financial lives, and you just went through a

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<v Speaker 1>whole list of things that people do with these apps

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<v Speaker 1>and services. What about prediction markets? Can you talk a

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<v Speaker 1>little bit about whether you're planning on exploring options for

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<v Speaker 1>customers When it comes to prediction markets. It's all the

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<v Speaker 1>rage right now, as you very well know, and you.

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<v Speaker 2>Thought we were going to warm you up, we weren't.

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<v Speaker 2>We're just going right in.

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<v Speaker 3>First, I distinguished between prediction markets and gambling being able

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<v Speaker 3>to forecast employment or inflation and being able to take

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<v Speaker 3>a point of view or position on those and that

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<v Speaker 3>could somehow heads or accentuate the positions in your investment portfolio.

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<v Speaker 3>And I think as that those were born, I think

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<v Speaker 3>that makes sense within the context of an investment portfolio,

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<v Speaker 3>and we're absolutely open to having that on our platform,

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<v Speaker 3>those types of prediction markets. At the moment, it's not

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<v Speaker 3>high on our client's list of things they want to

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<v Speaker 3>innovate for them, and so we've been focused our innovations

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<v Speaker 3>in other areas that are more interest to clients. But

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<v Speaker 3>I distinguish that between that and sports gambling. And if

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<v Speaker 3>you look at ninety five percent of the volume of

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<v Speaker 3>what people call prediction markets is actually just sports gambling,

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<v Speaker 3>and that's not something that is we're keenly interested in

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<v Speaker 3>getting into for a very simple reason, which is our

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<v Speaker 3>mission as a firm is to make clients better off

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<v Speaker 3>in their financial life. And less than five percent of

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<v Speaker 3>people who go on to one of these gambling apps

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<v Speaker 3>take out more money than they put in in the

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<v Speaker 3>first place. That's the complete antithesis of what we do

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<v Speaker 3>at schwab. Our client's wealth is at an all time high,

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<v Speaker 3>the level advice we're giving them is that an all

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<v Speaker 3>time high, and the amount we're doing to try to

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<v Speaker 3>help them is that an all time high. So we'll

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<v Speaker 3>leave the sports gambling, which constitutes ninety five percent of

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<v Speaker 3>the prediction markets volume. We'll leave that to the gambling houses,

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<v Speaker 3>to the van Duals, the DraftKings, and the Robinhoods.

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<v Speaker 1>So it's funny, it's interesting that you say Robinhood. We'll

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<v Speaker 1>get back to that because I think Robinhood would probably

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<v Speaker 1>like to position itself as a competitor to Charles Schwab

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<v Speaker 1>in a lot of areas, if we stick with the

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<v Speaker 1>ninety five percent of what you believe prediction markets of

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<v Speaker 1>sports gambling, what is the five percent that is of

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<v Speaker 1>interest to you that we could potentially see at one

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<v Speaker 1>point on Schwab's platform, give us some examples there. Well.

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<v Speaker 3>I think if you want to take a position on

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<v Speaker 3>what the employment report's going to be, you know, at

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<v Speaker 3>the end of the month, or how inflation's going to print,

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<v Speaker 3>those things could have an impact on your portfolio. If

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<v Speaker 3>you have a big bond position, you may have interest

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<v Speaker 3>in what's going to happen in the inflation report, and

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<v Speaker 3>it's a simple way of taking a position based on

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<v Speaker 3>a yes or no position, and so that could be

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<v Speaker 3>of interest to clients. But the reason I think we

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<v Speaker 3>see haven't seen much volume in those and the reason

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<v Speaker 3>why ninety five percent of the volume is in sports gambling,

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<v Speaker 3>is because if you want to take a position on

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<v Speaker 3>the employment report or the inflation report, there are countless

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<v Speaker 3>ways to do that, and financial market participants already doing that,

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<v Speaker 3>whether it's in the bond market, in the futures market

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<v Speaker 3>through options. There's plenty of ways to do that today

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<v Speaker 3>and I think that's part of the reason why the

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<v Speaker 3>true idea of prediction markets really haven't taken off, and

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<v Speaker 3>why the firms that offer this have pivoted to sports gambling,

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<v Speaker 3>because there's a lot more interest in that than there

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<v Speaker 3>is in taking a position on the employment or inflation report.

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<v Speaker 2>All right, So then safe to say, Rick, if you

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<v Speaker 2>were a betting man, I would guess that there's nothing

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<v Speaker 2>in terms of a prediction market on the Schwab platform

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<v Speaker 2>in the next year or so, or maybe never.

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<v Speaker 3>Well, we've been innovating at a very fast rate. Twenty

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<v Speaker 3>twenty five was all about how do we meet the

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<v Speaker 3>wealth lending active trading needs of our clients, and we

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<v Speaker 3>had significant innovations in every one of those areas. We

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<v Speaker 3>went to twenty four by five trading for our active traders.

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<v Speaker 3>We continued to make our mobile app even stronger for

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<v Speaker 3>those that want to actively trade and do so via

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<v Speaker 3>the mobile app. For our wealth clients, we launched new

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<v Speaker 3>tax trusts and the state capabilities, including an investment we

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<v Speaker 3>made in com to bring trust capabilities directly to our clients.

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<v Speaker 3>We've launched a series of new capabilities for our advisor clients,

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<v Speaker 3>and in particular really leaned into innovations around making it

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<v Speaker 3>easier for them to work with us. All of those

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<v Speaker 3>are things that we think are far more impactful to

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<v Speaker 3>our clients' ability to grow their wealth than prediction markets.

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<v Speaker 3>And when we go out and survey our clients about

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<v Speaker 3>what they want from us, prediction markets is low on

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<v Speaker 3>the list, So it's something we are actively looking at.

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<v Speaker 3>I think at some point in the future we will

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<v Speaker 3>have true prediction markets at some point, but it's just

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<v Speaker 3>not high on our innovation list because we're firmly focused

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<v Speaker 3>on those innovations they're going to have the most impact

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<v Speaker 3>on our client's.

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<v Speaker 2>Wealth, right Unlike something we talked about when we were

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<v Speaker 2>at SWAB Impact with you in November that you had

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<v Speaker 2>just done a deal which would give investors access to

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<v Speaker 2>private companies, as was buying Forge Global, So I get

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<v Speaker 2>that's more of a priority for clients.

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<v Speaker 3>Yeah, I think you go back to the eighties when

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<v Speaker 3>I believe it was KKR that did the first leveraged buyout.

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<v Speaker 3>Institutions have been benefiting from the diversification and the return

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<v Speaker 3>enhancement from alternatives investments, and in the past decades or

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<v Speaker 3>multiple decades, they're really wealthy have also been able to

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<v Speaker 3>participate in those return and diversification benefits, but the everyday

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<v Speaker 3>retail investor has not been able to. And our Forge

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<v Speaker 3>acquisition was really about democratizing investments and alternatives. We're now

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<v Speaker 3>going to be able to bring it to all of

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<v Speaker 3>our investors in multiple different forms and allow them to

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<v Speaker 3>participate in private markets the way institutions and the very

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<v Speaker 3>wealthy have been able to. And we're thrilled to bridge

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<v Speaker 3>that gap and excited for what that could mean for

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<v Speaker 3>our client's wealth.

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<v Speaker 2>Hey, hey, Rick, one thing we've got to bring your

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<v Speaker 2>attention to. It's just a headline that cross the Bloomberg,

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<v Speaker 2>and we're seeing markets turn around and rally pretty substantially

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<v Speaker 2>on it. We see a straight move up on all

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<v Speaker 2>of the major equity averages. We're now up nearly one

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<v Speaker 2>point two percent on the S and P and up

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<v Speaker 2>almost one point four percent on the Nasdaq one hundred.

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<v Speaker 2>President Trump, who's in Davos and meeting with European leader,

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<v Speaker 2>says he has so you won't impose Greenland limited tariffs

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<v Speaker 2>on February first. But the headline that really think got

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<v Speaker 2>markets moving was that the President says he's got a

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<v Speaker 2>framework for future deal on Greenland with NATO. And I

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<v Speaker 2>guess I want to bring this into the conversation because

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<v Speaker 2>I feel like when Tim and I and you were

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<v Speaker 2>together at Tuama Impact in Denver, it was pretty upbeat.

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<v Speaker 2>I think about the market environment and the outlook, and

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<v Speaker 2>there's been a lot that's happened here in twenty twenty six.

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<v Speaker 2>It feels like volatility is back. I'm just curious, you know,

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<v Speaker 2>have any of the assumptions about the White House and

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<v Speaker 2>policy and changes changed in your view, And I'm just

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<v Speaker 2>curious what you make of something like this from the

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<v Speaker 2>President that definitely has the markets moving to the upside.

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<v Speaker 3>Yeah, I don't think any of that surprises us. We're

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<v Speaker 3>still within you know, percent or two of all time

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<v Speaker 3>highs and markets. I think there's going to be geopolitical

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<v Speaker 3>noise from time to time. If you've read the book

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<v Speaker 3>The Art of the Deal, I think it begins with

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<v Speaker 3>starting big in your requests and then negotiating to something

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<v Speaker 3>that that is workable for both parties. And my guess

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<v Speaker 3>is that may be the playbook that's followed here. But

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<v Speaker 3>for our clients, we're not seeing an undue amount of

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<v Speaker 3>concern And this is a kind of environment in which

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<v Speaker 3>we thrive because we're not just an investment app. We're

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<v Speaker 3>so much more than that. We took thirty million calls

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<v Speaker 3>from clients last year and answered them in less than

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<v Speaker 3>thirty seconds. We're in all many local communities across this

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<v Speaker 3>country with actual people that are there to help coach

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<v Speaker 3>our clients and how to navigate periods like this and

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<v Speaker 3>how to see through the noise and be diversified and

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<v Speaker 3>stick with it for the long term so that they

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<v Speaker 3>can build their wealth. So whatever markets and geopolitics bring,

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<v Speaker 3>we're going to be ready for it, and it's going

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<v Speaker 3>to help us distinguish what we stand for here at Schwab,

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<v Speaker 3>which is helping our clients grow their wealth.

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<v Speaker 1>You know, we had some reporting in recent days about

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<v Speaker 1>the New York Stock Exchange exploring ways for twenty four

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<v Speaker 1>to seven trading of certain assets, and I'm curious crypto

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<v Speaker 1>kind of paved the way for that because a lot

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<v Speaker 1>of people can trade crypto twenty four to seven. What

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<v Speaker 1>do you think of the ability for people to trade

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<v Speaker 1>stocks twenty four to seven.

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<v Speaker 3>Well, I think we're very open to that and would

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<v Speaker 3>certainly participate. We're already twenty four by five today. We

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<v Speaker 3>see very little market activity or very little client activity

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<v Speaker 3>outside of market hours. It's usually only a couple of

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<v Speaker 3>a percent. The vast majority of trading happens within the

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<v Speaker 3>market hours, and I think the market hours are a feature,

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<v Speaker 3>not a bug. And what I mean by that is

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<v Speaker 3>by limiting the marketing hours the market hours, you draw

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<v Speaker 3>people in at the same time and create a lot

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<v Speaker 3>of liquidity so that spreads are tight and trading efficiency

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<v Speaker 3>is very high. I think the convenience of twenty four

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<v Speaker 3>to seven is certainly very appealing, but we need to

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<v Speaker 3>make sure that those trades are done in a way

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<v Speaker 3>that makes sense for clients. And you know, as we

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<v Speaker 3>see clients trade on our twenty four by five platform,

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<v Speaker 3>we make very certain that they trade in a way

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<v Speaker 3>that they're recognizing the higher spreads, and we make that

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<v Speaker 3>very clear to them and they live with that for

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<v Speaker 3>the convenience. But we just need to be careful as

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<v Speaker 3>we go to twenty four by seven that we don't

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<v Speaker 3>lose the efficiency of the market and the benefits of

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<v Speaker 3>getting everyone into the market at around the same time,

0:11:07.240 --> 0:11:09.000
<v Speaker 3>which is great for trading efficiency.

0:11:09.080 --> 0:11:12.600
<v Speaker 2>Hey, Rick, super quick ten seconds. It feels optimistic this year.

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<v Speaker 3>I think so there's a lot, you know, the economies

0:11:16.040 --> 0:11:18.800
<v Speaker 3>on strong footing. Market's been up three years in a row.

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<v Speaker 3>Unless something changes, things look pretty good. Well.

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<v Speaker 2>We certainly look forward to coming back to you throughout

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<v Speaker 2>the year and checking in on it. Rick, thank you

0:11:26.600 --> 0:11:28.960
<v Speaker 2>so much. Happy New Year, Rick Worster. He is the

0:11:28.960 --> 0:11:33.760
<v Speaker 2>Presidency of the Charles Schwab Corporation, joining us there from Texas.