Join Bill Gunderson as he navigates the Monday edition of Best Stocks Now, breaking down the market trends after two turbulent weeks. From the highs of gold prices reaching new records to the strategic landscape of tariffs involving major countries like China, Bill offers a professional perspective into the financial markets. This episode covers the latest updates on various market indices, provides a sneak peek into the NASDAQ closing ceremony in New York, and highlights the importance of earnings in driving stock prices.
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 Gunderson Capital Management. Here is professional money manager Bill Gunderson.
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And welcome to the Monday. It is the Monday edition of the Best Stocks Now show. And for a change, the market’s not getting crushed today as it did the last two Mondays. This is Bill Gunderson, president of Gunderson Capital Management. I’m flying solo today. Barry and Jeff are in New York City. They’ll be at the closing bell ceremony today at the NASDAQ. So turn on your TVs around 4 p.m. to see that. In the meantime, I’m holding down the fort here at HQ. The Dow is up 184 points right now, 44,487. The NASDAQ is up 206 points right now. A couple of big, big winners in the NASDAQ today. We’ll get to that. NASDAQ up 1.1, 19,729. S&P up 38 at 6,064. The small caps up a little bit, a quarter of a percent. The big news today is gold. How about that? All time high. You got a little gold in your safe? Well, it is now $2,932 per ounce as it closes in on $3,000 for the first time ever. Crude oil is at $71.91. Interest rates behaving themselves today down one point. to uh 4.47 and bitcoin is up 1200 to 97,465 everybody happy today except the Kansas City Chiefs. So welcome to today’s Best Docs Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management, a nationwide fee-based only firm. And we are off to a good start this year so far through six weeks of the year. Our AUM is up 7%. since the beginning of the year, and a lot of that has been because of capital appreciation. That’s always good. Keep the customers happy, I always say. We work very, very hard to do that. I’m flying solo today. Jeff and Barry are both in NYC, New York City, Times Square, to be at the closing bell ceremony. at 4 p.m. Eastern Standard Time today. Look for them on TV. And that would be on Bloomberg, CNBC. I don’t know that Fox Business shows that. Maybe a few others. But anyways, the Profunds invited us this time. I’ve been doing business with Profunds for a long, long time. I decided to stay home, hold down the fort here at HQ today. A little too cold up there in New York City for me. Right now they’re going to get a big winter snowstorm today. I hope they get out of there. Actually, I hope they stay there. I hope they get snowed in. I’m having fun here by myself. Just kidding. All right, now let’s take a look at the markets here today. For a change, if you remember, last Monday we had a thrashing of the market because of the tariffs placed on Canada and Mexico. And by the time the midway point of the show last week, Mexico was caving. They thought about avocado sales over the Super Bowl Sunday, I guess, and they caved and sent troops to the border, or promised to send troops to the border. Canada caved, and they also decided to send troops to the border. Two Mondays ago, it was deep seek, if you remember. The market was deep seeked, and everybody thought that was the end to our AI sector. Well, it definitely changed the trajectory of the AI sector. But Palantir has been doing just fine ever since. And NVIDIA has really kind of perked up here recently. NVIDIA is one of the big winners here today. That’s a very good chart on NVIDIA right now. I don’t know what got into NVIDIA all of a sudden. The bad chart right now is Tesla. Tesla seems up against it a little bit between China and the EV slowing down sector here in the U.S. So that’s kind of how we open here on this Monday for the first time in two weeks. Not a manic Monday. We did have the Friday fade again on Friday, however. I think I’m going to start a new strategy. When the market opens on this Friday, buy SQQ. I think that’s it. Short the NASDAQ three times. triple your fun and see how that does because it’s just it’s been a friday fade it just seems to be the hot money does not want to go into the weekend being long and the dow was down 444 on on friday the nasdaq was down 268 after starting off in the green So that little trading trick of shorting the market at the beginning of the day on Friday would have worked really well last Friday. There was a weak jobs report, weak guidance from Amazon, kind of the main culprits. But there were a lot of big winners on Friday, too, such as Arista Networks, Oklo, Palantir, Booking.com, Reddit, etc., So that’s how we ended the week and here’s how we begin the week. We’re starting the week on a high note, but we have a lot of threats out there as always. And we have an important update on the earnings season, how it’s going. I would give it an A- right now, believe it or not. And we’ll talk about the companies that will be reporting earnings this week. While the real estate market is all about location, location, location, the stock market is all about earnings, earnings, earnings. And if you can learn that lesson, that’s one of the most important lessons that you can learn in the market. Stocks and indexes follow earnings. Well, let’s begin with what we have to worry about. How about China? China’s retaliatory tariffs on the U.S. imports have now gone into effect, just as U.S. President Donald Trump unveiled plans to impose new 25% tariffs on all steel and aluminum imports, marking the next leg of the global trade war. So as you can imagine, Our steel stocks, our aluminum stocks, our metals, commercial metals stocks are having a good day. That’s also part of gold hitting a new all-time high today. Trump also announced something called reciprocal tariffs on every country. uh on uh tuesday or wednesday it won’t affect everybody because there are some where we have similar tariffs but the ones that are taking advantage of the u.s we’re going to have a repra represent repercosity he declared beijing last week announced tariffs on u.s imports ranging from coal well this is the coal industry that big in the u.s agriculture equipment They’re probably building a lot of their own these days. And this came after Trump announced 10% tariffs on China. So the tariff war now is kind of focused on China. Canada and Mexico have gone to the back burner. And we think at some point Europe, it’s just a matter of time before they go after Europe. And, you know, this bit about reciprocal tariffs, I think that would be on countries that are selling us a lot more goods than we’re buying. I think Trump is looking for a little bit more reciprocal. If we buy $27 billion worth of your goods, we expect you to buy $27 billion worth of U.S. goods. So anyways, that is the next leg up in the tariff war. We’ll see how China reacts in the tariff war right now. I don’t see them caving anytime soon, although their economy is struggling right now as they are in one of the biggest military buildups of all time. Should we be worried about that? Yes, absolutely. But at the same time, they are struggling with their economy, which may be a blessing in disguise. They haven’t rattled the saber towards Taiwan here recently. But China remains a very, very big threat in the world. How about minting pennies? Let’s rip the waste out. Trump directs the Treasury to stop minting new pennies. Well, when’s the last time you paid $1.67 and you pulled out two pennies and gave them exact change? I suppose some old-timers still do that. For the most part, we’ve become kind of a cashless society. I mean, I can’t remember the last time I paid cash for something. It’s always on that debit card, right? And do we really need to be minting pennies? Countries like Canada, Australia, and New Zealand all stopped using one-cent pieces a long time ago, and we’re still minting pennies. Our nickels next. We’re going to get nickel and dime to death. We’ll be right back. And welcome back here to the second quarter of today’s Best Stocks Now show. Well, we are now about, what, two weeks in? No more than that. We’re about halfway done with earnings season. I love earnings season. It’s always fun. You’re always going to have one. I mean, our biggest one so far that disappointed was… Deckers Outdoor. I see Martha Stewart flying around her garden in Skechers, not Hoka’s. But anyways, Decker’s kind of disappointed. It was down 25%. That happens during earnings season. But on the other hand, Palantir had a huge earnings report. It was up 25% in one day. So earnings season always, you need a good chiropractor during earnings season because you do get a bit of whiplash. I got a good one. He cracks my neck after earnings season, and I’m back to normal for a while. Till the next earnings season. But so far we’ve got, let’s see, we’ve had 62% of the companies have now reported actual results. Okay, so we’ve got 38% left. We’ve got 310 out of 500 S&P 500 companies that have now reported. And of those 310 companies, we have 77%. that have reported a positive earning surprise. That’s just a little bit above average. 63% have reported a positive earning surprise. That’s a good thing. The earnings growth rate for the S&P 500. Now here’s the kicker. This is why I give this earnings season an A-. We started this quarter with about 11% expectations earnings growth, which is really good. I mean, year over year, to take a look at the same fourth quarter of 2023 and compare it with the fourth quarter of 2024, we were looking for about 11% growth when we began this quarter. We’re now at 16.4% growth. That’s amazing. This will mark the seventh straight quarter of year-over-year earnings growth for the index. It will also mark the highest year-over-year earnings growth since Q4 2021. Take that, all you bears out there. And nothing explains the bull market and the bullishness in the market more than that. stocks and indexes follow earnings it’s a very simple lesson to learn listen to professor gunderson here i’ve been studying the markets and trading in them for the last 25 years as a professional money manager nothing drives the market more than earnings yes Valuation, the multiple is important too. But earnings are the fuel. It’s like the wood pellets in your smoker on Sunday, right? Smoking that brisket, you run out of wood pellets and you quit smoking. The smoker turns off. You’ve got no fuel. The pellets are earnings in the stock market. And as long as those earnings continue to be fed into the market, especially increasing earnings, the market’s going to go higher. as long as the markets are going to go higher, as long as the valuations remain reasonable. Now, let’s put that into numerical perspective. 16.4 sounds well and good. But the fourth quarter of last year, 2023, the S&P made $55.56. If you annualize that, multiply it by four, we were running at about $220.00. Compare that with $60 in 2009. Nothing explains the bull market increase in earnings back in 2009 and $60 a share to $220 a share. But wait a minute. Now, 55.56 was a year ago. This quarter that has been completed and now being reported is going to come in around $64 per share. We’re now running at a $250 per earnings annual clip. Slap a multiple of 21 on that. 22 is where we’re at now in the market. And you can see valuing the market and the market becomes really a mathematical equation. A very simple mathematical equation. Earnings times a multiple. Equals the target price. And obviously what we’re looking at in $64 is looking in the rear view mirror. The market is looking ahead. What does it think it can make the market in earnings this year? What does it think it can make next year? How is that computed? Do they just put their finger in the wind and come up with the number? No. There’s analysts that talk to each of these companies in the S&P 500 on a regular basis, and they add them all up. And when one company reports, like Amazon on Thursday, they make an adjustment, and that all becomes part of those S&P 500 overall earnings. The forward ratio for the S&P goes to 22.1 on Friday. That’s a little high. Okay, the five-year average is 19.8%. The 10-year average is 18 points. Why is it that high? Because it’s looking ahead to some pretty solid growth this year and next year. 78 companies will report earnings this week. Let’s take a look at that roster of companies that will report earnings and see where the highlights are. Last week we had an interesting week, Amazon being one that Amazon disappointed a little bit. That’s the way it is. Today we’ve already had McDonald’s. We’ll get to them in a minute. i could use a good big mac uh let’s see what else on semiconductor today nothing really big tomorrow coca-cola and pepsi let me just tell you even though they spend a lot of money on super bowl ads those are non-growth companies so if earnings drive earnings growth drives stock prices higher what happens when earnings growth slows down to single digits well The stock price appreciation slows down to single digits. That’s why we call them soggy stocks. It’s like walking around the house in soggy sneakers, messing up the carpet and getting yelled at by your wife. Coca-Cola, Pepsi are single-digit growers, okay? So all things being equal, you can expect single-digit appreciation. Now, a good growth company will report tomorrow, Shopify. That’s the stock of today. Shopify kind of changed the world along with Amazon. The old shopping mall and the food court and visiting Santa during Christmas time has now become visiting Shopify. The aisles of Shopify online and having it delivered to your door, which we’ve become used to. Marriott will report tomorrow, Lyft and DoorDash. I did see some ads. I think Uber Eats advertised during the Super Bowl. And I think Instacart also advertised during the Super Bowl. I’ll bet DoorDash had a busy day yesterday. I’ll bet Pizza Hut had a busy day yesterday. And, of course, Uber. Who’s going to report the rest of the week? We’ll get to that in a minute. And some little stocks that I found here this morning that are interesting. We’ll be right back.
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I’ve been in a bad place.
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And I wonder what it’s good for.
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I’ve been in a red place.
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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 GundersonCapital.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. Music
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And welcome back here to the second half of today’s Best Stocks Now show. By going through the individual stocks like I do every day,
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On the show, you can learn a lot about the market, okay? You say, Bill Gunderson, what about McDonald’s? I go to McDonald’s all the time. There’s always a line, blah, blah, blah. It’s all over the world. What do you think of McDonald’s? Well, okay, think about it in your mind. Is McDonald’s growing by 20% per year? No. I mean, where are you going to put another McDonald’s? Oh, new communities come along and whatnot. And first thing that goes in usually is a McDonald’s. Every community’s got to have a McDonald’s. And, of course, around here in the south, a Chick-fil-A comes along right behind McDonald’s. So McDonald’s reported today. We’ll get to that in a bit. But don’t you think at this point in time McDonald’s is a 5%, 6% grower? Okay, so if you’re using a very simple equation of earnings, let’s just say McDonald’s trades at 20 times earnings, which is probably pretty close. If they make $5 a share this year, it’s a $100 stock. If they make $5.50 next year, it’s a $110 stock, 10% growth. You can take a look at that growth rate and kind of predict what kind of returns you’re going to get as an investor. Now, tomorrow you’ve got Coca-Cola. Okay, where are you going to put another Coca-Cola outlet? Coca-Cola would have to come up with something really big, exciting, new, which, you know, look, vanilla Coke, cherry Coke, different flavors of Coke. They have spiced Coke, this little bit, trying different things. But at the end of the day, it’s a single-digit grower, as is Pepsi. Now let’s take Shopify for instance. Shopify is going to report tomorrow. Shopify has been growing by 56% per year. That’s their earnings growth. And you’ve gotten those kinds of returns in the stock. But now we’ve got to look forward to the next five years. What’s it going to grow at over the next five years? I was thinking about DoorDash here and Uber Eats and whatnot earlier. When I was in San Diego for many years, 60 years, 59 years, something like that, and I had my… Started out on radio there on KCEO Radio in Rancho Santa Fe, Vista, Escondido was the area that covered. I had a guy that listened to my show. I was thinking about him when I thought about DoorDash. He was kind of one of the first disruptors in the food industry and delivering food to your door. His last name was Helms. And I can remember, he lived in Rancho Santa Fe because he sold his company for a pile of money. I can still remember in Burbank, California, the Helmsman coming down the street and honking his horn and people, housewives running out to buy fresh baked goods from the Helmsman, the Helms truck. And he had kind of a train whistle. He used to play it. I used to talk to him. He loved my show, and I talked to him several times. He would always end the conversation by sounding the horn that the helmsman would sound. And, you know, interestingly, this is just off on a little bit of a difference. He took advantage. Back then, stores were closed on Sunday for the most part, okay? Remember those days? And he delivered hot bread, fresh bread on Sunday. He took advantage of keeping the Sabbath day holy, which many people did and still do, especially here in the South. But he took advantage and delivered bread on Sunday. And, of course, he was bought out for millions and millions of dollars. He lived in Rancho Santa Fe, which is a very wealthy enclave. down in the San Diego area. Well, I mean, look at how ahead of his time was. That was in the early 60s. That was 40, 50 years ago, and now we have DoorDash. Uber Eats, Instacart, et cetera, delivering dinner, lunch, breakfast, whatever you would like, groceries, whatever, to your door. And now Home Depot’s doing it. You know, the other day I ordered two gallons of paint. I needed two gallons of paint, special color. And I went online and ordered it from Home Depot, and up popped free delivery. I said, well, I’ll take that. Why do I want to head over to Home Depot, stand there while they shake the paint, That’s always boring. Then pick it up, drive home. That’s an hour of my time. No, I had it delivered right to my door. So anyways, Cisco’s going to report tomorrow. Single-digit grower. CVS Health, single-digit grower. The Trade Desk. No, the Trade Desk is a 20% grower. They kind of came up with a great platform for selling digital advertising space. Kraft is going to report tomorrow, which is Kraft Heinz these days, single-digit grower. QuantumScape will report tomorrow. That could be interesting. That’s a quantum stock. Biogen, which is in the Dow, not probably worthy of the Dow. I would think they could do better than Biogen in the Dow. MGM Resorts, probably a single-digit grower these days. On Thursday, Airbnb, you know, a mid-teens grower. Roku, still looking for profit. They’ve lost money, I think. I don’t think they’re profitable yet. Applied Materials will report on Thursday. Coinbase, there’s a big grower. DraftKings. How did the gambling stocks do? I know they wanted a Kansas City win. I bet they took a bath yesterday. DraftKings, we’ll see. Let’s see how DraftKings is doing today. It’s always fun to see something happen and look at how the stock, well, DraftKings is up 31 cents today, so they must not have lost too much. Palo Alto Networks will report Deere, Datadog, Wynn Resorts, Sony. These are all companies you’ve heard of. That’s why the market’s so fun to hear these companies report. Paramount will report on Friday, and Redfin. So there you go. There’s this week’s lineup. Okay, Wedbush says that Palantir is indicative of AI software being a revolution right now. They’re here now, and they call out Palantir, Salesforce, Oracle, IBM, Snowflake, MongoDB Elastic Pegasystems. How many of those commercials yesterday do you think were created by AI? I would say AI was involved in almost every one of those commercials yesterday, believe it or not. And you can see it. I mean, you can see it in the visuals, the graphics, how they change people to look like cartoons. And that’s all AI, my friend. If you want to be an investor in AI, there’s ETFs that can do it. They’re software companies, and, of course, it takes a lot of high-speed chips to do it, and that’s where NVIDIA comes in. ASM Lithography comes in. They make the equipment for making those high-speed chips, et cetera. So there’s a lot of ways to be involved in AI. Then you go back to just a regular old company like BP, right? Used to be British Petroleum. We still need oil and gas. What’s running those AI centers? What’s running all the machinery over in Taiwan to make those chips? For the most part, it’s still fossil fuels. BP shares surge as activist investor Elliot builds a stake. But oil and gas has been a terrible… The big oil companies, I can remember when they were like very steady, solid companies to invest in, but now with all the controversy of climate change, the move towards non-carbon fuels, etc., they just have not been very good investments. And… The boom in the U.S. with fracking no longer dependent on Middle East oil, prices have remained fairly low on oil, and that hurts companies like Chevron and BP and Exxon. They’re not the stocks that they once were. I saw a lot of ads for Lilly yesterday during the Super Bowl. I also saw an ad for HIMSS. which was kind of, or actually Jeff told me about it. I did not watch the second half. I decided to get a good night’s sleep. It wasn’t a very exciting game, to be honest. But he told me that in the second half, HIMS had quite a commercial. And as I see today, it’s quite controversial because they were advertising the knockoff. of Wigovi which is semaglutide that’s the compound drug which you know they’re really not supposed to be selling it doesn’t have the same protection that an FDA you know regulated drug does like Wigovi and Zepbound do But I did see several Lilly ads. They’re working on cancer also. A lot of efforts there. And I would think losing weight. Believe it or not, I think that probably improves your immune system a little bit. So anyways, Lilly had a good week last week. They reported earnings. The weight loss drugs, some of the biggest drugs of all time. and they could even be the biggest drugs of all time. Okay, when we come back, Major League Baseball is making a deal with the kind of under-the-radar stock that I want to talk about. One of our listeners pointed out, and it’s an interesting story, and Rivian’s got an interesting story here today. We’ll be right back.
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You gotta go where you wanna go, do what you wanna do, and win whoever you want. You gotta go where you wanna go, do what you wanna do, and win whoever you want.
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And welcome back here to the final segment of today’s Best Stocks Now show with Bill Gunderson. Who’s ever heard of Moneyball? Well, we saw the movie Moneyball. I think Brad Pitt played the lead there. It’s stats, okay? It’s statistics. They’ve almost gotten to the point of being ridiculous. There was a time in my life, stats and baseball, I knew them all. All the stats of all the baseball players. I always had numbers in my head, whether it’s NBA players, whether it’s football, whether it’s horse racing, whether it’s blackjack. Statistics, numbers, the study of numbers. It’s very important, and obviously it has a lot to do with what I do today with stocks. There’s a company called Sport Radar, S-R-A-D. Where do you think Major League Baseball is getting all of these crazy stats that are out there right now? Sport Radar. MLB takes a stake in SRAD, S-R-A-D, further solidifying the partnership between the two organizations and supporting future growth opportunities. uh… statcast you’ve probably seen statcast and uh… the projections that it makes nowadays you see uh… players you see uh… coaches you see managers staring into ipads uh… looking at different stats and what not so anyways put s r a d on your radar It’s a smaller company. This is not a big dividend payer by any means. No, it’s a $6.5 billion company. It’s actually headquartered in Switzerland. What do they know about baseball? I don’t know. I guess they know something about stats. But it’s been a pretty good growth company. It’s got a very solid chart. SportRadar, S-R-A-D. Now, let’s apply some stats here to McDonald’s, okay? Here’s how important stats are. If you turn McDonald’s baseball card over, maybe on the front you’ve got the golden arches and some french fries and a milkshake. Maybe a Big Mac on the front of the baseball card. But on the back of the baseball card is everything you need to know about McDonald’s as an investment for the most part. Over the last 10 years, which hasn’t been bad, okay? They’ve had their ups and downs. An investment in McDonald’s has delivered 15% per year over the last 10 years. Not every year. That’s the compound annual return. If you take the price of McDonald’s 10 years ago today and where it’s at today, and you add in all of those dividends that they’ve paid, your total return has been 15%. But you could put that up against the S&P 500. It’s 19.4%. I would say that the companies in the S&P 500 are growing faster on average than McDonald’s is, and that probably is one of the biggest reasons why it’s underperformed. But it’s getting worse at McDonald’s as growth slows down. Over the last five years, you’ve only gotten a 9.2% return, while the S&P has been 16%. McDonald’s obviously is not growing as fast as a Chipotle or a Cava or some of the other restaurant stocks out there, some of the newer ones. McDonald’s is slowing down into the single-digit, mid-single-digit growth. So you’ve gotten 9.2% per year versus 16% for the S&P. Over the last three years, we’ve only gotten 6%. Well, the market’s been 11.3%. So you can see that the returns on McDonald’s are diminishing. Over the last 12 months, McDonald’s up 6%, S&P up 22%. Now, having said that, they did have a pretty good report. The stock’s up 5% today. But if you look in the past, over the past 10 years, McDonald’s is a C. It gets a grade of C. I grade on the curve. I compare all 5,010 companies in my database and grade on the curve. And McDonald’s comes in as a C performer. Average, okay? Do you want to own average stocks in your portfolio? It’s your choice. But I like McDonald’s. It’s a big name. I go there all the time. You’ve gotten average returns in the past. What about the future? Well, that’s where the valuation comes in, okay? If we look at McDonald’s and take a look at the… The next five years, the growth rate that’s expected, if you look at the earnings where they’re at now, and if you look at earnings expectations and you take them out over the next five years, extrapolate them out, You have a stock that does not have a lot of upside potential right now. In fact, it has 49.7. That’s an F. That’s an F potential. 50% is what you can expect to make over the next five years. I would say that’s not bad. It’s an F when I compare it and grade on the curve against the other stocks out there. I like companies that have 80% or more upside potential. That’s my minimum. 49% is not going to cut it. So when you take a performance grade of C and you take a valuation grade of F, what do those two add up to, right? Not too good, all right? McDonald’s comes in. Let’s see where it’s ranked right now. Probably is a hold somewhere in there, but not very good. I mean, if you’ve only got 20 spots on your roster in your Moneyball portfolio, are you going to take it? It’s a weak hold. That’s not good. It’s ranked 1,936 out of 5,021. Moneyball. You’re going to put a team on the field. You want the 20 best that you can find, the 25 best that you can find. McDonald’s would not be one of those in my book. Okay, maybe your book’s different. Maybe you’ve got a different way of looking at stocks. I’m just telling you how I look at stocks. You’ve got to have a strong past performance. You have to have a strong valuation with lots of upside potential. You’ve got to have way above average growth and growth prospects. good management, and a solid chart. That’s why I call it Best Stocks. Now, we had 100 people sign up for our four-week trial last week. We are having so much fun. I’m going to keep doing it for a while. You can get a four-week trial through my daily alerts, the newsletter, the app, the whole inch and a lot at GundersenCapital.com. Or you say, you know what, I don’t got time for all that. I just need a good, vigilant money manager. Give us a call at 855-611-BEST. 855-611-BEST. Have a great day, everybody.
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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.
