Podcasts about Schwab

In this episode, Liz Ann Sonders and Kathy Jones discuss the market's reaction to Kevin Warsh's nomination for Fed Chair, the potential rationale for lowering interest rates, and the drivers behind recent volatility in precious metals, while highlighting a broadening in market leadership thanks to more widespread earnings strength.Then, Liz Ann is joined by Dennis DeBusschere, President and chief market strategist of 22V Research. They discuss the implications of the declining dollar, the impact of AI on productivity, factor-based investing trends, monetary policy, some potential risks and opportunities in the market, and much more. 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 DisclosuresThe comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.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 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. 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.Technical analysis is not recommended as a sole means of investment research.Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options [LINK Risk Disclosure Statement for Futures and Options: https://www.schwab.com/Futures_RiskDisclosure] prior to trading futures products.Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled "Characteristics and Risks of Standardized Options" before considering any option transaction.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.Diversification strategies do not ensure a profit and do not protect against losses in declining markets.Currency trading is speculative, very volatile and not suitable for all investors.The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.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(0226-7UE0) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Lisa Mulrain. Summary of the Interview On Money Making Conversations Masterclass, Rushion McDonald interviews Lisa Mulrain—CEO of Legacy Building LLC, a financial literacy and legal services entrepreneur with more than 30 years of federal government experience as a securities attorney. Lisa’s mission is to empower individuals and small businesses through financial education, credit repair, debt management, estate planning, and investment strategy. The interview highlights her transition from government attorney to entrepreneur, the purpose behind Legacy Building LLC, and the unique combination of her legal expertise and financial coaching. She breaks down how underserved communities can close knowledge gaps, develop stronger money mindsets, repair credit, invest wisely, and protect assets through estate planning. She also explains the emerging opportunities in tokenized real estate, fractionalized Ginnie Mae securities, and the importance of research before investing. The conversation is highly practical—covering everything from budgeting to Roth IRAs, 401(k) matches, brokerage accounts, credit consolidation, and asset protection through trusts and wills. Lisa stresses empowerment through education and long-term wealth building. Purpose of the Interview 1. To introduce Lisa Mulrain’s financial literacy and legal services mission The interview showcases how Legacy Building LLC helps clients improve credit, manage debt, understand investments, and plan estates. 2. To educate listeners about emerging financial trends Lisa explains tokenized real estate, fractional Ginnie Mae securities, and policy changes that create new wealth-building opportunities. 3. To emphasize financial empowerment for underserved communities She focuses on shifting money mindsets, breaking cycles of scarcity, and building generational wealth. 4. To highlight the importance of estate planning She stresses that wills, trusts, and powers of attorney are foundational—not optional. 5. To offer actionable investing and credit strategies Listeners gain practical tools to start improving their finances immediately. Key Takeaways 1. Financial literacy begins with mindset Before fixing credit, individuals must understand their past beliefs about money and scarcity.Many financial mistakes originate from “lack mentality.” 2. Credit repair requires root-cause analysis Lisa teaches clients to: Identify how they fell into debt Negotiate with creditors Remove charge-offs when possible Avoid repeating harmful financial behaviors 3. Estate planning is essential for everyone—not just older adults A proper estate plan includes: A trust (primary document) A “pour-over” will for missed assets Healthcare proxies & POAs Instructions for managing assets during incapacity or after death Common tragedies—Prince, Aretha Franklin, Michael Jackson—show how lack of planning complicates estates. 4. Invest intentionally and consistently Key investment tools Lisa recommends: Maximize 401(k) contributions, especially employer matches Favor S&P 500 index options in retirement plans Fund a Roth IRA for tax-free growth Open brokerage accounts with established firms (e.g., Schwab, Fidelity) Buy fractional shares to invest even with small amounts Focus on time in the market, not timing the market 5. Tokenized real estate and fractionalized Ginnie Mae securities are groundbreaking Lisa explains how changes in federal policy and crypto infrastructure enable new low-barrier investment opportunities—such as Ginnie Mae-backed fractional securities for as little as $50. 6. Research, research, research Before buying any stock, investors should monitor: Long-term trends Earnings calls Layoffs (strategy vs. crisis) Market cycles Influential investors’ moves 7. Legacy Building LLC merges financial education + legal protection Her dual firms allow clients to: Learn how to build wealth Legally protect their assets Create generational stability 8. Wealth building requires discipline—not brand-driven spending She warns against sinking money into luxury goods without appreciating assets to match. Notable Quotes (All pulled directly from the transcript.) On why she does this work “Helping people has always been at my core.” “I wanted to get involved in finance because that was the one central factor that made the difference between the haves and the have nots.” On mindset & credit “Let’s examine your money mindset.” “We adopt a lack mentality… we already start from a place of ‘we don’t have it.’” On estate planning “Whatever you’ve accumulated… you don’t have a plan.” “It could take years for it to go through probate.” “Your trust is the main document.” On investing “You are leaving money on the table if you don’t get that 401(k) match.” “Don’t time the market… it’s about time in the market.” “Scare money don’t make money.” On financial habits “Be diligent in your acquisitions.” “You cannot make any money if you are not investing. Period.” On opportunities in new investment tech “Tokenized real estate is very new and novel… real physical assets backing crypto.” “Ginnie Mae securities are now eligible for fractionalized shares… with guaranteed repayment.” #SHMS #STRAW #BESTSupport the show: https://www.steveharveyfm.com/See omnystudio.com/listener for privacy information.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Lisa Mulrain. Summary of the Interview On Money Making Conversations Masterclass, Rushion McDonald interviews Lisa Mulrain—CEO of Legacy Building LLC, a financial literacy and legal services entrepreneur with more than 30 years of federal government experience as a securities attorney. Lisa’s mission is to empower individuals and small businesses through financial education, credit repair, debt management, estate planning, and investment strategy. The interview highlights her transition from government attorney to entrepreneur, the purpose behind Legacy Building LLC, and the unique combination of her legal expertise and financial coaching. She breaks down how underserved communities can close knowledge gaps, develop stronger money mindsets, repair credit, invest wisely, and protect assets through estate planning. She also explains the emerging opportunities in tokenized real estate, fractionalized Ginnie Mae securities, and the importance of research before investing. The conversation is highly practical—covering everything from budgeting to Roth IRAs, 401(k) matches, brokerage accounts, credit consolidation, and asset protection through trusts and wills. Lisa stresses empowerment through education and long-term wealth building. Purpose of the Interview 1. To introduce Lisa Mulrain’s financial literacy and legal services mission The interview showcases how Legacy Building LLC helps clients improve credit, manage debt, understand investments, and plan estates. 2. To educate listeners about emerging financial trends Lisa explains tokenized real estate, fractional Ginnie Mae securities, and policy changes that create new wealth-building opportunities. 3. To emphasize financial empowerment for underserved communities She focuses on shifting money mindsets, breaking cycles of scarcity, and building generational wealth. 4. To highlight the importance of estate planning She stresses that wills, trusts, and powers of attorney are foundational—not optional. 5. To offer actionable investing and credit strategies Listeners gain practical tools to start improving their finances immediately. Key Takeaways 1. Financial literacy begins with mindset Before fixing credit, individuals must understand their past beliefs about money and scarcity.Many financial mistakes originate from “lack mentality.” 2. Credit repair requires root-cause analysis Lisa teaches clients to: Identify how they fell into debt Negotiate with creditors Remove charge-offs when possible Avoid repeating harmful financial behaviors 3. Estate planning is essential for everyone—not just older adults A proper estate plan includes: A trust (primary document) A “pour-over” will for missed assets Healthcare proxies & POAs Instructions for managing assets during incapacity or after death Common tragedies—Prince, Aretha Franklin, Michael Jackson—show how lack of planning complicates estates. 4. Invest intentionally and consistently Key investment tools Lisa recommends: Maximize 401(k) contributions, especially employer matches Favor S&P 500 index options in retirement plans Fund a Roth IRA for tax-free growth Open brokerage accounts with established firms (e.g., Schwab, Fidelity) Buy fractional shares to invest even with small amounts Focus on time in the market, not timing the market 5. Tokenized real estate and fractionalized Ginnie Mae securities are groundbreaking Lisa explains how changes in federal policy and crypto infrastructure enable new low-barrier investment opportunities—such as Ginnie Mae-backed fractional securities for as little as $50. 6. Research, research, research Before buying any stock, investors should monitor: Long-term trends Earnings calls Layoffs (strategy vs. crisis) Market cycles Influential investors’ moves 7. Legacy Building LLC merges financial education + legal protection Her dual firms allow clients to: Learn how to build wealth Legally protect their assets Create generational stability 8. Wealth building requires discipline—not brand-driven spending She warns against sinking money into luxury goods without appreciating assets to match. Notable Quotes (All pulled directly from the transcript.) On why she does this work “Helping people has always been at my core.” “I wanted to get involved in finance because that was the one central factor that made the difference between the haves and the have nots.” On mindset & credit “Let’s examine your money mindset.” “We adopt a lack mentality… we already start from a place of ‘we don’t have it.’” On estate planning “Whatever you’ve accumulated… you don’t have a plan.” “It could take years for it to go through probate.” “Your trust is the main document.” On investing “You are leaving money on the table if you don’t get that 401(k) match.” “Don’t time the market… it’s about time in the market.” “Scare money don’t make money.” On financial habits “Be diligent in your acquisitions.” “You cannot make any money if you are not investing. Period.” On opportunities in new investment tech “Tokenized real estate is very new and novel… real physical assets backing crypto.” “Ginnie Mae securities are now eligible for fractionalized shares… with guaranteed repayment.” #SHMS #STRAW #BESTSee omnystudio.com/listener for privacy information.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Lisa Mulrain. Summary of the Interview On Money Making Conversations Masterclass, Rushion McDonald interviews Lisa Mulrain—CEO of Legacy Building LLC, a financial literacy and legal services entrepreneur with more than 30 years of federal government experience as a securities attorney. Lisa’s mission is to empower individuals and small businesses through financial education, credit repair, debt management, estate planning, and investment strategy. The interview highlights her transition from government attorney to entrepreneur, the purpose behind Legacy Building LLC, and the unique combination of her legal expertise and financial coaching. She breaks down how underserved communities can close knowledge gaps, develop stronger money mindsets, repair credit, invest wisely, and protect assets through estate planning. She also explains the emerging opportunities in tokenized real estate, fractionalized Ginnie Mae securities, and the importance of research before investing. The conversation is highly practical—covering everything from budgeting to Roth IRAs, 401(k) matches, brokerage accounts, credit consolidation, and asset protection through trusts and wills. Lisa stresses empowerment through education and long-term wealth building. Purpose of the Interview 1. To introduce Lisa Mulrain’s financial literacy and legal services mission The interview showcases how Legacy Building LLC helps clients improve credit, manage debt, understand investments, and plan estates. 2. To educate listeners about emerging financial trends Lisa explains tokenized real estate, fractional Ginnie Mae securities, and policy changes that create new wealth-building opportunities. 3. To emphasize financial empowerment for underserved communities She focuses on shifting money mindsets, breaking cycles of scarcity, and building generational wealth. 4. To highlight the importance of estate planning She stresses that wills, trusts, and powers of attorney are foundational—not optional. 5. To offer actionable investing and credit strategies Listeners gain practical tools to start improving their finances immediately. Key Takeaways 1. Financial literacy begins with mindset Before fixing credit, individuals must understand their past beliefs about money and scarcity.Many financial mistakes originate from “lack mentality.” 2. Credit repair requires root-cause analysis Lisa teaches clients to: Identify how they fell into debt Negotiate with creditors Remove charge-offs when possible Avoid repeating harmful financial behaviors 3. Estate planning is essential for everyone—not just older adults A proper estate plan includes: A trust (primary document) A “pour-over” will for missed assets Healthcare proxies & POAs Instructions for managing assets during incapacity or after death Common tragedies—Prince, Aretha Franklin, Michael Jackson—show how lack of planning complicates estates. 4. Invest intentionally and consistently Key investment tools Lisa recommends: Maximize 401(k) contributions, especially employer matches Favor S&P 500 index options in retirement plans Fund a Roth IRA for tax-free growth Open brokerage accounts with established firms (e.g., Schwab, Fidelity) Buy fractional shares to invest even with small amounts Focus on time in the market, not timing the market 5. Tokenized real estate and fractionalized Ginnie Mae securities are groundbreaking Lisa explains how changes in federal policy and crypto infrastructure enable new low-barrier investment opportunities—such as Ginnie Mae-backed fractional securities for as little as $50. 6. Research, research, research Before buying any stock, investors should monitor: Long-term trends Earnings calls Layoffs (strategy vs. crisis) Market cycles Influential investors’ moves 7. Legacy Building LLC merges financial education + legal protection Her dual firms allow clients to: Learn how to build wealth Legally protect their assets Create generational stability 8. Wealth building requires discipline—not brand-driven spending She warns against sinking money into luxury goods without appreciating assets to match. Notable Quotes (All pulled directly from the transcript.) On why she does this work “Helping people has always been at my core.” “I wanted to get involved in finance because that was the one central factor that made the difference between the haves and the have nots.” On mindset & credit “Let’s examine your money mindset.” “We adopt a lack mentality… we already start from a place of ‘we don’t have it.’” On estate planning “Whatever you’ve accumulated… you don’t have a plan.” “It could take years for it to go through probate.” “Your trust is the main document.” On investing “You are leaving money on the table if you don’t get that 401(k) match.” “Don’t time the market… it’s about time in the market.” “Scare money don’t make money.” On financial habits “Be diligent in your acquisitions.” “You cannot make any money if you are not investing. Period.” On opportunities in new investment tech “Tokenized real estate is very new and novel… real physical assets backing crypto.” “Ginnie Mae securities are now eligible for fractionalized shares… with guaranteed repayment.” #SHMS #STRAW #BESTSteve Harvey Morning Show Online: http://www.steveharveyfm.com/See omnystudio.com/listener for privacy information.

Last week, the world's elites gathered again in Davos, Switzerland, for the World Economic Forum (WEF). Of course, Klaus Schwab, WEF founder and long-standing chairman, opened the meeting. “The world faces critical challenges,” he proclaimed, in somber tones, and then went on to outline several “extremist” threats presently confronting our planet and its people. But have no fear, Mr. Schwab promised. “The future is shaped by us, and particularly shaped by us in this room.” Does anyone other than me hear the voice of George Orwell echoing through the Swiss Alps right now?

Why do we give? Many Christians would answer simply: because Scripture tells us to. But if giving is only an obligation, something we do because we “should,” generosity will always feel heavy—like a tax, a duty, or a calculation. The Bible offers a far more compelling vision. It tells a story where generosity flows not from guilt or pressure, but from grace.Most of us genuinely want to be generous. Few people say, “I don't want to give.” Yet generosity doesn't always come easily. We run the numbers. We think about what's coming next. We worry whether our gift will make a difference. Sometimes we even reduce generosity to a math problem—something we'll do once everything feels secure.Beneath those questions is a deeper one: Why do we give in the first place?Scripture doesn't begin the conversation about giving with budgets or even with commands. It begins with identity. Before you ever give a dollar, you are already living on a gift. Paul writes, “For by grace you have been saved through faith… it is the gift of God” (Ephesians 2:8). You have received mercy instead of judgment, forgiveness in place of guilt, adoption instead of estrangement. Daily bread, new life, a secured future in Christ—all of it is grace.And when grace takes root, generosity follows.Paul describes this beautifully: “Though he was rich, yet for your sake he became poor, so that you by his poverty might become rich” (2 Corinthians 8:9). This isn't just poetic language—it's the pattern of Christian generosity. Jesus did not cling to comfort, status, or security. As Philippians 2:7 says, He emptied Himself. He entered our poverty so we could share His riches. The gospel doesn't merely forgive sinners; it forms a generous people who reflect the heart of the Giver.That means our giving is never about earning God's favor or proving our faith. “We love because he first loved us” (1 John 4:19). The same is true with generosity—we give because He first gave.This changes the tone entirely. Instead of pressure, generosity becomes privilege. Instead of fear—fear of not having enough, fear of loss—it becomes trust. Giving becomes a declaration that God is our provider, not our bank account, and that our security is anchored in Christ, not in financial margins.And this grace-shaped generosity is not reserved for the wealthy. Every believer has received the riches of Christ, which means every believer has something to give. Sometimes it looks like a financial sacrifice. Other times, like hospitality, encouragement, time, or presence. Generosity is broader than money and deeper than obligation.In the end, we don't give to become generous people. We give because God has already been generous with us. Generosity doesn't begin with what we give—it begins with what we've received. When grace becomes the foundation, giving becomes a joy.———————————————————————————————————————If you'd like to explore how the gospel reshapes the way we think about money, stewardship, and generosity, we're about to release a new 21-day devotional called Our Ultimate Treasure, written by our own Rob West. It's designed to help you slow down, reflect on God's grace, and connect biblical faith to everyday financial decisions. You can preorder your copy—or place a bulk order for your church or small group—at FaithFi.com/Shop. Or receive it automatically when you become a FaithFi Partner at FaithFi.com/Give.On Today's Program, Rob Answers Listener Questions:I'm recently widowed, and our home is for sale. Once it sells, I'll have a significant amount of money to manage wisely. I'm debt-free and have family I'd like to bless, but I also want to make good long-term decisions. Where should I start?My boyfriend is 62 and took early retirement. He's about to receive a profit-sharing payout but has no plan beyond keeping the money in cash. I'm trying to help him figure out what to do with it. What's the best way to get him started?My daughter is a teacher with a pension and many years before retirement. She has about $25,000 in a high-yield savings account. Would opening a Roth IRA at a place like Schwab or Fidelity be the best next step, or should we consider other options for long-term growth?Resources Mentioned:Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner)Financial Next Steps After Losing A Spouse by Valerie Neff Hogan, J.D., CFP (Faithful Steward Issue 3 Article)Widow ConnectionNational Christian Foundation (NCF)Our Ultimate Treasure: A 21-Day Journey to Faithful StewardshipWisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Poet of the Week, January 26–February 1, 2026. Full text of the poem & interview: brooklynpoets.org/community/poet/kayla-schwab

Out Print the Fed with 1% per week: https://remnantfinance.com/optionsBook a call: https://remnantfinance.com/calendar ! Email us at info@remnantfinance.com !Visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance )Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588 )Twitter: @remnantfinance (https://x.com/remnantfinance )TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBEYou've heard us talk about Low Stress Trading for months now. You've seen the testimonials in the chat. Maybe you're still on the fence. This episode is the deep dive—we're breaking down exactly how IBC and options trading work together, running the actual math (even with worst-case assumptions), and sharing real results from clients who started trading less than four months ago.We walk through the order of operations: should you fund your trading account first or pay premium first? How do policy loans actually integrate with a brokerage account? And what happens when the market eventually turns?We also address the elephant in the room—why some people think this is a scam, and why that criticism fundamentally misunderstands how the strategy works.If you've been waiting for proof of concept before jumping in, this episode gives you the numbers and the framework..Chapters:00:00 – Opening segment01:35 – Credit card discussion04:42 – IBC + low stress trading integration06:18 – Three core questions we're answering this episode07:43 – Everything financial is connected—your dollars are one ecosystem09:27 – Will the bull market last forever?11:08 – Why it's felt like the bottom could fall out for five years straight13:47 – The importance of growth strategy even within protect-save-grow14:53 – What happens when the market tanks and trading gets harder16:02 – Why having capital on the sideline matters19:03 – Using one policy for investing, one as an untouched emergency fund22:13 – Treating the policy loan as interest-only (and why that's different than a car loan)25:22 – Brian's whiteboard: $50K policy loan compounding at 1%/week28:54 – Year-by-year breakdown with taxes and loan interest factored in37:42 – Worst-case scenario still produces 31% annual returns40:07 – Order of operations: fund premium first or trading first?43:58 – Why protect-save-grow means IBC comes before trading46:47 – Worst-case math revisited: 8% interest, 30% tax, 0.8% weekly returns54:18 – "Best scam I've ever been a part of"58:02 – The value of a structured education vs. free YouTube1:01:37 – Closing thoughts and how to joinKey Takeaways:IBC and trading aren't separate strategies—they integrate. Every dollar in your financial life is connected. Using policy loans to fund a trading account lets your capital work in two places at once: compounding in your policy and generating returns in the market.The math works even under worst-case assumptions. At 8% loan interest, 30% taxes, and only 0.8% weekly returns, a $50K policy loan still produces roughly 31% annual returns. With more realistic numbers, the results are dramatically better.Order of operations matters. Fund your IBC premium first, then borrow against it to trade. This keeps protection in place, maximizes tax benefits, and lets your policy cash value grow uninterrupted.You control everything. Trades happen in your own brokerage account (Schwab, Robinhood, etc.). No one else touches your money. The "scam" criticism misunderstands the structure entirely.Real clients are seeing real results. Members of our trading group are reporting 1%+ weekly returns, with some replacing significant portions of their income in under four months.Having capital on the sideline matters. When the next market downturn comes, those with cash available in their policies will be positioned to buy at the bottom

How can disruption become a powerful tool to reshape your future? Patrick Leddin joins Kevin to discuss how leaders and individuals can reframe disruption as an opportunity for growth. Drawing on his collaboration with bestselling author James Patterson and research from hundreds of interviews, Patrick introduces the Positive Disruptor Loop (Discern, Behave, Achieve, and Refine) and explains how to apply it to personal decisions, team dynamics, and organizational challenges. Patrick and Kevin also discuss how our responses to disruption shape our success, why discernment and reflection are crucial leadership practices, and how embracing disruption can unlock both innovation and stability. Listen For 00:00 Change, resistance, and disruption 01:23 Guest introduction Patrick Leddin 03:30 Big idea of the book purpose plus disruption 04:32 COVID and the origins of the research 06:09 James Patterson and self disruption 08:15 Redefining disruption as opportunity 10:38 Disruption as a life skill and leadership skill 15:19 The Positive Disruptor Loop overview 16:17 Discernment choosing how to respond 18:11 Strengths and behavior in disruption 19:03 Achieving impact at multiple levels 20:31 Refinement and learning through reflection 22:46 Why discernment and reflection matter most 25:25 The five disruption roles explained 27:03 Context and conscious leadership choices 29:56 Resilience built through experience 32:03 Personal insights and fun 34:06 Where to learn more and final thoughts 35:45 Final challenge what action will you take   Patrick's Story: Patrick Leddin, PhD, is the co-author with James Patterson of Disrupt Everything and Win: Take Control of Your Future. He has extensive hands-on leadership experience: in the 82nd Airborne Division as an airborne ranger infantry officer and in the private sector as a senior business consultant at KPMG Consulting and FranklinCovey. He founded and built two successful companies and is a sought-after global speaker, a top-ranked podcast host, and the author of the Wall Street Journal bestseller The 5‑Week Leadership Challenge: 35 Action Steps to Become the Leader You Were Meant to Be. While on the faculty at Vanderbilt University, he served as director of the Program of Business Studies and led the Disruption Project, a multiyear study of success in the face of disruption. https://patrickleddin.com/ https://www.linkedin.com/in/patrickleddin/ https://www.facebook.com/patrick.leddin https://www.instagram.com/patrickleddin This Episode is brought to you by... Flexible Leadership is every leader's guide to greater success in a world of increasing complexity and chaos.  Book Recommendations Disrupt Everything―and Win: Take Control of Your Future by James Patterson, Patrick Leddin PhD The Invisible Life of Addie LaRue by V. E. Schwab 12 Months to Live: A Jane Smith Thriller by James Patterson, Mike Lupica Like this? Leading Through Disruption with Tony Hunter The Disruption Mindset with Charlene Li The Upside of Disruption with Terence Mauri Join Our Community If you want to view our live podcast episodes, hear about new releases, or chat with others who enjoy this podcast join one of our communities below. Join the Facebook Group Join the LinkedIn Group   Leave a Review If you liked this conversation, we'd be thrilled if you'd let others know by leaving a review on Apple Podcasts. Here's a quick guide for posting a review. Review on Apple: https://remarkablepodcast.com/itunes   

Das 56. WEF steht ganz im Zeichen des Besuchs von US-Präsident Donald Trump. Dabei steht Trump für das Gegenteil des «Geistes von Davos», also globale Zusammenarbeit. Lässt sich das WEF kapern? Übertüncht der Besuch die internen Probleme? Kritische Fragen an den WEF-Co-Präsidenten, André Hoffmann. André Hoffmann gehört zur Familie der Roche-Erben, ist Vize-Präsident des Pharmakonzerns und seit dem letzten August präsidiert er zusammen mit Blackrock-Chef, Larry Fink, den WEF-Stiftungsrat. Und, André Hoffmann, der sich selbst als Umweltaktivist bezeichnet und sich für Nachhaltigkeit engagiert, zeigte sich bei der Wahl Donald Trumps vor einem Jahr schockiert, dass eine Mehrheit in den USA einen «alten, korrupten Mann» gewählt habe. Nun ist just dieser Mann Star-Gast am WEF in Davos. Warum also die Einladung? Was unternimmt das WEF gegen die immer grösser werdende Präsenz der USA in Davos? Und setzt sich der Schweizer WEF-Co-Präsident für Schweizer Interessen ein? Der Besuch des US-Präsidenten macht vergessen, dass das WEF im vergangenen Jahr kräftig durchgeschüttelt wurde. Whistleblower hatten dem Gründer und langjährigen Mister WEF, Klaus Schwab, vorgeworfen, er habe u.a. bei den Spesen getrickst und Studien des WEF zu beeinflussen versucht. Zwar hat eine externe Untersuchung die Vorwürfe entkräftet, der Nachfolger von Schwab, ex-Nestlé-Chef, Peter Brabeck nahm trotzdem Knall auf Fall den Hut. Sind die Wogen intern wirklich geglättet? Was macht das neue Co-Präsidium anders? Und hat das WEF überhaupt eine Zukunft? André Hoffmann, Co-Präsident des WEF-Stiftungsrats, Roche-Erbe und Vize-Präsident und Autor eines Buches zu nachhaltigem Wirtschaften nimmt Stellung in der Samstagsrundschau bei Klaus Ammann. Ergänzend zum Tagesgespräch finden Sie jeden Samstag in unserem Kanal die aktuelle Samstagsrundschau.

This week, Liz Ann Sonders and Kathy Jones discuss the current state of the Federal Reserve, the bond and equity markets, the challenges facing the housing market, and the ongoing issues with inflation. They explore the implications of a criminal investigation into Fed Chair Jerome Powell, the stability of the bond market amidst political pressures, and the somewhat mixed signals from the equity market. Their discussion also highlights the affordability crisis in the housing market and the Fed's struggle to meet its inflation targets, concluding with a look ahead at upcoming economic data.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 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. 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.Schwab does not recommend the use of technical analysis as a sole means of investment research.The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.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 (0126-YL36) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this week's episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, breaks down what Wall Street's biggest firms are predicting for 2026 - and what it could mean for your portfolio. After reviewing market outlooks from BlackRock, Goldman Sachs, Schwab, Pimco, and more, Darryl shares a curated summary of the trends shaping the year ahead. From stock valuations and artificial intelligence to bonds, global markets, inflation, and alternative investments, this episode cuts through the noise to highlight key points that could matter for long-term investors. Drawing from industry research and real-world context, Darryl walks through where opportunity may exist, where risks are building, and why diversification and thoughtful strategy matter more than ever in today's market environment. Key highlights of the episode include: ·       Why U.S. stocks are historically expensive - and what that means for future returns. ·       How artificial intelligence is driving massive investment and reshaping global markets. ·       What falling interest rates could mean for bonds and fixed income strategies. ·       Why international markets like Japan and Germany are gaining renewed attention. ·       How inflation, tariffs, and policy decisions may influence market stability. ·       The growing role of real assets, infrastructure, and alternative investments. If you've been wondering how to position your portfolio for 2026, this episode offers a clear framework for thinking through risk, opportunity, and long-term strategy. Whether you're concerned about market volatility, curious about AI's impact, or simply want a better understanding of what's ahead, Darryl provides perspective to help you make more informed decisions. For more insights and to connect with a PAX Financial Group advisor, visit www.PAXFinancialGroup.com. If you found this episode helpful, consider sharing it with someone who's thinking about their financial strategy for the year ahead. Resources:  www.blackrock.com/corporate/literature/whitepaper/bii-global-outlook-2026.pdf www.pimco.com/us/en/insights/charting-the-year-ahead-investment-ideas-for-2026 https://www.schwab.com/learn/story/stock-market-outlook https://am.gs.com/en-us/advisors/insights/article/investment-outlook www.capitalgroup.com/advisor/pdf/shareholder/MFCPBR-099-1046320.pdf

Murph shares his recent trip to Vienna, Austria, where he represented Libertas International at the United Nations Trafficking in Persons Symposium. While the conference highlighted the global awareness surrounding human trafficking, it also exposed the frustration felt by those on the front lines — too much talk, and far too little action. Tyler and Murph reflect honestly on the gaps between policy, promises, and real-world results.The heart of this episode belongs to the survivors. Tyler shares deeply personal stories of individuals who endured unimaginable trauma yet refused to let their past define their future. You'll hear how choice, connection, and community support play a critical role in long-term healing, and why rescue is only the beginning of the journey.January is National Human Trafficking Awareness Month.Awareness leads to prevention. Prevention saves lives. If this episode opened your eyes: ✅ Subscribe ✅ Share this episode ✅ Get educated about online safety and victim supportReal heroes fight crimes most people never see.

This episode is your introduction to the world of conservative investing, so it's perfect for you if you're looking to preserve your principal and grow your money at a steady pace. I'm walking you through seven standout investment choices for 2026, ranging from high-yield online money market accounts to short-term bond funds, CDs, and Treasury bonds. We'll discuss how to shop around for the best rates, the importance of keeping up with inflation in retirement, and the benefits and limitations of each strategy. There's something here for anyone who wants their money to work a little harder without taking on unnecessary risk.  You will want to hear this episode if you are interested in... 00:00 Retirement Income to beat inflation. 03:27 Using online banks and credit unions for high-yield savings. 04:53 Automatic and manual selection of money market funds. 08:23 How yield and volatility differ from money market funds with short-term bond funds. 11:24 Brokered CDs vs. traditional CDs. 13:39 U.S. Treasuries as highly secure investment using treasury bonds. 15:11 Using a fixed annuity to invest your money. 17:06 How U.S. Treasury Inflation Bonds (I Bonds) work. Seven Smart Conservative Investment Options for Growing and Preserving Your Wealth Retirement planning and conservative investing go hand in hand, particularly for those looking to preserve their hard-earned principal and ensure steady, reliable growth..  1. High-Yield Online Money Market Accounts Keeping cash in traditional savings accounts often means missing out on higher returns so it's a great start to explore online banks that offer high-yield savings and money market accounts. Although these accounts lack physical branches and operate electronically, the tradeoff is often higher interest rates.  2. Brokerage Money Market Funds Money market funds present another secure route to saving for retirement. With Vanguard and Fidelity, your idle cash is generally swept automatically into high-yield funds, whereas Schwab offers more choices, but you may need to manually select a higher-yielding money market fund. Current yields are around 3.6% to 3.7%, but rates fluctuate weekly with market conditions. Importantly, these investments are designed to keep the value per share at $1, minimizing risk to your principal. 3. Short-Term Bond Funds If you're comfortable with a bit more fluctuation, short-term bond funds can offer higher yields than money market funds. While prices may move slightly, the key is to assess yield versus volatility and select a fund aligned with your risk tolerance. Total bond market or aggregate bond funds, such as the State Street Aggregate Bond ETF (SPAB), can yield more (sometimes above 4%), but carry higher risk and potential for loss, as evidenced by losses in years of rapidly rising interest rates. 4. Short-Term Certificates of Deposit (CDs) CDs are an old-fashioned but reliable solution. By locking in your money for a set period (often one to three years), you benefit from higher fixed rates, currently 4% for one-year CDs and slightly lower for longer terms. Watch out, though, if interest rates fall, having a longer-term CD can be advantageous, but shopping around means opening multiple accounts, which can become hard to track.  5. U.S. Treasury Bonds Tied to government backing, short-term U.S. Treasury bonds are among the safest choices. They typically yield around 3.5% to 3.6% for terms of one to three years. Besides security, their interest is exempt from state income tax, which can be a perk for residents of high-tax states.  6. Fixed Annuities For those who want higher yields and are willing to sacrifice some liquidity, fixed annuities offer insurance-backed, multi-year fixed interest rates, sometimes higher than CDs or Treasuries. Current rates above 4% for investments starting at $100,000, though smaller minimums (such as $5,000 at Fidelity) provide slightly lower yields. The main drawback is reduced access to your principal. 7. U.S. Treasury Inflation Bonds Inflation Bonds combine a fixed interest rate with added payments tied to inflation. Currently, they yield over 4%, but are capped at $10,000 per person annually. You must hold them for at least five years to avoid penalties, and taxes on the interest can be deferred. If inflation surges, these are especially attractive. Take Action to Grow  Whether you're approaching retirement or simply cautious, these seven strategies equip you to earn more on your savings while keeping risk in check. Consider putting excess bank cash to work in one or more of these vehicles for better long-term outcomes. Remember, conservative investing isn't about standing still, it's about moving forward deliberately and securely. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Fidelity Charles Schwab Vanguard Bankrate.com Nerdwallet Schwab Value Advantage Money Market VMFXX JP Morgan Ultra Short Term Income ETF State Street SPDR Aggregate Bond ETF TreasuryDirect Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

This episode dives deep into the alarming scope of human trafficking, from Latin America to the United States, and why Medellín became a strategic base for operations. Tyler shares heart-wrenching survivor journeys, miraculous interventions, and tragic reminders of just how high the stakes truly are. You'll hear firsthand about the cost of doing good, the dangers NGOs face, and the resilience of survivors who refuse to be defined by their trauma.This episode is difficult—but necessary. Child exploitation thrives in silence. Awareness saves lives.If this story moved you: ✅ Subscribe to support real crime stories ✅ Share this episode to spread awareness ✅ Support NGOs fighting child exploitation worldwideHeroes don't always wear uniforms—but many do.

Independent Registered Investment Advisors (RIAs) are professional independent advisory firms that provide personalized financial advice to their clients, many of whom have complex financial needs. To break down all the ins and outs of RIAs, we're joined by ⁠⁠Jon Beatty⁠⁠, head of Schwab Advisor Services at Charles Schwab. As Managing Director, Jon oversees the business that serves over 16,000 independent advisory firms that trust Schwab with $5.0 trillion in assets under management.  You can learn more about Schwab and their support of independent financial advisors here. Schwab Advisor Services™ is a division of Schwab. Independent investment advisors are not owned by, affiliated with, or supervised by Schwab. The comments, views, and opinions expressed are those of the speakers and do not necessarily represent the views of Charles Schwab. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice.  Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Have a money question? Email us ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jill on Money LIVE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jill on Money Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@jillonmoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@jillonmoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@jillonmoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

In this episode, Liz Ann Sonders and Kathy Jones discuss the current state of the markets, focusing on the impact of global events, particularly military actions in Venezuela and how that might affect oil prices and the US economy. They delve into the bond market's response, the influence of retail traders, and the ongoing challenges in the US labor market. The discussion also covers the complexities of Venezuela's potential debt restructuring, the current implications of tariffs on the economy, and the importance of Fed policy and upcoming economic indicators.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 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. 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.Currency trading is speculative, very volatile and not suitable for all investors.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 Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.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.(0126-VJ8P) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Liz Ann Sonders, chief investment strategist at Charles Schwab & Co. discusses her outlook for 2026. where she expects to see a broadening out — with more than just the mega-cap names driving stocks higher — but says investors will "have to do homework" to make the right moves amid heightened volatility and instability. She discusses how 2025 was not as far away from expectations as many people think, why she doesn't see a recession ahead but worries that rate cuts and threats to Federal Reserve independence could change that, and discusses "the three C's of the artificial intelligence cycle," and how the economy has moved from creating AI to catalyzing it and now to cultivating how it can impact businesses and the economy. Todd Rosenbluth, head of research at VettaFi, looks at a month-old actively managed liquid alternatives fund as his "ETF of the Week." And in the Market Call, David Snowball, founder of MutualFundObserver.com looks at funds and ETFs and warns about many newfangled products like the one Rosenbluth recommended, advocating for investors to keep things more simple, arguing that "The best thing we can do is make a good plan, find reasonable managers, and walk away."

This episode opens with a reality check on streaming delays before diving into the growing divide between investing and gambling, highlighted by Charles Schwab's refusal to promote crypto, options, and prediction markets while Robinhood leans fully into high-intensity trading. Don and Tom warn that flashy features and frequent trading usually lead to worse outcomes, not better ones. Listener questions cover whether employees can roll a 401(k) during a plan change (usually no), how to cope with bad retirement plans, and how to choose between a high-cost growth fund and a low-cost index option. The show also tackles whether mixing Avantis and Dimensional funds truly adds diversification, argues that over-engineering portfolios is counterproductive, and closes with a candid discussion about the decline of financial radio, the rise of podcasts, and why a strong financial plan matters more than recent market gains. 0:04 Recorded-not-live reality, streaming delays, and why nothing feels real anymore 1:56 Schwab draws a hard line between investing and gambling 2:56 Robinhood's casino-style features and the problem with pandering 6:12 Why trading more usually means ending up with less 6:52 Listener question: Can you roll a 401(k) during a plan change while still employed? 9:23 Why “in-service” rollovers usually aren't allowed before 59½ 11:53 What employees can do when stuck in a bad 401(k) plan 14:44 Fund choice question: Fidelity Growth vs. Vanguard 500 Index Trust 18:06 Why expenses, risk, and diversification matter more than past performance 19:21 Why podcasts are replacing traditional financial radio 22:06 How to listen to podcasts using Apple Podcasts and Spotify 27:22 Avantis vs. Dimensional: does doubling up add diversification? 31:52 Over-diversifying and the illusion of control 34:42 New-year reminder: returns don't equal good planning 35:25 The importance of having an actual financial plan Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Elizabeth Schwab is a psychologist, professor and founding chair of the M.A. Behavioral Economics at The Chicago School, joins Lisa Dent to discuss Dry January. Dr. Schwab explains the factors that affect people and their ability to fulfill their goal of staying sober the whole month. She also talks about how people can manage […]

Send us a textEnjoy our special end-of-year roundtable discussing our favorite (and least favorite) books and media of 2025 and what we're looking forward to in 2026.List of books/media discussed:Atmosphere, Taylor Jenkins ReidThe Seven Husbands of Evelyn Hugo, Taylor Jenkins ReidThe Summer Hikaru Died, MokumokurenAlchemised, SenLinYuThe Black Wolf (Chief Inspector Armand Gamache #20) & The Gray Wolf (Chief Inspector Armand Gamache #19), Louise PennyThe Office of Historical Corrections, Danielle EvansInfinite Jest, David Foster WallaceDungeon Crawler Carl (Dungeon Crawler Carl #1), Matt DinnimanDemon Copperhead, Barbara KingsolverAtavists: Stories, Lydia MilletThe Hacienda, Isabel CañasBabel, R.F. KuangThe Framed Women of Ardemore House (Ardemore House #1) & The Dead Came To Stay (Aredemore House #2), Brandy SchillaceRead Between the Lines (Ms. Right #1) & No Rings Attached (Ms. Right #2), Rachel LaceySky Full of Elephants, Cebo CampbellThe Spellshop (Spellshop #1) & The Enchanted Greenhouse (Spellshop #2), Sarah Beth DurstEmily Wilde's Encyclopaedia of Faeries (Emily Wilde #1), Heather FawcettThe Grace of Wild Things, Heather FawcettA Court of Thorns and Roses (book series), Sarah J. MaasWuthering Heights, Emily BrontëSunrise on the Reaping, Susan CollinsPeople We Meet on Vacation, Emily HenryOff-Campus (upcoming TV series based on the book series by Elle Kennedy)Percy Jackson & the Olympians (TV series, based on the book series by Rick Riordan)Bridgerton (TV series based on the book series by Julia Quinn)Vagabond, Tim CurryA Monsoon Rising (The Hurricane Wars #2) & The Shattered Tempest (The Hurricane Wars #3), Thea GuanzonThe Ninth House (Alex Stern #1) & Dead Beat (Alex Stern #3), Leigh BardugoSilo (TV series based on the books Wool, Shift & Dust by Hugh Howey)American Girl & Dear America seriesWelcome to St. Hell: My Trans Teen Misadventure, Lewis HancoxTransitions: A Mother's Journey, Élodie DurandHypercapitalism: The Modern Economy, Its Values, and How to Change Them, Larry Gonick & Tim KasserWish Monster: A Middle Grade Halloween Horror Tale About a Wish-Granting Creature and the Price of Bringing the Dead Back, J. A. WhiteFourth Wing (Empyrean #1) & Iron Flame (Empyrean #2), Rebecca YarrosDon't Trust Fish, Neil Sharpson & Dan SantatFlotsam, David WiesnerRoxaboxen: A Picture Book About Childhood Imagination and the Transforming Magic of Boxes, Sticks, and Sand for Children, Alice McLerran & Barbara CooneyThe Wedding People, Alison EspachRemarkably Bright Creatures, Shelby van PeltUntypical, Pete WharmbySilver Elite, Dani FrancisThree Days in June, Anne TylerLessons in Magic and Disaster, Charlie Jane AndersThe Invisible Life of Addie LaRue, V. E. SchwabBury Our Bones in the Midnight Soil, V. E. Schwab

Faye Sahai is the Managing Director at Vinaj Ventures - advisor and investor  to companies and startups. Previously, she was a 3x startup founder and held leadership positions in healthcare, financial, and technology innovation at AIG, Blue Shield, Deloitte, Kaiser Permanente, and Schwab.

This week, we're looking back at three discussions we held earlier this year on Investing Insights about exchange-traded funds that income investors might find attractive. Morningstar ETF specialists, Bryan Armour and Dan Sotiroff, talked about dividend, bond, and covered-call ETFs in 2025.Subscribe to Morningstar's ETFInvestor Newsletter.On this episode:00:00:00 Welcome00:01:33 Dividend investing can result in exposure to factors like value, quality, and low volatility. Can you briefly explain one, what is factor investing, and then where do dividend ETFs typically land?00:03:21 How do you find a dividend ETF that provides the optimal, or just rightamount, of factor exposure? And what should appear on our checklist? 00:04:40 Four dividend ETFs hold Morningstar's Medalist Rating of Gold. Let's start with the two dividend growth ETFs from Vanguard that hold these marks.00:05:17 Explain why Vanguard's top dividend income strategy also impressed Morningstar analysts.00:06:07 The final and fourth Gold-rated dividend ETF mixes both income and growth strategies. Talk about the one from Schwab.Bond ETFs are having a banner year. Why are investors turning to these investments?00:09:01 What makes a core bond ETF a solid portfolio building block?00:10:02What's the top idea that's received high marks from Morningstar?00:11:39We're shifting from the least risky to the next level up, core-plus. What do these bond ETFs typically offer that an index-tracking ETF does not?00:11:21 Can you tell us one intermediate core-plus bond ETF that's earned a Gold rating from Morningstar?00:11:56 Multisector bond ETFs take on a bit more risk than the previous two categories, and that comes with an expectation of more income. Should income investors skip the others and start here?00:13:11It'stime for the third top idea. What multisector bond ETF should folks consider?00:13:36 High-yield bond ETFs are the riskiest among the categories we're discussing today. What additional risks are investors taking on for the juicy yields?00:14:42 Morningstar does not currently rate any actively managed high-yield bond ETFs. Is there one that income investors should watch?00:16:41What's making covered-call ETFs so popular in 2025?00:17:09 Their yields lookvery high. What is driving them?00:18:31 What types of trade-offs are investors making?00:19:51 Which covered-call ETFs do Morningstar analysts consider a solid choice for investors, and why?  Watch more from Morningstar:Where to Invest in 2026 After This Year's Market Volatility LINKWhy Betting Against Nvidia in the AI Arms Race Could Be a MistakeHere's What Your Retirement Spending Rate Should Be in 2026 Follow Morningstar on social:Facebook https://www.facebook.com/MorningstarInc/X https://x.com/MorningstarIncInstagram https://www.instagram.com/morningstarinc/?hl=enLinkedIn https://www.linkedin.com/company/morningstar/posts/?feedView=all  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It's that time of year when Leah, Melissa, and Kate put on their influencer hats and recommend the things that made their days a little brighter in 2025. This year, they're joined by two special guests: rockstar Strict Scrutiny intern Jordan Thomas to share some of his picks, and former Chair of the Federal Election Commission Ellen Weintraub to discuss two of democracy's favorite things—independent agencies and the regulation of money in politics. Favorite things: WANTLeah: Cozy Earth Bubble Cuddle Blanket, Jones Road Just Enough Tinted MoisturizerKate: Aventura electric scooter, Grüns Superfood Greens GummiesMelissa: True Botanicals, e.l.f. Camo Liquid BlushJordan: Tea Tree Leave-In Conditioner, Pink Oil Moisturizer,  NEEDLeah: Peloton stretching classes, Farmhounds dog treats; Badlands Ranch dog foodKate: custom bobbleheads & action figures, Lilly Allen's tour, Strict Scrutiny's upcoming West Coast tourMelissa: Caddis readers, Blackwing Matte pencils, As Ever RoséJordan: 2026 Evanescence and Korn tours, these headphones WEARLeah: Forme Power Bra, Argent, TheRealRealKate: Strict Scrutiny onesies, Cozy Earth Studio Wide Leg PantMelissa: Quince yak wool sweaters, Uniqlo White T-Shirt, Clearly Collective Collegiate Scarves, WaySoft Cashmere BeanieJordan: Crooked Con Merch, Mavi jeans READLeah: The Wedding People, Alison Espach; Julie Anne Long's Pennyroyal Green series; Lisa Kleypas' Wallflowers series; These Summer Storms, Sarah MacLean; Bury Our Bones in the Midnight Soil, V. E. Schwab; The God of the Woods, Liz Moore; Book of the MonthKate: The Power Broker, Robert Caro; Who Is Government? Michael Lewis; Character Limit: How Elon Musk Destroyed Twitter, Kate Conger & Ryan Mac; The Radical Fund, John Fabian Witt; Isola, Allegra Goodman; Heart the Lover, Lily King; Martyr! Kaveh Akbar; The History of Sound, Ben ShattuckMelissa: Matriarch, Tina Knowles; Black in Blues: How a Color Tells the Story of My People, Imani Perry; Jane Austen's Bookshelf, Rebecca Romney; Atmosphere, Taylor Jenkins Reid; The Book Club for Troublesome Women, Marie Bostwick; The Loneliness of Sonia and Sunny, Kiran DesaiJordan: Lawless, Leah Litman; The Sirens' Call, Chris Hayes; Bad Law, Elie Mystal; Charles Sumner: Conscience of a Nation, Zaakir Tameez; Just Shine! How to Be a Better You, Sonia SotomayorEllen: Deanna Raybourn's Veronica Speedwell Mysteries; Everyone in My Family Has Killed Someone, Benjamin Stevenson; The Black Wolf, Louise Penny; Shakespeare: The Man Who Pays the Rent, Judi Dench; This Is Happiness, Niall Williams; Elizabeth Strout; Amor Towles Get tickets for STRICT SCRUTINY LIVE – The Bad Decisions Tour 2025! 3/6/26 – San Francisco3/7/26 – Los AngelesLearn more: http://crooked.com/eventsOrder your copy of Leah's book, Lawless: How the Supreme Court Runs on Conservative Grievance, Fringe Theories, and Bad VibesFollow us on Instagram, Threads, and Bluesky Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this holiday Friday Q&A, Don opens with a festive announcement about Season's Readings—now Apple-featured and temporarily commercial-free—before diving into listener questions on fixed annuities versus CDs, a creative (and complex) 529-to-Roth strategy tied to Georgia tax deductions, simplifying IRA management and RMDs at Schwab or Vanguard, the unavoidable tax traps of old investment clubs structured as partnerships, and the perennial question of how much U.S. large-cap exposure belongs in a diversified equity portfolio. Along the way, Don reinforces core themes: simplicity beats complexity, costs matter, taxes are inevitable, and diversification has no single “correct” allocation—only trade-offs aligned with philosophy and discipline. 0:04 Holiday welcome, Friday Q&A format, and how to submit questions 0:46 Season's Readings podcast announcement, Apple feature, and commercial-free holiday run 2:16 Fixed annuities vs CDs: safety, state guarantees, and annuity ladders 5:29 Using 529 plans as a long-term Roth pipeline with state tax deductions (Georgia example) 9:29 Moving an IRA to Schwab or Vanguard and automating RMDs 10:20 Investment clubs as partnerships: K-1s, capital gains, and tax inevitability 14:47 How much U.S. large-cap belongs in a diversified stock portfolio 18:54 Reviews, critics, Bitcoin pushback, and holiday sign-off Learn more about your ad choices. Visit megaphone.fm/adchoices

In this final episode of 2025, Liz Ann Sonders and Kathy Jones reflect on a year marked by uncertainty and volatility in the markets. They discuss the ping-pong nature of policy changes, the resilience of the economy, and the impact of retail traders on market sentiment. Their analysis also touches on the speculation surrounding the next Fed chair and the mixed signals from recent job data. 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 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. 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.Currency trading is speculative, very volatile and not suitable for all investors.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 Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.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 The book 4000 Weeks: Time Management for Mortals by Oliver Burkeman is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Charles Schwab & Co., Inc. (CS&Co.) has not reviewed the book and makes no representations about its content.(1225-MVBY) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We have Mike Monaghan on the show today and covering the “Birth of an ETF.” He’s going to talk about the Founders ETF and its new launch. We’re also going to talk a little bit about what it takes to get an ETF up and running. From a compliance perspective, remember, there’s no guarantee of future performance. https://youtu.be/o-m3PYHKXqk?si=qBaHkJpUt7xgdpjG Transcript of “The Birth of an ETF” 00:00 The Founders ETF Frazer Rice (00:00.986)Welcome back, Mike. Michael Monaghan (00:02.616)Frazer, it’s great to be back. Frazer Rice (00:04.4)You are at an interesting point in time right now. You’re about to start up Founders ETF and I think you’re about to get trading authorization to get going. Maybe tell us a little bit about the process to set up an ETF. Then we’ll dive into the strategy a little bit. Michael (00:21.25)Yeah, absolutely right. We should start trading on the SIBO Thursday, so two days from now. And we’ve launched our first fund, the Founders 100, that owns the 100 best founder-led companies. I’d be happy to go through some of the process that it takes to set up an ETF. Frazer Rice (00:40.014)Love it. ETFs are the main way to go now in terms of getting an inveestment cvhicle up and running. What has your experience been around? The Popularity of the ETF Structure Michael (00:52.014)Yeah, so ETFs have become the primary investment vehicle for a few reasons. Let’s outline those reasons. Then we can go through some of the steps that it takes to set up an ETF. So on the advantage side of an ETF, they’re typically a bit lower cost than traditional mutual fund products. Importantly, they’re tax advantaged. So there’s no gains or losses that occur during the normal ETF growth phase. Everything that happens within the ETF is done with what’s called an authorized participant. So you do exchanges. And so there’s no capital gains that are assigned to the investors. As long as they hold the ETF, a tax trigger only occurs when they actually sell the ETF. Finally, it’s a great way to get exposure to the market. So whether you want to own a broad market index, one of the legacy indexes, or a vehicle like ours. That gives you in one single trade, rather than having to guess who’s going to win. Is Nvidia going to win or Palantir who’s going to win? You can own a hundred of the best winners in the market in one single stock ticker. In our case, FFF. Frazer Rice (02:07.364)So let’s dive into that theme a little bit. As you said, it’s the top hundred founder led companies. First and foremost, public I assume, private, you’re not diving in those waters. Public vs Private Michael (02:20.59)Correct. So these are the hundred best publicly traded founder led stocks. And we generally fish from the 200 largest founder led publicly traded stocks. So a lot of these are names and founders that are very well recognized. Whether it’s Elon at Tesla or a Mark at Metta, Larry at Oracle, Rich Fairbanks at Capital One. These are all very well known founders. They’re great entrepreneurs who are leading highly scalable, very high performing publicly traded stocks. 02:53 Understanding Founder-Led Companies Frazer Rice (02:53.914)So let’s define founder a little bit. Obviously we have sort of the cult of personality around high-end CEOs. It sounds like you’re identifying companies that have been founded. The people who are running them not only founded them, but they scaled them. They have now gotten them to a level of maturity. That’s different from the typical public company that we find in the S &P 500. Definition of Founder Michael (03:19.104)Yeah. So first let’s define a founder. Then let’s talk about why we think the founder led companies outperform a traditional S&P company. We define the founder as being a chief executive leader. It could be chief executive officer, could be chief technology officer. Sometimes that say a scientific or medical company, would be the chief scientific or chief medical officer. And that person conceived and founded the company, took it from zero to one. It’s their imprint that has guided it over its 10 or 20 or 30 year period. That’s taken it from a small private company to a venture backed company to a large publicly traded company. And so the idea being the person that founded it continues to run it to this day. We talk about the fact that we own an Nvidia that Jensen still runs. But we don’t own Intel. We own Meta because Mark still runs it, but we don’t own Google. We own Dell computer because Michael Dell still runs it. But we don’t own Apple. We own Capital One because Rich Fairbank still runs it, but we don’t own American Express. Investment Process Frazer Rice (04:25.86)Got it. So lots of things to get into here. How does it a company get on your radar screen? And then ultimately, how does it get off of it? Michael (04:35.806)Great question. the getting on the screen is fairly mechanical. We look at the 200 largest by market capitalization founder led stocks. So we look at all U.S. listed. So it could be listed on the New York Stock Exchange or NASDAQ, but it has to be U.S. listed. We then look at the 200 largest. And from there, we select the 100 best using a quantitative factor model. So I’m have a Sanford Bernstein background and so do some of the folks here. And so for folks who are familiar with Bernstein’s research, we use a Bernstein factor model to pick the best, the hundred best names out of the 200 largest. That’s how they get on our radar. And to get off is quite simple if they retire. So if a CEO announces he’s retiring, per the prospectus, we have 90 days to sell the stock. once we, so for example, Mr. Buffett recently stepped down from Berkshire Hathaway. And so we sell Berkshire Hathaway on his announcement and no longer own the stock. Frazer Rice (05:38.0)things like corporate mergers or divestitures or maybe even a reclassification of stock where the founder stays on in some capacity but their decision making has been reduced. How do you analyze that? 05:54 The Investment Strategy Behind the ETF Michael (05:54.326)Yeah, so there is some human overlay judgment calls here and the founder has to be an executive officer leading the company. So they can’t just run a division. They can’t just be chairman of the board. They have to be the executive in charge of running the company. Frazer Rice (06:14.0)And if for, I guess one of the exits possibly would be if, and I don’t know if this is even possible, but if NVIDIA were to take over Meta and there isn’t room for Jensen and Mark in the same suite, how do you analyze something like that? Michael (06:34.253)So in the business combinations where you have two founder-led companies or a non-founder-led company swallowed up by a founder-led company, as long as an original founder remains, it remains in the portfolio. So we’ve had some stocks that had, say, three to four co-founders. And as long as one of those co-founder remains, it remains in the portfolio. Voting Shares Frazer Rice (06:58.352)So one of the things that’s a bee in my bonnet is the concept of having shares where, in a sense, they’re super majority or voting components and then shareholders that have less decision making authority to act as a check and balance around the company. Is that something you’re not really that worried about or is it something that may be a factor that’s important later on? Michael (07:24.525)So we actually think that’s one of the opportunities that this exists. Like one of the things that we haven’t talked about yet is why is all this alpha there? Why is this uncaptured alpha there for us to go get? And we think historically in the past, active money managers have sometimes shied away from these founder led companies because to your point, Frazier, oftentimes the founder has managed to have super voting control, 10 to one shares, 101 shares. So they completely control the company. And some of these larger active money management complexes have said, well, we as the shareholder, we need to be able to have a vote and we’re going to underown these stocks. We have the opposite view. We think these founders are special. So we think that by the time a Mark or a Elon has driven their company into the public markets, they’ve showed that they know how to set the vision, ruthlessly execute and generate value for the shareholders. Concerns? And so we’re not concerned by super voting structures. Oftentimes those are the stocks that we want to own because it’s the founder that’s in control and setting the direction of the business and generating high returns for the shareholders. We view it as you either believe in them and you own the stock or you don’t believe in them and sell the stock. We’re not interested in other people’s getting on the board and monkeying with the decisions of the founders. Frazer Rice (08:30.255)Is this it? What is it about the founders, especially for those that go from zero to one, then to scale, and then to shepherding a mature business? What makes them better and what drives the alpha that you’re trying to seek? In terms of putting together a portfolio of these types of companies? 09:01 The Importance of Founders in Business Michael (09:02.891)Yeah, so the great ones tend to be a bit irreverent. They tend to be highly visionary. They tend to be charismatic communicators and relentless in their execution ability. They’ve got a great ability to pivot if a change needs to be made. And rthe moral authority to set a tone to generate very high rates of return. We see it sort of over and over and over in these founder led companies. And if you look at some of the studies that we’ve done. There’s a study that Bain Capital, Bain had done years ago in combination with Harvard Business Review, founder led companies tend to outperform non-founder led companies in say the S &P 500 by 3X. So it’s this personality type of high vision and high execution tends to drive outsize returns. And it’s a bit of a self-selecting process. What makes Founders Unique? If you think about it by the time any of these founders that we own or talk about have got to the public market. They first had to identify an opportunity to go after. They had to develop a great product by listening to their customers. And they’ve shown that they can scale all the way from a series A round, B, C, D, all the way investing and generating high rates of return in the private markets. Transitions of Founders to Executives They get to the public markets, continue to do that. And now you get a little bit of an effect of a echo of that, of now all of sudden you’re in the public markets. If you get enough scale, you have this highly effective business. Now you’re getting relatively cheap capital that you’re feeding into your business through the public markets. And now you continue to grow. Frazer Rice (10:42.096)Just to summarize at least what I’m hearing is that they’ve gotten to the point of becoming public. They’ve been able to say no to losing control in exchange for either putting some liquidity back in their pocket or otherwise moving on. And so they’ve almost ratified their vision and message and they keep going. And by the fact that they’re public, there’s enough liquidity for everyone else out there in terms of their investments. So it ends up being a win-win. Michael (11:11.157)I think so. That’s what we see. Frazer Rice (11:13.316)So one thing that I’ve been sort of reading about and thinking about is the concept that the number of public companies is becoming less, well, it’s decreasing, and that many people are able to stay private for longer. Do you worry that your universe is going to get too small to provide sort of a canvas for your ideas here? 12:02 Market Trends and Future Outlook Michael (11:37.549)Let’s talk about three phases of that. We don’t, we actually see the data showing that there’s more and more opportunities within founder led. So let’s look at history and then let’s move to the future. So historically, probably about the time you and I joined the securities business, they would actually take the, to your point, they would take the founder, they would kick out this charismatic founder. They would put in some mid-level proctor or GE middle level manager to be the you know, the suit in the room to take the company public. And that was sort of in the late nineties and people figured out that wasn’t such a good idea. So if you actually look at the chart, there’s more and more founders staying and leading their public, their, their publicly traded companies. That’s number one. Number two. Yes. We have seen some companies stay private, obviously Stripe, SpaceX, but we are now seeing, for example, SpaceX coming to the public markets. Eli is talking about coming next year. so we, we haven’t seen it so far impact the pool with which we can fish in. And as I mentioned, that’s what we saw historically. Public Markets and the Future In the future, think, Frazer, I think we’re going to start to see a conversion of public and private markets, meaning these private mega cap companies have liquidity. And I think that you’ll see more and more ability to trade those stocks almost in public liquidity. So I think these two markets are converging. So I think that Not only do we have plenty of founders in the traditional public markets, I think that the liquidity and the big privates is going to converge to a public market style shortly anyway. Frazer Rice (13:13.232)You’re in a curious time as far as launching an ETF around this concept. I know a lot of people are wary of Mag-7 and ultra valuations and issues related to that. How do you respond to that concept that a lot of the growth has taken place in seven, maybe seven out of the hundred that you’ve chosen? Debunking the Mag-7 (to the Mag-3) Michael (13:33.356)Yeah, so that’s a misconception. We see Mike Saylor get on TV and wave his arms around it, but it’s not really true. First of all, what’s interesting, if you tear apart the Mag-7, it’s actually the Mag-3. The outperformance in the Mag-7 has come from Meta, Tesla, and NVIDIA. So it’s not just the Mag-7, it’s a founder led. And now you say, well, that’s a small sample set. Let’s look at a bigger sample set. So if you look at the NASDAQ 100, for example, It’s actually the 20 founder led companies have driven most of the outperformance over the last 25 years. And what I’m about to tell you about the S &P 500 probably won’t surprise you. It’s the 37 founder led companies that have driven most of the outperforming the S &P 500. So the outperformance is coming from founders, not from any specific part of the market. And one of the things that we think is great about this ETF is to avoid concentration. 14:50 Risk Management I know you’re really familiar with the concept of active share and that’s how different you are than the S &P 500. We have an 85 % active share to the S &P 500. So if you own the founders 100 ETF, you have much different exposure to the market than say the S &P 500. And so we think it helps reduce some of that concentration. We’ve done some things to make sure that we are diversified. First of all, we do own 100 stocks. Diversification So really good diversification across that. And then number two, while we run a market weight portfolio, we cap. No stock can be bigger than 7 % of the portfolio, so we don’t get out of balance at any point. So we think that we mitigate some of those concentration risks and we allow people to invest in innovation without being over concentrated to any one name, say the MAG-7, for example. So we think that we’re giving our investors really good exposure to innovation through the founders, but not exposing them to pre-existing market concentrations. And then finally remind everyone It’s not the MAG-7, it’s not the NASDAQ-100, it’s not the S &P-500, it’s the founders within each of these are what are driving the outsized performance in those analytical groups. Frazer Rice (15:36.218)So from a diversification standpoint, obviously not everything in one name, the 7 % cap you described, do you have sector concentration guidelines as well? Michael (15:45.749)We don’t have sector concentration guidelines, but if you look at the nature of the portfolio, we were fairly well diversified. We’re slightly overweight tech and financials versus say the S &P, but we own healthcare stocks, own consumer stocks, we own energy stocks. So we’re giving you a broad exposure to the market. Leverage Frazer Rice (16:05.924)Let’s talk about leverage for a second. I know a lot of people are trying to juice returns by piggybacking off of other people’s money on that front. Does that have a place in your ETF? Michael (16:17.004)So there’s no leverage in the ETF. We sort of believe in get rich the slow way. I like to tell people that it’s very hard to make money in the stock market over the short term, but it’s not particularly difficult over the very long term. think Mr. Munger and Mr. Buffett used to talk about this. the idea being, leverage can impact you in times that are not favorable. So we believe in just owning the stocks unlevered, let them compound over very long periods of time. And we think that by doing that, we and our shareholder, we think our shareholders can generate wealth over very long periods of time. Taxes Frazer Rice (16:54.98)So tax efficiency, the concept of holding period, does that play into your process at all? Michael (17:04.316)So remember within the ETF, as long as you’re managing your trading properly within the ETF, there’s no tax implications inside of it for your shareholders. Your shareholders only would be impacted at selling. So assuming they hold the stocks for over a year, any gains would be long-term capital gains treatment. Frazer Rice (17:27.024)And when you’re describing the investor profile that you’re looking to attract here, who is this for? Michael (17:35.916)Yeah, so the person that, you we really think it’s appropriate for you if you have a five year or more holding period and you want to have long-term capital appreciation. You know, if your goal is to be exposed to the best minds and public securities, that’s the founder led companies, and you want to compound your wealth over a very long period of time and have a high probability of outperforming the traditional broad market indexes, this ETF is designed for you. 17:59 Investor Profile and ETF Positioning Frazer Rice (18:04.705)And as you’re sort of outlining that profile and for those people who are trying to figure out where this fits in from an equity allocation perspective, you’re in charge in many ways of the spoke of a hub and spoke component of people are really sort of looking at indexes as the base of their equity portfolio. What are you looking for? What kind of benchmarks do you sort of measure yourself against? Michael (18:35.007)Yeah, so we think this is absolutely a core holding. So if you’re looking to build out you or your client’s portfolio, we think this should sit at the core. It is on the growth side, so it’s core growth. We think that it is a one-for-one replacement for, the NASDAQ 100. Or, for example, somebody holding the triple Qs. We think this is a better holding than the triple Qs. So we benchmark ourselves against them and against the S &P 500. Ee look at beating those two broad market indexes, generating better risk return for our investors. Frazer Rice (19:13.019)For those listeners that are out there and want to find out more, what’s the best way that they can either get a hold of you or maybe even better, do you have a ticker symbol ready that people can discover? FFF and Contact Information Michael (19:25.215)Yeah, absolutely. So the ticker is FFF. So that’s the FFF ETF that we’ll trade on. And investors can find that at their favorite brokerage firm, whether they’re Schwab customers, Interactive Brokers customers, Fidelity customers, trades under one ticker, just like a stock. Frazer Rice (19:44.365)And let’s take, we have a few minutes to go here, which is great. Your experience in terms of establishing the ETF, maybe a couple of some of the touch points when you went from vision to execution here, what was the process? Michael (20:00.106)Yeah, so ETF has a few basic processes that are regulated under the 1940 Securities Act. And so a lot of those rules are set up to protect the end investors. So for example, the securities live within a trust. So we set up our own trust. Some people use a mingled trust. We thought it was better for our end investors to have our own trust that we set up that has an independent trust board that oversees to make sure that we’re executing our strategies as we’ve outlined in the prospectus to make sure that we’re Doing the best we can for our investors. You’ve got to set that up There’s a few firms that do the plumbing for the for the ETFs would say US Bank is probably the largest player. So US Bank provides our our fund custody and fund administration and then there’s just a few other vendors in the space that sort of help with all the plumbing to make sure that the ETF runs smoothly. So it’s probably a six month process if you stay really focused to get all of that set up. 20:58 Navigating the ETF Launch Process Frazer Rice (21:03.313)You get that set up, how do you approach the Schwabs and the Fidelitys and the other platforms to make sure that people can access, buy, sell, whatever they want to do with your ETF? Michael (21:14.347)Yeah, that’s a great question. So the online brokerages typically put you on the platform as soon as you’re listed on a major US exchange. So you’ve got to get listed on NASDAQ, NYSE or CIBO. We chose CIBO. So again, on the traditional online brokers, you’re there day one. And then the big wire houses, JP Morgan, Goldman, Morgan Stanley, BAML, they typically have a few hurdles that you’ve got to get through, whether it’s daily trading liquidity assets under management. And over time, as you run the wickets through their process, you’re added to those platforms. Macro Issues? Frazer Rice (21:48.721)We live in a political age and a time when there’s just chaos everywhere, different types of rules in order to allocate capital. If you’re an investor trying to guess what’s happening politically, et cetera, that are difficult, you must be positive as far as the environment for founders to find success in this country and beyond. Is there anything that you’re looking for to make sure that those conditions hold? Michael (22:18.225)Yeah, we don’t really look at the macro or political backgrounds. think over very long periods of time, U.S. innovation outperforms. so we sort of we think that, again, one of the great things with investing in founders is they keep adapting as the background changes behind them. So we think over very long periods of time, the U.S. has great economic growth. And for those people that have worried about little blips along the way, we think the founders are the absolute best at mitigating those blips. Frazer Rice (22:48.334)I like to say you bet against America at your own peril and it sounds like from a founder perspective it’s still a great place for them to locate their businesses and grow them here. Michael (23:01.042)Absolutely. 23:50 Final Thoughts and Contact Information Frazer Rice (23:02.971)Just to reiterate, FFF is the ticker symbol for people to find it. any other contact points for people to find you if they’re interested in what you’re putting together. Michael (23:15.613)Yeah, so we have a great website at FounderETFs.com. can go check out there or anyone’s happy to email me, just michael at FounderETFs.com. Happy to chat with anyone who has interest about the portfolio, the strategy, or what we’re building. Frazer Rice (23:32.197)Well, great to have you back on, Mike. Thank you for putting up with my attempt at looking like Steve Jobs. It’s 25 degrees in New York here, and I am the stupid one who’s not in California or somewhere warm. appreciate you taking the time to be on and talking about your new product. Michael (23:48.011)Yeah, it was great to be on here. Really a huge fan of your podcast and just the level of guests that you’re able to interview and help educate your viewers. Frazer Rice (23:56.849)Mike, thanks for being on. Michael (23:59.061)Thanks a lot, Frazer. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Previously with Mike Monaghan ETF EDUCATION ARTICLES ON ETF.COM

Help us take Unpacked podcasts further by supporting our crowdfunding campaign: ⁠⁠⁠⁠https://unpacked.bio/podgift2025⁠⁠ Season 5 is coming soon. In the meantime, to celebrate Hanukkah, we're revisiting one of our favorite episodes from our very first season. Ah, Chanukah. That festive time of year where we light candles, indulge in fried foods, and celebrate… a brutal civil war? Join Yael and Schwab as they complicate the story we all thought we knew. What did the Maccabees really fight for? How should we feel about their legacy? And who is Helen? For more on Hanukkah, Judah Maccabee, and this episode: https://docs.google.com/document/d/19vHg-inRureVw3AlW2UA_uyUYMH12HH5qjvkXrMf_h4/edit?usp=sharing Be in touch. We want to hear from you. Write to us at nerds@unpacked.media. This podcast was brought to you by Unpacked, a brand of OpenDor Media. Follow @unpackedmedia on Instagram and check out Unpacked on ⁠⁠⁠⁠⁠⁠youtube⁠⁠⁠⁠⁠⁠. ------------------- For other podcasts from Unpacked, check out: ⁠⁠⁠⁠⁠⁠Soulful Jewish Living⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Stars of David with Elon Gold ⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Unpacking Israeli History⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Wondering Jews

Susan Schwab talks about how she got the research bug, bugs she ate, and her research on how the lipid S1P helps T cells decide- should I stay or should I go. Host: Cindy Leifer Guest: Susan Schwab Subscribe (free): Apple Podcasts, RSS, email Become a patron of Immune! Links for this episode MicrobeTV Discord Server Schwab lab website Monocytes produce the lipid S1P to regulate T cell movement Review on S1P and immune cell migration Time stamps by Jolene Ramsey. Thanks! Music by Tatami. Logo image by Blausen Medical Send your immunology questions and comments to immune@microbe.tv Information on this podcast should not be construed as medical advice.

  Thank you for tuning in to Episode 311 of the Down Cellar Studio Podcast. Full show notes with photos can be found on my website. This week's segments included:   Off the Needles, Hook or Bobbins On the Needles, Hook or Bobbins Brainstorming From the Armchair KAL News Events Contest, News & Notes On a Happy Note Quote of the Week   Off the Needles, Hook or Bobbins   Kris' Christmas socks Pattern: OMG Heel Socks by Megan Williams ($5 knitting pattern available on Ravelry) Yarn: West Yorkshire Spinners in the Fairy Lights colorway & Patons Kroy in Red for heels Needles: US 1.5 (2.5 mm) Ravelry Project Page I knit pair of socks out of this same colorway for Mom in 2019- Ravelry Project Page here. That was my 100th pair of OMG Heel socks.   Elsa Pattern: Queen Elsa Amigurumi by Chiara Cremon (free crochet pattern available on Ravelry) Yarn: Knit Picks Brava (worsted weight acrylic yarn) Hook: D (3.25 mm) Ravelry Project Page Fantastic, really clear pattern. Body is worked from the bottom up all the way through the head, then you add two arms and a cape on the back. I ironed the cape and body to smooth out the fabric.   Penguin Pattern: Penguin by Lion Brand Yarn- free crochet pattern on the Lion Brand website Yarn: Knit Picks Brava Worsted minis in Black, Clarity, White and Orange colorways Hook: C (2.75 mm) Ravelry Project Page   Over the Rainbow Socks Yarn: Cashmere & Coconuts MCN Sock yarn in the Somewhere Over the Rainbow colorway Pattern: OMG Heel Socks by Megan Williams ($5 knitting pattern available on Ravelry) Needles: US 1.5 (2.5 mm) Ravelry Project Page   On the Needles, Hook or Bobbins   Woolens & Nosh 2025 Advent Socks Yarn: Woolens & Nosh, 75/25 Superwash Wool/Nylon 2025 Advent Colorway Pattern: OMG Heel Socks by Megan Williams ($5 knitting pattern available on Ravelry) Needles: US 1.5 (2.5 mm) Ravelry Project Page   Kirby Wirby 2025 Advent Socks Yarn: Kirby Wirby 75/25 Superwash Merino/Nylon in the 2025 Advent Christmas Toys from the 80s 24 Stripe Colorway Pattern: OMG Heel Socks by Megan Williams ($5 knitting pattern available on Ravelry) Needles: US 1.5 (2.5 mm) Ravelry Project Page Yarn theme: Christmas Toys from the 80s   Very Hungry Caterpillar Socks Yarn: Teal Torch Knits Splendid Sock (100% SW Merino) in the Emerald Colorway, Murky Depths Deep Sock in the Age of Aquarium Colorway & Legacy Fiber Artz Steel Toes in the Vanilla Bean colorway Pattern: OMG Heel Socks by Megan Williams ($5 knitting pattern available on Ravelry) Needles: US 1.5 (2.5 mm) and US 2 Ravelry Project Page Cast on 56 sts with US 1.5 for cuff. After cuff, knit a few rounds. 4 sets of increases (4 increases each time) to get to 72 sts. Then change to US 2 needles and test for stretchiness after first block of colorwork. Mapped out the colorwork for one sock based on Pacific Knit Co's Garden Doodle set.   Sheri's Christmas Socks Yarn: Gusto Wool Echos in Colorway 1515 (blue to purple gradient in 2-50g skeins) Pattern: OMG Heel Socks by Megan Williams ($5 knitting pattern available on Ravelry) Needles: US 1.5 (2.5 mm) Ravelry Project Page I cast this on to bring to Rhinebeck on my Lemonwood Mini Minder (I have this Art Deco one) so I could walk and knit. Cast on cuff of sock #2 on a separate pair of needles before going to see Hattie in Shrek so I had that ready to work on. Back at home, I finished the first leg and heel and am on to the foot.   Gus the Dino Pattern: Gus the Dino by KP Crochet Patterns. $8.50 US Pattern on Etsy (on sale right now) Yarn: Bernat Blanket in Misty Green & Parfait Chunky in White Hook: J (6.0 mm) Ravelry Project Page   Brainstorming I shared a check in on Christmas making plans/schedule   From the Armchair   Bury our Bones in the Midnight Soil by V.E. Schwab. Amazon Affiliate Link. Reminders of Him by Colleen Hoover. Amazon Affiliate Link.   Note: Some links are listed as Amazon Affiliate Links. If you click those, please know that I am an Amazon Associate and I earn money from qualifying purchases.   KAL News   Pigskin Party '25 Event Dates: KAL Dates- Thursday September 4, 2025- Monday February 9, 2026 Find everything you need in the Start Here Thread in the Ravelry Group Official Rules Registration Form  (you must be Registered to be eligible for prizes) Enter your projects using the Point Tally Form Find the full list of Sponsors in this Google Doc. Coupon Codes are listed in this Ravelry Thread Exclusive Items from our Pro Shop Sponsors are listed in this Ravelry Thread Questions-  ask them in this Ravelry Thread or email Jen at downcellarstudio @ gmail.com Check out this Ravelry Thread with helpful tips for the event, crowd sourced from our incredible players.   Updates In This Episode Count On It Challenge hosted by Twice Sheared Sheep, Official Sponsor for Quarter 2 (November). Details in this Ravelry thread. Winner announced. Official Sponsor for Quarter 3 (December)- Suburban Stitcher Mini Maker's Merry Month See details in this Ravelry Thread. Stay tuned for more about our Official Sponsor for Quarter 4 (January)- Yarnaceous Fibers November participation prize winners were announced   Commentator Update from Mary- links in this section bring you to Ravelry Inspired by the Q3 challenge, there's lots of chatter in the December huddle about things to make with mini skeins!  If you are at a loss for what to make, head on over to the huddle for some ideas!  Three players have already submitted for points in the Q3 challenge--and all three of them made patterns by PSP sponsor Sarah Schira (Imagined Landscapes) * Esalaza made a super cute textured stripe scrappy hat in red, green, and white....very festive! * Fgcreations made a gnoel gnome--also very festive in Christmas colors! *Amazeh made a Gnatty the Unexpected Gnome   Way to rack up those points by combining a sponsor pattern with the Q3 challenge!   Speaking of racking up points...I was curious what the highest scoring single point project is so far. DebLinden got 1155 points for one project!  How'd she do it, you ask? *She knit a sweater holding two yarns together using 3639 yards (plenty of yardage for a blitz!),  *She used 4 pigskin exclusive products, and  *She used 3 additional proshop sponsor products. Well done!   Wishing you all a happy holiday season!   Contest, News & Notes Check out my 2025 Vlogmas Playlist on YouTube   On a Happy Note Laura texted me a photo of she and her friend Arielle wearing socks I knit them! Dad, Dan and I went to the Irish pub for Dan's birthday Dad's knee replacement surgery went really well. Seeing Hattie in Shrek and spending the afternoon with Riley. Sue and Chelsea from Legacy Fiber Artz sent me their 4 Sundays Advent- micro sock sets Our friend Merry came to visit and brought homemade food for Dad. She also brought me a beautiful bracelet whose beads are made with Mom's funeral flowers in Wizard of Oz colors. Riley and Milie came down this weekend. We did lots of knitting, crochet and a bit of latch hook. Check out the 13th and 14th vlogmas videos for more.   Quote of the Week "Welcome winter. Your late dawns and chilled breath make me lazy, but I love you nonetheless." —Terri Guillemets   ------   Thank you for tuning in!   Contact Information: Check out the Down Cellar Studio Patreon! Ravelry: BostonJen & Down Cellar Studio Podcast Ravelry Group Instagram: BostonJen1 YouTube: Down Cellar Studio Facebook: https://www.facebook.com/downcellarstudio Sign up for my email newsletter to get the latest on everything happening in the Down Cellar Studio Check out my Down Cellar Studio YouTube Channel Knit Picks Affiliate Link Bookshop Affiliate Link Yarnable Subscription Box Affiliate Link FearLESS Living Fund to benefit the Blind Center of Nevada Music -"Soft Orange Glow" by Josh Woodward. Free download: http://joshwoodward.com/ Note: Some links are listed as Amazon Affiliate Links. If you click those, please know that I am an Amazon Associate and I earn money from qualifying purchases.  

After you listenFollow Kathy and Liz Ann on social media:Kathy Jones on X and LinkedIn.Liz Ann Sonders on X and LinkedIn.What should investors expect from the U.S. economy next year? What will happen in the equities markets and fixed income markets? On this 2026 Market Outlook episode,  Liz Ann Sonders, Schwab's chief investment strategist, speaks with Kevin Gordon, head of macro research. Liz Ann and Kevin discuss their perspective on the direction of the U.S. economy and stock market. She and Kevin cover the K-shaped recovery, inflation trends, the impact of AI on capital expenditure, and the implications of fiscal stimulus on federal debt.Then, Liz Ann Sonders discusses the equities outlook for 2026, focusing on consumer confidence, the impact of the presidential election cycle, and the potential for volatility. Finally, Kathy Jones is joined by Cooper Howard and Collin Martin for the outlook on municipal bonds, corporate bonds, U.S. Treasuries, and the overall fixed income markets.You can read all of Schwab's 2026 Market Outlook reports on our website:Read Cooper Howard's 2026 Municipal Bond Outlook.Read Collin Martin's 2026 Corporate Credit Outlook.Read Kathy Jones's 2026 Treasury Bonds and Fixed Income Outlook.Read Liz Ann Sonders and Kevin Gordon's 2026 Stocks & Economic Outlook.Read Michelle Gibley's 2026 International Stocks & Economy Outlook.On Investing is an original podcast from Charles Schwab.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 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. 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.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.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.The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security's yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors.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 Center for Financial Research 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.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 guaranteeThere are risks associated with investing in dividend paying stocks, including but not limited to the risk that stocks may reduce or stop paying dividends.Bank loans typically have below investment-grade credit ratings and may be subject to more credit risk, including the risk of nonpayment of principal or interest. Most bank loans have floating coupon rates that are tied to short-term reference rates like the Secured Overnight Financing Rate (SOFR), so substantial increases in interest rates may make it more difficult for issuers to service their debt and cause an increase in loan defaults. A rise in short-term references rates typically result in higher income payments for investors, however. Bank loans are typically secured by collateral posted by the issuer, or guarantees of its affiliates, the value of which may decline and be insufficient to cover repayment of the loan. Many loans are relatively illiquid or are subject to restrictions on resales, have delayed settlement periods, and may be difficult to value. Bank loans are also subject to maturity extension risk and prepayment risk.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.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.Diversification strategies do not ensure a profit and do not protect against losses in declining markets.1225-LJD8 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What should investors expect from the U.S. economy next year? What will happen in the equities markets and fixed income markets? On this 2026 Market Outlook episode,  Liz Ann Sonders, Schwab's chief investment strategist, speaks with Kevin Gordon, head of macro research. Liz Ann and Kevin discuss their perspective on the direction of the U.S. economy and stock market. She and Kevin cover the K-shaped recovery, inflation trends, the impact of AI on capital expenditure, and the implications of fiscal stimulus on federal debt.Then, Liz Ann Sonders discusses the equities outlook for 2026, focusing on consumer confidence, the impact of the presidential election cycle, and the potential for volatility. Finally, Kathy Jones is joined by Cooper Howard and Collin Martin for the outlook on municipal bonds, corporate bonds, U.S. Treasuries, and the overall fixed income markets.You can read all of Schwab's 2026 Market Outlook reports on our website:Read Cooper Howard's 2026 Municipal Bond Outlook.Read Collin Martin's 2026 Corporate Credit Outlook.Read Kathy Jones's 2026 Treasury Bonds and Fixed Income Outlook.Read Liz Ann Sonders and Kevin Gordon's 2026 Stocks & Economic Outlook.Read Michelle Gibley's 2026 International Stocks & Economy Outlook.On Investing is an original podcast from Charles Schwab.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 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. 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.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.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.The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security's yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors.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 Center for Financial Research 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.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 guaranteeThere are risks associated with investing in dividend paying stocks, including but not limited to the risk that stocks may reduce or stop paying dividends.Bank loans typically have below investment-grade credit ratings and may be subject to more credit risk, including the risk of nonpayment of principal or interest. Most bank loans have floating coupon rates that are tied to short-term reference rates like the Secured Overnight Financing Rate (SOFR), so substantial increases in interest rates may make it more difficult for issuers to service their debt and cause an increase in loan defaults. A rise in short-term references rates typically result in higher income payments for investors, however. Bank loans are typically secured by collateral posted by the issuer, or guarantees of its affiliates, the value of which may decline and be insufficient to cover repayment of the loan. Many loans are relatively illiquid or are subject to restrictions on resales, have delayed settlement periods, and may be difficult to value. Bank loans are also subject to maturity extension risk and prepayment risk.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.Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.Diversification strategies do not ensure a profit and do not protect against losses in declining markets.(1225-KGJB) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Schwab's panel of experts discussed the forces shaping stocks, global markets, inflation, rates, and more to prepare traders for 2026. Hear from experts on where the markets may be heading, spot opportunities, and see what could drive your portfolio next 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 – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

Liz Ann Sonders, chief investment strategist at Charles Schwab, explains why earnings can push equities higher next year in an unstable macro environment. She speaks with Bloomberg's Paul Sweeney and Alexis ChristophorousSee omnystudio.com/listener for privacy information.

In Episode 213, Sarah and Chrissie (@ChrissieWhitley) wrap up the year with the Best Books of 2025 Genre Awards. They reveal their Overall Best Books (Fiction and Nonfiction) and a full breakdown by genre, including: Best Literary Fiction, Best Romance, Best Brain Candy, Best Genre Mash-Up, and more! Plus, they share the winners for these same genres as chosen by the Sarah's Bookshelves Live Member Community. This post contains affiliate links through which I make a small commission when you make a purchase (at no cost to you!). CLICK HERE for the full episode Show Notes on the blog. Announcements The 2026 Reading Tracker is out! This year brings upgraded features across the board — including NEW average star rating and 5-star book tracking for every stat on the Dashboard — plus an updated Lite Tracker for those who prefer a streamlined version. Both Trackers are ONLY available to paid Patreon or Substack subscribers ($7/month) and is no longer sold separately. To avoid Apple's 30% fee, be sure to join directly from the Patreon website (mobile or desktop). Join our Patreon Community (here) OR become a Substack Paid Member (here)! Highlights Podcast reflections from 2025 — including top episodes based on download stats. A brief overview of Sarah's and Chrissie's 2025 year in reading. Their favorite books of the year: overall and by genre, including the SBL Member Community's picks. 2025 Genre Awards [12:39] Sarah The River Is Waiting by Wally Lamb (2025) | Amazon | Bookshop.org  [12:45]  The Favorites by Layne Fargo (2025) | Amazon | Bookshop.org  [16:32]  The Death of Us by Abigail Dean (2025) | Amazon | Bookshop.org  [20:13]  One Good Thing by Georgia Hunter (2025) | Amazon | Bookshop.org   [23:48]  The Compound by Aisling Rawle (2025) | Amazon | Bookshop.org  [28:47]  August Lane by Regina Black (2025) | Amazon | Bookshop.org  [36:03]  The Road to Tender Hearts by Annie Hartnett (2025) | Amazon | Bookshop.org  [41:54]  Family of Spies by Christine Kuehn (2025) | Amazon | Bookshop.org  [45:36] This American Woman by Zarna Garg (2025) | Amazon | Bookshop.org  [50:00] Broken Country by Clare Leslie Hall (2025) | Amazon | Bookshop.org  [52:59] The Bright Years by Sarah Damoff (2025) | Amazon | Bookshop.org  [54:44]  Finding Grace by Loretta Rothschild (2025) | Amazon | Bookshop.org  [56:29] Next of Kin by Gabrielle Hamilton (2025) | Amazon | Bookshop.org   [1:00:10]  The Elements by John Boyne (2025) | Amazon | Bookshop.org  [1:03:10] Chrissie Fox by Joyce Carol Oates (2025) | Amazon | Bookshop.org  [13:42]  Joy Moody Is Out of Time by Kerryn Mayne (2025) | Amazon | Bookshop.org [17:36]  Marble Hall Murders (Susan Ryeland, 3) by Anthony Horowitz (2025) | Amazon| Bookshop.org  [21:39]  The Pretender by Jo Harkin (2025) | Amazon | Bookshop.org  [25:51]  What We Can Know by Ian McEwan (2025) | Amazon | Bookshop.org  [30:28]  To Clutch a Razor (Curse Bearer, 2) by Veronica Roth (2025) | Amazon | Bookshop.org  [32:39]  The Love Haters by Katherine Center (2025) | Amazon | Bookshop.org  [37:03]  These Heathens by Mia McKenzie (2025) | Amazon | Bookshop.org  [43:31]  The Zorg by Siddarth Kara (2025) | Amazon | Bookshop.org  [47:11]  Misbehaving at the Crossroads by Honorée Fanonne Jeffers (2025) | Amazon | Bookshop.org  [51:09] A Sea of Unspoken Things by Adrienne Young (2025) | Amazon | Bookshop.org [53:38]  Awake in the Floating City by Susanna Kwan (2025) | Amazon | Bookshop.org[55:11] Heartwood by Amity Gaige (2025) | Amazon | Bookshop.org  [57:16]  Future Boy by Michael J. Fox (2025) | Amazon | Bookshop.org  [1:01:23]  Reports of His Death Have Been Greatly Exaggerated by James Goodhand (2025) | Amazon | Bookshop.org  [1:06:07]  SBL Member Community The Correspondent by Virginia Evans (2025) | Amazon | Bookshop.org [15:43] The Road to Tender Hearts by Annie Hartnett (2025) | Amazon | Bookshop.org  [19:02] Heartwood by Amity Gaige (2025) | Amazon | Bookshop.org  [22:52]  Broken Country by Clare Leslie Hall (2025) | Amazon | Bookshop.org [27:21] The Compound by Aisling Rawle (2025) | Amazon | Bookshop.org [31:28]  The River Has Roots by Amal El-Mohtar (2025) | Amazon | Bookshop.org [35:23]  One Golden Summer by Carley Fortune (2025) | Amazon | Bookshop.org [38:39] Witchcraft for Wayward Girls by Grady Hendrix (2025) | Amazon | Bookshop.org  [40:57] Big Dumb Eyes by Nate Bargatze (2025) | Amazon | Bookshop.org  [45:15] Hot Air by Marcy Dermansky (2025) | Amazon | Bookshop.org  [45:17] Jane and Dan at the End of the World by Colleen Oakley (2025) | Amazon | Bookshop.org  [45:19] The Road to Tender Hearts by Annie Hartnett (2025) | Amazon | Bookshop.org  [45:22] Run for the Hills by Kevin Wilson (2025) | Amazon | Bookshop.org  [45:24] So Far Gone by Jess Walter (2025) | Amazon | Bookshop.org  [45:27] This American Woman by Zarna Garg (2025) | Amazon | Bookshop.org [45:28] Everything is Tuberculosis by John Green (2025) | Amazon | Bookshop.org [48:20] Ordinary Time by Annie Jones (2025) | Amazon | Bookshop.org  [52:32] Wild Dark Shore by Charlotte McConaghy (2025) | Amazon | Bookshop.org [54:31]  Among Friends by Hal Ebbott (2025) | Amazon | Bookshop.org  [59:25] Awake by Jen Hatmaker (2025) | Amazon | Bookshop.org  [1:02:33] Other Books Mentioned Leaving by Roxana Robinson (2024) [13:51]  Heart the Lover by Lily King (2025) [15:35]  Wild Dark Shore by Charlotte McConaghy (2025) [15:58]  Audition by Katie Kitamura (2025) [16:09]  The Names by Florence Knapp (2025) [16:11] Dream State by Eric Puchner (2025) [16:13] Lenny Marks Gets Away with Murder by Kerryn Mayne (2023) [17:45]  Great Big Beautiful Life by Emily Henry (2025) [18:46]  Say You'll Remember Me by Abby Jimenez (2025) [18:56]  The Academy by Elin Hilderbrand and Shelby Cunningham (2025) [19:18] Abigail and Alexa Save the Wedding by Lian Dolan (2025) [19:23] Bright Young Women by Jessica Knoll (2023) [21:28]  The Ghostwriter by Julie Clark (2025) [23:03] The Impossible Fortune by Richard Osman (2025) [23:07]   Dead Money by Jakob Kerr (2025) [23:13] The Boomerang by Robert Bailey (2025) [23:15]   We Were the Lucky Ones by Georgia Hunter (2017) [24:09]  Tell Me an Ending by Jo Harkin (2022) [26:03] What Kind of Paradise by Janelle Brown (2025) [26:55] Atmosphere by Taylor Jenkins Reid (2025) [27:06]   The Stolen Queen by Fiona Davis (2025) [27:12] Isola by Allegra Goodman (2025) [28:13]  Merge by Grace Walker (2025) [31:35] The Memory Collectors by Dete Meserve (2025) [31:43]  Sunrise on the Reaping by Susanna Collins (2025) [31:48] Death of the Author by Nnedi Okorafor (2025) [31:01] The Strange Case of Jane O. by Karen Thompson Walker (2025) [32:05] When Among Crows by Veronica Roth (2024) [33:05]  Katabasis by R. F. Kuang (2025) [34:23] Babel by R. F. Kuang (2022) [34:36] Yellowface by R. F. Kuang (2023) [34:37] A Drop of Corruption by Robert Jackson Bennett (2025) [34:49] The Tainted Cup by Robert Jackson Bennett (2024) [34:54] Onyx Storm by Rebecca Yarros (2025) [34:58] The Everlasting by Alix E. Harrow (2025) [35:05] Bury Our Bones in the Midnight Soil by V. E. Schwab (2025) [35:31] The Art of Scandal by Regina Black (2023) [36:49] The Favorites by Layne Fargo (2025) [38:54]  The Buffalo Hunter Hunter by Stephen Graham Jones (2025) [40:30] Hungerstone by Kat Dunn (2025) [40:37] We Love You, Bunny by Mona Awad (2025) [40:42] The Staircase in the Woods by Chuck Wendig (2025) [41:19] Bat Eater and Other Names for Cora Zeng by Kylie Lee Baker (2025) [41:30] When the Moon Hits Your Eye by John Scalzi (2025) [44:56] The Wager by David Grann (2023) [47:34]  Replaceable You by Mary Roach (2025) [49:04] The Gales of November by John U. Bacon (2025) [49:11] Careless People by Sarah Wynn-Williams (2025) [51:58] All the Way to the River by Elizabeth Gilbert (2025) [52:08] Awake by Jen Hatmaker (2025) [52:24] Nobody's Girl by Virginia Roberts Giuffre (2025) [52:28] One Day, Everyone Will Always Have Been Against This by Omar El Akkad (2025) [52:49] The God of the Woods by Liz Moore (2024) [53:22] Broken Country by Clare Leslie Hall (2025) [54:21] Life, and Death, and Giants by Ron Rindo (2025) [54:27] Woodworking by Emily St. James (2025) [56:16] Buckeye by Patrick Ryan (2025) [58:57] The Elements by John Boyne (2025) [59:15]   Deep Cuts by Holly Brickley (2025) [59:49] My Friends by Fredrik Backman (2025) [59:51] The Heart's Invisible Furies by John Boyne (2017) [1:05:51] James by Percival Everett (2024) [1:08:07]  Top Podcast Episodes Ep. 199: Best Books of 2025 (So Far) with Catherine (@GilmoreGuide) and Susie (@NovelVisits) Ep. 184: Best Books of 2024 Genre Awards with Susie (@NovelVisits) Ep. 185: Winter 2025 Book Preview with Catherine (@GilmoreGuide) Ep. 205: Fall 2025 Book Preview with Catherine (@GilmoreGuide) Ep. 192: Spring 2025 Book Preview with Catherine (@GilmoreGuide) Ep. 198: Best of Thrillers with Anderson McKean of Page & Palette (@PagePalette) Ep. 188: Best of Fantasy with Chrissie (@ChrissieWhitley) Ep. 193: Clare Leslie Hall (author of Broken Country) Ep. 187: State of the Industry in 2024 with Kathleen Schmidt (@KathMSchmidt), author of the Publishing Confidential Substack Ep. 208: Best of Narrative Nonfiction with Elizabeth Barnhill of Fabled Bookshop (@FabledBookshop)

Don and Tom take a sharp look at Vanguard's surprising new direction, especially the decision to fold annuities into 401(k) target-date funds through lightly regulated collective trusts. They contrast Vanguard's historical simplicity with today's trend toward complexity, comparing costs, structure, and risk across major providers. Listeners call in with questions about Roth conversions, Schwab target-date funds, entering the market after a forced delay, and whether TIPS or buffered ETFs are worth owning. Throughout, Don and Tom hammer home the fundamentals: low costs matter, complexity harms investors, active management rarely pays, and your stock/bond mix—not gimmicks—drives long-term success. 0:04 Opening and setup: Vanguard's recent drift toward complex products 1:03 Vanguard's dominance in target-date funds and why simplicity used to be the point 1:58 Vanguard adding annuities into 401(k) target-date funds — is this helping anyone? 3:11 What does an annuity inside a target-date fund even mean? 4:03 The 25% annuity allocation example and the misleading “8% payout” illusion 5:03 TIAA's role and why annuity costs remain unclear 6:28 Are annuities inside retirement plans a solution in search of a problem? 7:38 The fine print: Vanguard's new collective trusts and weak disclosure requirements 8:20 Why collective investment trusts are lightly regulated and potentially concerning 9:07 Caller: Roth conversions when you're withdrawing to live on — should you stop? 11:32 When Roth conversions lose their benefit and why you need cash for taxes 12:21 Caller: Are Schwab target-date funds worth it in a Roth? (Short answer: No.) 13:31 Why Schwab's higher fees and low international allocation are a problem 14:52 Active management inside target-date funds — unnecessary and risky 16:12 Risk vs. return: Schwab's higher volatility and lower historical performance 16:41 Caller: Missed market gains while transferring funds — how to get back in 18:49 When market discomfort signals a stock/bond misalignment 20:16 Comparing Schwab vs. Vanguard target-date funds over 15 years 21:37 Why lower cost + lower volatility + better return makes Vanguard the clear win 22:02 Should you fear future gimmicks like private credit inside target-date funds? 23:29 Caller PSA: Realizing capital gains in a low-income year 24:06 ETF explosion — 908 new ETFs this year, most using leverage or derivatives 25:29 Why “ETF” doesn't mean good; junk ETFs equal junk mutual funds 26:05 Structural benefits of ETFs and why the market prefers them 27:29 Soccer vs. NFL detour, then back to phone calls 29:07 Listener question from Colorado: Should you buy a TIPS fund? 31:01 Why TIPS rarely add value in diversified portfolios 33:22 TIPS behave more like inflation bets than true inflation protection 34:34 Why simple, short/intermediate, high-quality bonds—and CDs—often do the job 36:17 Caller: What is a buffered ETF, and why does it sound like an annuity? 37:29 Buffered ETFs explained: expensive, complicated, and unnecessary 38:30 Why gimmicks dominate product launches and how they hurt investors Learn more about your ad choices. Visit megaphone.fm/adchoices

In the season of giving, we're discussing making charitable contributions in 2025 and 2026. Americans are known for their generous donations to worthy causes, but understanding the best ways to give and maximize your tax benefits is key. This episode covers four effective strategies for making charitable contributions, from utilizing Qualified Charitable Distributions (QCDs) from your retirement accounts to cash donations, gifting highly appreciated stock or real estate, and using donor-advised funds. I also break down recent and upcoming tax law changes that impact your ability to itemize and deduct charitable donations, ensuring you avoid common pitfalls and make the most of your generosity. Whether you're planning a gift this year or thinking ahead, this episode is packed with actionable tips to help you give back and plan for a successful retirement.  You will want to hear this episode if you are interested in... [00:00] Charitable giving and tax benefits. [05:01] Managing qualified charitable distributions. [08:03] Charitable deductions and rules changing in 2026. [13:17] Benefits of donor-advised funds. [16:23] Charitable contributions for tax deductions. Four Smart Strategies for Charitable Giving in 2026 Charitable giving is at the heart of American generosity, with billions donated annually to causes that matter. But did you know your generosity can also be a powerful tool in your tax strategy, especially as rules shift for 2026?  1. Qualified Charitable Distributions (QCDs): Tax Breaks from Your Retirement Account If you're 73 or older and taking required minimum distributions (RMDs) from a traditional IRA, a Qualified Charitable Distribution (QCD) can be a game-changer. Instead of taking your full RMD as income (which is taxable), you can direct some, or all, of it straight to a qualified 501(c)(3) charity. This distributed amount is excluded from your taxable income, potentially lowering your tax bill and even your Medicare premiums. But details matter: The money must transfer directly from your IRA to the charity. You can't touch the funds yourself and then donate. The charity must be a registered 501(c)(3). When you receive your year-end 1099-R tax form, it won't indicate how much was a QCD. You (or your accountant) must reduce your taxable income by the QCD amount and annotate "QCD" on your return. Forgetting to do so can result in unnecessary taxes. By leveraging QCDs, retirees not only support their favorite causes but also make the most of their hard-earned savings. 2. Cash Donations: Navigating Itemizing and New Deduction Thresholds Traditional cash donations are an easy way to support charities and reduce taxes, but the benefits depend on your ability to itemize deductions. Until recently, many households in high-tax states struggled to itemize due to the $10,000 state and local tax (SALT) deduction cap. Big change for 2026 - 2029: The SALT cap jumps to $40,000, making itemizing possible for more people. If your itemized deductions, including mortgage interest, medical expenses, property taxes, and charitable gifts, exceed the standard deduction, your donations can reduce your taxable income. In 2026, a $1,000 per individual (or $2,000 per couple) charitable deduction will be available even if you don't itemize. However, your charitable giving must exceed 1.5% of your adjusted gross income to become deductible, creating a new bar to qualify. Careful timing and documentation of donations can help maximize these new opportunities. 3. Donating Appreciated Assets: Stocks and Real Estate If you're sitting on highly appreciated stocks or real estate, donating them directly to charity can deliver a double tax benefit: You avoid paying capital gains tax on the asset's increase in value, and you can also deduct the current market value of your donation (subject to certain AGI limits: 30% for appreciated assets). To qualify: The asset must have been held for at least one year. For real estate valued above $5,000, an independent appraisal is required. Charities get the full value, and you skip the capital gains tax bill. If your donation exceeds the allowed AGI percent, you can carry the excess deduction forward up to five years. 4. Donor Advised Funds: Flexible Giving, Immediate Deductions A Donor Advised Fund (DAF) is a charitable investment account. You can donate cash, stocks, or other assets now and get an immediate tax deduction, but distribute the funds to your chosen charities later, at your own pace. Why use a DAF? It allows for strategic, larger contributions (helpful in years with unusually high income). You enjoy flexibility in choosing and timing your ultimate beneficiaries. Major brokerages like Fidelity, Schwab, and Vanguard offer DAFs, with differing minimum contributions and low-cost investment options. Keep in mind that there are administrative fees (roughly 0.60% on the first $500,000), but DAFs are simpler and less costly than setting up a private foundation. Smart Giving Starts with Smart Planning As 2026 approaches, take time to review your charitable and tax strategy. Whether using QCDs, cash gifts, appreciated assets, or a donor-advised fund, the tax code changes mean new opportunities, and some fresh requirements. Consult a financial advisor to fit these options to your personal circumstances and maximize the impact of your generosity for both your favorite causes and your family's financial wellbeing. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Fidelity Schwab  Vanguard Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

In this episode, Don and Tom saddle up for a tour through Schwab's “Good, Bad, and Ugly.” They applaud CEO Rick Wurster's warning about the growing overlap between gambling and investing, take a hard look at Schwab's retail-side conflicts and non-fiduciary sales practices, and then recoil at the truly ugly: Schwab's acquisition of Forge Global and its push to open private-company speculation to everyday investors. From there, they field listener questions about crypto's pointless search for a purpose, how to implement a disciplined 5 percent retirement withdrawal strategy, the ins and outs of tax-free Vanguard mutual-fund-to-ETF conversions, and whether a younger spouse should convert a large TSP balance to Roth. It's classic Talking Real Money: skeptical, practical, consumer-first, and mildly exhausted by the Wild West of modern finance. 0:04 Investing as the Wild West and why caveat emptor still defines the industry 0:24 Schwab's role as custodian vs. broker and how they reshaped trading costs 1:14 Schwab's discount-broker origins and institutional dominance 2:37 Free trades, market influence, and why Schwab became the industry's leader 3:52 CEO Rick Wurster's warning about gambling creeping into investing 4:43 Sports betting numbers, prop bets, and why only 5 percent come out ahead 5:54 The “bad”: Schwab retail selling and the fiduciary confusion 6:40 The “ugly”: Schwab buying Forge Global and pushing private-company speculation 7:23 Why private equity is riskier, pricier, illiquid, and over-hyped 8:17 The myth of private companies outperforming public ones 9:22 Why the Wild West persists: weak oversight, self-dealing, and revolving doors 10:48 Listener question: stablecoins, crypto legitimation, and the greater-fool problem 13:00 Currency concerns and why crypto still solves nothing 13:50 5 percent withdrawal strategy: when and how to draw from your portfolio 15:28 Rebalancing, total return withdrawals, and annual cash-flow discipline 16:47 Why withdrawals should follow rebalancing, not lead it 17:56 Vanguard mutual-fund-to-ETF conversions: how they work and why they're useful 20:10 Expense-ratio savings vs. capital-gains distributions 20:55 TSP-to-Roth conversion question: tax-rate timing matters 22:44 Only convert if you can pay taxes from outside savings 23:08 Reminder: free adviser meetings, no sales pressure 24:10 TRM's longevity and approaching episode 2,000 Learn more about your ad choices. Visit megaphone.fm/adchoices

Contrast between today's macro backdrop and the 2021 Bitcoin peak, with tighter liquidity, higher rates, and far stronger structural support for BitcoinCory's base case: no classic 80% “crypto winter” drawdowns anymore and a strong chance of new all-time highs in 2026John's “yearly lows” chart framing: rising annual Bitcoin floors as proof of real accumulation and diminishing panic sellingLarry Fink, Harvard, sovereign wealth funds, and major banks (BofA, Vanguard, Schwab, Citi) as long-term Bitcoin buyers, not momentum touristsDiscussion of CFTC-approved spot Bitcoin trading on designated contract markets as another on-ramp for pensions and endowmentsBig critique of prediction markets and “scambling” (scam + gambling) as an extractive, nihilistic, fiat-era attempt to financialize everythingCory and John argue that crypto casinos, meme coins, and prediction markets are a giant gambling funnel that ultimately pushes people toward Bitcoin's seriousnessBitcoin and energy: riffing on Elon Musk and Jensen Huang's comments about Bitcoin turning stranded or excess energy into a universal monetary batteryMicroStrategy's new USD reserve is framed as a cosmetics move to soothe institutions and make their Stretch preferreds more attractive, not a change in core strategyCory pushes back on “Operation Chokepoint 2.0” de-banking narratives, distinguishing between true systemic exclusion and individual risky accounts being dropped Swan Private helps HNWI, companies, trusts, and other entities go beyond legacy finance with BItcoin. Learn more at swan.com/private. Put Bitcoin into your IRA and own your future. Check out swan.com/ira.Swan Vault makes advanced Bitcoin security simple. Learn more at swan.com/vault.

Larry Kriesmer shares how his career evolved from life insurance to options-driven wealth management, explaining that supervisory limitations at his former firm pushed him to launch his own RIA focused on option-based strategies. He and the host discuss the industry's longstanding discomfort with options, the differences among custodians, and the surge in option-centric ETFs driven by investor demand for income, downside buffers, and more predictable outcomes. Larry explains why he favors synthetic long exposure to the S&P 500, how options can create defined risk in ways traditional 60/40 portfolios cannot, and why repeated market shocks have increased interest in structures that limit drawdowns. He also stresses that while options can be powerful, they require real understanding—especially given the asymmetric risks—and that most investors are best served using simple strategies or working with experienced professionals. Larry Kriesmer shares his background transitioning from life insurance into wealth management and ultimately founding his own RIA due to options-related supervision limitations at his prior firm. We highlight how many insurance and brokerage firms restrict options usage because supervisors often lack the necessary licensing or comfort with the risks. Early-career experiences show how compliance departments often misunderstand options and overburden advisors executing client-driven trades. Larry explains that custodians also vary widely in their options competency, noting TD Ameritrade's historically advanced approach compared to more conservative platforms like Schwab and Fidelity. He describes how the growth of option-based ETFs and structured strategies reflects rising demand for income, risk buffers, and outcome-based portfolio design. Why options are resurging in popularity despite being decades old, tying it to investor frustration with unpredictable markets, multiple major drawdowns, and the need for more controlled outcomes. Larry outlines his discovery of options through studying indexed annuities, which showed him how options could define downside risk and reshape portfolio construction. He explains his core strategy of staying synthetically long the S&P 500 at all times, avoiding market timing, and focusing on capturing upside while limiting drawdowns. The conversation touches on potential expansion of his strategy into other sectors or international markets, though the S&P remains his primary exposure due to its self-healing nature. Larry critiques modern portfolio theory as outdated and insufficient for managing real downside risk, arguing that a bond-plus-options structure can outperform a traditional 60/40 on a risk-adjusted basis. You discuss how 2022 exposed the limitations of conventional diversification when both stocks and bonds fell simultaneously. Larry emphasizes that while options can be powerful tools, investors must deeply understand which side of the contract's risk they are assuming to avoid catastrophic losses. He concludes that most investors should pursue education but ultimately rely on professionals or ETF structures if they want to safely incorporate options into their portfolios. Today's Panelists: Kirk Chisholm | Innovative Wealth Barbara Friedberg | Barbara Friedberg Personal Finance Phil Weiss | Apprise Wealth Management Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter/X: https://x.com/MTIPodcast For more information, visit the show notes at https://moneytreepodcast.com/strategies-for-modern-investors-lawrence-kriesmer-770 

This week Liz Ann Sonders and Kathy Jones discuss the implications of a possible announcement of the next Federal Reserve chair nominee and market reactions to potential interest rate cuts. They also look at the dynamics of global central banks and explore the current state of the stock market, highlighting trends and dispersion among stocks. The discussion also covers upcoming economic data and the significance of next week's Fed meeting, emphasizing the complexities of managing interest rates in a changing economic landscape.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 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. 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.Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets.Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. 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 Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.(1225-HB56) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Mark Thompson reveals the principles of readiness that he's used to help aspiring CEOs get the top job.— YOU'LL LEARN — 1) The one behavior that makes you more CEO-like 2) Why to take on your boss' problems3) The question that dramatically improves your appealSubscribe or visit AwesomeAtYourJob.com/ep1115 for clickable versions of the links below. — ABOUT MARK — Mark Thompson is a globally recognized authority on CEO succession, executive readiness, and high-stakes leadership transitions. He has led more than a hundred board-level engagements to prepare C-suite successors to step confidently into enterprise leadership. He is the founding chairman and CEO of the Chief Executive Alliance and the CEO Leadership Plan Review (LPR). Previously, he served as chief executive of the CEO Academy, a SHRM company, in partnership with Wharton and McKinsey.Earlier in his career, Thompson reported directly to founder Charles “Chuck” Schwab, serving as executive producer of Schwab.com, the first large-scale digital platform for online investing. In 2021, he was ranked by Marshall Goldsmith as the #1 CEO Coach, and in 2023 he was inducted into the Thinkers50 Coaching Legends.• Book: Admired: 21 Ways to Double Your Value• Book: CEO Ready: What You Need to Know to Earn the Job--and Keep the Job• Website: ChiefExecutiveAlliance.com— RESOURCES MENTIONED IN THE SHOW — • Study: “How Leaders Develop Collaborative Leadership for Effectiveness” by Bonita Thompson• Book: The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change by Stephen Covey• Book: Contact: A Novel by Carl Sagan• Book: Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration by Ed Catmull and Amy Wallace• Past episode: 273: Taking Control of your Career with Korn Ferry's Gary Burnison— THANK YOU SPONSORS! — • Vanguard. Give your clients consistent results year in and year out with vanguard.com/AUDIO• Quince. Get free shipping and 365-day returns on your order with Quince.com/Awesome• Taelor. Visit Visit taelor.style and get 10% off gift cards with the code PODCASTGIFT• Cashflow Podcasting. Explore launching (or outsourcing) your podcast with a free 10-minute call with Pete.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Andrew, Ben, and Tom discuss Trump's announcements yesterday and bond investors' concerns about Kevin Hassett. Song: Colder Weather - Zac Brown BandFor information on how to join the Zoom calls live each morning at 8:30 EST, visit:https://www.narwhal.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhal.com/disclosure

Tim and Mary take on a news cycle that pauses just long enough to acknowledge the rabbit hole of Big Tech. This has to be the case, because so much of what we do and see and hear is undergirded by this infrastructure, which has been building for 100 years. It’s so very interesting from a prophecy perspective, that the world is obsessed with tech, algorithms, and control of our everyday lives. Today we talk about Trump’s recent Ai executive order, “The Genesis Mission”. People are just delusional enough to think it will make life better. It will not, it cannot. In that vein, we discuss “The United States of Delusion” that explains in simple terms just how manipulated we really are in our thinking on a wide range of social issues. Then along comes a woman who was married to a Schwab-ite and she blows the lid off that level of manipulation via the WEF. Sensing a theme here, as always we want more than ever to keep you from being deceived. What a world.

Joining us today are two very significant creative forces over at the upstart indie comics publisher that promotes, “comics of every kind for every mind” Cosmic Lion Productions.One is not just the founder Cosmic Lion, but he is also a comic creator himself, fellow podcaster, and maybe one of the most enthusiastic Grendel megafans I've ever seen. The other is the critically acclaimed, Eisner-nominated cartoonist who you may know for his work on MAD Magazine and his cult comic series Minimum Wage.It is our pleasure to welcome both Eli Schwab & Bob Fingerman onto The Oblivion Bar Podcast!---Thank you Oni Press & Endless Comics, Cards & Games for sponsoring The Oblivion Bar PodcastFollow us on InstagramFollow us on TikTokFollow us on BlueSkyConsider supporting us over on PatreonThank you DreamKid for our Oblivion Bar musicThank you KXD Studios for our Oblivion Bar art

Hans and Brian sit down with the Tax Sherpa team—Neal, Serena, and Fatma —to walk through the tax implications of options trading before it's too late to do anything about it.Most in the Remnant caucus of the Low Stress Options community haven't filed a tax return reflecting this trading activity yet. They're tracking weekly income in their spreadsheets and assume that's what they'll owe taxes on—but the brokerage statements tell a completely different story. The bottom line? If you're making real money trading options, you need actual tax strategy in place now—not in March when it's too late to make adjustments.Chapters: 00:00 - Opening segment02:20 - How options are actually taxed (short-term capital gains, rolling, assignments)06:05 - Active trader vs passive trader: do you want professional trader status?08:35 - The $3,000 capital loss limit explained (and why it's basically a slap in the face)11:05 - Offsetting gains with losses: you can deduct more than $3,000 in the current year13:45 - Tax loss harvesting and why FREC's approach is interesting15:00 - How rolling options creates separate taxable events17:05 - Why the $3,000 limit was never inflation-adjusted (it should be $25-30K today)18:15 - Gambling losses and why they only offset gambling wins20:25 - What your brokerage statement will actually show vs what the tracker shows22:40 - Real estate as a "tax sponge" for offsetting capital gains24:00 - Interest tracing: deducting policy loan interest on Schedule A26:00 - Should you use one policy exclusively for investment loans?28:25 - Why you shouldn't be doing this with TurboTax29:00 - Mortgage interest deduction limits after the Big Beautiful Bill35:20 - Using an LLC for trading: real estate, consulting, or all-in-one?37:55 - Why crypto taxes are endlessly complex (smart contracts, staking, DeFi)47:15 - Wash sale rule: does getting assigned invoke it?55:30 - The Tax Sherpa process: survey, planning, executionKey Takeaways:Options are taxed as short-term capital gains (at your ordinary income rate) in 99% of cases—each contract is a separate taxable event, so rolling creates multiple transactionsThe $3,000 capital loss limit is the NET position—you can offset unlimited gains plus an additional $3,000, then carry forward the remainder into future yearsYour brokerage tracker shows return on equity; Schwab reports each individual trade—they're answering different questions, which is why people are often pleasantly surprised at tax timeIf you're using policy loans to fund trading, you can deduct the interest on Schedule A through interest tracing—but you have to actually pay it and document the allocationProfessional trader status (mark-to-market accounting) is almost never advantageous unless trading is literally your full-time business with substantial daily activity and deductible expensesCustodial accounts for kids don't provide much tax benefit due to kiddie tax rules—and they count against the student for financial aid purposes, unlike parent-held assetsDo your tax planning NOW, not in March—once the year is over, you've lost the ability to make strategic adjustments that could save you tens of thousands of dollarsGot Questions? Reach out to us at info@remnantfinance.com or book a call at https://remnantfinance.com/calendar !Visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance )Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588 )Twitter: @remnantfinance (https://x.com/remnantfinance )TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBE

From there, the conversation turns to what advisors actually experience on the ground: Cetera's unique ownership with Genstar and the benefits of a “fresh clock”• The breadth of affiliation models and why Cetera calls itself a “forever home”.• How multi-custody (Pershing, Fidelity/NFS, Schwab, self-clearing) helps recruiting and M&A.• Insights on Avantax, Concourse, and ongoing industry consolidation.• Why advisor equity ownership strengthens alignment.• Cetera's focus on organic growth through regional teams and the Growth Line program.• How the firm thinks about transition deals, scale, and long-term profitability.• What advisors may not realize about Cetera's structure, communities, and support model.Frank and Mike also contrast Cetera's approach to scale with other major players, discuss the realities of transition deals in a changing rate environment, and talk about why insurance, tax, and planning-based advice remain central to a “super hybrid” advisor value proposition.If you're an advisor considering independence - or re-evaluating your current platform - this conversation offers a detailed, unscripted look at how Cetera operates, what makes it different, and how it's preparing for what Mike calls a very “dynamic” next ten years in wealth management.Resources:Elite Consulting Partners | Financial Advisor Transitions: https://eliteconsultingpartners.comElite Marketing Concepts | Marketing Services for Financial Advisors: https://elitemarketingconcepts.comElite Advisor Successions | Advisor Mergers and Acquisitions: https://eliteadvisorsuccessions.comJEDI Database Solutions | Data Intelligence for Advisors: https://jedidatabasesolutions.comListen to more Advisor Talk episodes: https://eliteconsultingpartners.com/podcasts/Follow us on LinkedIn: https://linkedin.com/company/eliteconsultingpartners

Don and Tom go deep on a shady “non-profit” financial education group that funnels retirees into high-commission indexed annuities, using a listener tip to unpack the advisor's fake credentials, mismatched ADV filings, dubious fiduciary claims, and the simple math that reveals where the money really comes from. Along the way, they cover how to investigate advisors yourself, why financial fairy tales persist, and answer listener questions on Avantis gold holdings, private equity's impact on small-cap value, and the quality of Schwab's 529 plan. 0:04 Don's industry rant and a look at the “American Financial Education Alliance” disguise. 1:01 How pseudo-nonprofits target advisors and consumers with “no-sales” sales pitches. 2:20 Tom's take on the recycled seminar game and fake educator designations. 3:40 Listener tip sparks Don's PI dive into the flyer, claims, and contradictions. 4:49 How to vet advisors using BrokerCheck and Form ADV. 5:58 The firm's tiny AUM and impossible economics of their claimed operations. 8:02 The Maryland house vs. the Lakewood Ranch mansion — where the money REALLY comes from. 9:25 The inevitable reveal: indexed annuity commissions driving the whole machine. 10:18 Breaking down the seminar pitch language and the deceptive “market returns without risk” promise. 11:24 Why the sales story collapses under math and dividends. 12:34 The “licensed fiduciary” myth and regulatory reality for small firms. 14:38 How consumers get fooled by the fiduciary framing in seminar mailers. 16:13 Don and Tom dissect the pre-fab radio/TV show factories behind these advisors. 17:19 Why the meeting is the real sales trap — and how to avoid it. 18:48 Don's plea: stop believing financial fairy tales. 19:26 Don jokes about infiltrating steak-dinner seminars undercover. 20:14 Transition to listener Q&A from Maryland: AVDV's gold exposure. 21:26 Why Avantis owns gold miners without being “in gold.” 23:47 Momentum, value screens, and why the gold weight makes sense. 24:26 Gold Hill, Oregon 529 question: Is the Schwab plan good? 25:30 Age-based 529s and Schwab's low-cost structure. 27:28 Private equity fears: will it starve small-cap value indexes? 28:41 Why the concern is mostly a media creation, not an investment reality. 29:48 Don on the IPO–private–IPO cycle and how markets actually work. 30:11 Why private equity performs worse in bad markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Our Research and Investment Management analysts Michael Cyprys and Denny Galindo discuss how and why cryptocurrencies are transitioning from niche speculation to portfolio staples. Read more insights from Morgan Stanley.----- Transcript -----Michael Cyprys: Welcome to Thoughts on the Market. I'm Mike Cyprys, Head of U.S. Brokers, Asset Managers and Exchanges for Morgan Stanley Research.Denny Galindo: And I'm Denny Galindo, Investment Strategist for Morgan Stanley Wealth Management.Michael Cyprys: Today we break down the forces making crypto more accessible and what this shift means for investors everywhere.It's Tuesday, November 11th at 10am in New York.We've seen cryptocurrencies move from the fringes of finance to being considered a legitimate part of mainstream asset allocation. Financial platforms, especially those serving institutional clients, are starting to integrate crypto more than ever.Denny, you've written extensively about the crypto market for some time now among your many jobs here at Morgan Stanley. So, from your perspective in wealth management, what are you hearing from retail clients about their growing interest in crypto?Denny Galindo: Yeah, we actually started writing about crypto back in 2017. We had our first explainer deck, and we started writing extensive educational reports in 2021. So, we've covered it for a while.Advisors who dabble in crypto typically had this one client. He asked a lot of questions about when they could do more. We also had some clients who were curious, maybe their neighbor made a lot of money, bought a new boat and they were like wondering, you know, what is this Bitcoin thing?Now, this year we've seen a sea change. I think it was the election really started it; the Genius Act, and some of the legislation also kind of added to it. Almost all this interest is really on Bitcoin only, although we also have gotten a decent amount of interest about stablecoins and how those might impact things. But it's really just the beginning and I think it's an area that's; it's not going to go away.Mike, on the institutional side, what trends are you seeing among asset managers and brokers in terms of crypto adoption integration?Michael Cyprys: So, we've seen a big move into the ETF space as large money managers make crypto easier to access for both retail and institutional investors. Now this comes on the back of the SEC approving the first spot Bitcoin and Ethereum ETFs back in 2024. And since then, we've seen firms from BlackRock to Fidelity, Franklin, Invesco, and many others, including crypto native firms having launched spot Bitcoin ETFs and spot Ethereum ETFs. And these steps in the minds of many investors have legitimized crypto as an investible asset class.Most recently, we've seen the SEC adopt generic ETF listing standards for crypto ETFs that can make it easier to accelerate ETF launches in reduced regulatory frictions. And today the crypto ETF space is about $200 billion of assets under management and saw inflows of over [$]40 billion last year, over [$]45 billion so far this year – despite some of the near-term volatility. And most of the asset class today is in Bitcoin, single token ETFs, with BlackRock and Fidelity managing the largest ETFs in the space.Speaking of products, what types of crypto are retail investors most curious about? And why do those particular ones make sense for their portfolios?Denny Galindo: Yeah, I think you hit the nail on the head. The most popular products are really the Bitcoin products. We as a firm allowed solicitation in Bitcoin ETPs more than a year ago in brokerage accounts. We just expanded them to allow them in Advisory in October. So, we're still early days here. There really hasn't been that much interest in the other crypto products.Now when people think about this, there's three buckets here. There are some people that think of it like digital gold. And they're worried about inflation. They're worried about government deficits. And that's kind of the angle that they're approaching crypto from. A second group think of it like a venture capital, like a disruptive innovation in tech that's going after this big addressable market. And, you know, hopefully the penetration will rise in the future. And then the third bucket is really thinking [of it] out it as a diversifier. So, they're saying, ‘Hey, this thing is volatile. It doesn't match stocks, bonds, other assets. And so, I kind of want to use it for diversification.'Now, Mike, when you have these discussions with institutional clients, how do they view the risk and potential of these different cryptocurrencies?Michael Cyprys: What's interesting with the crypto space is adoption started on the retail side with institutions now slowly beginning to explore allocations. And that's the opposite of what we've seen historically with institutions leaning in ahead of retail in areas, whether it's commodities or private markets. But it's still early days.On the institutional side, we're starting to see some pensions, endowments, foundations begin to make some small allocations to Bitcoin as a long-term inflation hedge. But keep in mind, institutions tend to make investments in the context of strategic asset allocations, often with a broader macro framework.Denny, you've written quite a bit about the four-year crypto cycle. Could you explain what that is and where you think we are in the current crypto cycle?Denny Galindo: Yeah, if you look at the data, you see a pretty clear trend of a four-year cycle. So, there's three up years and one down year, and it's been like clockwork, since Bitcoin was invented.Now when you see something like that, you always try to explain like: why is this happening? So, there's two kind of dominant explanations that we've seen. So, one's macro, one's micro. Now the macro version for crypto is really the M2 cycle. So, we see that M2 to that global M2 money supply has kind of accelerated and decelerated in four-year cycles, and Bitcoin tends to really match that cycle. It tends to accelerate when M2's accelerating and it tends to decline when it's decelerating or declining.But there's also this bottoms-up way of looking at it, and commodities are really the place we go to for that analysis. So, a lot of commodities, you know, could be coffee, could be oil – if something disrupts supply, you tend to get the shortage, you get the price moving up.Then you get commodity speculators piling in, adding leverage. And it'll just kind of go parabolic. At some point something pops the bubble, usually more supply, and then you get like a great depression. You get like an 80 percent draw down. All the leverage comes out and the whole thing crashes. So crypto has also followed that.Now, we break the four-year cycle into four seasons: spring, summer, fall, and winter. And each season has a different characteristic about which parts of the market work, which don't work, what things look like. We are in the fall season right now. And that tends to last about a year. We wrote a note last year on this. Fall is the time for harvest. So, it's the time you want to take your gains.But the debate is, you know, how long will this fall last? When will the next winter start? Or maybe this pattern won't even hold in the future. And so, this is the big debate in the crypto circles these days.And Mike, given the volatility, given the great depressions we talked about in Bitcoin with these, you know, 70-80 percent drawdowns, how do you see it fitting into institutional portfolios compared to other cryptocurrencies?Michael Cyprys: Compared to other cryptocurrencies, Bitcoin is still viewed as the flagship asset within the crypto space – just given higher adoption, greater liquidity, the sheer market value. It has longer history and better regulatory clarity as compared to other tokens. But given the volatility as you mentioned, and the early days nature of cryptocurrencies, adoption is still quite nascent amongst institutional investors.Some institutional investors view Bitcoin as digital gold or macro hedge against inflation and monetary debasement. It's also sometimes viewed as a low correlation diversifier within multi-asset portfolios. But even that's also been a debate in the marketplace too.As we look forward from here, crypto adoption within institutional portfolios could potentially expand as regulatory clarity establishes a clear framework for digital assets, right? We had the Genius Act recently that focused on stablecoins. Next up is market structure. There's a bill working its way through Congress.We've also had developments on the ETF side that lower[s] barriers for institutions to gain exposure there. Not only is it more accessible within traditional portfolios, but the ETF fits nicely into day-to-day workflow.So, bottom line is institutional views on Bitcoin and crypto are evolving, and how firms view Bitcoin – we think will depend upon the institution's objectives, their risk tolerance and portfolio context. And keep in mind that institutional allocations don't turn on a dime. They tend to be slower moving.Denny, do retail clients take a similar approach or are they more likely to take bigger bets?Denny Galindo: Our clients struggle with this question. And so, we get a lot of questions like, ‘Okay, I don't want to miss this. I'm a little nervous about it. What allocation should I use here?' And so, we go back to our three, kind of, typical investors when we try to answer this question. We really try and help people figure out where is equal weight.So, we wrote a note in February called “Are you Underweight Bitcoin?” And we have three different answers depending on how you're thinking of it. And, you know, there's a big debate. There's no clear answer. And that's not really where we want our clients. We want them to be smaller where they can have some exposure if they want it. Not everyone wants it, but if you do want it, you can have it. And it won't really dominate the volatility of the portfolio.Now, on another note, Mike, are you seeing legacy platforms start to offer crypto as well?Michael Cyprys: So crypto ETFs are generally available in self-directed brokerage accounts across the industry today. Schwab, for example, commented that their customers hold $25 billion in crypto ETFs, which is about, call it 20 percent share of the ETF space. But access to these crypto ETFs is a bit more restricted within the Advisor-led channel. But we're starting to see that broaden out for ETFs and eventually might see model portfolios with allocations toward crypto ETFs.But when you look at spot crypto trading, though, that generally remains out of reach of most legacy platforms. The key hurdle for that has been regulatory clarity and with a more crypto friendly administration that is changing here.So, Schwab, for example, acknowledged that they have the regulatory clarity needed and they're working towards launching their spot crypto trading platform in the first half of next year.On that topic, Denny, how do you view the merits of holding crypto directly versus through an exchange-traded product like ETFs?Denny Galindo: Yeah, I mean, our clients are mostly not day trading this product and kind of moving it back and forth.So, the ETPs have been a pretty good answer for them. The one issue is liquidity. And so, we're not used to thinking of this in; the U.S. equity markets are the most liquid markets. But in crypto, the crypto markets, the spot markets are actually more liquid than the equity markets.So, you get a lot of liquidity even after hours, even 24x7. And as other markets around the world kind of take the lead. But most of our investors aren't treating it that way. They're not day trading it, and they're really keeping it more like that digital gold allocation. And so, they just need to adjust the position size, you know, once a month, once a year maybe; just kind of buy and hold.But I wonder, you know, as more people get more comfortable, it could become more important in the future. So, it's an open question, but for now, the ETPs have been a pretty good answer here.Michael Cyprys: Fascinating space. Denny, thanks so much for taking the time to talk.Denny Galindo: It was great speaking with you, Mike.Michael Cyprys: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.