Thursday May 15, 2025 - John Deere has been a good stock over the years.
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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 Thursday. It's Thursday already. It is the May 15th live edition of the Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management, a nationwide fee-based only money management firm. And we've got a little bit of a pause in the market today. We've had a pretty good run here.

Today the Dow is down 93 points so far, but it's clear up at 41,957 these days. Meanwhile, the NASDAQ is down 109. Cisco reported last night and a few others. Core, Weave, we'll look into those in a bit. The NASDAQ is at 19,041, headed back to its old high of 20,200 maybe. We'll see.

The S&P 500 is down 11. It's at 5,881 today. Small caps are down about 35 basis points here so far today. I did notice the bond market the 10-year was down a little bit, down about 4 or 5 basis points, but we're at 4.48. I noticed a big jump in the 2-year, however.

25 basis points yesterday and we're clear back to 4.01. That's not a bad return on a two-year U.S. Treasury. So welcome to today's Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management.

And I'm here with Barry Kite, our chartered financial analyst. We're packing our bags over the weekend for the Cleveland area. Our first foray into the future.

It's the third stop on our road trip so far this year. Is it third or second? I can't remember. I lose track. Well, our first one was a stay-at-home when we had the team come here. And then, of course, we went to Sarasota and then headed to Cleveland. Yes, and then our next trip is Lakewood Ranch, back to Lakewood Ranch. We're going to do a blockbuster workshop down there.

On a Tuesday night, I think it's June 10th, is what it works out to be at the Grove in Lakewood Ranch. And then we're going to head on out to the Detroit area, the Bloomfield Hills area in Michigan. So we've got a fun trip.

The Sugar Magnolia bus is loaded up, and all you deadheads, gunderheads can get ready for us coming to your town this year on the 2025 Best Stocks Now Tour. All right, let's see what we've got going on here. Yesterday was kind of a mixed day, but it was a good day for tech.

The NASDAQ was up three-quarters of a percent. I would say NVIDIA, for me, was the stock of the day yesterday. It continues to break out. They got quite a few hurdles, quite a few obstacles taken out of their way recently with the thawing of the big freeze with China. That helps, number one. Number two, Saudi Arabia is going to make – or Saudi Arabia and I believe also –

Not Abu Dhabi, but Qatar going to make a big deal with NVIDIA. You know, Trump should get a commission from NVIDIA, from Boeing. He's one of the best salesmen I've ever seen selling American-made products to

And they continue. Also, defense. The defense company is getting a lot of business. Boeing really getting a lot of business out of Trump. He should become a commissioned salesman there at Boeing. European markets dip as trade talk rally fades. Okay, I haven't really heard any updates on our trade talks with Europe.

The EU, of course, UK was a slam dunk. It's done. UK not a part of that EU, obviously, after Brexit. And now we've got the EU to deal with. I really haven't heard any updates on how we're doing with Europe, with a trade deal in Europe. That would be the next big one.

to bag if possible but anyways the european markets are settling in here today we've had several earnings reports big one from walmart we'll go over that there's a big deal in the sporting goods industry the shoe stocks there's some crazy history there with footlocker

If my memory serves me right, Foot Locker is all that survived from the Woolworth days. I'll have to look that up, but I'm pretty sure that was the story.

And now Foot Locker is going to be bought out by Dick's Sporting Goods. Some big earnings from China. It's kind of interesting, though. You know how those, I mean, obviously one of those tends to be in a mall, right, would be Foot Locker versus, you know, Dick's Sporting Goods, you know, standalone, a lot of standalone stores and also, you know, kind of a strip mall-ish, you know, presence. So it'll be interesting to see how that builds together. Yeah, as the mall slowly fades into the sunset and becomes a new venue, you know,

They're trying to reinvent the mall. But I remember going into Foot Lockers. Almost every mall had one.

The salespeople would wear referee shirts and a whistle around their neck. If the shoe didn't fit, they'd blow the whistle on you or something. But it's kind of a dying franchise, really. How many people now are ordering shoes online? I can't remember the last time I was in a shoe store. I know my size. I don't need to try them on.

And if they squeeze my toes a little bit, I can send them back and get the new ones. But I've done all my shoe buys online for the last several years. So I can't see really the shoe business being a very good one. But Foot Locker, ante'd up, writing a big check to Foot Locker. I mean, Dick's Sporting Goods to Foot Locker. Okay, the good news is headline, producer price index.

PPI, which is the follow-up to the Consumer Price Index, which came in very mellow this week. The producer prices unexpectedly fell on a monthly basis in April. But yet, Jerome Powell, what is his problem? He's out there with hawkish talk this morning.

he's pretty much kind of a pessimistic kind of guy. I guess that's the nature of the beast. Most economists are. It's known as the dismal science for a reason. Yeah, you don't want to go out to dinner with an economist. You know, the salad's going to be wilted. The appetizers are going to be lousy. The food's going to be lousy if you go out with an economist. But Jerome Powell, he never has anything good to say, it seems like.

even though inflation looks to be vanishing from the scene. Now, Walmart did come out and say expect higher prices. They're going to have to start raising their prices because there still is a stiff tariff on China. I mean, it's not 145%.

It's, what is it, 30% on China. And it may be sticky in that 30% range for a while, and Walmart will be passing along that.

a lot of that to consumers. But the PPI fell, which is good. Stripping out volatile food and energy costs. Core PPI fell 0.4% from a month earlier. I say it's time for a rate cut.

But I heard an interview with Jamie Dimon this morning, and he's saying December. Maybe, you know, right before Christmas, Jerome Powell the Grinch will come forward and give us 25 basis points, the old crumb legend.

Kind of makes sense. I mean, I guess we were talking about there's basically two, you know, you had three cuts priced in and now it's essentially with the deal with China. Now there's two cuts priced in. And, of course, you know, Jamie Dimon sounds like he's on the quarter point, you know, one this year train. But, yeah, I mean...

I don't think it would be surprising if the Fed, I guess, kind of gives us a bit of a boost before the fourth quarter. Jamie Dimon seems to always be a little bit on the pessimistic side, too. I think that's the nature of a banker. They're always worried about someone running out on their loan and not paying them back. Only millions of people have got loans with J.P. Morgan. So I'm sure he wakes up every morning a little bit worried about how the bank's going to do today.

Anyways, initial jobless claims, that's another good number there. I mean, look, the numbers are getting better, not worse, which many said were going to happen under Trump. But for Trump fans, they have a lot to cheer about. For the people that don't like Trump, they've got a lot to chew their fingernails over because the numbers have been getting better. Initial jobless claims were 229K.

That's down from the four-week moving average of $230K. And, you know, company after company announcing billion-dollar plans to build factories in the U.S., and that only bodes well for the future of the jobs market. And some interesting exchange between Trump and Tim Cook over in Qatar yesterday. We'll talk about that when we come back. ♪ music playing ♪

Oh, we're going on. What are you feeling? Now that I've caught my eye.

And welcome back here to the second quarter of today's Best Stocks Now show. A couple other macro numbers coming in today on the nation's economy. The New York State Manufacturing Index drops again in May. They need Trump back there in New York, I guess, with the salesman that he is.

The Empire State Manufacturing Index, little changed at minus 9.2. I never pay much credence to those. You know, you've got the Philly Fed and you've got the New York Manufacturing and this and that, the Empire State, etc. But things not going as robustly in New York as they should be. April retail sales slightly beat.

core measures trail consensus. Well, you know what? That doesn't surprise me because we had a lot of front running. I think it's going to get worse. I think the retail sales are probably going to fall off a cliff, Barry, here, now that the trade deal is at least phase one of the Chinese trade deal. But that's why we had the huge numbers drop.

in the first quarter of the year, and I think that's why we had such a good earnings season. I think that was a big part of it was the front running getting ahead of the tariffs, right? Yeah, agreed, and we'll get a good idea. I think we've got some of the retailers, right? I think they're coming up here pretty quickly. They're usually the latter part of earnings season, and they'll give us some insights. But, yeah, I would agree. I mean, you think some of that is –

Those sales were pulled forward. I don't see it will probably be softer. It basically just makes the data dirtier, right? Yes. The distribution, the average might be the same. You've got to average the two quarters together. But I will say sentiment-wise, you talked about –

in terms of pessimism and everything else. I did see where bearish sentiment fell below 50% for the first time in 11 weeks when you look at the American Association of Individual Investors. So a lot of times that can be a contrarian indicator, but sentiment-wise it goes to show you that at least

At least some investors are not thinking we're falling off a cliff anymore. Well, when it was the most bearish, that was the best time to buy about five weeks ago. I remember how bearish that sentiment was. Now, can it get any worse? Speaking of bearish, can it get any worse for UnitedHealth Group? Look at that again today. I was doing the math over here. 57% since I believe it was mid-April.

And the bad news is it's a member of the Dow Jones Industrial Average. What now? Well, you had the CEO resign last week. For personal reasons. Well, maybe those personal reasons might have something to do with criminal investigation. I don't know. But they're being probed by the Department of Justice for potential Medicare fraud.

Maybe that was turned up by Doge. I don't know. They did go through Medicare. They found a lot of people that were getting benefits that are 137 years old or 150 years old, people that didn't qualify for Medicare benefits. Maybe Doge turned that up. But now they're finding fraud. Was UnitedHealthcare defrauding Medicare? That would be a really bad thing.

but they're under investigation by the Department of Justice. The probe is centered around the insurer's Medicare Advantage, Medicare Advantage business. That's the add-on, right, to Social Security, the Advantage business. This stock is down today 17% on top of all of the other drops today.

And, of course, you've got a guy sitting in prison that murdered the second-in-command at UnitedHealthcare. You have the CEO that resigned. And now you also have a group of shareholders suing the company, alleging it hit the business impact from the backlash surrounding the murder of UnitedHealthcare CEO Brian Thompson.

And in February, the DOJ reportedly launched another probe into the mergers and acquisition division business practices that allegedly included adding diagnoses to receive extra Medicare benefits.

Or the MA division business, not murderers and acquisitions. Can you believe this? Medicare Advantage. Padding a bill there. Yes. I mean, since April 11th, okay, the stock was talking about the movement. And this is a name that historically should be a defensive name. And it's at $600 basically on April 11th.

It now sits at 255, so a 57% drop in just over a month. Well, you know, I'm sure the single-payer people that want the government to take over the health care system 100% have some cannon fodder there to try to promote single-payer like they have in Canada, like they have in Europe.

But anyways, that's not good for the whole industry. Now, here's NVIDIA. Another big deal. U.S. nears a deal to allow the United Arab Emirates millions of NVIDIA AI chips. Now, I read something yesterday that I really didn't realize, but when a guy like me

Just an idiot like me or you, Barry, go on and ask ChatGPT a question. We're part of that need for high-speed chips. We don't want to wait until tomorrow for an answer. To get the answer. We don't want to wait an hour to get the answer. We want the answer within seconds, and therein...

is the reason why the high-speed chips, one of the main reasons, some computer is whirring somewhere in some data center or a bunch of connected data centers to get you the answer you're looking for as it searches the web for all the information it can gather on the question you just asked it.

So anyways, millions of NVIDIA chips to the United Arab Emirates. NVDA today is down a little bit, but that's been one of the best-looking stocks in the entire market recently. And it's still only trading at about 25 times forward earnings, which ain't bad. I see it getting back to its old high easily at 153.

It's at $133 now. You're back to $3.3 trillion. Microsoft is currently at, it's just barely behind Microsoft right now. And Apple, which has been moving up lately, it's at $3.1. So NVIDIA has now passed Apple.

and is breathing down Microsoft's neck as the largest U.S. buy market capitalization in the world right now. And speaking of Apple, Trump took Tim Cook aside. You know, this trip to the Middle East, a lot of CEOs are there, business executives.

I mean, this is not only a foreign policy trip, a hopefully peacemaking trip, but also a business trip. There's some money in the United Arab Emirates and in Saudi Arabia and in Qatar. Oh, the sovereign wealth fund of both of those countries are huge money.

Trump had an interesting conversation with Tim Cook. We'll get to that. That's going to be our first story when we come back. 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 out the instigator because there's something wrong.

We've got to get together soon. And back here to the second half of today's Best Docs Now show. President Trump said he had a little problem with Tim Cook yesterday. Speaking with him, he had a little discussion and he says, Hey Tim, you're building all over India. I don't want you building in India. Yeah.

As a result of their conversation, Trump said Apple will be upping their production in the United States. Now, here's the question, Barry. How much of Apple's production of iPhones occurs in the United States? Of iPhones? I would say...

Five percent. You're way off. Nothing. Nothing. Not a thing is built here in the U.S. Maybe we should boycott and buy. Well, I'm sure Samsung's are built elsewhere. Huawei's are certainly. But he noted that, you know, India is one of the highest tariff barriers in the world, and it's difficult to sell U.S. goods in India. Yeah.

Obviously, India is negotiating with us to reduce tariffs. We do kind of have the framework of a trade agreement. But last I saw, probably the final one won't be until fall. But Trump's comments could potentially impact Apple's plans, which aims to import most of the iPhones it sells in the U.S. from India by the end of next year.

pivoting its manufacturing beyond China. Apple still makes most of its iPhones in China and has no smartphone manufacturing in the U.S. So anyways, it was reported on Wednesday, Foxconn, which builds Apple iPhones, that's the Chinese company,

They got approval from India to construct a half a billion dollar fabrication plant in India. And of course, I'm sure Trump would have liked to have seen that in Duluth, Minnesota or Indianapolis or Austin, Texas, anywhere. But India, that's a big factory. A majority of Indian-made iPhones are assembled at the factory in southern India.

So anyways, we'll see how much of...

production comes to the U.S. after Trump met with... He's just going around. I mean, he's making deals in the hallways over there. It's interesting because you've got... I mean, if you're Apple, right? It's like, okay, I'm going to... Making them in China, okay, we need to... We're going to have tariffs there, so we need to move to India, and then maybe they get a deal in India, and then, of course, now we've got to pause in China. So strategy-wise, it's got to be a little bit tricky. Yes.

Yes. Okay, now, while he's making deals with Tim Cook in the hallways, he's nearing a nuclear deal with Iran. Okay? This is something that kind of has been neglected, and Iran just continues to, you know, enrich uranium. But apparently he's getting close to a deal with them. And meanwhile, over in China, they're lifting curbs on the export of rare earth minerals. Of course, that came about since Trump.

That was one of their ways of retaliating against our tariffs. It shows you the importance of these rare earth minerals. You know, we're not seeing much in the way of progress here in the U.S. You've got companies looking under the ocean, TMC Metals. You've got MP Materials looking in the Las Vegas, just south of Las Vegas there. You've got mining companies in Utah looking.

and in Colorado searching for rare earth minerals. I guess it's like fighting a needle in a haystack, but it shows you the importance of these. Yeah, and I've been following this for a little while, and the tricky thing, too, is not just finding them, but being able to refine them and where they're refined. You can find them in certain parts of the world, but a majority of them are actually refined in China. Yeah.

It's one thing to find them, then you've actually got to do something with them. Yeah, well, we read about a company in Indiana that's amping up their refining of rare earth minerals. Exactly. So we're at least addressing this issue and getting it under control because the future of technology very much. And then last but not least, and we'll get to some individual stocks here, they're going to talk turkey and turkey.

Putin's not going to be there. I'd be a little bit afraid for my life showing up there face-to-face with Zelenskyy.

But those talks are going to take place, I believe, today, where they're trying to work out some kind of a peace deal. Yeah, I think Zelensky's already arrived. You know, I saw a headline. Then one last one. It sounds like, when did Putin back out? I knew he wasn't going to be there. Yeah, he's not going to be there personally. Gotcha. He will not attend. I, you know, I don't blame him.

Boeing gets a $96 billion deal with Qatar Airways. So Boeing stock is breaking out. Okay, Boeing stock is breaking out. Okay, in the meantime, market pundit Steve Cohen, he warns of market complacency. He thinks stocks look pricey. I would agree with that. They're pricey. They weren't five or six weeks ago.

Now you have to look harder. It's not as tough as finding rare earth minerals. There are still good stocks out there. I see a lot of little pockets of good value out there. We mentioned NVIDIA just a while ago.

But, of course, Steve Cohen, he's the big guy. He owns the New York Mets. His Mets are in first place. He estimates the likelihood of a U.S. recession at 45%. He tends to be a little bit on the bearish side. His hedge fund is .72. It's done rather well over the years, okay? You just don't go out and buy the New York Mets franchise anymore.

So anyways, that's Steve Cohen. Now this Foot Locker deal. Foot Locker's up 81% today. Who saw that coming? But if I remember right, you can look up Foot Locker on Wikipedia, Barry, and see if that was what was left over of Woolworth's. Woolworth's Department Stores, which I can remember going into as a kid and

Down Sound San Diego had one of the classic old Woolworth department stores with the wooden floors and everything. And, you know, it was like an old-time retailer going back to Sears and Roebuck days and Five and Dime days. And I think the only profitable thing they have left in the end was their shoe products.

Yeah, the shoe, you had Champs Sports and Foot Locker. I think there's still Champs every once in a while. I've seen a few Champs around. I always think it's a Foot Locker, but instead, you get closer, it's like, oh, it's a Champs. But they're both, they actually...

They created those. I'm looking at it here. Woolworths created those specialty stores in the 80s. Yeah, and then they renamed Woolworth Foot Locker when Woolworths started to close down. So that's what's left of Woolworths department stores. Dick's Sporting Good Steps up to the plate. $2.4 billion all stock. $24 per share. A big premium. I wish I saw that one coming.

That's a big move for a footlocker today. Walmart beats top line and bottom line estimates. Okay, they were one of the ones in the headlights of the tariffs, but Walmart is now down 2.2% on the day. But, you know, look at their growth, okay? Their sales were up 3% year over year, 3%.

Single-digit grower, no question about it. They need that India market. They need to get into that India market. Maybe we can get some Apple factories here and Walmarts in India. And Walmart earnings were up 2%, 2% year over year. That's why you won't find Walmart in any of our portfolios here at Gunderson Capital. I know it does well. The stock has done okay. It does well, you know.

When NVIDIA is selling off or one of the hot AI stocks, Walmart's doing well. But at the bottom of the day, at the end of the day, it's a single-digit grower. It's a single-digit grower. But you will see it in almost 99% of the portfolios that come from Wall Street firms.

They love big household names like that to own in their portfolios. I've said that many, many times. And Walmart is probably the biggest core position in the world. So Walmart was up, but now it's down. And they are warning U.S. consumers may see higher prices. I'm sure that's got Jerome Powell all hot and bothered. That's inflationary.

I doubt, though, that it will be on a lot of their products. But even at the reduced tariff levels, Walmart is warning U.S. consumers that you may see higher prices anyways. You know, so Walmart is trying to move towards a...

very more AI-friendly company and faster types of deliveries and whatnot. They're developing stores of the future, but it's still a single-digit grower. We'll be right back. ♪♪♪

And welcome back here to the final segment of today's Best Docs Now show.

With professional money manager Bill Gunderson, president of Gunderson Capital Management, we are a nationwide fee-based only investment advisory firm.

You know, not only do we do the planning end of things, but we also do the management of the money. That's a pretty good marriage, I think, Barry. Most firms like us farm out the money management. We end up with a disconnect, right? You end up with a disconnect in terms of what is going on in the portfolio and why. There could be a perfectly good reason why, but if you're not in the mix, or in my opinion, if you're not in the mix and living it,

day in and day out, then you may not really know what's going on in the background. And they farm out the money management to big ETF firms that own huge swaths, basically, indexes. Well, I was looking at 90% of, like we talked about yesterday, UnitedHealth, 90% of ownership, institutional ownership, is owned.

That company is held. I mean, it's a huge amount. Walmart's the same way. Over half of it. Over half of the value has disappeared in a month and a few days. But they don't make any changes. It's UnitedHealthcare, and it'll come back, and...

You know, even though it's probably the most troubled company in America right now as far as, you know, the size of it and everything. I mean, it needs some, I mean, to me, when I look at it, it needs some kind of, almost like a savior to come in and, you know, pick it. You know, there's a bottom feeder. It's almost like the government's got to step in. Yeah, it's not like that. But they're after it.

It's not the competitor. It's not Humana stepping in, right? I mean, I don't think any of these other companies. No one's big enough. Right. They're the biggest, so I don't know what's going to happen there. They need a turnaround guy.

Big time. Maybe the guy that turned around Domino's Pizza. I don't know what he knows about health care. Deere, okay. You know what? My hat is off to Deere. That has been a good stock. This would be one you would think would be one of those stodgy growth giants of yesteryear.

But actually, I mean, over the last 10 years, it's beat the S&P 500, believe it or not. 20.7% average return over the last 10 years. Now, that is a credit to the management. Managing through bad times, good times, hard times, you know. The S&P has done 18%. Deere has done 20.7%. And over the last five years,

You've gotten an average return from the management at Deere of 33.4% per year. That's pretty good. I would love to invest my money and earn 33.4% per year for five years. Now, obviously, there's no guarantee that they're going to continue that, but that's their track record, okay? And they get a pretty good performance grade, and the stock is breaking out 2%.

to a new all-time high, believe it or not, today. A $141 billion market cap company which manufactures tractors, combines cotton and sugarcane harvesters, sprayers, mowers, backhoe loaders. I think you could call it an industrial. You know, when I think of America, when I see that green and yellow line,

Deer. That's right. Maybe they're making them in India. I don't know. I don't think so. But Moline, Illinois is where they're from. That would be a fun place to go sometime and visit the John Deere plant. It has a relative strength of 90 on a scale of 1 to 99, believe it or not. If I had to own an industrial, this would be one of them.

Not many of them have returns like this. It dominates their industry. What can I say? I'm surprised it's not a Warren Buffett stock.

It's up $23 a share today, 4.7%, $521 per share. It's never been that high, but it is today. So I think I'll give that one. In my app, I have a way of turning on a little widget there that gives it a trophy. It becomes a trophy stock, trophy winner.

I think that one deserves a trophy. DE is the symbol, obviously, and the dividend yield is 1.24%. Now, there's an example of not a 5%, 6% dividend yield because you still have capital appreciation coming from a deer. Now, Cisco, on the other hand, has seen better days. You know, their better days were 15 years ago. But having said that,

Cisco is trying to become more of an AI quantum type company. They're accelerating their AI partnerships. This would qualify as a value, relative value stock. It's trading at 16 times forward earnings, 16 times forward earnings. They produced a really good quarter here.

This is a quarter of a trillion dollar company, $260 billion. Cisco's sales were up 11%. I haven't seen a double-digit quarter from Cisco in a long time. And their earnings were up 9%. It's not the kind of numbers I really like. I like those double-digit numbers. But this is a good report from Cisco. And as a result, the stock is up 7.1% today.

So where's Jerome Powell telling us the economy's on a slippery slope when you've got companies like these, Walmart and Cisco, producing earnings like this? I look at earnings. Earnings is the driver of stocks and the market, just like real estate is location, location, location. The market and the economy...

Our earnings, earnings, earnings. And the last one is a young stock, is a publicly traded one. In fact, it's fairly recent. And we own it, and it's not often that we step into a company that's only been public for about two months. Their sales were up 420%.

420%. Contrast that with Walmart, whose sales were up 2%. CoreWeave, C-R-W-V, a big cloud platform, hyperscaler, digital.

AI company to the max, CRWV, the new kid on the block. It's already a $32 billion company, CRWV, and we're out of time. If you'd like to book that appointment with us next week, it's a very rare opportunity. We may not be back in that area for some time.

But we'll be there next week in Warrensville, Ohio, just outside of Cleveland on Tuesday and Wednesday. Workshop Tuesday night, 7 p.m. Appointments Tuesday and Wednesday during the day. And then after that, about four weeks after that, we'll be back in Lakewood Ranch with a very similar schedule, a workshop and two days of appointments near the Grove in Lakewood Ranch. 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.