Podcasts about Charles Schwab

GS#432 & 433 April 15, 2014 What does it take to drop 10 strokes from your score? Traditional stats -- fairways/greens/putts per round -- don't answer these questions. Just before the release of his book, Every Shot Counts: Using the Revolutionary Strokes Gained Approach to Improve Your Golf Performance and Strategy, Professor Mark Broadie introduced us to his theory. He wasn't sure if this idea would be accepted, but today, it's critical on every level of competitive golf. This is the full 65 minute interview that were originally published as two episodes. In part2 of the conversation, we ask what about the rest of us?! We dig into how objective analysis of scoring data can help us lower our scores.This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply. This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options.   This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com/golfsmarter.This episode is also brought to you by Policygenius. Secure your family's future with Policygenius. Head to policygenius.com to compare free life insurance quotes from top companies and see how much you could save.If you have a question about whether or not Fred is using any of the methods, equipment or apps we've discussed, or if you'd like to share a comment about what you've heard in this or any other episode, please write because Fred will get back to you. Either write to golfsmarterpodcast@gmail.com or click on the Hey Fred button, at golfsmarter.com

Title: From Hustle to Holdings: The Smarter Path to Passive Wealth With J. Scott Summary: In this episode of the Passive Income Attorney Podcast, host Seth Bradley discusses the importance of transitioning from active to passive income with guest Jay Scott, a seasoned real estate investor. They explore various investment strategies, the significance of due diligence in syndication, and the differences between house flipping and multifamily investments. Jay shares his journey from tech to real estate, emphasizing the need for teamwork in multifamily projects and the importance of understanding market conditions. The conversation concludes with actionable insights for listeners looking to create financial freedom through passive income. Links to watch and subscribe: https://www.youtube.com/watch?v=V26Rze2S9TM Bullet Point Highlights: Active income is trading time for money, while passive income allows for financial freedom. Investors should focus on the highest and best use of their time. Flipping houses can be tedious and may not be the best use of time for high-income earners. Transitioning to multifamily investments can provide more control and cash flow. Market conditions can significantly impact investment strategies and outcomes. Due diligence is crucial when vetting syndication sponsors and deals. Understanding the underwriting process is essential for passive investors. Building a strong team is vital for success in multifamily investments. Investors should seek to understand the risks associated with their investments. Passive income allows for a lifestyle centered around family and personal interests. Transcript: Seth Bradley (00:10.188) What's going on, law nation? Welcome to the Passive Income Attorney Podcast, your favorite place for learning about the world of alternative passive investments so that you can practice when you want to and not because you have to. Now, if you're ready to kick that billable out of the curb, start by going to attorneybydesign.com to download the Freedom Blueprint, which will also get you access to partner with us on one of our next passive real estate investments. All right, let's talk about   the highest and best use of your time. We've talked about active versus passive income and for good reason, they are completely different. They're on opposite sides of the spectrum. When we talk about active income, we're talking about your job as an attorney, as a doctor or a business owner, where you trade your time in for money out. Depending on your skill set, background, education, work ethic, et cetera,   You know, this could be a great use of your time or it could be a terrible one. But when most people think about getting into real estate investing, they're torn. Should you do a fix and flip like you saw on HGTV? Should you invest in a REIT like your financial advisor and Charles Schwab told you to do? Should you buy a single family rental or invest in a syndication? There are endless options so I can understand why it's so confusing. Well, start with this.   ask yourself, what's the highest and best use of my time? If you're thinking about doing an HGTV fix and flip and your partner at a big law firm, for example, is that flip really the best use of your time? And don't be mistaken, a flip is transactional and it is active. So will you make more per hour on that fix and flip than you would at your job?   After you factor in the learning curve, the deal sourcing, the headaches, what it takes away from your job and everything else, it's not even close. Unless you truly love doing it, which some people do, it just doesn't make sense for high income earners. You should be focusing on transforming the income you earn actively into passive income streams. At different levels on the passive scale, that could very well be a single family rental or an Airbnb.   Seth Bradley (02:34.26) or could be passive investments into commercial syndications. But if you truly want to obtain financial freedom as quickly as possible, don't create more time consuming activities that aren't as fruitful as the active income stream that you already have. Focus on passive investments until you are financially free. And then you will have the freedom to transition or not into any   active activity you have a passion for. Today, we have a very special guest, Mr. Jay Scott of Bigger Pocket fame. Jay is an entrepreneur, investor, advisor, and the co-host of the Bigger Pockets Business Podcast. He has bought, built, rehab, sold, syndicated, and held over $70 million in residential property, and currently owns several hundred units. Jay is the author of four bestselling books on real estate investing,   with sales of over 300,000 copies. Get really excited for this, folks. You're in for a treat.   This is the Passive Income Attorney Podcast, where you'll discover the secrets and strategies of the ultra wealthy on how they build streams of passive income to give them the freedom we all want. Attorney Seth Bradley will help you end the cycle of trading your time for money so you can make money while you sleep. Start living the good life on your own terms. Now, here's your host, Seth Bradley.   Jay Scott, what's going on, brother? Welcome to the show.   Scott (04:09.196) Thanks. Appreciate you having me here Seth.   Absolutely, man. Appreciate you taking the time out of your day, We've got a little bit of history, but let's jump into your history, man. What's your story? Tell us about your background. Take it back as far you'd like to.   Yeah, I'll keep it short because nobody really cares about what I used to do. So I'm a tech guy by education and former trade. I worked in Silicon Valley for a long time, spent about 15 years doing the engineering thing and the product management thing. 2008 decided to get married. My wife and I, she was in the tech world also. We decided to leave and do something different so we could start a family.   focus on our family. Basically, we were both working ridiculous hours and it just wasn't sustainable if we wanted to start a family. So put our jobs in 2008, moved to the East coast, ended up flipping houses. Long, boring story about how that started, just kind of serendipitous. We didn't really plan it, never really considered real estate, but fell into flipping houses. Over the next eight years or so, we flipped about 400, 450 houses, was great. It ended up being the,   next career we were looking for, it gave us the flexibility to kind of raise our kids and never have to miss a soccer game or a piano recital, which was fantastic. But then around 2017-ish really got burned out on flipping houses and that's when I started to look for some new stuff to do. and that kind of leads me into what I've been doing the last few years.   Seth Bradley (05:41.742) That's awesome, man. That's a ton of houses you flip, man. think that that's, know, a lot of the folks who've been in the game for a long time, they've heard you speak on, you know, on bigger pockets and all of that. So, you know, what attracted you originally to house flipping rather than, you know, buy it holds or anything like that?   So I'll be honest, I don't love real estate. I love business. I'm a business guy. like when I was even when I was in the tech world, I got my MBA and I did some business development and I moved from the engineering side to the product side where I could be more involved in the business stuff. And I'm a business guy by heart. And that's what I love doing. So when it came to flipping houses,   For me, was, I could have been buying and selling anything. It ended up being houses. And again, not an exciting story. mean, literally the story was my wife was watching a show on HGTV with some people flipping houses and she said, let's give that a try. Just as kind of like a fun thing to do on the side while we were waiting for our wedding to come up. So it wasn't something that I ever thought about or planned to do. It just kind of happened.   And so if it weren't flipping houses, it would have been buying and selling something else. would have opened a restaurant or I would have opened a retail store or who knows what I would have done. But for me, the challenge was in the business. It wasn't the real estate piece of it. And so I've always enjoyed the scaling part. So yeah, flipping a house is great. Flipping five houses is great. But I always wanted to know, how do I go from flipping five houses to flipping 50 houses in a year? What are the systems and processes I have to put in place?   how do I build that type of business? That to me is what's exciting. And so for me, it's always been about not the real estate part of it, but about the building the business part of it.   Seth Bradley (07:25.248) I love that man. I don't think I've heard anyone just come out and say that, even though a lot of people are probably in the same boat as you that, you know, you don't have to love real estate to recognize that it's a great business. Right. Yeah. So that that's awesome. So tell me a little bit about your, your transition and what you're doing now, your current business, how you kind of progressed from house living to what you're about to tell us about.   Yeah, so 2017, I just got really burned out on flipping houses. It was good to us financially. We got good at it. I wrote a bunch of books on it, but I'll be honest, it was never fun. And as the years went on, it just ended up getting more tedious. I felt like I wasn't learning anything new. It was revising processes and creating new systems. it was fun, but I needed some new challenges.   So 2017, I decided, okay, done with flipping, actually went and started doing some business stuff. So I do some advisory work for some tech companies. I do some angel investing. And so for a few months, I actually considered getting out of real estate altogether, focusing on other business pursuits. But I actually, what I realized was that I didn't like the nuts and bolts of real estate. I liked the mechanics of real estate.   I loved the negotiation piece. I loved the asset management piece. I loved the putting deals together piece and I was good at it. And so while I really didn't wanna be flipping houses, didn't want to be involved in the day-to-day aspects of managing the projects. I enjoyed the deal part of real estate. And so in addition to that, after I stopped flipping, I had all this cash.   And I was like, okay, what am I going to do with this cash? I was using it to flip houses. We were doing 50 houses a year. It's put a lot of cash to work. Now I had all this cash. I'm a control freak. do invest in other people's syndications, but I don't sleep well at night when all my money is being managed by other people. So I said, how do I kind of take back control of my own cash as well as kind of get back into real estate? What can I do in real estate that I would enjoy? And now I can also deploy a bunch of my own cash. And what I realized was multifamily.   Scott (09:38.648) That was a great opportunity. And I had been thinking about multifamily for a long time. But what I realized was from the syndication side of multifamily, could, one, I could have the control. could be a general partner. could control the deal. I could put the deal together. I could manage the deal. But also I could come in on the limited partner side as an investor. And it was a great place to deploy my capital. So I could deploy my capital in deals that I had full control over. So 2017, I decided I wanted to get into multifamily, probably wanted to get into syndication.   I reached out to a friend of mine, Ashley Wilson, who managed a company called Barred Down Investments. She and her husband had started the company a couple of years earlier. They were doing exactly what I wanted to do. And so I reached out to Ashley and I said, hey, I would love to learn multifamily. I don't expect you to like just take all this time and teach me so I can often be your competitor. But here's what I am willing to do if you're willing to do this. I will come work for you for a year.   And in that year, you've got all my time, you've got all my energy, you've got all my knowledge, you've got all my contacts, I'll put money into your deals, whatever it takes. You mentor me for a year, you've got my commitment for a year. After a year, we can figure out if like, there's a place for me on the team or if I'll go off and do my own thing. But basically, let's work together for a year. And she loved that idea. mean, I think she liked the fact that I was really good with the systems and the processes and the operation stuff.   And I obviously loved the fact that I could jump into a team that was high functioning, already owned a lot of properties and was doing deals. So for the next year, I worked with her team. It took about a year and a half before we finally did a deal. But 2020, just before COVID, we started putting together a deal. That deal went really well. Ashley and I realized that we were like, just we made a great team.   We had a bunch of complimentary skills, the things that she was really good at, I wasn't, the things I was really good at, she wasn't, it was just a good partnership. Around the same time, her husband decided that he didn't really want to be doing real estate anymore. He kind of wanted to be a stay at home dad. He liked helping with the business. He ran the underwriting team and he did a lot of the analytics, but he didn't want to be a partner in the business anymore. So about a year and a half ago, Ashley came to me and said, Hey, would you want to join me and be a partner in the business?   Scott (11:57.678) 2020, 2021-ish. Ashley and I joined forces. She and I now run bar down investments and we do value add multifamily all around the country.   That's great man, said you weren't having fun anymore, you having fun now?   I'm having a ton of fun. And I think the big difference between then and now is when you're flipping houses, flipping houses is a very, it's a solitary venture. Yeah, you have contractors around you and you have eight real estate agents and you have closing agents and lots of 1099 people, lots of vendors and people that come in to help you. But at the end of the day, you're running the show. You're doing the four big things that you do when you flip houses.   you're acquisitions or you're running acquisitions, you're doing the rehab or you're running the rehab, you're doing the disposition or managing the disposition and you're raising the money. mean, all four of those things, you don't generally have a big team to do those things because it's just hard to scale a big team when you're flipping houses. The profits aren't there, the margins aren't there. Unless you're doing real high-end houses, the deal size isn't there. But in multifamily, the thing I love about multifamily is it really is a team sport. When you're doing it,   $10 million deal or a $50 million deal, it's not something that I could ever do myself. It's not something anybody or very few people can do themselves. Typically you have to be part of a team because things are very specialized. mean, the acquisitions piece, you need some of the best acquisitions people in the world to be finding deals in this market. The renovation piece to be renovating a 200 or 400 or 600 unit apartment complex, it's not like flipping a house. You need to have really good systems and processes. need to...   Scott (13:36.448) really know the renovation side of things. Managing the property, I mean, you have to know the asset management side. You have to know how to carry out a business plan. You have to know how to increase and reposition rents. You have to know how to decrease expenses and improve the efficiency of the management. And then on the sales side, that's a whole other world where you have to really know the market and be able to work with the brokers and know how to position the company for sale. And then finally, there's that raising funds piece.   And that's a whole world by itself, whether you're dealing with raising debt through a broker and you're going like just typical, like getting loans, or you're going out to private investors or institutions and you're raising equity, people that come in as partners. And I mean, that's a full-time job in itself, those two things. So when you do multifamily, you really need to figure out what are you great at? And then you need to surround yourself with people who are great at everything else. And so that's what I loved about multifamily. It allowed me to focus on what I was really   and then bring in people who are literally the best in the world at all the other stuff. And now it becomes a team sport. It goes from playing tennis to playing basketball. It goes from being yourself reliant and you have to do everything and be the best versus you have to be able to put together the best team and manage that team in a way that not only is everybody fantastic, but working together, they're better than the sum of their parts.   Yeah, yeah, that's fantastic, man. The whole team game part of multifamily and commercial real estate. It's really interesting because when you get into other businesses, it feels more competitive and kind of like if you if you have the secret sauce, you keep it close to your vest. You don't you don't tell everybody about it. Whereas when you're in this commercial real estate world, everybody's sharing ideas. Everybody's trying to partner. Everybody's trying to see how they can help you rather than just looking about, well, how can you help me kind of?   I call it, I'm gonna get in trouble here, but the Hollywood mentality where it's like, what can you do for me? Oh, you just drive a three series, you probably can't help me. So it's a different attitude.   Scott (15:41.294) Absolutely. I like to refer to it as co-op petition. It's like there are deals that you're going to do with other people and then there deals you're going to do yourself and you may come back to those people later. You may never come back to them, but everybody kind of looks out for each other because you never know when you may end up in a deal with somebody that previously you were competing against. And so anytime that you're not in a deal with somebody, you're still treating them as if, the next deal we could end up being partners. And the deal after that, we could end up being partners.   because it really is, it's a small industry, everybody knows each other. we really, again, going back to the sum of the parts is greater than the parts themselves. mean, working together, we can really do a whole lot more than if we just are purely competitive and try and take each other down.   Yeah, absolutely. And I think kind of going back, there's a lesson to be learned about how you were transitioning from house flipping and you were the best at it. And then you're like, okay, I want to go into multifamily and a syndication. You went and you sought out someone that was already in the game that knew what they were doing, that had the experience. And you said, what can I do to help you? What value can I bring to you to help you so you can teach me what you've done? And there's a lot of value to be found in that lesson for folks that are trying to   you know, get into the active side. A lot of listeners out there are passive investors already and they're, you know, maybe thinking about, maybe I want to do in the active side. And they're like, well, what can I do? Cause a lot of attorneys, especially in doctors and folks like that, they think they have this one track mind. They're only trained to do one thing. And they're like, what value can I provide as somebody else? But there are a lot of skills that you've learned in your W2 profession that you can apply to help other folks that are already in the industry.   Absolutely. I mean, I talk about it a lot, but even outside of real estate, I do a lot of advisory work and I'm still pretty active in the tech world. And I find companies that kind of bridge that gap between technology and real estate. all know about the Zillows and the Airbnb type companies. There are a lot of startup companies in that space too called property technology type companies. so...   Scott (17:46.998) I love to use my experience, my knowledge, my relationships to go into those companies and help them grow their companies. In return, I'm not an employee. I'm not even a 1099 contractor. In return, I'm getting equity so that if I can help make them successful, ultimately my equity is gonna be worth something. I'm gonna be successful as well. And so what I like to tell everybody like figure out what you're good at and then figure out who needs that expertise.   and then figure out how you can offer that expertise in a way that isn't trading necessarily hours for dollars. Figure out how you can trade your expertise, your knowledge, your Rolodex, your whatever it is for equity or potentially passive income so that you can grow potentially many fold as opposed to I charge $200 an hour or $300 an hour. mean, everybody loves $300 an hour, but the minute you stop working, you stop making that money. But if you can get equity, that equity can work for you for a while.   Yeah, absolutely. And it's tough for a lot of the WTs out there listening, they're highly paid professionals. It's tough to get off of that treadmill. For some folks it's easier because they're not making as much money, but for the lawyers, the doctors out there that are making a good amount of money in their profession, it's tough to try to see, you know, to stop trading time for money. But you've got to kind of see through the weeds there.   Yeah, well, what I tell people is, there's two types of income. There's your active income. That's the stuff that you're trading your time for, whether you're a doctor or a lawyer or an engineer or you're a house flipper or you're a consultant or you're a small business owner, whatever it is, that thing that when you stop working, you stop making money. And then there's a passive income. It's the thing you trade money for money. So you put your money out there and hopefully it continues to come back to you for the rest of your life or at least the next several years.   And so what I like to tell people is don't think about those the same. Those are completely different. figure out for your active income, figure out what the highest and best use of your time is. If you're gonna make more money as an attorney than you are flipping houses, don't flip houses just because you eventually want to retire on real estate. You can always use real estate for the passive side of things, but if you're gonna make more dollars per hour as an attorney or a doctor or a consultant, then do that because you wanna get out of that active income as quickly as possible.   Scott (20:05.9) And the way you do that is you make as much as you can and you move it over to the passive side. So focus on whatever it is that's generating the most dollars per hour for a shorter period of time so that you can then start moving that money over to the passive side and start building up the passive side. don't, people ask me all the time, should I flip houses or should I buy rentals? And I'm constantly telling them that's not the right question. Flipping houses is your active income. Compare that to all the other.   potential active incomes you can have. And rentals is passive income. Compare that to all the other passive investments you can make. And so don't say flipping houses or rentals say, should I be flipping houses or should I be an attorney? And don't say, I be flipping houses or rentals say, should I be doing rentals or should I be investing in syndications or dividend generating stocks or something else? And think of them very differently. then secondly,   Make sure as much of that active income as you can, move it over the passive side so that you can start that snowball rolling. I compound interest is the key to financial freedom. And the sooner you can put more money to work, the faster it'll compound and the sooner you can start to live on.   Yeah, I love that man. mean, lot of folks, you know, calls that I take, they're like, hey, they're attorneys. Should I quit my job or how do I quit my job? I'm like, if you want to quit your job, don't be hasty about it. First of all, you're probably making a good amount of money in your active income. You just need to figure out a way to transition that active to passive income and don't just quit your job. It's very difficult to flip houses, to do an HGTV fix and flip while you're working at a big law firm or something like that full time.   I tried to do it, I didn't do it very well. You're not even gonna make it nearly as much money as you would as a doctor, as an attorney, unless you get to level like you did, Jay, but that takes time and that takes a buildup of accumulation of skills and money to be able to get to that level.   Scott (22:05.826) Yeah, I mean, at the end of the day, it's a math equation. mean, your passive income or your ability to build up enough income to be able to retire, whatever your number is, is based on how much can you put in per month into that wheel, that passive income growth machine? How much are you generating every year on what you're putting in? So what do your returns look like? And three, how long do you have to compound it?   And so everybody can go out into a compound interest calculator and say, okay, I have $5,000 a month that I can invest passively and I can return 12 % per year and I need $6 million to retire. Well, based on those three numbers, you can now figure out that fourth variable, is how long is it going to take? And so figure out how much do you have per month to put in? What's the rate of return you can generate and how much do you need? And that'll tell you how long it's going to take or   figure out how much you have to put in, how much your return is gonna be and how long you wanna spend. And that'll tell you how much you'll end up with at the end, either way you wanna look at it. But again, it's a pretty simple math equation, but too many people don't actually do that equation where they don't think about it until too late and they think, I wish I would have taken that $5,000 a month that I was spending on my second home in the Bahamas and put that into real estate so that I could have been.   compounding it and so now I could buy that home for cash five years or 10 years later.   Absolutely. Attorneys hate math, but I think they can handle that little equation. I want to take a step back for a minute because you got into house flipping in 2008, which is kind of like around the big crash. And now we're kind of at the height of a market. We don't know where that height is going to end, but we're definitely in it. Right. So can you maybe compare and contrast getting into, let's say,   Seth Bradley (24:01.652) one real estate venture in the middle of a crash compared to getting into another venture kind of towards, towards the upswing.   Yeah, so it's one of the reasons I like multifamily and I like commercial and I like syndication. Anytime you're doing purely transactional deals, buying something and then selling it, not generating any cashflow in between, you run a risk. If the market turns in the middle of the transaction, you're gonna lose money and you don't have a lot of ways to mitigate that risk.   Whereas if you're buying something like an apartment complex, or even if you're buying a rental property, or you're buying a self-storage complex, or you're buying anything that cash flows, the nice thing is if the market turns, you may not be in a great position. You may not be thrilled with what's happening with the value of your assets, but if you're still generating cash flow, you can weather that storm. Maybe it's gonna take, the average recession lasts about 18 months. And so if you can make enough income that you can keep yourself afloat for 18 months, or maybe   it's a horrible recession and it lasts three or four years. If you're still making income and you can keep yourself afloat for three or four years, the market's gonna come back. And so when we do our multifamily deals, yeah, we typically say we're planning to hold three to five years, but we also do all the underwriting to ensure that if we have to hold for six years or eight years or even nine or 10 years, that the numbers still work because.   Again, who knows what's gonna happen three years down the road, we could have a major recession that lasts four years and now we're seven years down the road. I wanna know that my multifamily investments in seven years, they're probably gonna be producing more cashflow. We're probably gonna see more growth in terms of population. We're probably gonna see more growth in terms of employment. Hopefully we're gonna see more wage growth once we come out of that recession. So all the economic indicators that kind of lead towards value growth in multifamily,   Scott (25:58.486) are going to happen over those seven years if I can just get my property seven years and not lose it. With a flip, well, I'm not generating any income. So if the bank calls the loan due or if my two-year loan comes due and I can't refinance, I'm screwed. But in a multifamily, I just waited an extra couple of years and I'm probably in a better position than I was anyway. So that's one of the reasons I love multifamily because we can't predict   what the economy is gonna do in the next couple of years. But I do know that whatever the economy does, it's probably gonna come back in the next five or 10, and I'm still gonna have the problem.   Yeah, yeah, that's great. That kind of rolls into this next question. How does a passive investor that's kind of vetting a sponsor, how do they check kind of the boxes to see if their sponsors are taking the extra measures to look into those risks that you just mentioned, to mitigating those risks, to taking those risks into account in their underwriting and things like that. How can they best vet the sponsor to make sure that they're thinking of those things?   So I invest in a lot of other people's syndications as well as my own. And so when I do that, I kind of look at five areas for due diligence anytime I invest in a syndication. Number one is the team. And that's probably the most important thing. For a lot of people, I have been pleasantly surprised that a lot of our investors have recognized that team is the most important aspect of the deal. I know in the flipping world, everybody was concerned about the deal. Nobody cared about   what was my experience, but in the multifamily world, a lot of investors recognize that the team has to be great. So number one is the team. Number two is location. Location is often overlooked, but at the end of the day, the thing that's gonna drive value for multifamily and for commercial real estate in general is gonna be population growth. So you want more people coming into an area, employment growth. So you want more employers coming into an area that will bring more people in. You want wage growth because that will ultimately drive rents up.   Scott (28:06.082) and you want employment diversity. You wanna know that if one industry takes a big hit, so for example, we invest in Houston, but we won't invest in the energy corridor of Houston because it's so reliant on oil and gas, that if the oil and gas industry took a big hit, the real estate around there would probably take a big hit. So we wanna see that there's good employment diversity. But at the end of the day, location is that next big thing. So team, location, number three is the deal itself.   So you need to know that the deal is gonna stand on its own. I wanna know that if I took a deal and I handed it to pretty much any other indicator, they couldn't mess it up too badly. Obviously, again, we're gonna go back to the team is super important, but I want the deal also to stand on its own. And I wanna know that the business plan for the deal, the hold period, the numbers and the underwriting, the pro forma for the property makes sense. So team location deal.   Number four is the returns. So obviously when I invest with somebody, I'm in it for the money. And so I wanna see that the returns are commensurate with the risk. I wanna know that the returns, if somebody tells me I'm gonna get 10 % returns in this deal versus 20 % returns in another deal, I wanna know, well, why am gonna settle for lower returns? I want the answer to be because it's a lot lower risk or because you're gonna get your money back a lot sooner, which is gonna allow you to compound it or whatever the answer is.   I want to know that the returns make sense given everything else. And then finally is the risks. At the end of the day, I'm always going to sit down with the syndicator and I'm going to say, what are you most concerned about here? Like where, if I'm going to lose money on this deal, where am I most likely going to lose money? They say, there's no shot of losing money. walk away because we all know every deal has risks and every syndicator knows what those risks are. And they're thinking about those risks. I just want them to tell me.   So if I'm gonna lose money on this deal, where am I most likely? Why am I most likely to lose money if I'm going to lose money? So those are the five things that I look for. Talking about each individually a little bit more. the team, I like to know that one, I wanna see how many deals the team has done together because again, like a basketball team, you can put the best basketball players in the world together. And if they've never played on the court together,   Scott (30:31.672) they're not gonna be necessarily the best team out there. You can find another team with five inferior players who have been playing together for 20 years and they're probably gonna be better because they know each other better. So I like to see teams that have worked together for a while. I like to see teams that have gone full cycle in deals. So it's easy to buy 10,000 units. It's hard to buy 10,000 units and also sell 10,000 units for a profit. So I wanna see that if a team has bought a lot of deals, they've at least sold some for a profit.   I wanna see a team that's putting their own money in the deals. So I want people that have skin in the game. If they don't have skin in the game, and I've seen plenty of syndicators that don't like to put money in the deals, well, they need to sweeten the pot for me somehow. So maybe they're saying, we're not gonna take any profits until at least year three, or we're gonna give you a better preferred return, a better split than you would get if we were putting money in the deal. I wanna know if you're not putting money in.   that you're at least giving me something that aligns our interests and ensures that you're gonna be working hard even though you might not have as much financial risk. So those are the types of things I like to see in the team. I like to see things like at least one or two people working full-time. If everybody's part-time, that's kind of a little bit scary. Obviously not everybody has to be full-time because there are a lot of jobs on a GP team that aren't full-time jobs. There are a lot of jobs that might stop the day you purchase the property. Like the person that's raising money, job's   pretty much done other than communicating status when the property's been purchased. But I do want to know that whoever's managing the asset is doing it full time. So that's kind of the team stuff. Location, again, population growth, employment growth, wage growth, and employment diversity. So those are the four big things I look for. Next is the business plan. So I want to see the biggest question when somebody goes in and...   does what I do, which is a value add multifamily. Basically they buy it, they raise the value of the property and then they sell it for a big profit. Where is that profit coming from? Generally the profits coming from raising the rents. There's also some lowering the expenses, but at the end of the day, raising the rents is kind of the big thing that's gonna generate the big profits in multifamily. And so I wanna know how are you raising the rents? And two, when you tell me that you're raising the rents from X to Y, where is Y coming from?   Scott (32:55.182) Show me the comps that tell me that why is a reasonable new rent, market rent for this property after you've done the renovation. So I wanna see the comps. So that's kind of the deal. The returns speaks for themselves. I wanna see like the structure of the deal. So when's the money coming back to me? Is it paid monthly? Is it paid quarterly? What are the returns look like? What's the preferred return? So is it a low preferred return, which means   that the syndicators are getting paid sooner, whereas at a higher preferred return, which means the syndicators have to do more for me before they take anything home. So that speaks for themselves. And then for the risks, I wanna know both the catastrophic risks. So what's the thing that's like going to make me lose all my money? Is there something out there that can cause me to lose all my money? Hopefully the answer is no, but there are probably some risks that are bigger than others. So we do a lot of deals in Houston. If somebody were to say to me, what's the biggest risk on your deals?   The answer is generally going to be weather. If we have a really bad hurricane, if we're in a flood zone, we probably have flood insurance and we have hurricane insurance. But if it's in a place that's never experienced the negative impacts of a flood or a hurricane, and we are not required to have flood insurance, but there's still a massive hurricane that wipes out that property, that's not going to be good. We're going to have to pay for that ourselves. So what's our mitigation there? We don't have a great one. Luckily.   the risk is really low. We don't buy in areas where there is that risk. And if there is, we're gonna get flood insurance. But I do want my investors to know that no matter where you invest, whether it's a risk and especially in Houston, if we see a storm bigger than anything we've seen the last 50 years, some of our properties could be at risk. And then there are the smaller risks. So maybe there's five other complexes being renovated all around us. Maybe there's class A, brand new class A being developed.   all around us. So basically our absorption of units is going to slow down because there's so many more units. Maybe there's one big employer in the area. Amazon just built a warehouse that's employing 8,000 people. Well, what happens if Amazon has a bad year and has to lay off 4,000 of those people? How's that going to affect us? So, so risks is the next thing. And the way I approach it is I literally sit down with the, with the syndicator and say,   Scott (35:15.554) What keeps you up at night? What are the biggest things you're concerned about? And so those are the things that I do. I have no problem basically saying to a syndicator, I need 15 or 30 minutes of your time to ask these questions. Typically the good ones will either find the times themselves or have somebody on their team that will sit down and answer these questions. If they're not willing to answer those questions, well, that's probably a good indication that that's not a good team.   Yeah. For our listeners out there, that breakdown was incredible. Rewind that, listen to those five items again. That's a quick, but thorough and awesome rundown of what you need to do. Just as at least the starting points for your due diligence. And that's, that's great that you said if they won't book a call with you either themselves or an investor relations person on their team, then it's time to, you can just walk away and look at the next, look at the next deal. One question I had on the deal.   So a lot of folks, it's kind of overwhelming to see an underwriting model or something like that. And being a passive investor, I don't know how much you even want to dive into it. Some people do, some people want to nerd out on it. Most people don't. And we don't generally have access to the T12 or the rent roll or anything like that. What are maybe some quick tips on how to maybe proof through that pro forma to make sure that the assumptions are reasonable and the pro forma is generally   a reasonable prediction of what we might expect from that investment.   Well, let me start, me take a step back before I answer that particular question and just say that even for you and me, mean, you know how to do an underwriting, I know how to do an underwriting. If you or I were gonna invest in somebody's deal, Joe Smith's deal, we're probably not gonna have enough information even though we know this business really well and we know the underwriting models really well, we're probably not gonna have enough information.   Scott (37:08.908) that we're going to be able to know for certain that Joe Smith's not trying to scam us out of money. So if Joe Smith is really smart and he could probably put together an underwriting that could fool us because we're just not gonna be putting in as many dozens of hours underwriting as he and his team are. So the number one thing I would say is make sure you trust your syndicate. This goes back to why team is so important.   because there's two types of things that Joe Smith can do. One, he could do a bad job of underwriting and come up with bad numbers. That's not good, but that's not nearly as bad as Joe Smith wanting to scam us out of money. So number one is make sure Joe Smith's not the kind of guy who wants to scam us out of money. And so work with people who are reputable. And that's why I would invest with you before I would invest with 95 % of syndicators out there because you're an attorney, you passed the bar.   you know that if you go and somebody finds out that you're trying to scam somebody, well, you're putting your entire career at risk. And so what I tell people is, so what do you have that really proves that this person is on the up and up? And maybe it's a track record. Maybe it's 10 or 15 years of doing deals. Maybe it's, I like to think with me, I've been doing this business for 15 years. I've done thousands of deals with hundreds or thousands of people.   And if you go out on the internet, nobody's gonna, you're not gonna find anything that's written negatively about me. So that's a good sign. But make sure that there's something out there that gives you faith in that syndicator, even if it's just somebody else that's invested in a couple of deals with them. So that's number one. So that's the way to rule out that catastrophic, they're trying to scam you risk. Then there's the more likely, what if they just didn't do a good job of underwriting risk?   And so for that, would say for people that have very little knowledge of how the underwriting works and how the numbers work, it can be really difficult. And so what I like to do is, or what I recommend people do is sit down and ask to do a Zoom call for 15 minutes with the investor relations person and say, hey, will you kind of walk me through the high level underwriting? And at least force them to go through and then just ask questions.   Scott (39:30.958) when they say something, even if you have no idea what you're talking about and they say, well, it looks like we're gonna be able to reduce expenses by implementing a rub system, blah, blah, blah. Oh, okay, well, what is rubs and how does that work? And at least make them explain it to you. At least then you'll get an idea that they're not making it up as they're going along, or at least you'll get that confidence that it sounds like they know what they're talking about. But the biggest thing that I would say is that whole comps thing.   And this is a question that a lot of people don't like to ask. But I actually, and when people ask me this question, it always makes me nervous because it's the hardest part of the business, but it impresses me when people do. to the underwriting or the investor relations person, what are the comps that you used for your post renovation market rents? So again, the thing that drives values in multifamily is after the renovation is completed, in theory, you should be able to bring your rents up higher.   and your rents, those higher rents, you should be able to figure out what they are by looking at other units that have already been renovated and seeing what their rents are. So if I buy one, two, three Main Street, and I know I'm going to put $8 million into it, well, now that property is going to comp out to 678 Main Street. And well, what are the rents at 678 Main Street? And so by asking, hey, so you're buying one, two, three Main Street, what are the comps for the rents after you renovate?   and they tell you, it's going to be 678 Main Street and 123 Smith Street, whatever it is, you can then go look up those properties and say, okay, well, it looks like a two bedroom at those properties is renting for 1200. Now I go back to the investor relations person or whatever information they gave me I see, oh, okay, after renovation, they have their rents at 1200. Makes sense. If that's a reasonable comp, they now have the rents at kind of where they should be.   If he says that six, seven, eight main streets, a comp, and you go look in a two bedroom at six, seven, eight main streets, 1200, but their underwriting tells you that after they do the renovation, they're going to be charging 1500. Well, why are you now $300 above this property that you said was a comp? And so that to me is kind of the first thing that I look at or the biggest thing I look at is what are the comps that they're using and does just a kind of first pass.   Scott (41:57.762) jumping on apartments.com or calling the complex and asking them what different things rent for. Does that coincide with what they're telling you their post renovation rents are gonna   Yeah, I love that man. I mean, it's not as simple as just going into an old dilapidated apartment building and saying, I'm to put granite countertops and hardwood flooring and stainless steel appliances in there. And then I'm going to triple the rent or double the rent. It's not that easy. If it's not in the right area that could support those, those market rents or that have potential tenants that want those types of things, it doesn't work. So that's why that's so important to check those comps to see what's around those apartments that you're going to be investing in to see if, they can achieve those.   those proforma rents. All right, man, before we jump into the freedom four, what's one last gold nugget for our listeners?   Absolutely.   Scott (42:45.634) Yeah, so again, what I would tell people is figure out your highest and best use on your active side. And then for the passive side, figure out how you're gonna scale. And I know a lot of people like to invest in a whole lot of different things, but I'm a big fan of doing some work so that you don't have to diversify as much. Diversification is great, but diversification,   is for people who aren't really an expert in anything. If you want to get your best returns, the way to get your highest level of returns is not to have to diversify. And the best way not to have to diversify is to get knowledgeable about whatever you're investing in. So if you decide you wanna invest in all your syndications, just cause that's what you and I do. So it's an easy example. If you want to invest in syndications and that's how you wanna grow your nest egg, my recommendation is,   get as much information about syndications as you can. Pick up a good book on syndications. Go find somebody that does syndications and say, hey, I'd to pay you a thousand bucks for five hours of your time. Or you just to walk me through what a typical deal looks like or what the underwriting looks like. Or go sit in on a hundred multifamily syndication investor videos, presentations. So you can see all the different things they're talking about and become as much of an expert there as you can. So that way you're reducing your risk without having to do a lot of the.   diversification. So focus on whatever your highest and best use of time is on your active income and then become as knowledgeable as you can for whatever you're investing in passively. What I like to say on the passive side is it's not truly passive. Nothing's truly passive. But the best investments are the one where all the work is done upfront. You do your due diligence and then it becomes passive.   Yeah, that's awesome, man. And then what you can do though is diversify within that strategy, right? Absolutely. Yeah, different asset types can have different business strategy, value add, or maybe you're dealing with just a class A where you're chasing yield or across different cities, different geographies, or across different sponsorship teams. There's other ways to diversify within that same type of investment strategy. Yep. All right, man, let's jump into the Freedom 4.   Scott (45:05.598) It's time for the Freedom Four.   What's the best thing you do to keep your mind and body healthy?   So for me, it's admitting when I need a break. I know so many people that it's a badge of honor to work 80 hours a week, 52 weeks a year, never take a vacation. I'm just the opposite. If I wake up one morning and I'm tired and I don't feel like working and I don't feel like I'm gonna be productive, I will grab a book. I might even turn on the TV. I might say to my wife, hey, let's go to breakfast or let's go spend the day, let's go to a movie.   And I have no qualms with just saying, I need a break today. Today's not gonna be a productive day. I don't need to pretend to work just so I can have that badge of honor that I work hard. And so, yeah, and that's one of the nice things about real estate. mean, I don't have a hundred percent flexible work-life balance. I can't do anything I want any time I want, but if I wanna take a couple hours off, I normally can. And so I'm not scared to do that.   Yeah, yeah, that's a great answer. With all your success, what is one limiting belief that you've crushed along the way and how did you get past it?   Scott (46:15.734) Yeah, I still have a lot of them. I think we all do. But I'd say the biggest one is that doing a big deal is not that much harder than doing a little deal. I'm not going to say a hundred million dollar deal is just as easy as a hundred thousand dollar deal. But if you're smart enough to do a hundred thousand dollar deal, you're smart enough to do a hundred million dollar deal. And the people that are out there doing those hundred million dollar deals, mean, we have, we now have a hundred million dollars assets under management.   I remember a couple of years ago, looking at the people that had nine figures under management and thinking, they're different. I can't do that. These are people, went to some school that I will never go to, or they were born into something that I was never born into, or they know people I don't know, or whatever it is. No, they're normal people. And the only difference between them and me was I wasn't thinking big enough.   and I wasn't willing to take some risks and I wasn't willing to acknowledge the fact that doing again, a hundred million dollar deal is certainly within my capabilities. So that to me has been probably the biggest one and it's made it a lot easier for me now to say, okay, $50 million deal, let's go do it, not think twice.   Yeah. I had a similar experience working in, in, big law, doing house flips, doing single family rentals, things like that. And even though my clients are doing 50, a hundred million dollar deals and I'm helping them close those deals, it was just like the mindset shift that, a minute, I can do those deals too. I'm actually giving them advice on how to, how to do this thing. I need to step up my game and, and, take some.   Exactly, it's the difference between people doing a hundred million, a hundred thousand, it's all mindset.   Seth Bradley (48:00.866) Yep, absolutely. What's one actual step our listeners can do right now to start creating more freedom.   take action. So the biggest thing that I see stopping people is just this fear to take the first step. And I know this doesn't apply to a lot of your listeners, but I talked to a lot of people who want to get into house flipping or they want to get into rentals and they've been thinking about it for years and they just never take that first step and then they end up giving up. One of the the few truisms I see in this business   is that there are two types of people I meet. Number one, I meet people that have never done a deal. They've done zero deals. And maybe they're still working on it. Maybe they've given up whatever it is, but they've done zero deals. And then the other type of people I meet in this business are people that have done a lot of deals. They've done five or 10 or 20 or 50 deals. There's one type of person I never ever meet in this business. And that's somebody that's done one deal. Because if you get that one deal, you're gonna get the second and the third and the fifth and the tenth.   Nobody does one deal and then says, okay, that's it, I'm done. can't do this. So what I like to tell people is, and that applies to a lot of things in life. If you can get over the hump and do it once, you're gonna get that snowball effect and it gets easier the second time. It gets even easier the third, it gets even easier the hundred. So don't give up until you achieve that first step or that first iteration of whatever it is you wanna achieve because that's gonna get that snowball rolling.   Yeah. Yeah. We preach that on their show all the time. Just like, you know, just do a deal, just invest in a deal so you can get that experience and it'll just kind of open up your mind to other opportunities. You'll just see opportunity all around you. Once you just do one deal last but not least, how it's passive income made your life better.   Scott (49:51.886) Passive income has given me the ability and the confidence to raise a family. Before this, my biggest concern with raising a family was I didn't want to be, I had, my parents were great, but my parents were always working. And I didn't want to be the same type of father that my parents were. Again, they were fantastic, but I wanted to always be there. I wanted to be at every soccer game, every piano recital.   I wanted to be able to go into school for the parent-teacher conferences. so passive income has really given me the ability to build my life around my family as opposed to building my life around   Love that, love that. It's been fantastic, brother. We're gonna listen and find out more about you.   Yeah, anybody wants to get more info, go to www.connectwithjscott, just letter J, Scott, connectwithjscott.com, and that'll link you out to everything you might wanna find.   Awesome man. Talk soon.   Scott (50:54.945) Awesome. Thanks,   All right, Mr. Jay Scott from Master House Flipper to multifamily syndicator. He's a master of creating profitable, well-oiled business machines. I've been reading Jay's bigger pockets books for years and it's awesome to have the opportunity to have him on the show today. Major key, focus. Focus on transitioning your active income to passive income and don't get distracted. All right, if you're ready for a change, you're ready to take action.   partner with us on one of our next passive real estate deals. Go to passiveincomeattorney.com and join our Esquire Passive Investor Club. All right, kiddos, as always, enjoy the journey.   Thank you for listening to the Passive Income Attorney Podcast with Seth Bradley. Do you want more ideas on how to generate multiple streams of passive income? Then jump over to passiveincomeattorney.com for show notes and resources. Then apply for the private Facebook community by searching for the Passive Income Attorney on Facebook. And we'll see you on the next episode.   Links from the Show and Guest Info and Links: Seth Bradley's Links: https://x.com/sethbradleyesq https://www.youtube.com/@sethbradleyesq www.facebook.com/sethbradleyesq https://www.threads.com/@sethbradleyesq https://www.instagram.com/sethbradleyesq/ https://www.linkedin.com/in/sethbradleyesq/ https://passiveincomeattorney.com/seth-bradley/ https://www.biggerpockets.com/users/sethbradleyesq https://medium.com/@sethbradleyesq https://www.tiktok.com/@sethbradleyesq?lang=en J. Scott's Links: https://www.linkedin.com/in/jscottinvestor/ https://www.instagram.com/jscottinvestor/ https://x.com/jscottinvestor https://linktr.ee/jscottinvestor

This week, Liz Ann Sonders and Kathy Jones discuss the recent downward revision in job market statistics, the implications for the economy, and the likelihood of a rate cut next week. They analyze the broader economic context of the job revisions, the importance of indicators like the Producer Price Index, and the impact of global market volatility. Then, Steven Meier joins the show. He is the Deputy Comptroller and Chief Investment Officer for the New York City retirement systems. Liz Ann and Kathy discuss his role, the importance of education for retirement plan participants and trustees, the convergence of public and private markets, and the challenges of inflation and liquidity management. Meier shares his thoughts on particular investment strategies, mainly in private equity and fixed income, while also addressing the current state of the public markets and the impact of AI on future investments. The discussion highlights the complexities of asset allocation and the importance of understanding market dynamics.Finally, Kathy and Liz Ann discuss which key economic data to watch in the coming weeks.On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Currency trading is speculative, very volatile and not suitable for all investors.Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the US Government whose principal value is adjusted periodically in accordance with the rise and fall in the inflation rate. Thus, the dividend amount payable is also impacted by variations in the inflation rate, as it is based upon the principal value of the bond. It may fluctuate up or down. Repayment at maturity is guaranteed by the US Government and may be adjusted for inflation to become the greater of the original face amount at issuance or that face amount plus an adjustment for inflation. Treasury Inflation-Protected Securities are guaranteed by the US Government, but inflation-protected bond funds do not provide such a guarantee.Diversification and asset allocation do not ensure a profit and do not protect against losses in declining markets.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(0925-CPRL)

Kathy Jones with Charles Schwab calls Wednesday's PPI print a "mixed bag" underneath the headline number, pointing to profit margins as a key weakness. When it comes to the FOMC's September meeting, Kathy notes the "resilient" inflation pressure posing a challenge to the Fed's dual mandate but expects a 25bps interest rate cut. Joe Mazzola turns to equities in the A.I. race and its impact on the job market and what investors are willing to pay for more efficency.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

GS#1016 September 9, 2025 This week on the Golf Smarter Podcast, Chris Finn returns to delve into the myths surrounding golf fitness. Chris is a Titliest Performance Institute Certified Medical Professional, a Certified Preceision Nutrition Coach and Golf Digest Top 50 Golf Fitness Professional. We explore a recent study on the impact of footwear on golf performance, emphasizing the significance of spikes and proper shoe fit in enhancing club head speed and overall performance. Chris also discusses the evolution of golf shoe design, emphasizing the balance between performance and comfort. He explains how the biomechanics of the foot influence shoe design and performance. The discussion shifts to the importance of the body in golf performance, highlighting how mobility and strength training can optimize a golfer's capabilities. Chris provides insights into how golfers can maintain their performance as they age and offers resources for improving golf fitness and performance. Learn more at par4success.com  and check out Chris' podcast "Golf Fitness Bomb Squad". This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply.This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options. This episode is also brought to you by Policygenius. Secure your family's future with Policygenius. Head to policygenius.com to compare free life insurance quotes from top companies and see how much you could save.

Charles Schwab's Joe Mazzola says the August 2025 STAX saw a 4.5% uptick even though the SPX only moved 1.1% higher. He notes the divergence as a sign Charles Schwab clients remain bullish on high beta stocks. Joe notes Nvidia (NVDA), Palantir (PLTR) and UnitedHealth (UNH) as the biggest buys for August. Apple (AAPL), Meta Platforms (META) and Tesla (TSLA) were the biggest laggards. Joe explains what all of this insight signals for markets ahead.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Nathan Peterson with Charles Schwab is surprised to see markets higher after the Bureau of Labor Statistics revised U.S. jobs 911,000 lower from April 2024 to March 2025. He makes the case that A.I. remains the leading driver behind the bull market. When it comes to Wednesday's PPI print, Nathan expects markets to hold a "glass half full mentality" as long as earnings continue to come in strong. He adds that April's sharp sell-off added leverage against seasonal volatility in September.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

With CPI, PPI, and jobless claims prints still to come later this week, Charles Schwab's Joe Mazzola urges investors to watch for any shift in interest rate cut probabilities. He talks about what to watch in jobs and inflation data, along with potential for a rolling recession. Joe also discusses the role tariff uncertainty plays in a cooling jobs market.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Want to know which companies Goldman Sachs says have real staying power? Hosted by Michelle Martin we break down Goldman’s picks: Walmart, Ollie’s Bargain Outlet, T-Mobile, Charles Schwab, and Porch Group. We also spotlight Singapore’s Fitness Champs IPO and what its U.S. debut means for Asian expansion. Plus, the Fed’s next move, Apple’s iPhone launch, earnings from Oracle, Adobe, and Kroger, and tariff decisions looming over tech stocks. In our UP or DOWN segment: Robinhood, Lululemon, Hyundai, and Tesla’s trillionaire ambitions all get the spotlightSee omnystudio.com/listener for privacy information.

GS#430 & #431 April 1 & 8, 2014 Dave Stockton has won 5 Majors on the PGA and Champions Tour. He's one of the Pro Tour's hottest coaches working with Rory McIlroy, Phil Mickleson and Annika Sorenstam. This full hour+ interview about his new book is two episodes along with some bonus material that's never been shared publicly before in this format.Get more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply. This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options.   This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com/golfsmarter.This episode is also brought to you by Policygenius. Secure your family's future with Policygenius. Head to policygenius.com to compare free life insurance quotes from top companies and see how much you could save.

In this conversation, Kathy Jones and Liz Ann Sonders discuss the current state of the housing market, the implications of potential Fed policy changes, and the broader economic indicators that could affect market expectations. They explore the complexities of housing affordability, the yield curve, and the potential impact of this week's job reports on both the equity and bond markets. The discussion highlights the interconnectedness of various economic factors and the uncertainty surrounding future market movements.Check out Liz Ann Sonders's and Kevin Gordon's recent housing article "Take the Long Way Home: Is Housing Bottoming?" On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(0925-9RZJ)

Charles Schwab's Cooper Howard says Friday's nonfarm payrolls report confirms a lot of speculation surrounding a slower labor market. He adds that June's report being revised down only adds to the weakness narrative. Cooper expects the FOMC to cut 25bps on interest rates in September but says he'll be "surprised" to see 50bps based on where inflation currently stands. However, he makes the case for more cuts before the end of the year.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

We're less than two weeks before the Fed's September meeting and we still don't know who will fill the currently empty seat. Charles Schwab's Mike Townsend believes Stephen Miran has the best shot at the short-term position, though it creates "odd dynamics" surrounding the interest rate conversation. Additionally, Mike talks about how the clash between Lisa Cook and President Trump adds even more uncertainty.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Nick Hopwood, CFP® and Jim Pilat, CFP® kick things off with some excitement as Michigan Football is back and the season is finally underway. There's plenty to be hopeful for on the field, and even more to look forward to in today's feel-good edition of the Trust the Plan Podcast. We're turning our attention to an important topic: scam calls and suspicious emails. Nick shares a personal story about recently getting hacked, reminding us all how easy it is to fall victim and how important it is to stay vigilant. We've seen a rise in scammers pretending to be Charles Schwab representatives, calling clients to try and gather personal information. If you ever receive a call like this, don't engage. Hang up and give us a call directly. We're here to help. — Peak Wealth Management is a financial planning and wealth management firm in Plymouth, MI. We believe by providing education and guidance, we inspire our clients to make great decisions so they can Retire With Peace of Mind. Stay Connected With Us: Podbean: findingtruewealth.podbean.com YouTube: / @peakwealthmgmt Apple: rb.gy/1jqp6 (Trust the Plan Podcast) Facebook: Facebook.com/PeakWealthManagement Twitter: Twitter.com/nhopwood1 www.peakwm.com

When it comes to today's trading action, Charles Schwab's Kathy Jones attributes part of the "choppy" day to a rise in layoffs seen in the JOLTS report. Additionally, she talks about how the Beige Book shook the bond market as investors saw potential for "stagnant or slower growth." Joe Mazzola adds how the price action is pulling investors back toward the Mag 7. He discusses sector performance in markets and how slowing economic data attributes to the rotation.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

The Charles Schwab Registered Investment Advisor Talent Advantage (RIATA) Scholarship is highly competitive and has a rigorous application process. BYU-Idaho finance student, Brock Niederer, is all too familiar with the process as he went through it last spring after a recommendation from his professor. Months later, Niederer was surprised to find he had been awarded the scholarship.

GS#1015 September 2, 2025. This week we speak with Ben Helmrath, VP PGA Tour Superstores, and "caddie" for the TGL Champion Atlanta Drive about the exciting developments in golf, particularly focusing on the rise of golf simulators. Ben shares insights into the partnership with the PGA Tour, the growth of golf retail, and the evolution of golf experiences, especially during the pandemic. He recounts his firsthand experiences with TGL at SoFi Stadium and his strategic role during matches, highlighting the innovative approach to golf that TGL represents. The conversation wraps up with a look ahead to the future of TGL and the excitement surrounding its second season. Other topics with Ben include the evolution of indoor golf, offering practical advice for setting up a home golf simulator. The discussion also covers technological innovations in golf simulators, and the importance of creating family-friendly experiences. Helmrath highlights the affordability and accessibility of modern golf technology, making it easier for families to engage with the sport.This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply.This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options. This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com/golfsmarter.This episode is also brought to you by Policygenius. Secure your family's future with Policygenius. Head to policygenius.com to compare free life insurance quotes from top companies and see how much you could save.

Many investors felt the volatility in stocks due to the latest tariff developments. Charles Schwab's Collin Martin talks about how those headlines impacted bonds. He points the uptick to an increase in corporate bond issuance and other international news affecting price action. Collin later talks about how the FOMC may want to be more "patient" with interest rate cuts if this week's job data comes in worse than expected.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

After you listen:Check out Chris's article "5 Questions to Ask Before a Big Purchase."Learn more about liquidating in "3 Mistakes to Avoid When Making a Large Portfolio Withdrawal."In this episode, host Mark Riepe walks through how to prepare for major purchases, both expected and unexpected. Senior Research Analyst Chris Kawashima joins Mark to break down the key considerations when deciding whether to fund a big expense with cash, invesments, or financing and to discuss the potential trade-offs of each approach.Learn practical strategies for planning large expenses, avoiding financial surprises, and making informed decisions that fit your unique goals. Whether you're saving for a car, the down payment on a new home, or an unexpected expense, Mark and Chris provide actionable insights to help you navigate these choices with confidence.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts.Reach out to Mark on X @MarkRiepe with your thoughts on the show.Follow Financial Decoder on Spotify to comment on episodes.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.Investing involves risk, including loss of principal.​Past performance is no guarantee of future results.​Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund.All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.0925-8CMP

Derek Champagne talks with Terry Healey, author of The Resilience Mindset: How Adversity Can Strengthen, Individuals, Teams, & Leaders. A survivor of a permanent facial difference and life-threatening cancer, Terry Healey is anauthor, keynote speaker, and business strategist. Healey challenges audiences to face theiradversities and apply his framework of four key principles to gain confidence, build resilience,and find joy in their personal and professional lives.Having endured more than thirty surgical procedures to reconstruct his face while in his earlytwenties, Healey discovered tools that could help him transform his changed life. He sharesways to take control, overcome challenges, build trust and teams, embrace change, and learnthe value of acceptance and tolerance. He views the lessons he learned as gifts, and believeshis greatest reward is being able to teach others how to overcome any kind of adversity andcelebrate life.His experience led him to a successful thirty-five-year career as a high-tech sales and marketingexecutive, including being on the founding team of a company that had a successful initialpublic offering. His popular programs are presented to healthcare organizations, corporations,educational institutions, associations, and nonprofits nationwide. They include Cisco Systems,Inc., Charles Schwab, the University of California Berkeley football team, Santa Clara University,Ligand Pharmaceuticals, Genomic Health, Perkin Elmer, Stanford University, UC San Francisco,Kaiser Permanente, Northwestern Memorial Hospital, Greater Baltimore Medical Center,Lawrence Livermore National Laboratory, and many others.A graduate of UC Berkeley, Healey is the author of The Resilience Mindset: How Adversity CanStrengthen Individuals, Teams, and Leaders [September 2025], and his previous title, At FaceValue: My Triumph over a Disfiguring Cancer, and is a contributing author to Open My Eyes,Open My Soul: Celebrating Our Common Humanity; Make Your Own Miracle: SurvivingCancer, an Anthology; and Reading Lips and Other Ways to Overcome a Disability.His work has appeared in Psychology Today, Metro UK, The San Francisco Chronicle,Guideposts, NurseWeek, U.S. News and World Report, Sales and Marketing Magazine, Copingand CURE Today. He has appeared on dozens of national and local TV networks and has beeninterviewed on more than seventy-five radio stations across the U.S. and Canada.Order a copy of The Resiliance Mindset here: https://terryhealey.com/product/the-resilience-mindset/Business Leadership Series Intro and Outro music provided by Just Off Turner: https://music.apple.com/za/album/the-long-walk-back/268386576

GS#429 March 25, 2014 In the last episode, we stumped Richard Todd on a few details of specific rules. In part 2 we get the correct explanation and discuss other rules that are broken regularly because we don't know the exact USGA wording or ruling. Unlike the painfully dry legalese of the USGA's Rules of Golf, Richard's book takes you on a round with a typical foursome as they encounter...and break.. the rules. http://TheGolfRules.comIn addition to being a lifelong golfer, Richard's also one of the original Golf Smarter listeners from 2005. Get more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply. This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options.   This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com/golfsmarter.

This week, Liz Ann Sonders and Kathy Jones discuss the implications of political pressure on the Federal Reserve, particularly regarding the administration's attempts to influence monetary policy. They explore the potential risks of increased political control over the Fed, the current state of the bond and stock markets, and the importance of economic indicators such as labor market reports and inflation measures. Then, Kevin Gordon, director and senior investment strategist, joins Liz Ann to discuss the situation at the Fed, as well as the state of sectors and factors that could be sensitive to changes in interest rates. Kevin points out that housing is not acting as a traditional macro driver, and he explains the lack of correlation between mortgage rates and the fed funds rate.Finally, Kathy and Liz Ann discuss the data and economic indicators they will be watching in the coming week.On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Currency trading is speculative, very volatile and not suitable for all investors.Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(0825-6V35)

While the U.S. government captured headlines throughout the week, Charles Schwab's Michelle Gibley turns to stories impacting global finances. She talks about massive volatility occurring in France as fears of a government collapse leaves its economic future uncertain. Michelle draws parallels between its markets to the U.S. As for China, she mentions how the country's "DeepSeek moment" reignited hope for Chinese stocks that were once considered "uninvestable."======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Liz Ann Sonders with Charles Schwab says the "expectations bar" for Nvidia (NVDA) was likely set too high by investors after it traded lower on numbers "in-line to slightly above" estimates. However, she points to expectations of rate cuts from the Fed giving a significant boost to small caps, seen in recent RUT rallies. Liz Ann notes other rotations happening under the surface of Wall Street. That said, she warns investors to keep tariffs on the radar. She talks about the U.S.'s "Swiss army knife" approach to tariff goals.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Mike Townsend don't see headlines around Fed independence leaving anytime soon. He sees President Trump's "unprecedented" move to fire Fed governor Lisa Cook only adding controversy around the FOMC, as Congress needs to weigh on who will fill an already empty seat. Mike talks about how both situations can affect the Fed's rate cutting cycle, including expectations for September. Another complication comes in the form of a pending government shutdown as the divide between Democrats and Republicans widen.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Ken Shreve and Ed Carson analyze Wednesday's market action and discuss key stocks to watch on Stock Market Today. Learn more about your ad choices. Visit megaphone.fm/adchoices

GS#1014 August 26, 2025 Dr. Izzy Justice returns to discuss the intricate relationship between brain function and golf performance from his new book, 'Your Brain Swings Every Club', which explores the cognitive aspects of golfing performance. Dr. Justice introduces the concept of 'chasing 10 hertz' to optimize mental states for better performance and emphasizes the importance of utilizing wait times effectively on the golf course. The conversation also discusses the intricate relationship between nonverbal communication and the brain, emphasizing how our sensory inputs shape our understanding of others. He draws parallels between golf and life, highlighting the mental challenges athletes face. He debunks common myths in golf, such as muscle memory and the small target theory.Please check out this article about Fred's golf and podcast journey called "A Lifetime On The Air" that was published in the NCGA Magazine (Northern California Golf Association) recently!    Get more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply. This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options. This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com/golfsmarter.

Joe Mazzola with Charles Schwab doesn't see much risk in President Trump's attempts to remove Fed governor Lisa Cook from her position, pointing to a lack in yield movement as proof. He is closely watching the move out of mega caps, signaled by an increase in puts on the options front. Kathy Jones joins later to weigh on the economic moves catching her eyes in the market, including the risk of creeping inflation overturning rate cut expectations.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

What's next for markets after Chair Powell led markets to believe cuts are coming – potentially in September? We discuss with Solus' Dan Greenhaus, Charles Schwab's Kevin Gordon and Truist's Keith Lerner. Plus, we debate the Fed's next move with David Zervos – who is said to be on the shortlist of Contenders for the Fed Chair spot. And, Jeff DeGraaf from Renaissance Macro tells us what he is expecting from the big earnings this week. 

"Inflation is still here, inflation is still sticky," says Charles Schwab's Collin Martin. He makes the case that the markets put too much focus on the jobs portion of Jerome Powell's Jackson Hole speech, which investors interpreted as bullish for an interest rate cut in September. He adds that Friday's core PCE report can completely flip the Fed's script. Liz Ann Sonders adds to that point, telling investors to look beyond September. She believes Wall Street needs to focus on the long-term impacts of interest rate cuts and what they mean for the economy's health.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

GS#428 March 18, 2014 Richard E. Todd was trained on the rules of golf by the USGA and the PGA. His new book "The Golf Rules: Stroke Play - Learn The Rules of Golf By Watching Others Break Them" is an entertaining little book that presents the rules of golf in a funny, short story format.  Unlike the painfully dry legalese of the USGA's Rules of Golf, Richard's book takes you on a round with a typical foursome as they encounter...and break.. the rules. In addition to being a lifelong golfer, he's also a one of the original Golf Smarter listeners from 2005. http://TheGolfRules.com Get more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply. This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options.   This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com/golfsmarter.

Liz Ann Sonders and Kathy Jones discuss the implications of the Federal Reserve's annual Jackson Hole meeting, focusing on monetary policy, labor market dynamics, housing market challenges, and the impact of tariffs on inflation. They explore how these factors influence economic indicators and the Fed's decision-making process moving forward. Then, Cooper Howard, director and fixed income strategist at the Schwab Center for Financial Research, joins the show to discuss the state of the muni bond market and where there might be opportunities for investors. He and Kathy cover why munis have underperformed other parts of the fixed income market this year; the attractiveness of high-yield, or "junk," muni bonds; investing in individual bonds versus mutual funds or ETFs; and much more.Finally, Kathy and Liz Ann discuss the data and economic indicators they will be watching in the coming week.On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Past performance is no guarantee of future results.Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Tax-exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax-exempt status (federal and in-state) is obtained from third parties, and Schwab does not guarantee its accuracy. Tax-exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax.Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.This information is not a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager, Estate Attorney) to help answer questions about specific situations or needs prior to taking any action based upon this information.Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(0825-1W97)

Charles Schwab's Cooper Howard joins public consensus that Jerome Powell's Jackson Hole speech "opened the door" to a September rate cut. The main question moving forward is how the FOMC will tackle its dual mandate. With the Fed's focus inching toward labor, Cooper believes the U.S. will see 50bps worth of interest rate cuts for the remainder of 2025. That said, with economic uncertainty persisting, he argues that can change quickly depending on how upcoming inflation and labor prints come in.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

In this exciting crossover episode of The Brainy Business podcast, Melina Palmer teams up with Katy Milkman, host of the acclaimed Choiceology podcast from Charles Schwab. Together, they delve into the intriguing concept of left digit bias, a psychological phenomenon that influences how we perceive prices and make decisions. As Melina shares her experience as a guest on Choiceology, listeners will learn about the powerful implications of left digit bias, from its impact on pricing strategies—like why $4.99 feels significantly cheaper than $5—to its effects in various domains, including healthcare and consumer behavior. The episode features compelling stories, including the history of iTunes' pricing strategy and how subtle shifts in numbers can lead to significant outcomes in both personal and professional contexts. Throughout the episode, Melina and the guests discuss real-world applications of left digit bias, illustrating how it can affect everything from diamond purchases to medical decisions. Listeners will gain insights into how this bias shapes our choices and how being aware of it can lead to better decision-making. In this episode: Understand the concept of left digit bias and its influence on pricing perception. Explore the historical context of iTunes' pricing strategy and its revolutionary impact on the music industry. Learn how left digit bias affects medical decisions and the implications for patient care. Discover practical tips for navigating significant purchases by leveraging left digit bias. Gain insights into how awareness of this bias can improve decision-making in various aspects of life. Get important links, top recommended books and episodes, and a full transcript at thebrainybusiness.com/525. Looking to explore applications of behavioral economics further?  Learn With Us on our website. Subscribe to Melina's Newsletter Brainy Bites.  Let's connect: Send Us a Message Follow Melina on LinkedIn The Brainy Business on Youtube The Brainy Business on Instagram

Joe Mazzola of Charles Schwab talks about the "broadening out of weakness" seen in Thursday's trading session. It comes ahead of Fed chair Jerome Powell's highly anticipated speech at Jackson Hole. As the FOMC balances inflation and jobs prints, Joe doesn't see Powell giving many hints toward an immediate direction of action during his speech. Michelle Gibley says it's not just Jerome Powell and Jackson Hole investors should pay attention to. The Bank of Japan will capture attention of international investors, as she explains how rate changes, or lack thereof, affect inflation abroad.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Liz Ann Sonders says the "wattage turned up" on retailers and tariffs. She notes Thursday's Walmart's (WMT) earnings and Home Depot's (HD) report earlier in the week to explain the divergence on tariff impact and the added focus investors are placing on the industry. On A.I., Liz Ann adds that we're still early on in the tech's development. She says the focus will lean more into capex spending and how companies use A.I.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

We discuss what's at stake for the tech space with Charles Schwab's Liz Ann Sonders. Plus, Target named a new CEO set to replace Brian Cornell in February 2026. We break down that – and the broader retail sector – with our Courtney Reagan and Mizuho's David Bellinger. And, Fairlead's Katie Stockton tells us the key levels she's watching right now. 

Full transcript⁠⁠ ⁠⁠Watch this interview on YouTube⁠⁠ — “Knowing who you are then leads you to a place where you can start asking questions about how who you are shows up in the workplace,” says Stacy Hammond, Chief Marketing Officer at Charles Schwab.  “Everybody at Schwab is a leader,” she says, and the best leaders do market research on themselves: How they are perceived, and how those perceptions align with the value they bring.  Today on Building Better CMOs, Stacy and MMA Global CEO Greg Stuart talk about turning “earners into owners,” making investing simple and approachable, and the importance of both accessibility and transparency. They also discuss her unconventional path to the CMO role, beginning in Schwab's retail business 24 years ago, and what it means to be a “cheerleader” for your team. This episode was produced and edited by Eric Johnson from ⁠⁠⁠⁠LightningPod.fm⁠⁠⁠⁠. ⁠⁠⁠⁠⁠Follow Building Better CMOs in your podcast app⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Subscribe on YouTube⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Rate & review the podcast⁠⁠⁠⁠⁠⁠ Links: ⁠⁠⁠⁠⁠⁠Stacy's LinkedIn⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Greg's LinkedIn⁠⁠⁠

Charles Schwab's Kevin Gordon calls the markets' recent price action a rotational trade over a correctional one. He explains that a lot of money moving out of tech stocks Wednesday shifted over to industries that haven't experienced as significant upside action. Ahead of the FOMC's September meeting, Kevin believes the institution is setting the ground for a steadier rate cut, as long as inflation shows continued stickiness.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Kevin Horner urges investors to brace for a potential pullback in the SPX that could bring the index back to the 50-day SMA. He explains how the 6,100 level, currently below that 50-day metric, backs his reasoning. Turning to individual stocks, Kevin has his eyes on Zeta Global (ZETA) as the 20-day SMA crosses above the 200-day SMA. After Palantir's (PLTR) significant pullback, he sees $152 as new support, or $126 if selling picks up steam.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Send us a textIn this special episode of the WTR Small-Cap Spotlight Podcast, Jeff Karcher, Global Managing Director of the Texas Stock Exchange (TXSE), joins host Tim Gerdeman, Vice Chair & Co-Founder of Water Tower Research. With its highly anticipated launch planned for 2026, TXSE is positioning itself as a transformative force in U.S. capital markets. Backed by leading investors including BlackRock, Citadel, and Charles Schwab, the exchange plans to challenge incumbents like NYSE and NASDAQ by offering a fully electronic, pro-business, Dallas-based marketplace.Jeff shares insights into TXSE's launch timeline, listing requirements, competitive advantages, and how Texas's rising profile in finance and technology creates a unique backdrop for this ambitious project.

Let's talk about the rumored OPENING SCENE of Avengers Doomsday! Virtual Product Placement brought to you by Charles Schwab. Invest your way. Learn more at schwab.com Welcome back to the Rumor Rundown! In this episode, Gina Ippolito and Erik Voss connect the dots on what might be the opening battle of Avengers Doomsday… and how it could connect to the final scene of Avengers Endgame! Join the NR Underground for exclusive audio shows: https://nrunderground.supercast.com Check out our merch! http://www.NerdRiot.shop Written by: Erik Voss, Jessica Clemons, Gina Ippolito Head of Content & Executive Producer: Erik Voss General Manager: Zach Huddleston Head of Production: John Costa Director of Programming: Brandon Barrick Senior Producer: Jessica Clemons Producer: Gina Ippolito Staff Editors: Abby Freel, Brian M Kim, Joshua Steven Hurd Studio Tech: Brian M Kim For business inquiries please contact business@nrdigitalstudios.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

GS#1013 August 19, 2025 In this episode we welcome back Pete Charleston, co-founder of GolfLogix, to discuss the evolution of golf technology, particularly the GolfLogix app. We explore the journey from handheld GPS devices to smartphone applications, the introduction of green books for reading greens, and the legal compliance of these tools. Pete shares insights into the mapping techniques used to gather data for greens and the challenges of user interface design, including battery life for mobile devices. The conversation also touches on the innovative features of the GolfLogix app, including its integration with Aimpoint, user feedback on app updates, and the groundbreaking 3D technology that enhances the golfing experience. Check them out at golflogix.comPlease check out this article about Fred's golf and podcast journey called "A Lifetime On The Air" that was published in the NCGA Magazine (Northern California Golf Association) recently!    Get more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab.This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply.This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options.  This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com/golfsmarter.

Individual investors are feeling as optimistic as they've felt all year according to our recent sentiment survey, and with stocks dancing around record highs, strong earnings and less bite than bark from tariffs, they are leaning into their favorite stocks and ETFs. Kevin Gordon of Charles Schwab joins us for a vibes check and sets the scene for the rest of the year. Plus, IPOs are popping like it's 1995 all over again and their gains are sticking - at least for now. What's different, and the same about this bull market and the one thirty years ago? Learn more about your ad choices. Visit podcastchoices.com/adchoices

Charles Schwab's Collin Martin sets the foundation for what he's expecting to see from Jerome Powell and the Fed at Jackson Hole. He talks about the potential for the FOMC to update its expectations on the dual mandate and setting a framework for the rest of the year. Liz Ann Sonders turns to the inflation front and what investors should pay attention to as markets continue to digest last week's CPI and PPI data. On last week's market performance, Liz Ann points out rotations leading to a "mixed bag" on what was ultimately a winning week.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

GS#427 March 11, 2014  David MacKenzie is a mental game coach that will help you consistently play to your potential. His Golf State Of Mind method is designed to help eliminate mental mistakes. He says that small changes to your mental game can cut 5-7 shots per round. We go into depth on visualization, how to practice the Mental Game, course management, and his 9 shot drill for the practice range.   *David comes to us from a suggestion by a GOLF SMARTER listener. http://GolfStateOfMind.comGet more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply. This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options.   This episode is brought to you by RULA. Find a therapist or psychiatric provider who specializes in you at rula.com.

In this episode, Kathy Jones and Liz Ann Sonders dive into the latest economic data and its implications for the Federal Reserve's policy decisions. They analyze the recent Consumer Price Index (CPI) report and assess the risk of latent stagflation. They also examine the Fed's dilemma in considering a September interest rate cut, a possible 50-basis-point reduction, and ongoing labor market and inflation pressures. Kathy and Liz Ann stress the importance of looking beyond headline figures to understand revisions and underlying economic trends. They also address recent changes at the Bureau of Labor Statistics (BLS) and their potential impact on the reliability of economic data. Finally, Kathy and Liz Ann discuss the data and economic indicators they will be watching in the coming week.On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts.Important DisclosuresThis material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.Investing involves risk, including loss of principal. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.Technical analysis is not recommended as a sole means of investment research.Diversification, asset allocation, and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.This information is not a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager, Estate Attorney) to help answer questions about specific situations or needs prior to taking any action based upon this information.Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability.Currency trading is speculative, very volatile and not suitable for all investors.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(0825-YCMU)

Producer inflation data coming in far higher than expected:  Sara Eisen and Carl Quintanilla broke down the numbers alongside key commentary out of consumer earnings when it comes to tariffs, before discussing the market impact with Charles Schwab's Chief Investment Strategist Liz Ann Sonders. Plus: hear the Fed's first reaction to the inflation print – in CNBC's exclusive interview with St. Louis Fed President Alberto Musalem spanning the data, the economy, and the possibility of a rate cut in September. Also in focus: huge movers across earnings and new entrants… The CEO of options and equities exchange “Miami International” joined the team ahead of their first trade on the New York Stock Exchange, while Sara brought exclusive commentary from a call with the CEO of Tapestry – as those shares fall to the bottom of the S&P despite a top and bottom line beat.   

The story continues to be the broadening as tech takes a slight breather today. Plus, another booming IPO could be a big signal for the overall outlook for stocks. We discuss with Trivariate's Adam Parker, Charles Schwab's Kevin Gordon and Mike Rode from American Century Investments. BTIG's top technician out with a fresh note on small caps today. He joins us with what's behind his call. Lo Toney from Plexo Capital tells us how he is navigating the tech space with the Nasdaq at new highs. And, Anastasia Amoroso from Partners Group tells us whether she thinks this is really one of the best environments we've seen in some time for investing in stocks and bonds. 

GS#1012: This week on Golf Smarter, we speak to Robert Jones Black, the great grandson of legendary golfer Bobby Jones. We discuss the legacy of Bobby Jones, the challenges of preserving that legacy within the family, and the importance of humility in their connection to such a prominent figure in golf history. Robert shares personal anecdotes about growing up with the legacy of his grandfather and the responsibility he feels to maintain the brand of Bobby Jones in today's world. Robert discusses the impact of Bobby Jones on the golf community, and the establishment of the Generation Next Project, a nonprofit aimed at addressing youth mental health through golf. The discussion also explores the connection between golf and life lessons, emphasizing the need for realistic expectations in sports and life. Robert highlights the program's approach to complement existing initiatives like First Tee, focusing on mental well-being and personal growth through the game of golf.Please check out this article about Fred's golf and podcast journey called "A Lifetime On The Air" that was published in the NCGA Magazine (Northern California Golf Association) recently!    Get more when your visit the refreshed golfsmarter.com!Introduce an Upcoming Episode: Receive free gifts for recording a show opening by clicking on "Record Your Show Open Here!" tab on the right side of golfsmarter.com. Watch Daily Video Highlights from Our Interviews: Follow @golfsmarter on Instagram, X, Facebook, TikTok, YouTube daily to see our highlights and helpful insights from our interviews on the podcast. Post a Review: you'll receive three free gifts when you post an honest review about Golf Smarter the podcast.Fill Out a Listener Survey: It only takes a few minutes to fill out our survey, which helps us to better serve your interests in the podcast. You'll receive a free link to Tony Manzoni's video and Justin Tang's summary of Tony's Lost Fundamental on pdf!This episode is brought to you by BreakfastBalls.Golf. Visit BreakfastBalls.Golf for the best quality and pricing on premium used golf balls. Find your favorite brand at half the price of new balls!  Use GOLFSMARTER at checkout for 20% off your order!This episode is brought to you by 5Hour Energy. 5-hour ENERGY Transfusion flavor is available online or in stores. Head to 5hourENERGY.com and order yours today!Check out "Invested in the Game", a new original podcast from Charles Schwab. This podcast is their way of sharing the incredible stories behind the game. Listen now at schwab.com/TheGame or wherever you get your podcasts.This episode is sponsored by Indeed. Please visit indeed.com/GOLFSMARTER and get a $75 SPONSORED JOB CREDIT. Terms and conditions apply.This episode is sponsored by HIMS. Start your free online visit today HIMS.com/golfsmarter and received personalized ED treatment options.  This episode is brought to you by RULA.