Join expert money manager Bill Gunderson and analyst Barry Kite as they delve into the latest market trends and economic indicators in this riveting episode of the Best Stocks Now show. From the unexpected surge in durable goods to the explosive market cap growth of NVIDIA, Bill provides a nuanced analysis of these developments and their implications for investors. The episode further explores key geopolitical events, such as the use of bunker buster bombs, and their unexpected influence on market rallies. Dive deep into the transformative trends affecting our economy. Discover how artificial intelligence and nuclear energy are reshaping
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 03 :
And welcome to the Thursday, the Thursday, June the 26th edition of the Best Stocks Now show with professional money manager Bill Gunderson, president of Gunderson Capital Management. I’m here with Barry Kite, our chartered financial analyst and certified financial planner. We are off to the races and we’re out of the gate pretty nicely here so far this morning. After a little bit of a stall in the market yesterday, the Dow is up 179 right now. That puts it at 43,162. The NASDAQ up 82 points right now. That puts it at 20,000. And 55, not too far from its all-time high. The S&P 500 is up 27 points right now to 6,119. The 10-year, you’re down a few basis points there to 4.27. That’s the lowest it’s been in a while. Actually, 4.26% right now. Crude oil is back up almost a percent, 65.44% as U.S. demand picks up. That’s a good sign for the economy. Gold is down again today, a quarter of a percent to 3,334%. Silver is up 36.36. It’s the stronger of the two precious metals right now. And cryptocurrency, Bitcoin down 502 right now to 107.117. 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 and certified financial planner, which comes in handy to have those two designations. And, of course, you stuck with me also here on the show today. We had a little bit of a stall, a pause in the market yesterday yesterday. We had a ceasefire rally, let’s call it. We had a bunker buster rally. You know, I had a coach. I had a track coach in the seventh grade. He was a strict kind of guy. He was always making us run the mile if we goofed off. And that’s four laps, you know. That’s not easy. Four laps, that is what it is. That’s right. Yeah, he said nowadays with the metrics and the metric system, the mile is the mile. I’m sorry, but… He used to say, if you were goofing off, he’d say, listen, pal, I’m going to bust your bunker in a new place where it’s never been busted before. I don’t know if you can get away with that in today’s world, but he was prophetic. Because I did listen to the press conference this morning from our military leaders. You know what? I mean, when I heard about the families standing there waving the American flags as they returned to their base in Missouri after flying for 36 straight hours, it did bring a tear to my eye. I mean, just the pride and the bravery there. of what they accomplished and and the 15 years that it took to develop that bunker busting bomb which was designed specifically from what i could gather for those that iran was built it’s too bad we went ahead and let iran build those things in the first place But when push came to shove and they were getting ready to weaponize some warheads with nuclear energy, nuclear power. We went in and busted their bunker in a new place. We still don’t know the total assessment, but it would seem that it wasn’t good. I mean, you didn’t want to be in that bunker at that point when those bombs hit, sitting there drinking your coffee on your coffee break, and bam, what hit. So anyways, of all the things that could start a rally in the market today, I’ve got to add that one to my list of reasons for the market to go up. Now, we did have a little bit of a settling yesterday. NVIDIA was the stock of the day. Have you been watching NVIDIA lately? Amazing. Man, I’ll tell you what, it’s now the biggest. It blows by Microsoft. I saw a stat. Microsoft has been around a lot longer than NVIDIA. Wow.
SPEAKER 04 :
Well, I saw a stat where NVIDIA’s market cap has went up $1.5 trillion, I believe, since April. So, I mean, how many companies out there are $1.5 trillion?
SPEAKER 03 :
Since my article on April the 8th, right, with my article. Because, you know, in that article, not only did I say this tariff thing is going to work and the market’s going to turn around, I called out one stock. One stock is the prime stock at that point in time, and it was Nvidia. So there you go. If you were listening to Bill Gunderson, if you read the newsletter, if you read the article in Seeking Alpha, you’ve seen $1.5 trillion added to the market cap of Nvidia. Now, okay, I know whether you like Trump or not, I play the market. I invest in the markets. I watch the markets. I can’t believe all of the good news. I mean, if I hated Trump, I would be hating this news. And there’s a lot of people that hate this news. And if I can put up with Trump, I’m happy to see the news. If I love Trump, I’m saying, hey, you know, what he’s doing is working. Durable goods, let’s just begin with this. There’s about five news stories in a row.
SPEAKER 04 :
Lots of economics info, yeah.
SPEAKER 03 :
Can you believe it? Durable goods orders surge more than expected in May, buoyed by transportation equipment. And, you know, if you’re going to have a durable good that sees a lot of action, that’s a good one because that’s a bellwether order. That’s railroad cars, shipping containers, trucking. That means that commerce is happening. Do you know that the new orders for manufactured durable goods shot up 16.4% month over month? It blew past the 8.6% consensus, and it accelerated from April 6th minus 6.6%.
SPEAKER 04 :
And it’s risen five out of the last six months.
SPEAKER 03 :
Exactly. I mean, this is really – I don’t remember a durable goods order. Not that it’s my favorite. I can’t wait to see what that durable goods order is going to look like today. but uh… it is a tremendous bellwether of the economy but wait that’s not all initial jobless claims unexpectedly slip by 10K in the past week. They went from 244 to 234. Numbers of claims, oh, and they also revised downwards the claims from last week. The four-week moving average was 245K. So that’s another good one. The unemployment line, those filing those initial claims, dropped by 10,000. Now, wait a minute. Oil bounces after sharp sell-off on signs of strong U.S. U.S. demand. And you know, it’s not just folks filling their cars up with gasoline at the local station. Fuel is used in our factories. Fuel is used in our economy. Fuel is used in transport goods. Power. So three really big reports there this morning. I saw one other one, too, that caught my eye. Coffee enters into a bear market as prices fall sharply from 2025 highs. So they were trading all of that stuff up on fear of tariffs, that it was going to destroy these commodities and destroy retailers and whatnot. Instead, those prices that they had built in were way off. They had way overestimated. And instead, coffee enters into a bear market as prices plunge. And I’m just looking at a chart. You got up to $425. Around the Columbia tip, I think. And now it’s $3.09.
SPEAKER 04 :
Yeah.
SPEAKER 03 :
Can you believe it? I mean, and you’ve got the market back hitting, almost hitting all-time highs once again. So the New York Times is working overtime today to try to figure out how to spin all of this. Oh, pending home sales.
SPEAKER 04 :
Pending home sales is the other thing. That was, you know, those rose more than expected in May. I’m sure the president likes that on the home sale, with the real estate background.
SPEAKER 03 :
Yeah, I mean, look, you could say it’s just the economy going through its cycles. It doesn’t matter who’s in office or not. But it is a lot of good news on the economy here. When we come back… JP Morgan figures out a way to spin it all. Marko Kalanimovic is out with his comments on this rally in the market. He must have missed it again because he’s not too happy with it. We’ll have his comments when we come back. It’s just amazing how you can find things bad. I don’t care who the president is. If you accomplish something, the market was making new highs under Biden. Also, let’s not forget. So if you accomplish something, let’s give credit where credit is due. And let’s not spin it into a big negative headline that is not exactly honest. We’ll be right back. And welcome back here to the second quarter of today’s Best Stocks Now show. Well, I’ve seen this rally that we’ve had in the market over the last 10 weeks, which has taken the S&P 500 from 4,800 to 6,100. I’ve seen it called the most hated rally of all time. We’re not buying it. I’ve seen others say we’re going back to 5,500 real soon. But Marko Kalamityvich over at J.P. Morgan, you know, Jamie Dimon himself is very negative, very… glass half-empty side of the ledger on almost everything. Like we say, maybe that’s just part of being a banker. But Kalanovich, he’s the former head of global research at J.P. Morgan. I emphasize the formal former head because he made so many bad calls And I’ve always said, choose your gurus wisely. He says that this rally in the NASDAQ is setting off alarm bells. It’s not normal, nor is it healthy. Well, I wonder if Kalamovich is normal or healthy. How can you not? Give some credit where credit is due. He says, whatever your market view is, the NASDAQ rally of 36% in two months is not normal or healthy, says Marko Kalanovich. The strong performance highlights the market’s appetite for growth. Yeah, that’s right, Marco. We’re not happy with a 2%, 3% grower and tech-heavy exposure, even as analysts like Kalanovich urge caution amidst potential overheating. He’s been urging caution ever since I’ve been in the business 25 years. And the market during that period of time when I got in the Dow was 3,600, and now it’s 43,000. And he’s been urging caution every step of the way. And I’m just telling you, I mean, if you listen to most of these guys on Wall Street, and when I talk about Wall Street, I’m talking J.P. Morgan, Citigroup, Morgan Stanley, Merrill Lynch, Lehman Brothers is no longer around anymore. Even getting down into the regionals, Raymond James, Goldman Sachs, they just don’t give very good advice. Even though they get the best and the brightest advice, uh… from uh… from the ivy league schools they just have a history i’m just telling you just my observation over the years they have a history of being wrong pocket after pocket all right uh… q one gdp revised down to minus zero point five and that was pretty much that’s q one that was pretty much caused by all of that front running We had a huge trade imbalance in the first quarter of this year due to all of the buying out there to get ahead of the tariffs, and that goes against your GDP. So we were down minus 0.5. It will be very interesting to see. What this quarter, which is going to end in four days here, it’s going to be very interesting to see what Q2 is. I doubt very much that we’re going to have two negative quarters in a row. I don’t know. I haven’t seen any estimates out there for this quarter in a while, but I’m guessing it’s going to come in at 2.5%, 3%, somewhere in there. We did have the trade deficit expand again in May. We’re at $96 billion. The expectations were for $90 billion. We still import a lot more than we export. We brought in $275 billion in goods, and we only sent out $179 billion in goods, as many of those trade deals were. continue to be worked out. AI is back in the driver’s seat, obviously. We’ve seen those AI stocks really come to life again. We had Liberation Day crush Wall Street in April. Now we fast forward more than two months, and the benchmark S&P 500 is back within striking distance of its record high. The rebound has been astonishing. And it has been driven significantly by the return of the artificial intelligence trade, which exploded in 2023. That was with Chatbot or ChatGPT with Microsoft, which started it. And then all the chips underneath it that fuel it. And, of course, NVIDIA broke out yesterday to a new all-time high. And blowing by Microsoft as the largest market cap company in the world. So pretty awesome. If you would have sold back then and you’d be regretting it now, or if you didn’t get back in, you’d really have missed one of the great runs of all time in the market. Okay, RFK, I see they’re one by one, they’re out to find out what’s causing the explosion in autism since 1989. They look back at that as an inflection point. We’re now one in 33 kids. Back then it was like one in 10,000. What is it? What is it? I would like to know what has done this to our children. Well, they’ve ruled out. I did see that they ruled out. One of the theories were the preservatives in the vaccines. They’ve ruled that out 100%. And now his new vaccine panel is going to examine. I mean, he got rid of it. He fired the entire vaccine panel. Got a new panel, supposedly using the gold standard of research and science. We’ll find out. And they’re going to examine the whole panel of childhood vaccine schedules. Which is only fair. I mean, that’s one thing that they know that, you know, the number of vaccines that we give to children when they’re born has increased dramatically since 1989. So there’s going to be a complete, complete review. And there’s a bunch of shots that have not been reviewed in over seven years. Those include hepatitis B, measles, mumps, rubella, and varicella vaccines. So that’s all going to have a thorough study done. And trying to get to the bottom, is it processed foods? Is it dyes? What is it? What is it? Palantir signs a deal with the nuclear company. This is a private company to use AI and boost nuclear construction. You know, along with the rally in the AI, I’ll tell you the other big rally, the other big sector that is coming back with the vengeance is that nuclear sector because at the end of the day, If you can’t turn the power on to run the AI, it doesn’t matter how fast your chips are or how big your warehouses are or how big your databases are. You’ve got to have the power to run it. And there’s been a lot of news here this past month or so on the nuclear sector. And now you can add another feather to Palantir’s cap. Now they’re in the nuclear sector along with the AI sector. They’re going to use AI to boost nuclear construction. And I just saw that they’re moving up the time frame of when one of the big nuclear reactors in America will be back online much sooner than expected. 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.
SPEAKER 07 :
And welcome back here to the second half of today’s Best Docs Now show.
SPEAKER 03 :
A little more color on the nuclear company, which is a private company right now with some big names behind it. And Barry, I learned something as I did my research on this company. They’ve got some high-powered people in that company. Nuclear has been plagued by coming in way over budget and way behind schedule. And I think we had a classic case here in South Carolina with Dominion Energy. Now, I did not know this. Governor McMaster, that’s our governor here in South Carolina, welcomes the nuclear company engineering construction office to South Carolina. They are headquartered in Columbia, South Carolina, which is about two hours away. West of us, and that is where they are building their headquarters, and they just signed a top engineer from Microsoft and Tesla. He joins the nuclear company to lead the software division. They are pioneering the modernization of nuclear construction and leading fleet-scale deployment of nuclear power across America. They just opened their company’s primary engineering and construction office in Columbia, South Carolina. Somebody asked me when I was down in Florida, he’s a retired business guy. He worked boots on the ground, and now he teaches at the high school, which I think is a great thing. to teach kids in high school real-world type things. And he asked me, what would you say, Bill, as far as looking forward to careers? Man, I’ll tell you what, I think this whole nuclear thing is huge. I think it’s totally a revitalization. It’s a resurgence. of something we kind of pulled the plug on, pardon the pun. But I think nuclear energy would be one area that I would look at. Now, you know, you don’t have to be a rocket scientist to be a nuclear engineer. I mean, there’s a lot to it at the construction end of it, the engineering end of it, the design end of it. But I would recommend some chemistry classes and some engineering classes and things like that if you’re going to go that route. But I do think that this is probably going to be one of the hottest sectors. I know the Navy, they also, I think South Carolina is like number three or four in the nation as far as getting our power from nuclear energy. And the Navy has a very big plant, maybe two, three miles from me on the Cooper River. I drove by it one day in my boat. where they’re doing a lot of nuclear work because, you know, look, these aircraft carriers and these submarines, they run on nuclear. And we actually have a kid in our church that works at that plant and is learning. They’re teaching him. I said, you’re going to be very valuable in the private industry. when you get done being trained by the Navy and he’s a smart kid so anyways that that’s a hot thing and now you’ve got Palantir involved with their software to help clear up the clogs and speed up the process of building nuclear power plants now what’s driving Nvidia let’s take a look at Nvidia today NVDA, they had their investors conference, right? NVIDIA’s price is, and it’s up again today. It’s up another 1.3 today. It’s now 3.8 trillion. Have we ever had a $4 trillion company? I don’t think Microsoft ever reached $4 trillion.
SPEAKER 04 :
No, I think this is, I mean, I think this would be, it’s got to be at the highest, I believe, any company.
SPEAKER 03 :
It is. I mean, it’s at 3.7 trillion yesterday. All-time high was 153. Today it’s hitting 156. All-time high. It was up 4.3% yesterday. It’s by far our largest position. No, it’s not Johnson & Johnson. No, it’s not Procter & Gamble. No, it’s not AT&T. No, you leave that to the Wall Street boys up there and girls. They love those big names that are recognizable, that lack growth in today’s economy. But fueling the rally, you had Loop Capital raise their target price to $250 from $175. That’s unbelievable. They believe that down the road it’s going to hit $6 trillion. I totally agree. They showed a 69% year-over-year revenue surge in their latest earnings report, fueled by a 73% rise in data center segment. And you’re going to put Jensen Wang up there with the likes of Bill Gates? and some of the pioneers at Intel and Steve Jobs. I mean, Wang is a superstar. He is the new superstar in the tech sector. And I wonder how many of these Wall Street firms don’t have any position. I don’t know. I don’t know the answer to that.
SPEAKER 04 :
Yeah, did you see where Corweave’s CEO is now? climbing up the list of richest CEOs.
SPEAKER 03 :
Well, that stock has had a meteoric rise. I have a real problem with the valuation on it right now. It’s up 2.5% today here, but they’re up there in the cloud with all of this doing their part. The other news I saw today, and this is very encouraging, Constellation Energy. which really started this whole rally. They were the first ones to get a contract. from a private industry. Microsoft went in and bought a huge, they want guaranteed power out of Constellation Energy for the next 20 years. Constellation may restart the shut Three Mile Island nuclear power plant in 2027, ahead of schedule after being put on the fast track. Now, Whether you like the Trump administration or not, they did grease the skids because that’s another issue. Look how long they’ve been fighting over just a natural gas pipeline up in West Virginia through Joe Manchin’s state where he used to be the governor and then the senator. That thing was shut down, started it up, shut, and the pipeline, you know, the one that goes through South Dakota. And it creates so much cost. Oh, and that’s, you know, when you talk about being notoriously behind schedule and over budget, a lot of it is, now, yeah, you can’t just throw in nuclear power overnight. We had a big accident in 1979, the infamous nuclear accident, and they finally shut it down in 2019 for economic reasons. But guess what? Now they’re going to fire the thing back up. We’re on track to make history ahead of schedule. Why would you own a traditional utility that provides electricity to people in Oklahoma or wherever, California, when Constellation and Vistra… And Talon. And what’s the other one that we were talking about just yesterday? It’s one of the biggest winners in the market so far.
SPEAKER 04 :
Well, Westinghouse.
SPEAKER 03 :
NRG, Energy. And then you’ve got Westinghouse, which actually builds these things. So anyways, that’s good news there. Now, on the other hand, the smaller ones, I see today NuScale Power plunges on a downgrade. They want to see the order book firm up. We haven’t really seen the breakthrough yet in these smaller, modular orders. All it’s going to take is an NVIDIA or a Microsoft or a Meta to order 27 of these things, even though they’re not going to be online until 2030. But right now, they’re kind of in the wilderness, wandering through the wilderness trying to find customers. Instead of a big dome nuclear reactor, they have another solution, and I think they will be players at some point in time. New scale is definitely SMR, but the problem is you’re five years out on that. Okay, Rare Earth. I see Wedbush is all over TMC, which is the one that’s looking for Rare Earth under the sea, along with Ariel, Little Mermaid, and all the rest of them. TMC, the metals company, had a big pop yesterday. It was up 16.7%. That’s its highest level in nearly… Four years as Wedbush upgraded the Deep Sea Mining Company to outperform… You know, it’s a crapshoot, right? I mean, it’s like going out there and trying to find one of these wrecks off the Atlantic coast where all of the pirates, you know, have gold doubloons. You’ve got to find it. It’s a needle in a haystack, but TMC, the metals company, is one of the players there. It’s a $7.30 company headquartered in Vancouver, British Columbia. We’ll be right back. And looking back here to the final segment of today’s Best Docs Now show, the other frontier, Barry, is, well, I would say this. You know, I mean, if I was advising kids in high school today, robotics. And automation and, you know, all of this self-driving cars, autonomous, et cetera, that’s going to continue to be a burgeoning sector of our economy. CERV Robotics takes its sidewalk delivery robots to Atlanta. Now, I remember the science fairs in high school and whatnot, and I remember robots were just kind of brushing the surface. But now, I mean, we’re getting into very sophisticated. And, of course, our friend Elon Musk has said several times that he thinks that’s going to be his biggest accomplishment at some point, and the one that we all have to have will be humanoid robots at some point in time. But what’s going on in Atlanta? I mean, now they have the Waymos and even the, not the Teslas yet, but they have the Waymos running around and maybe the Zoox from Amazon. But now they’re going to have sidewalk delivery service in the Atlanta metro area. This is a California-based company, S-E-R-V. I would think in a downtown area. You know, I worked right in the center of downtown by all courthouses. The federal courthouse was right next door to us. And, you know, the big jails and everything and all of the headquarters of major businesses there in downtown. I was right in the heart of it at Front and Broadway. I mean, the epicenter. And, you know, I mean, lunchtime, there’s a lot of people out there going to lunch, et cetera. I can see the robots working. I can’t see it working out in the suburbs.
SPEAKER 04 :
I saw the robot, you know, one of those robots on the campus at the University of South Carolina in Columbia.
SPEAKER 03 :
Okay, well, we’re becoming the tech center of the world here in Columbia, South Carolina.
SPEAKER 04 :
One was going by, and then later on I saw, like, one of their little charging centers where there was, like, about four or five of them all, like, you know, of the little serve robots, like, congregating around this little power thing. But it was… I mean, it reminds me of – I grew up with Star Wars, so it reminds me of those droids for special effects that they used to make. Now they’re real.
SPEAKER 03 :
Well, this is the answer they’re looking for for that last mile delivery, right? I mean, they can get it there close, and then if the robot can take over and do the deliveries – They’ve already started this in Los Angeles, Miami, and Dallas in an ongoing collaboration with Uber Eats. And I continue to say that Uber is becoming a tech platform, not just a taxi service. And this is another iron that they have in the fire. The robots use a combination of sensors, LIDAR, ultrasonic sensors, and cameras to perceive their environment, detect and avoid obstacles, and safely navigate busy sidewalks. That’s easier said than done. I mean, you ever navigate? When you were back in New York City, ducking in and out of traffic just on the sidewalk.
SPEAKER 04 :
I’ve seen stories of people abusing those robots, pushing them over. Yeah, I can see them writing a ticket for robot abuse or something like that.
SPEAKER 03 :
But anyways, it opens up a whole new thing. Spun off from Uber in 2020, Serve is an independent company. It’s completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets. I could also see them inside the restaurants themselves instead of waiters. snooty waiters and waitresses right that uh you know have a robot instead now now wait a minute doordash is the other one uber eats and doordash the fastest growing restaurant companies in the world they’re using fly tracks to begin drone delivery in dallas fort worth look up in the sky It’s a bird. It’s a plane. No, it’s my lunch being delivered from DoorDash through the collaboration. You know, I’m a big investor, a big fan of drones. Our AVAV had a huge day yesterday. Not only can they deliver bombs and take out Soleimani in Iran, they can deliver corned beef sandwiches. They can carry up to 6.6 pounds. Well, that would handle one of those Carnegie Deli corned beef sandwiches. They weigh about four and a half pounds. Oh, my God. They offer the region’s most expansive drone operating hours and highest payload capacity. We’re going to have to have Greg over there at Salem Media, who’s the producer of our show. We’re going to order him a corned beef sandwich or whatever he wants and see if a drone can drop it off at Salem headquarters there, and he can report back. The DoorDash and Flytrex, the two completed over 1,000 deliveries so far. So anyways, there’s another breakthrough, and there’s another one for high school kids. Drones and delivery, innovative delivery. Tesla’s going to report their deliveries next week on cars. That’s always a fun one to watch. And you’ve got a biotech down 64% today, alpha-immune after mid-stage trial for MASH therapy. That’s the downside. You also have a few earnings that have come in here today, the biggest one being Micron. Micron is basically flat after their earnings report. And then the exciting Walgreens. which got kicked out of the Dow, replaced by Amazon. It’s up an exciting eight cents today, and that’ll about do it for today. If you’d like to get that four-week trial, I mean, that’s four weeks of really focused, concentrated emails coming from me every day. teaching, giving examples, etc., etc., the newsletter that comes out every Saturday, access to the app, which is probably the undersung hero of it all here, guides me on a daily basis. I would be totally lost without it. And, of course, if you say, you know, I don’t have time to read a newsletter on the weekends. I don’t have time to pick through the app. I don’t have time to see these live trades coming across the lines. You know, I’d rather have you guys do it. You’re on top of it. You’re there minute by minute. When those stocks break out, you’re there. Give us a call at 855-611-BEST to talk about managing your portfolios. 855-611-BEST. 855-611-BEST. Have a great day, everybody.
SPEAKER 02 :
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.
