Charles Schwab Corporation

Caterpillar, the leadership's totally woke, if you remember those stories.

Charles Schwab, CBRE, McKesson, AECOM, Jacobs Solutions.

You have Apple setting up shop here with big foreign company, with big entities.

You have Tesla that has come here.

Let me give you this.

Chevron, 2024, where do you think they came from? California.

Charles Schwab, 2019, where'd they come from? California.

CBRE, where'd they come from? California.

But it's reported that Colonial Country Club is among those casualties to not make it to the championship series.

most famously hosts the Charles Schwab Challenge at Colonial Country Club, where it's been for the last 80 years.

And this is one that, you know, it's irritating, I think, in the sense that, you know, we're moving on from a course that has so much history and so much legacy on the PGA Tour.

Obviously, Ben Hogan is a player that has had so much success there or had so much success there across his career.

But at the same time, I think it is important to note that The Charles Schwab challenge, quite frankly, I had to Google who won it this year.

It was Russell Henley who won in the playoff over Eric Cole.

Previous five winners are Ben Griffin, Davis Riley, Emiliano Grillo, and Sam Burns in 2022.

But, um, yeah, I think, you know, on one hand, like you said, colonial country club, it's, it's been a host for 80 years on the PGA tour.

In the second quarter of this year, Robinhood's payment for order flow revenue doubled to $180 million.

At competing discount brokerages like Schwab and E-Trade, payment for order flow only accounts for around 3% and 17% of revenue, respectively.

Robinhood has been growing a lot during the COVID lockdown, adding 3 million new accounts in the first four months of 2020.

The press has reported that many sports bettors who have no games to bet on right now have taken to trading stocks.

And it has been one of those days where you look at data point after data point and there were a bunch of kind of like wows or maybe some worse language.

And I imagine I am like so many Schwab clients on a day like this, where this morning things look normal and then kind of the floor dropped out.

On days like this, trying to put things in perspective can be helpful.

And while numbers can maybe help do that, I have a couple, but really I think about perspective.

Bring in factories to Texas.

Just don't bring in the Charles Schwab's, the Goldman Sachs, the Cisco's, the Tesla's, the Toyota's.

Don't bring their headquarters here.

They will crush the state.

Now, I want you to look at Texas and who came to Texas.

You've got Chevron and Caterpillar.

You wouldn't think they'd have woke employees, but remember, Caterpillar went off the chain with the woke agenda, all right? Charles Schwab, Westlake.

Look where these companies came from, by the way.

But you can open any of us.

My kids all have stock accounts, right? You can open a Robinhood account, Schwab, Fidelity, any of these good ones.

SoFi.

Yep.

I mean, we're probably not that far away from a bunch of stocks getting directly tokenized and then an ETF being completely rebuilt with a smart contract that just holds those tokenized assets, right? So it's going to basically, I think that is the future.

How much of that will be knowable or the end user, are they going to know that they're actually using all these underlying rails that technically started with Bitcoin to get exposure to whatever stock they're buying? Or are they just still going to be using their Schwab or Robinhood account? And it doesn't matter that the backend infrastructure is being rebuilt.

But the main problem there is you know, all the hacks and what AI is doing to security infrastructure.

And I think eventually there'll be like some sort of settlement, settle ground that happens between these two worlds.

Otherwise, I'll just take it.

I'll park it in a Schwab account for this kid in a money market account earning 4% for the first three years of his contract.

He won't touch it, and we'll figure it out when he gets a second contract and makes multi-millions.

What are you offering here? That's right.