Monday June 30, 2025 - Second half predictions
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He's been seen on CNBC, the Fox News Channel, and the Fox Business Channel. His articles can be found on MarketWatch, Seeking Alpha, TheStreet.com, and many other places. He's the author of the weekly Best Stocks Now newsletter and the inventor of the Best Stocks Now app. He's president of Gundersen Capital Management. Here is professional money manager, Bill Gundersen.

And welcome to the Monday. It is the last day of the first quarter or second quarter of 2025. This is Bill Gunnarsson. This is the Best Stocks Now show. And we've got an up move in the market here so far to close out this quarter. I think there's a little FOMO going on.

or late to the party. A lot of people missing out, I think, on this move in the market so far this year. The Dow is up 139 right now to 43,958. That is not a new all-time high, but the NASDAQ is hitting a new all-time high right now with a gain of 50 points, 20,316. I've never said that before.

The S&P also hitting a new all-time high of 14, defying all odds, up 6,187. Small caps are up 28 basis points. The bond market is up a little bit with interest rates down.

Three basis points. I think the bond market's up 3.1% year to date. 3.1% year to date. Gold is up just a skosh here. It had a good first half of the year. We'll see how it does in the second half of the year. Oil is down a little bit to $65.30. And Bitcoin had a pretty good first half of the year, down 5.42 right now to 107.545.

So welcome to today's Best Stocks Now show with the professional money manager, Bill Gunderson, president of Gunderson Capital Management, a nationwide fee-based only company.

money management firm and I'm here with Barry Kite, our chartered financial analyst, our certified financial planner. Do you have that third designation yet? Not yet. We took the test mid-June for that CMT or chartered market technician. There's some

A bunch of short answer on there, so it takes them about 10 weeks to grade that. To grade the test? Yeah, who knows? You've got to be kidding me. In today's computer age? I was going to say they should start using AI maybe. I don't know if that would be good or bad for my test score, but we'll find out. So, yeah, they make you wait. So it's not like some of those early industry tests where you go and sit in front of a computer and they give you the printout on the way out and you've got to figure out –

You get either pass or fail. I remember my first job out of college, I think Merrill Lynch said, go take your seven. If you come back, if you don't pass, don't come back. Don't come back, pal. No pressure back then. Like no pressure at all. I did that when I took my insurance test many moons ago. Yep. It was like do or die. You know, I was going to.

I had an insurance license at one time, and they made you do, you know, you had to do a test. You had to do the class and the test, right. I didn't really care about keeping it, to be honest with you, but I figured, you know, you did all this work, and...

Why let it lapse? I haven't sold an insurance product since then. That was like 21 years ago, something like that. Okay, well, we're off to a good start here. This is the final day of the second quarter of 2025. We're also hitting the halfway point in the year. I've got to believe that a lot of professional investors missed the run over this past quarter because they were so caught up with the tariffs going

They were so caught up with the anti-Trump kind of rhetoric that was out there. And, of course, it was amplified on Bloomberg and CNBC and all the rest. And I've got to believe that this rush...

in the market that's coming in now, it's in spite of very high valuations, okay? We're at 22 times forward earnings right now. The high for the year was 23.

That was back in January and February. So really you should see the market cooling off right now. Instead, there's two elements to the markets. There's the valuation side and the momentum side, which I talk about all the time. And that's why in my app I like to combine momentum and value. The best of all worlds is when you have low valuation and momentum coming into the market.

That's what we had back in early March, late mid-March, when the momentum started to pick up as the market began to get used to the Trump campaign.

You know, the Trump rhetoric, the Trump threats, the Trump tariffs, blah, blah, blah. And we had both going here for the last couple of months, three months maybe. Now we've reached a point where the valuation is extremely high, but the momentum remains. Okay? So, Barry, you'll learn very quickly that this is when technical analysis comes into play because we are moving the markets higher despite...

An extremely high valuation. Now, if I was just a value guy, I would put out probably a sell signal on the market or a very, very cautious yellow flag in the Indianapolis 500 when the cars slow down.

because there's a crash on turn number six or an oil out there. We've got some fluid. We've got debris. Slow down to about 20 miles per hour, just enough to keep your cars from stalling out. But we're going to keep moving forward, but we're going to be very cautious. Well, I'm not just a value investor. I realize that.

There's two ores in the water, and the one ore is the valuation side, which is now really straining against the currents, against the tides, against the wind. But on the other side, the momentum is enough to keep the market moving forward. So we have entered into a new realm, new territory of the market today.

This is not a time to be throwing money at the Palantirs and the Corweaves of the world like it was two or three months ago. This is now a time to really be on kind of high alert because of the valuation. Yellow flag, small craft warning that is now waving in the breeze. Be careful before you venture out into the ocean.

But having said that, we are up today. We're hitting new highs in the NASDAQ. We're hitting new highs in the S&P 500. The big question is... Sometimes the old don't fight the tape, right? Don't fight the tape. And the big question is, where will the tape... How long will the momentum last and how high can it take us? Well, I saw the extreme of that in March of 2000...

When the momentum carried the market, the valuation was about, you know, maybe about $1,500, $2,000 in the NASDAQ at that time, and it went to $5,000. How do I know that that's where the valuation was? Because that's where the market went when that started to prevail.

When the air started to come out, it's like blowing up your tire to 90 pounds pressure when it should be at 40. Eventually that air is going to come out, and 79% of the air came out of the NASDAQ back in 2000. Now we're not anywhere near that level. The pressure in the market is not 90 pounds pressure.

in the tire but i'm going to say it's fully inflated right now it's fully inflated there's not a lot of room that doesn't mean you can't put 10 15 20 more pounds of pressure into the tire right now we just have to take it a day at a time and this is a time to be vigilant therein lies the argument for active investing a little bit of active investing

You know, maybe cutting back. I have cut back in half some of my bloated positions that have grown too big.

We still have a few. Palantir is still a bloated position. Nvidia to some extent. Robinhood has been a big winner for us this year. It's a double now. And so one strategy at some point would be to start cutting back on those positions. Another strategy would be to dump positions altogether where all of a sudden the momentum starts to disappear. You know that you have a poor risk to reward ratio and

with an extremely high valuation support. So you have to watch that very carefully. Let me give you a good case in point. On Friday, Palantir was down 9%. Now we've cut our Palantir in half. It's been one of the biggest, well, it's the number one stock in the S&P 500 this year so far.

At the halfway point. Somebody unloaded a big bunch of Palantir on Friday, Barry. It was down 9% on no news, on big volume. I wonder if that's some end-of-the-month rebalancing potentially by some of these. Yeah, I mean, the only explanation you can make is there was a big block.

of stock sold somewhere. Now, there had to be some rebalancing taking place in the NASDAQ and in the S&P 500 where Palantir is becoming over. But some of these institutions, you know, where at one time it may have been a 5% position in their portfolio, now it's a 10% position. So somebody unloaded a big block of Palantir on Friday. When we come back, we're going to take a look at Palantir today.

And its current valuation, just to put things into perspective a little bit, and this applies to a lot of other go-go stocks right now. We'll be right back. What are you feeling?

And welcome back here to the second quarter of today's Best Docs Now show. Well, let's take Palantir, for instance, here with a $322 billion deal.

You know, Palantir hasn't been around that long. 2020 is when it came public at $8 per share, or it was $8 during that year, that COVID year. I remember when it came public, it was kind of a stealthy, you know, kind of murky, which they do a lot of government work with the CIA and whatnot, and a very colorful CEO position.

Well, tier was down 9% on Friday, and it happened right before the close of the market in the last few hours. I didn't see any news, but I saw the volume was huge. The only conclusion you can make from that is there was a big seller of a big block of stock unloading their position, maybe half their position.

because it had grown too large in their portfolio. Today the stock is up 4.7%. And I teased in my little message to my subscribers this morning on Seeking Alpha and through my subscription on GundersenCapital.com, which are basically the same service. One just has a chat room and one has email access.

I quipped that maybe there's some bargain hunting coming into the stock today, Barry, at a P.E. ratio of 284. 284. At least it's calculable, right? When you get those ones with no earnings, right, and you get no P.E. ratios.

Yes. That's a tricky one. And maybe you could say on a relative basis, it did get up to 303 times earnings during this past quarter. So I guess at 284, it's a relative bargain. Not really. But this is still, you know, a 30%, 35% grower, which you don't find too many of those in this large cap space, tech space, $322 billion.

And they continue to get new contracts. So, you know, now you've got to kind of just watch things here a little bit. You've got to realize that maybe you're out there on the tightrope about halfway across and you've got the balance bar and you're tipping one side to the other trying to make it to the other. I don't know how far the market's going to carry it.

The valuation, I'm just going to look at what my valuation is. Of course, my valuation is going to be built on a very high multiple that this stock commands. Yeah, I'm basing it on a 21% growth rate. You still can make an argument if it can maintain that growth rate, but it's got to maintain a very high P-E ratio.

right now. Somewhere in the forward PE is, let's see, the forward PE is 224 right now. So it's got to maintain a forward PE of 200 or so. So any kind of contraction in the multiple, that's where things will change. There will be two places where Palantir starts to give up the ghost. It's when that multiple starts to contract.

When a dose of reality sets in and they go, wait a minute, maybe interest rates go back up a little bit, start contracting multiples. Maybe there's bad news. But in the meantime, this is a stock everybody has to own right now. So that's my take on Palantir. And, of course, trouble first starts to show up. Where in the chart?

In the chart of the stock. Okay, inflation continues to cool around the world. I hope Jerome Powell is taking note of that. Germany's annual CPI eases to 2% in June. Remember when it was 10%? It wasn't that long ago.

The only country really growing in Europe right now, the U.K., a little bit. At least it's above 1%. It's at 1.3% in Q1. And I do see that the tariffs are taking effect today. That's the lessening of tariffs.

on products coming from the UK, most notably their cars. I don't know that we buy a lot of UK cars here anymore. Let me go to Jaguar, I guess Land Rover. Yeah, no, that's India now. Oh, yeah, I guess they're... Tata bought those. That's right. I don't know if MG, Rolls-Royce, I suppose. DeLorean? Yeah, DeLorean.

But that's a few companies there. That's good news there. There's at least one country that's growing in Europe. Canada revokes the digital service tax. Well, that's our friend Carney up there in Canada, the new prime minister. You know, they try to just dream up a tax. Where can we place another tax, it would seem. Then digital services was going to happen, and Trump called off the trade deal with them. He said, okay.

It's off. We're not talking anymore. Well, he gave in and rescinded that. How quick was that? I saw that this morning. Overnight, basically. Went to sleep and woke up this morning to one of my first little alert headlines was Canada rescinds tech tax. I guess we hold some cards here in the U.S. in the trade deal with Canada.

Fear of foreign investors fleeing U.S. assets are overstated, says Morgan Stanley. Well, we saw a lot of that in the first quarter of this year. Money fleeing the U.S., that's why you saw outsized moves in Europe. For many moons there, the leading sectors in the market were European financials, probably the most boring sector in the entire market, yet they were sizzling.

Well, I would expect that that's cooled off considerably, and they'll probably go back to where they belong, being very boring stocks in a very boring sector. Why was money fleeing the U.S.? Fear of Trump, F-O-T, I guess. Fear of Trump tariffs, F-O-T-T. Well, Morgan Stanley says that has been overdone. Yes, I would agree with that.

I mean, it's all you've got to look at is the scorecard for the first half of this year, and you realize that, let me just look real quickly at the European Index, which I use VGK as a proxy. I want to say it was up 21% somewhere in there, which clobbered our performance here in the U.S.,

and the performance in China. Now, they're on the wrong side of this whole tariff mess. I would expect China to underperform in the second half of the year, and I would expect Europe to underperform in the second. Europe was up 28.8% in the first half of the year, while the S&P was up 4.9%.

And a lot of that was currency. The one we'll say on those European indices is a lot of that was currency return because converting, say, from the dollar was weakening, so your euros were getting more. You got a tailwind from currency. So their stock prices did go up, not as significantly. Not because they were growing. I mean, Europe, those banks are growing by 1%, even negative, right?

So we were up basically, let's call it 5% for the first half of the year. Europe was up 21.8%. China was up 21%. Latin America was up 23%. But now this is the second half of the year, okay? I would not expect that to continue. We're growing much faster than Europe is. We'll be right back. I don't understand anymore.

This is Bill Gunderson. Thank you for tuning in to today's Best Stocks Now, Best Inverse Funds Now show. I put several hours of research in during the wee hours of the morning each day to bring you the very best cutting-edge stories that I can.

To get two free weeks of my newsletter, go to GundersenCapital.com. To talk to us about our fee-based only money management services, call us at 855-611-BEST. Now, back to the second half of the show. Call that instigator because there's something in the air.

And welcome back here to the second half of today's Best Stocks Now show on this last day of the second quarter of 2025. What a quarter it's been, huh? Yeah, what a quarter, you know. I mean, we really dipped. Holy cow, we had a 20% sell-off during this first half of the year today.

which temporarily put the market in technical bear market territory. And you had a choice at that point in time to flee, to run for the hills, or to kind of grip. I did a little bit of both. Both. You had to. But then I came back with conviction like never before at the right point in time, basically at or near the low of the market.

And I got a hunch that a lot of people missed that opportunity. Now, the market's holding on to its gains today. The Dow is up a little bit, 30 basis points. The NASDAQ's up just 21. It is at a new all-time high. But we do have a valuation problem in the market. Look, there's always something to worry about. You think I ever wake up in the morning with nothing to worry about in the markets?

But, you know, I have found that the best way to manage a large decision like the market is in bits and pieces, one stock at a time. That makes it much more manageable. It's kind of like I'd use an analogy here. I looked at my garage on Saturday while I was doing the newsletter. I go, oh, my gosh, there's a couple of things that are sagging here.

There's too much weight on that shelf there. It's getting ready to collapse. And you know what? Look, when there's a major problem like that, I took out most things out of my garage one thing at a time on Saturday. 90 degree heat. I think I overdid it. I was wiped out by the end of the day.

And then I, you know, I got rid of those things that aren't needed anymore. I organized and stacked those. So you undertake a big project one thing at a time. There is no other way around it, okay? And the market is the same exact way. You have to undertake a big market one stock at a time. And, you know, I just looked at my...

B-plus ranked stocks list today, there's 1,026. There's normally about 500, 400 or 500. That also shows you that not only is the market overvalued, the momentum is bloated right now. So just keep that in the back of your mind. I mean, that's how we're entering the second half of this year, okay?

on a yellow flag with an oil slick out there on turn number three that we don't want to get caught in. But having said that, you know, I still find things to buy in any environment in the market. Okay, so we have obviously the big disparity between returns in the U.S., returns overseas. That's one thing that's going in our favor.

as we begin the second half. Okay, the big beautiful bill is supposed to pass this week. Over the next 10 years, it's expected, at least they've graded it, to add $3 trillion. At least that would be a lot slower. We were adding $3 trillion a year there for a while.

This supposedly will add $3 trillion over the next 10 years. But there's two factors it's not taking into account. One is the amount of tariffs that will be collected.

And two, growth. Okay? I mean, they're targeting 3% growth with this bill. And they messed up the growth target on the 2018 version, by the way. Yes. You know, that's one big point in terms of all the, I mean, they're all projections, right? And, you know, growth is the key factor where if you, you know, reduce taxes, right, so that, you know, people have more money in their pockets, you've got, you know,

more certainty for companies from a corporate standpoint because people forget. Remember, we were, you know, before Trump was elected the first time, we were close to, I mean, you had, you know, the Democrat side talking about, you know, 28% corporate tax rates, remember? Yes. And you did the math on how that would have affected earnings at the time.

So there's, you know, it's hard to quantify. That's about a 20%. Right. 20% of fact? Or 10? Yeah. 10 or 12 or something like that. Yeah, you had the number for a while there in terms of if it were to happen and

I mean, so those are, you know, to me, those are things that certainly make that growth number hard to determine. Plus, when you start throwing in, you know, different in terms of reducing regulations, right, encouraging investment. I mean, there's a lot of things to fuel the economy. They're just harder to quantify. And the other way to look at

this is it's like a stock chart just going up, up, up, up. That would be our deficit. Up, up, up, up, 32. I mean, just a parabolic move over the last 10 years. If we could at least...

Level that off into a number three trend. That's at least a start, okay? Get it leveled off. Get it a balanced budget. You know, I mean, Musk wanted to move much more quickly. Look at the blowback he had on what they did do.

before they started to back off. And I guess it got too frustrating for Musk, and he kind of stepped back a little bit when they're burning down the Tesla dealerships out in the Bay Area and other places. But at least we're kind of leveling things off. I'd like to see that chart level off. And then I'd like to start to see it come down. And it's got to be a combination of three things. It has to be growth.

You have to bring in more money every year and keep continuing to grow that and spending cuts. Okay, so...

One of the big casualties here, and they're selling off today, renewable energy, wind, solar, because they're going too aggressively. Now, that's part of the deficit. I mean, if you're subsidizing these companies, that's money the government is spending to encourage people to use wind and solar. Well, that's going to be geared back a lot here. So that's one of the areas there's a cut.

You know, I was going to take a look here. Mideast tensions. Okay, that's another big change here. In the first half of the year, Ukraine...

It's still a problem. I mean, the biggest Russian attack of all time happened over the weekend against Ukraine. But the Middle East conflict with Gaza and then Iran joining in the fray and Yemen, well, that has cooled off considerably.

And in my opinion, that's going to cool off a couple of the big asset classes. Number one, you would think it would cool off precious metals.

and other commodities, especially precious metals, which they outperformed also in the first half. Number one, they were a hedge against the Trump tariffs. They were a hedge against inflation, and gold turned in a return of 24.5% in the first half of the year. That's way over the average.

And at one time it was up 30%. We've seen about a 6% sell-off in gold, 5-6%, since the ceasefire. Gold does not like a ceasefire. Gold does not like peace in the world. But at least for now, we seem to have a dose of peace in Iran. Now, Iran is saying, we're not going to give up our nuclear ambitions.

Well, we'll see. They may not have a choice. And, of course, things have cooled down in the Middle East, which is a big change to take that as a factor as we begin a new second half of the year. I would think backing off of some of those things would be a wise thing to do. We also have...

We have the deal with China. Okay, that was a big thing in the first half of the year, the different trade deals. China was the elephant in the room. That has now been put to bed. And, you know, the biggest winners there, biggest losers, I would say the chip and the AI sector with the restrictions remaining in place is

And also this whole rare earth thing. I see Indonesia is stepping forward. They want to make a deal with the U.S. They think they've got a lot of rare earth down there in Indonesia, and they want to make that part of a trade deal with the U.S. I would think the oil stocks would not be a good place to be invested. It wasn't a good place to be invested in the first half of the year. It had about a good two weeks, right?

When Israel attacked Iran, oil shot up to $75 per barrel. I saw BP, Chevron, Exxon, all of those stocks doing well. And I said to myself, you know, I don't think this is going to be sustainable. And it wasn't.

And they came right back down to earth as oil went from 75 down to 65. I don't see the oil stocks being a good, unless the market moves towards low P.E. in value, which the oil stocks do represent.

Now, the third big one here, the obesity drugs. Guess who's entering into the fray with a new obesity drug to take on Novo Nordisk and Eli Lilly. You'll never guess where this is coming from. We'll be right back. ♪♪♪

You gotta go where you wanna go, do what you wanna do, and win whoever wants to pay. Go where you wanna go, do whatever you wanna do.

And welcome back here to the final segment of today's Best Docs Now show. Novo Nordisk and Eli Lilly, the global leaders in obesity medications, are now facing their first major competitor from China. Suzu-based InnoVent Biologics. Well, I'm going to write that symbol down. IV. IV.

B-I-Y. I haven't even looked at it yet. I don't know. Look it up on Yahoo. You can type in that symbol and see. Sometimes they don't trade any volume whatsoever. They gained regulatory approval last week for its obesity treatment, Mazutide.

A significant milestone in China's push to tackle rising obesity. Now, people were starving under Mao. I mean, now they've got obesity issues in China. How times change. And their diet. Pendulum always over swings, right? Yeah. Do you know they have one of the highest diabetes rates in the entire world? Now.

We were at one time thought that this would be a huge market for Lilly and Novo. But no, now China has a drug of their own. So anyways, I will take a look into this stock from that's IVB. Just look that up on Yahoo real fast there and.

I mean, this is a pink sheet stock, so it's not going to show up in MarketSmith or the big chart suppliers. It's a little pink sheet. Now, I'm going to see how Lily is. Yeah, it actually doesn't show any movement on Yahoo, because it's that pink sheet. So there's probably no volume. Now, Lily is basically yawning, is shrugging it off. Lily is up $5 a share today.

But I will keep my eye on it. I'll tell you one of the hottest stocks in the entire market, Barry, and you should have been all over it, is Nintendo. Right. How much money have you spent on Nintendo over there? Maybe nothing. I don't know. Look at that stock. Now, it's another pink sheet stock, NTDOY. But it also has an ADR version, American Depository Receipt, which this Chinese stock does not have.

So Nintendo, you know, trades very good volume. Nintendo is a formidable company, by the way. It's a quarter of a trillion dollars in market cap, $223 billion. We bought it in the relative value and value portfolio, and we're enjoying this ride. It's up again today, hitting a new all-time high, up 1.7%.

One of the strongest charts in the entire market. Now this is a bit of a hybrid as far as value goes. It's trading at eight times forward earnings. That's really inexpensive. Japanese stocks normally trade at a higher multiple than U.S. stocks. Why is it trading at just eight times earnings?

Because this is more than likely a one-time event. This is a huge bottleneck that they have of orders coming in,

This is the biggest selling, what do you call it? Yeah, console. Console. And they haven't had a new product, right? It's like, you know, whether it's Nintendo or Xbox from Microsoft or, you know, Sony, PlayStation, the difference is Nintendo is more of a one-trick pony when it comes to, quote-unquote, gaming products.

Right. Aren't they the Mario Brothers franchise? Yeah. Yeah. And so they need, you know, this is one of those things where, you know, they need to sell consoles because eventually, right, they sell content to the console. So it creates future, you know, future revenue streams. So it's, you know, the reason the stock was so beat down was no one knew what the reaction exactly was going to be. You know, they got a lot of execution risk there.

versus if Xbox has some launch that doesn't work, well, it's still Microsoft. They probably wouldn't even show up on their earnings, but Nintendo, it will. They have a big hit on their hands, but it's probably a one-time deal, and we'll enjoy this ride and see where this goes from here, but it's trading right now at just over eight times forward earnings, so it was a perfect candidate when I saw it.

Several weeks ago, I said, wow, that's a perfect candidate for the value portfolio, which is our fastest growing portfolio right now. That relative value value portfolio, that was a very good idea.

Because you're buying best stocks now when they're beaten down for one reason or another. Or good stocks, you know, with big names like Nintendo that have something new, a new product and hitting a new high and yet still trading at a relatively low P.E. ratio. And I do see that there's a spat with Amazon. Amazon pulled, Nintendo pulled the plug on Amazon Switch recently.

amid a conflict over third-party sales on the e-commerce giant's marketplace. Apparently, it's not hurting the sales because the stock is hitting a new high today. And that symbol is NTDOY. So when you get those five symbols, you're looking at a foreign stock. Now...

These foreign stocks, and I don't really know the difference, they either end in a Y or an F.

Normally, the ones that are tradable end in the Y. So a lot of times they have both versions. I know BYD has BYDDF, and they have BYDDY. And not to be confused with a mutual fund that's five symbols that ends in X. They all end in X. They all end in X. But when you have a symbol that ends in Y or F...

which there are a lot of those in the app uh you know many of them are buyable you can buy them on the pink sheets now differing uh custodians have different rules uh some won't let you uh buy it but now i have no i had no problem getting into byddf others said hey my my uh

My custodian won't let me buy it. They'll only let me buy BYDDY. Why that is, I don't know. And sometimes they'll charge you a $50 fee for buying a foreign stock like that. So it just depends. I don't buy a lot of them.

But I do like to have all baits, all lures, whatever, available to me at any given time. And when Nintendo showed up, that's why I have them in my app. When Nintendo started showing up on my momentum list, I looked into it.

I kind of knew the back story that they have a hit on their hands, and it's going crazy. So anyway, boy, we're out of time. I had a lot of fun. I can't wait to come back and do this again tomorrow. We'll have a date for you here on Michigan, on Detroit, hopefully by tomorrow or Wednesday. We're booking, making our final reservations and bookings there. But it will be late July, early August.

To get the four-week trial, as things are shifting in the market right underneath our feet right now, go to GundersenCapital.com. To set up an appointment with us and breathe some life maybe into your portfolio, 855-611-BEST. 855-611-BEST. Have a great day, everybody.

This show is not a solicitation to buy or sell any securities. Bill Gunderson or clients of Gunderson Capital Management may have long or short positions in stocks mentioned during the show. Past performance is not indicative of future performance. Gunderson Capital Management is a fee-based registered investment advisory firm. All accounts are held at Charles Schwab. Schwab is a member of SIPC and FINRA.