(our regularly scheduled life sciences programming resumes in a week or so) Schwab lost a shitload of deposits last quarter. Not as many as the most vociferous bears feared (hoped?) but still, a lot, more than I expected. Across on-balance sheet and BDA balances, it looks like $86bn, or nearly ~18% of the 4q22 deposit […]
Original post: some thoughts on Charles Schwab, published Mar. 12, 2023: In The Media Very Rarely Lies, Scott Alexander writes: the media rarely lies explicitly and directly. Reporters rarely say specific things they know to be false. When the media misinforms people, it does so by misinterpreting things, excluding context, or signal-boosting some events while […]
I have a post on APi Group and Amphenol coming toward the end of the month but before then I wanted to offer some thoughts on Charles Schwab. Nothing here is investment advice. Last week I was joking with my friends LibertyRPF and MBI that Twitter felt like a time machine taking me back to […]
Related Post: Discount Brokers: Disruption, Bundling, and the Battle for the Mass Affluent; Part 1 Interactive Brokers Sustainably profiting from a commodity service like trade execution requires, at the very least, a low cost advantage, which in the brokerage space belongs to Interactive Brokers. Despite realizing ~half the commission dollars per trade, Interactive generates the highest […]
I define culture as the set of unspoken assumptions that guides behavior. Whether it intends to or not, every company has a culture. However, not every culture, even ones underpinned by values that make the world a better place, confers competitive advantage. From the perspective of value creation, the question is not so much is […]