WEBVTT - Schwab Trading Volume Swells to End Strong Year for Markets 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>Tim Stenoveek on Bloomberg Radio. Schwab shares I'm just taking

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<v Speaker 2>a look at them, shares of the Charles Schwab Corporation.

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<v Speaker 2>They're up about one percent in today's session. Stock is

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<v Speaker 2>trading higher after the company reported earnings earlier today this morning.

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<v Speaker 2>It did report a surge and average daily trading volume

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<v Speaker 2>in the fourth quarter, and that's happening as retail investors

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<v Speaker 2>really sought to take advantage at the end of a

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<v Speaker 2>strong year of the stock market. We did see some

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<v Speaker 2>big moves there. Hey, to talk about the quarter and

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<v Speaker 2>the outlook. Great for Tim and I to be back

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<v Speaker 2>with Rick Worster. He's president and CEO of the Charles

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<v Speaker 2>Schwab Corporation. He joins us from their headquarters in Westlake, Westlake, Texas. Rick,

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<v Speaker 2>Great 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.

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<v Speaker 2>Well. 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 to us a

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

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<v Speaker 2>where 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 bringing together

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

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<v Speaker 3>When we do that, they're 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 to win for us because we're

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<v Speaker 3>doing more business with them and doing more to help

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<v Speaker 3>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 a

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

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<v Speaker 2>We were going to warm you up.

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<v Speaker 3>We weren't.

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

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<v Speaker 3>In first, I distinguished between prediction markets and gambling. Being

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

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

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<v Speaker 3>that could somehow hedge or accentuate the positions in your

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

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<v Speaker 3>I think that makes sense within the context of an

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

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<v Speaker 3>our platform, those types of prediction markets. At the moment,

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<v Speaker 3>it's not high on our client's list of things they

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<v Speaker 3>want us to innovate for them, and so we've been

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<v Speaker 3>focused our innovations in other areas that are more interest

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<v Speaker 3>to clients. But I distinguish that between that and sports gambling.

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

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<v Speaker 3>volume of what people call prediction markets is actually just

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<v Speaker 3>sports gambling, and that's not something that is we're keenly

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<v Speaker 3>interested in getting into for a very simple reason, which

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

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<v Speaker 3>better off in their financial life. And less than five

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

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

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

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<v Speaker 3>we do at schwab. Our client's wealth is at an

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<v Speaker 3>all time high, the level advice we're giving them is

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<v Speaker 3>that an all time high, and the amount we're doing

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<v Speaker 3>to try to help them is that an all time high.

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<v Speaker 3>So we'll leave the sports gambling, which constitutes ninety five

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<v Speaker 3>percent of the prediction markets volume. We'll leave that to

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<v Speaker 3>the gambling houses, to the van duals, the DraftKings, and

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<v Speaker 3>the robinhoods.

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

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<v Speaker 1>We'll get back to that, because I think Robinhood would

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<v Speaker 1>would probably like to position itself as a competitor to

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<v Speaker 1>Charles Schwab in a lot of areas. If we stick

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

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

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<v Speaker 1>is of interest to you that we could potentially see

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<v Speaker 1>at one point on Schwab's platform. Give us some examples there.

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

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

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

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<v Speaker 3>to print, those things could have an impact on your portfolio.

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

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<v Speaker 3>interest in what's going to happen in the inflation report.

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

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

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

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

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<v Speaker 3>reason why ninety five percent of the volume is in

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<v Speaker 3>sports gambling is because if you want to take a

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

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

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

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<v Speaker 3>futures market, through options. There's plenty of ways to do

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

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

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<v Speaker 3>and why the firms that offer this have pivoted to sportscambling,

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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 continue 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 wealth dot Com to bring trust capabilities directly

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<v Speaker 3>to our clients. We launched a series of new capabilities

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<v Speaker 3>for our advisor clients and in particular really leaned into

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<v Speaker 3>innovations around making it easier for them to work with us.

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<v Speaker 3>All of those are things that we think are far

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<v Speaker 3>more impactful to our clients' ability to grow their wealth

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<v Speaker 3>than prediction markets. And when we go out and survey

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<v Speaker 3>our clients about what they want from us, prediction markets

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<v Speaker 3>is low on the list, so it's something we are

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<v Speaker 3>actively looking at. I think at some point in the

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<v Speaker 3>future we will have true prediction markets at some point,

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<v Speaker 3>but it's just not high on our innovation list because

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<v Speaker 3>we're firmly focused on those innovations they're going to have

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<v Speaker 3>the most impact 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. This 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 you know, in the past

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

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<v Speaker 3>able to participate in those return and diversification benefits, but

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<v Speaker 3>the everyday retail investor has not been able to. And

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<v Speaker 3>our Forge acquisition was really about democratizing investments and alternatives.

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<v Speaker 3>We're now going to be able to bring it to

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<v Speaker 3>all of our investors in multiple different forms and allow

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

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

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

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<v Speaker 3>mean for our client's wealth.

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<v Speaker 2>Hey, Arick, one thing we got to bring your attention to.

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<v Speaker 2>It's just a headline across the Bloomberg and we're seeing

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<v Speaker 2>markets turn around and rally pretty substantially on it. We

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<v Speaker 2>see a straight move up on all of the major

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<v Speaker 2>equity averages. We're now up nearly one point two percent

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<v Speaker 2>on the SNP and up almost one point four percent

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<v Speaker 2>on the Nasdaq one hundred. President Trump, who's Davos and

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<v Speaker 2>meeting with European leader, says he has so he won't

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<v Speaker 2>impose Greenland limited terrors on February first, But the headline

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<v Speaker 2>that really think got markets moving was that the President

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<v Speaker 2>says he's got a framework for future deal on Greenland

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<v Speaker 2>with NATO. And I guess I want to bring this

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<v Speaker 2>into the conversation because I feel like when Tim and

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<v Speaker 2>I and you were together at TWAMA Impact in Denver,

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<v Speaker 2>it was pretty upbeat. I think about the market environment

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<v Speaker 2>and the outlook, and there's been a lot that's happened

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<v Speaker 2>here in twenty twenty six. It feels like volatility is back.

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<v Speaker 2>I'm just curious, you know, have any of the assumptions

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<v Speaker 2>about the White House and policy and changes changed in

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<v Speaker 2>your view, And I'm just curious what you make of

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<v Speaker 2>something like this from the President that definitely has the

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<v Speaker 2>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 is workable for both parties. And my guess is

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<v Speaker 3>that 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. I'm curious crypto kind

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

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

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

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<v Speaker 1>twenty four to seven well, I.

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<v Speaker 3>Think we're very open to that and would certainly participate.

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<v Speaker 3>We're already twenty four by five. Today. We see very

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<v Speaker 3>little market activity or very little client activity outside of

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

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<v Speaker 3>The vast majority of trading happens within the market hours,

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<v Speaker 3>and I think the market hours are a feature, not

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<v Speaker 3>a bug. And what I mean by that is by

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

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<v Speaker 3>at the same time and create a lot of liquidity

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<v Speaker 3>so that spreads are tight and trading efficiency is very high.

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<v Speaker 3>I think the convenience of twenty four to seven is

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<v Speaker 3>certainly very appealing, but we need to make sure that

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<v Speaker 3>those trades are done in a way that makes sense

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<v Speaker 3>for clients. And you know, as we see clients trade

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<v Speaker 3>on our twenty four by five platform, we make very

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<v Speaker 3>certain that they trade in a way that they're recognizing

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<v Speaker 3>the higher spreads, and we make that very clear to

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<v Speaker 3>them and they live with that for the convenience. But

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<v Speaker 3>we just need to be careful as we go to

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<v Speaker 3>twenty four by seven that we don't lose the efficiency

0:11:10.160 --> 0:11:12.280
<v Speaker 3>of the market and the benefits of getting everyone into

0:11:12.360 --> 0:11:14.920
<v Speaker 3>the market at around the same time, which is great

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<v Speaker 3>for trading efficiency.

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<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

0:11:23.080 --> 0:11:25.840
<v Speaker 3>on strong footing. Market's been up three years in a row.

0:11:25.960 --> 0:11:28.400
<v Speaker 3>Unless something changes, things look pretty good.

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

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<v Speaker 2>throughout the year and checking in on it. Rick, Thank

0:11:33.520 --> 0:11:35.839
<v Speaker 2>you so much. Happy New Year, Rick wester He is

0:11:35.880 --> 0:11:39.480
<v Speaker 2>the Presidency of the Charles Schwab Corporation, joining us there

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<v Speaker 2>from Texas.