Barry Kite and Jeff Webster of Gundersen Capital Management provide insightful analysis on the latest stock market trends, highlighting the key earnings reports from companies like Netflix and Pepsi. Discover why the market continues to hit all-time highs and how broader economic factors, such as federal policies and upcoming workshops, are influencing investor sentiment. This episode is packed with professional insights and strategic advice for navigating the current investing landscape.
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.
SPEAKER 04 :
And happy Monday. This is Jeff Webster with Dunderson Capital Management. We’re on standby here waiting for Barry Kite to join us. We’re giving Bill a day off.
SPEAKER 02 :
I got you, Jeff.
SPEAKER 03 :
I had a different music cue this morning. Good morning and welcome to the Monday, July 21st edition of the Best Docs Now show. Barry Kite, planer analyst here at Gunderson Capital Management, sitting in for Bill today. And we have a little green on the screen, thankfully. We started out here with the Dow up 0.3 points, up 136 to 44,478. The highs continue for the S&P 500 up 32 points here to just over half a percent to 6,329. And the NASDAQ has topped 21,000, sitting at 21,050. Up 0.74%, just continuing to power through these all-time highs. We’ve got gold also up 1.15% to $3,389. We’ll get into some of the tariff talk here a little later that’s probably driving some of that up. And Bitcoin continues to hover around that $120,000 market, $118,000. And again, good morning and welcome to the Monday, July 21st edition of the Best Stocks Now show. I’m your host, Barry Kite, planner and analyst here at Gundersen Capital Management, taking the wheel for Bill today. And also, as we heard, we’ve got Jeff Webster on the show today, advisor here at Gundersen Capital. Good morning, Jeff, and thank you for the open.
SPEAKER 04 :
Good morning.
SPEAKER 03 :
Good morning. Yeah. You must have heard the music on your end. We’ll get the music in my ear on my side, and we’ll play with this board a little bit and get things rolling. How was your weekend?
SPEAKER 04 :
It was great. Great weekend. Certainly, we’ve got the heat is set in here in Charleston, South Carolina. But the good news is it’s keeping the markets hot.
SPEAKER 03 :
Yeah, I mean, as Bill says, I never said that before in terms of the NASDAQ being above 21,050 points at the moment. So we’ll take it. We continue to kind of have that melt up. And thankfully, we’ve got some earnings driving that narrative now versus just hedging. you know, a bunch of talking heads for that. I always get weary of that, especially in the summertime, that lull between, you know, the end of earnings and then kind of that lull in June-ish where, you know, things can kind of get off the rails depending on rhetoric out there, depending on, Just historically a time for lower volumes. You’ve got a lot of those traders heading to the Hamptons and everything else. Good news is we’ve got some earnings backing these all-time high moves that we’ve had over the last week or so.
SPEAKER 04 :
Absolutely. It’s great to see. We’ve got some really nice earnings scheduled this week. And, you know, perhaps later in the show we can talk about earnings calendar for sure.
SPEAKER 03 :
Well, as we look, you know, as we’ll kind of start back and look back at last week, as we mentioned, you know, markets just continue to be resilient no matter kind of what the uncertainty is out there. Continues, you know, good news is it looks like these all-time highs are now, of course, kind of being driven by earnings. Last week, we had the S&P was up 0.6%. We had the NASDAQ leading the way up 1.5% last week, and the Dow down 0.1%, so basically flat for the week. Of course, only 30 stocks making up that index. There can be some Some odd things that happened there, and really it’s more of a historical data point that we use just because it’s been around forever. Of course, the broader indexes like the S&P, the NASDAQ are kind of the ones that, of course, we’re really focused on in terms of In terms of the week of review, when you look at the companies last week, and Bill kind of highlighted that as he does all the time in the newsletter, and he’ll keep getting more and more information in terms of his S&P outlook and how earnings are shaping up today. this quarter. But last week, 90% of companies beat their earnings per share estimates. So in that sense, we’d say the CEOs are winning the earnings game, right? At least the early innings of the earnings game. We had 36 companies reported earnings last week, 33 of them beat earnings estimates, and even more importantly, 31% of them beat top-line revenue expectations. So from that standpoint, like I said, still early in the earnings game. I think we’ll get, when I think I saw the number, I know you had it, Jeff, I think it was 135 or so companies in the S&P 500 will be reporting this week. And we’ll highlight some of those kind of exciting names. I think there’s a couple from the Magnificent Seven, if you will, and certainly a few that we own here at Gundersen Capital. Last week we had Netflix had a beat and raise, beat expectations on the top and bottom line. They also raised their full-year revenue expectations. Of course, the stock kind of pulled back a little bit last week. But in terms of the earnings report, it still looks pretty good.
SPEAKER 04 :
Yeah, the investors, I think, were looking for a little bit more there. I was a little surprised myself. I thought it was a pretty good report. But, you know, the market’s like, yeah, we kind of were expecting a bit more out of Netflix. But I still think it’s going to be, you know, it still continues to be a real stable market. position for a lot of folks out there.
SPEAKER 03 :
Yeah, and continues to be a disruptor in the space across that entire platform, whether it’s in the actual movie theaters or on our television or even more and more on our phones in terms of streaming. We had what Pepsi reported last week, better than expected earnings report. We finished off with some of the financials in terms of the banks. A lot of the financials really beat their expectations. Bank of America topped earnings expectations. Wells Fargo kind of had a little bit of a mixed bag, but they did beat… They did beat on the earnings side of the thing. We had American Express, stronger than expected earnings. And they continued to actually say that credit quality remains strong. So as a lender and a consumer company, right, they give us a good pulse of consumer spending. And as we know, whether it’s the U.S. or even globally, right, Really, the U.S. consumer really drives the market here and drives the market abroad, which I guess ties into why these tariffs are so important. We are really the consumer of the world, at least at this point in time. The old adage that when the U.S. sneezes, the rest of the world catches a cold, I think still applies at this point. You still had great earnings from J.P. Morgan. Goldman Sachs, a company we own here at the firm, they beat earnings expectations. And one of the solid gain on the investment banking side, which is good for investment, right? I mean, you’ve been on the side of businesses selling to other businesses or selling to private equity. And those deals don’t really happen in times of turmoil, right? they that that space really you know comes to life as as the market you know as the market as the economy continues to expand so it’s good good to see good to see that and lastly I mean We don’t discriminate here. Johnson & Johnson, right, they lifted their full-year outlook. Bill mentioned them. Usually they’re on the not-so-attractive side of our discussion, but Bill threw them a bone last week. Of course, they lifted their full-year outlook in better-than-expected financials last week. And it looks like on the earnings front, as Bill always mentions, stock prices follow earnings. And last week was a good example of that. And, of course, we’re just getting started here on the Monday edition of the Best Stocks Now show. And we’ll be right back.
SPEAKER 1 :
Oh,
SPEAKER 03 :
Good morning and welcome to the Monday, July 21st edition of the Best Docs Now show. I am Barry Kite, planner and analyst here at Gunderson Capital Management. And I’ve got Jeff Webster here with me, advisor here at the firm. We’ll be… We’ll both be in Bloomfield Hills, Detroit area, I guess, on August 5th and 6th and maybe the 7th. I know Edie’s kind of filled things up there for the 5th and the 6th, for the 7th. And, of course, we’ve got Bill doing a workshop on. on Tuesday evening, and those are always a good time. You can kind of dive into Bill’s brain and see what he’s thinking, right? That’s probably the best way to describe it. What do you think, Jeff?
SPEAKER 04 :
Absolutely, and we’re happy to stick around another day if there’s more people that would like to meet with us up there. Oh, yeah. Actually, we’re heading up, Barry, two weeks from today is when we fly up, so we’re looking forward to that.
SPEAKER 03 :
Yeah, and give Edie a call, 855-611-BEST. That’s 855-611-BEST. uh best i think that’s what two three seven eight if i’m going uh if i’m going from memory but uh but yeah give give her a call shoot us an email uh go to the website uh you can get that uh get that to her she’s kind of the uh the queen of the schedule there so she’ll get you she’ll get you set up and uh whether it’s for the workshop or whether it’s in person with an hour meeting with us. Of course, we also have, I think today is the first day that we’re back on in Atlanta, I believe. I think that’s WGKA. That’s 920 AM The Answer. uh in atlanta it’s been uh you know been a while since we’ve been uh been uh been on the station on the station there uh we were on there for it was on there for a handful of years and uh i think the station changed formats and uh and so we Happy to be back in Atlanta and welcome those listeners there as well. From a market standpoint, we’ve got pretty much green across the board. Dow’s up 0.3%, S&P’s up a little over a half a percent, hitting all-time highs again there at 6,331. And we have the NASDAQ up 166 points, 0.8%, to 21,061. So great markets continue to hit some all-time highs. Interesting coming off of 2024. You know, I believe the market hit, I want to say it was about, don’t quote me on the number, 56-ish all-time highs in 2024. And, of course, the market, you know, Shot out of a cannon the first month and a half of the year. Peaked out around February 18th. And then, of course, we had some of the Doge tantrums, the Tariff tantrums. Liberation Day went through. The market had over a 20% pullback, a pretty quick bear market. And now we’re, if you blinked your eyes, now we’re back making new all-time highs. So it’s been an interesting 2025 so far. The end result, we’ll take it, I guess, right? Might have needed a few tums along the way, but here we are. And good news is a lot of it at least recently has been driven by earnings. We’ll kind of jump into a bit of an earnings preview here in a minute. Like we said, we’ve got 135 S&P 500 companies reporting this week. um in terms of uh you know in terms of from a market standpoint um you know we like to look we talked about uh you know last week uh hitting all you know hitting hitting new all-time highs when we get into the earnings calendar um you know today what we had verizon this morning i didn’t I didn’t see, I didn’t get to catch if they actually, they’re up 4%. So I’m assuming 4.19% to be exact. So I’m assuming that they posted, looks like a good revenue beat and ups their full year forecast there. So from a carrier standpoint, the stock has beat what, I guess before this report, they had beat seven out of the last eight quarters. So now they’ve beat eight out of the last nine. So good report from them. We got Cleveland Cliffs this morning. I think we get NXPI. It’s NXP Semiconductors. We own a bond for them. I want to say that one might come out after the break or after the close today. Yeah, they report after market close today. Yeah, that one’s been, you know, like I said, it’s not a stock we own, but a name we own on the bond side, and the bond’s been as advertised. So the thing in the bond world, you know, Good news is okay news. Bad news is what you don’t want. So they’ve held up their end of the bargain. We had Domino’s Pizza report this morning. That one, people were eating… Report-wise, I think same-store sales beat expectations. Stock’s down just a little bit there, but… They’ve certainly, one of those turnaround stories that Bill’s referenced over the last, what, 10, 15 years, that’s actually maybe not the best pizza in the world, but certainly convenient. And from a stock standpoint, they’ve been tasty. If you look back at their returns, particularly in the app over the last, say, 10 years, Their stock price is performed maybe better than their product. Everybody’s got their own taste buds there. On the back of that, usually when you’re eating your pizza, we’ve got Coca-Cola reports tomorrow. That’ll be interesting, particularly with the announcement last week of Trump mentioning that we’re going to get real sugar. I guess we’re going to turn all Cokes into Mexican Coke finally here in the U.S. I don’t know where we’re going to get the cane sugar from. I know the corn farmers aren’t very happy out there in terms of… using real cane sugar instead of corn syrup. But that should actually be a pretty interesting call to see if they shed any light on that feature. I saw something where it may take a billion dollars or more for them to kind of rejigger their supply chains there. And then Wednesday we started getting into some more interesting stuff. I mean, you know, Tuesday also we get GM, Lockheed Martin, RTX, which, you know, so we get some little defense names there. Yep.
SPEAKER 04 :
Yeah, we’ve got those big defense contractors, Lockheed, Raytheon, Northrop Grumman, on General Dynamics will report before the market opens on Wednesday. Okay.
SPEAKER 03 :
Yep, and you can’t have defense or wars without Philip Morris, so Philip Morris also reporting tomorrow. So we’ll get just blazing through the first half of the show today. We’ll get to some more earnings previews, and we’ll get to the more exciting ones with Tesla and Alphabet reporting later this week. But stay with us, and we’ll be right back for the second half of today’s Best Stocks Now show.
SPEAKER 01 :
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. Call out the instigators because there’s something in the air.
SPEAKER 03 :
And welcome back to the second half of the Monday, July 21st edition of the Best Docs Now show. I’m Barry Kite, planter analyst here at Gunnarsson Capital, serving as relief captain for Bill this morning. And also we have… Jeff Webster, our vice president and advisor here at Gundersen Capital. And if you want to stay up to date with our thoughts on the market, get Bill’s newsletter or live trading, full live trading for a few weeks, four weeks at GundersenCapital.com. Or if you’d like to have a discussion with myself, with Jeff, Feel free to give us a call, 855-611-BEST. That’s 855-611-2378. And Edie will get you set up with one of us. And always look forward to talking to folks out there. Of course, we’ve got… It looks basically just like we left the market the last two breaks. We’ve got S&P up over half a percent. Dow’s up 0.3%. And the NASDAQ’s up 0.84%. So… Those all-time highs in the S&P 500 and the NASDAQ are continuing to proceed. We’ll see where we end up for the full day. But so far for the show, we’re all in the green, Jeff.
SPEAKER 04 :
That’s so great to see. Just awesome to see this momentum. And as we launch into the first few weeks of this serene season, hoping to see continued momentum as we kind of plow through our summer months.
SPEAKER 03 :
Yeah, and we’ve got, of course, earnings preview. Wednesday we get Tesla, which, of course, has been interesting for a number of reasons over the last few quarters, but they’re set to report. Q2 earnings after the market closes on Wednesday. From a forecast perspective, as you can imagine, it’s been a bit of a rough go for them. We’ve got, it looks like, streets forecasting a 22% drop in profits for the For the quarter, 12% decline in year-over-year revenue. From Q2 deliveries, they fell 14% to just over 384,000, where the consensus estimate was right at just under 444,000. So given that information, stocks down 21% year-to-date. It’s still up 29% over the past 12 months, but certainly been the weakest contributor to the Magnificent 7. If you compare that in terms of year-to-date numbers, you’ve got what, NASDAQ, the NVIDIA, but it should be the NASDAQ. NVIDIA is up over 28% during that period. Microsoft’s up 21%. Meta’s up just under 20%. Amazon up just 2%. Obviously, they’ve been affected by some tariff talk along the way. And Google, actually, one of the reasons it’s been added to the value portfolio in the last, what, few weeks or month or so, at minus 3% for the year to date. Apple down, this would be a fun fact, down 16% actually for Apple. Wow. Yeah, of course, tariffs having an effect there. Also, just from an AI standpoint, I was standing behind my 13-year-old, and we’re talking about some player. I can’t remember the player now, but who does so-and-so play for? And I’m like, I think he now plays for the Spurs, right, San Antonio Spurs. And he’s like, well, let me ask Siri, right, because Siri’s going to know, certainly knows more than I do. And so I asked the question, and they pulled him up as the Golden State Warriors like two years ago. I’m like, come on, Siri. I could ask Chad GPT, and you would get who he plays for now and probably get his background, who he’s married to, all kinds of information.
SPEAKER 02 :
So just not a statistical significant survey, but I’m looking over the shoulder like certainly,
SPEAKER 03 :
they can come up with a better answer than an answer two years ago. But anyway, stock was down.
SPEAKER 04 :
Going back to Tesla real quick, I think what we’ll see this week is in their announcement, I think we’ll see some commentary that the board is happy that Elon – is now back involved, you know, with the company. I mean, we’re all appreciative of, uh, you know, what he did with Doge. Some of us may not be, but, uh, but I think, I think we’re going to try it at least. Exactly. I think we’re going to see some type of messaging, uh, that, Hey, you know what shareholders, uh, our, our leader is now back fully engaged and, uh, I don’t know if they’ll use that to pad additional upside or to use it as some type of an excuse to say, hey, this is why maybe we’re down a little bit. It’s a positive.
SPEAKER 03 :
It’s framing. We always talk about that earnings game. A lot of times the more important piece is just the actual earnings call. That’s why we read through transcripts, earnings transcripts and everything else. But yeah, to me, if you may end up having profits down 22% and revenue down 12%, you want to hear the framing of the argument in that story. And I’m hearing… I actually heard someone talking about it today that Elon’s back sleeping at the office and doing some – he’s in there. And so what – I don’t know if he referred to it as or someone referred to it as he’s in manic mode, which for him is productive, right? He’s getting – he’s in there doing the work and kind of having his – getting his finger on the pulse of what’s going on. So that will be certainly an interesting call there. They’ve only beat earnings. I always like to see how well they’ve played the earnings game. They’ve only beat earnings estimates and revenue estimates two out of the last eight quarters. So setting expectations, right, is a lot of times in the earnings game is important. As Bill and I were talking about last week, it’s always important. you know, best to under-promise and over-perform versus, you know, versus the other way around, right, especially when it comes to earnings. But, you know, also what I think on we’ll get, we get Alphabet. Is that, we get Alphabet on Wednesday? I think it’s actually on Thursday.
SPEAKER 04 :
Wednesday, yeah, Wednesday we’ve got Alphabet. ServiceNow, I mean, SAP, my former employer’s reporting tomorrow after market close. Chipotle. We’ll be reporting Wednesday after close. Yeah, it’ll be interesting to see how some of those. Later in the week, we’ve got American Airlines.
SPEAKER 03 :
Yeah, GEV is a name we own. Of course, one interesting here I see is QuantumScape because we’ve heard a lot about their battery talk lately again. That stock has done really well, I believe. ServiceNow, as you mentioned. T-Mobile, one we still own. Las Vegas Sands, which is a good barometer, not only of, you know, kind of the U.S. consumer, but also the Chinese consumer in terms of Macau. Thursday, we get the blast from the past. Intel, you know, talk about a stock that, you know, I think they’ve hit expectations, earnings expectations five out of the last eight quarters. That one, of course, an interesting note I saw there was that likely their foundry business is not going to reach break-even until about 2027. So just still I don’t know if we’ve got much light at the end of the tunnel for that one. But we do get – you mentioned Delta, and we do get American Airlines on Thursday.
SPEAKER 04 :
Southwest as well.
SPEAKER 03 :
Southwest.
SPEAKER 04 :
Yeah, Southwest is going to be reporting. NASDAQ very reporting this week on Thursday before the market. So it’s –
SPEAKER 02 :
nasdaq reporting on itself yeah that’s right that’s right we get uh we got railroads for bill union pacific uh csx will be and csx will be reporting this week so uh good uh and the the other one that i forget one of one remember we i forget who asked on our little text thread but Nokia reports this week, and I think one of us said, Nokia still exists? They still own a lot of patents if somebody wants to dive into that company.
SPEAKER 03 :
But Friday, pretty light. We get Phillips 66 is about the biggest name on Friday. So earnings talk really driving the market this week. Not a ton of economic news coming out. This week, of course, we’ll get the Fed meeting next week. Well, we’re done with the third quarter of today’s Best Stocks Now show, and we’ll be right back for the fourth and final segment.
SPEAKER 1 :
Go where you want to go
SPEAKER 03 :
And welcome back to the July 21st edition of the Best Docs Now show. I am Barry Kite, planer analyst here at Gunderson Capital, sitting in for Bill today. And we’ve got Jeff Webster on the show as well, advisor here at the firm and our resident software tech guru. Of course, man, we’ll get to in a minute, but man, Estera Labs, A-Lab, that’s A-L-A-B, Just going off the charts today, up 16% to $118.80. I don’t have any information as to what’s driving that to 16% at the moment. I was looking if there’s any new earnings or any new info. Of course, they’re tied heavily with collaboration with NVIDIA, but yeah, just the one stock that that we own here at the firm that’s leading the way today and on top of the list. Man, just… Great purchase there by Bill.
SPEAKER 04 :
Yeah, they provide some really strong capabilities, Barry, to help these AI data centers do what’s called rack scaling, which means that some of the shared resources with memory and data And things of that nature can be done on a rack level as opposed to an individual server level. So they help optimize the efficiencies and costs associated with operating those types of environments. And certainly a very interesting play for the long-term use and operational efficiencies of those rapidly growing data center environments.
SPEAKER 03 :
Yeah, they’re in the right place in terms of that ecosystem for sure. And that’s, you know, you can obviously, if you want, you can follow along with us, follow along with Bill. You’re welcome to go to GundersenCapital.com. You can sign up for Bill’s four-week trial of the newsletter, Live Trading, where you’ll get his daily e-mails. to stay in the loop but yeah a lab was one of those that we’ve they just been featuring so you know go out there get a copy of that newsletter this one you know they don’t they don’t always work out like that but uh what a you know what a beautiful uh beautiful looking chart there Of course, this week, the good news is we don’t have a bunch of economic news this week. Pretty much, as we mentioned, just really focusing on earnings. We’ve got, from an economic indicator, we’ve got the LEI today. I haven’t seen where that came in. I think it came out around 10 a.m. today. And we’ll get some PMI numbers later in the week on Thursday. Of course, we’ll always get that initial jobless claims on Thursday. And we get some durable goods orders on Friday. But the market will really be looking to, obviously, next week with Tuesday and Wednesday, the upcoming Fed meeting. We’ll get the rate decision on Thursday. On Wednesday, from a market standpoint, the market’s still pricing in about a 95% chance that the rate will stay unchanged. For those that are optimistic, that was close to 99% a couple of weeks ago. But the good news is we’re getting closer to some type of rate change, we would guess. You’ve got about a 57-58% chance. of a 25% cut at the September meeting. So if we don’t get one now, those odds go up next week. And, of course, I’m sure we’ll have plenty of rhetoric battle, Trump versus Powell.
SPEAKER 04 :
Well, did you see, Barry, today the big news is that President Trump and Secretary Besson are kind of dividing and conquering. President Trump is kind of doing some muscle flexing with the European Union on the tariff issue. But Secretary of Treasury Scott Besant has called for, you know, an entire review of the Federal Reserve Board. So he has kind of stepped into that seat right now to kind of go after him a little bit. And, you know, a lot of interesting news there. relative to his perspective on uh you know what the fed you know sugar could be doing uh some of their inefficiencies you know he was uh saying geez louise they have a lot of smart phd guys over there and he goes frankly i don’t know what they do um and he says anytime you have Highly paid people like that that are as smart as they are, but you’re not exactly certain what types of outcomes they’re delivering, it’s a concern.
SPEAKER 03 :
Yeah, and I mean, you know, in any institution, right, I mean, to me, at least over the last, you know, probably 15 years, right, the Fed’s really, you know, they kind of helped save us in 08-09. You can get some arguments, you know, for or against the Fed. I think overall they’ve done a, you know, they’ve done a decent job with the cards that they’ve been dealt, right, A lot of it, you know, a lot of the issues really been on the fiscal side where, you know, government’s just spending, you know, too much money regardless of what party had been in office. But, you know, it’s a it’s that continuing continual discussion. And I don’t think we’ll kind of same thing with the tariffs. Right. I don’t think we’ll get. I don’t think we’ll get a ton of clarity on it necessarily any time soon. It would be interesting to see if – I’m just ready to see when there is a cut, if the rhetoric changes at all. So I’m kind of waiting for that 25-point cut, not just from a market perspective, but just from a dynamic perspective to see if that changes the narrative at all. But it’s certainly an interesting piece. And all of that drives interest rates. And as we know, interest rates drive valuations and PE ratios. And so the one thing that the market’s been most correlated to over time has always been interest rates. So the reason we’re talking about the Fed so much is because they are the driver of at least short-term interest rates, and those types of things move the market. But, again, if you want to stay up to date with those thoughts on the market, get the newsletter. Come out and see us, listeners in Detroit. We’d love to see you August 5th, 6th, and 7th. We’ll be at the Kinsley Hotel there in Bloomfield Hills. Looking forward to getting there. We’ll be flying two weeks from today, I believe. Go ahead and go to GundersenCapital.com or give us a ring, 855-611-BEST. That’s 855-611-2378. We are here to be a resource for you. Hope everybody has a great day and stay well out there. Bye now.
SPEAKER 06 :
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.
