In this episode of the Best Stocks Now show, professional money manager Bill Gunderson and financial analyst Barry Kite unravel the surprise twists of the latest jobs report and its impact on the markets. As unexpected non-farm payrolls rolled in with positive figures, they discuss the nuanced relationship between job growth, interest rates, and Federal Reserve policies. They delve into the intricacies of Bitcoin’s volatility and the evolving perspective on cryptocurrencies amid changing investor sentiment.
SPEAKER 04 :
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 02 :
And welcome to the Wednesday. It is the midweek edition, the February 11th 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. The markets, they’re giving up a little bit of the gains, but we’re still up in the green right now after kind of a shocking, a surprisingly shocking… jobs report that kind of came out of nowhere the dow right now is up 82 points it was up 250 not long ago so there is a little profit taking here but we’re at 50 270 the nasdaq was up quite a bit more now it’s up just 13 points but it’s at 23 116 The S&P 6,956. It’s up 14 points right now. Small caps are up a third of a percent. And one of the problems is good news is bad news, especially for the bond market. We’ve got kind of a spike in interest rates today. We’re back up to 4.19%. which is still good. We were at 4.35 there for quite a while, and we’ve come down from there. Gold is up 1%. Crude oil is up 2.6%. A little bit of life in crude oil this year. Silver is up 4.4%, and Bitcoin is down 2,057 to 66%. 368. So welcome to today’s Best Stocks Now show with professional money manager Bill Gunderson. And Barry, the big surprise this morning, I didn’t know we were getting a jobs. What was it? Was that the non-fond payrolls report on a Wednesday?
SPEAKER 01 :
Yeah, it was weird because it had been delayed. And so it was a handful of days delayed from release. So that’s why we’re getting it. Normally we get it on a Friday. Unless there’s some kind of holiday or federal holiday. But, yeah, so we get it today, and, I mean, you know, it’s 130,000 jobs added. The other backdrop, too, I mean, when you think about it, actually, it’s more impressive that we’re getting this good jobs number because of the comps. I mean, some of these comps you go back whenever you’ve got, you know, legal immigration coming in, right? You’ve got more. You’re just naturally going to have more added jobs, right, as you have more people, humanity inside the country. And so listening to someone who’s talking about it from a statistics standpoint, it’s even stronger than it appears.
SPEAKER 02 :
Yeah, that’s true. And, you know, the word that Seeking Alpha uses is non-farm payrolls grow shocks to the upside in January and unemployment slips to 4.3%. So, well, you know what? That’s going to kill any chance of a rate cut at the next Fed meeting, which we weren’t really expecting anyways, unless inflation starts to rear its or inflation drops considerably between now and then. But, you know, that’s been the one. One of the knocks on Trump has been the weak jobs numbers that we’ve seen recently. And this one kind of turns that all around. So anyways, we’ll see if this is just an anomaly. But it is lifting the markets. They were up more right at the start. And there has been some selling into this rally. But we still are up. Yesterday we had kind of a nondescript day in the market. I think it was probably waiting for this jobs report. The 10-year closed way down at 4.15 yesterday. And, of course, it’s up today, 4.19. And that’s because of, you know, probably holding the Fed at bay. They likely will not do anything now, which they weren’t expected to anyways, unless there was a super weak jobs report. Then maybe that would have spurred them on.
SPEAKER 01 :
Yeah, it moved. It moved from, you know, just yesterday, it moved. There was like, I don’t know, maybe a 20% chance that there might be a cut in February. And that’s moved to 5% now in one day. So basically… Killed any chance of a potential rate cut in February. We weren’t expecting one anyway, but any chance that there was one at the next meeting, it looks like it may be on hold for the moment.
SPEAKER 02 :
Yes, we’re going to have to wait until his guy gets in there, it sounds like. No hope with Powell at the helm. Well, Bitcoin has dropped below technical support again. It remains weak, despite Michael Saylor saying that he’s going to buy all the Bitcoin he can forever and ever and ever. And it just remains weak. What can I say? The sentiment against it, that’s the problem. When investors and traders lose confidence in an asset class, it doesn’t matter if it’s software. It doesn’t matter if it’s gold. It doesn’t matter if it’s silver. It doesn’t matter if it’s Bitcoin. You’ve got all these people that want out. They just want out. And any kind of rally you see in it, you get the sell-offs, and that continues to happen in Bitcoin. Even though the bulls, I read that the whales are back. A lot of the Bitcoin whales are back buying Bitcoin. But I don’t know. I think when it comes to the ETFs and the retail investors, They just don’t have much appetite for it right now. Now, Robinhood, they’re down today because of their crypto exposure, but they remain very bullish on Bitcoin. They say we’re moving toward a world where crypto is actually more than an asset class. It’s a foundational technology, which is the blockchain that’s going to underlie the trading of all assets. That comes from Vlad Ten of the CEO over at Robin Hood. But, you know, the fact of the matter is you look at the chart and that chart remains very, very weak right now. The House approves a bipartisan housing bill. Well, they’re working on it, and they’re actually working together on this. Both sides recognize that it’s difficult for the average person out there, young couple, to be able to afford a home. And it’s a couple of things, you know. The supply is also a problem. There’s not enough supply of inexpensive homes. So they are working together to get a unified bill to President Trump’s desk soon. Housing for the 21st Century Act. that aims to increase housing supply and home ownership. And of course, they’ve thrown around a lot of ideas about making your mortgage portable, making your mortgage assumable. But anyways, they’ve got to reconcile these two bills that they’re working on. But it looks like something’s going to happen. including 38 provisions that would remove regulatory barriers for housing development. That’s always been an issue. In San Diego and in California, it was almost impossible. It was very difficult.
SPEAKER 01 :
Well, you’ve got federal, state, different municipalities, regulations. You had the Coastal Commission there in California, so it was difficult. That’ll do it.
SPEAKER 02 :
yeah that’ll do it too but anyway historical societies obviously yeah and uh some endangered lizard uh you know we can’t get we can’t hurt the habitat of the lizards it was all kinds of things we fought it ever since you know growing up in san diego it was a fight uh to uh to build the new homes and of course a lot of a new home A lot of the cost in there is all of the cost that it takes in the permitting process and getting the approvals and getting it passed, all these different commissions and everything. Last time I heard it was about $50,000 was in a price of a home in California, just the regulatory hurdles that they had to get through. So anyways… There’s hope. We’ll see. A lot of irons in the fire. Trump keeps a lot of irons in the fire. I will say that. There’s a lot of spinning plates out there. And one of those is trying to make housing more affordable and more accessible to the average young couple, new married couple out there. We’ve got also J.P. Morgan is out with their target price on the S&P 500. Of course, Trump’s target price was $100,000 on the Dow by the time he leaves office. J.P. Morgan’s a little bit more tamped down than that, but they’re seeing $8,000. They see S&P topping $8,000. I’ve been at right around $8,000 for a long, long time with my S&P 500 target. That gives us pretty good upside potential. Consider we’re at 6,900 right now. To go to 8,000 would be, what, 15%, 16% move. Even J.P. Morgan, even Jamie Dimon is growing increasingly optimistic about the stock market’s prospects. Why? Earnings, earnings, earnings. We’ll be right back.
SPEAKER 05 :
I’ll be gone 500 miles when the day is done.
SPEAKER 02 :
Back here to the second quarter of today’s Best Docs Now show. Well, we’ve got a slew of earnings. Coming in here today, and, you know, that’s when you take a look at why J.P. Morgan is all of a sudden getting more bullish on the market. It’s because earnings continue to be very good. I’ve talked about, you know, how this earnings season is going. We’ve got about 60% in now, and those estimates for this year just keep going up. And J.P. Morgan is saying that we could get another year of double-digit growth in earnings, and that would make for, I think, several years in a row. You’ve got to go way back to find this many sequential years in a row of double-digit earnings growth. And again, that, in my book, is the biggest driver of the market. That’s what’s driving it higher. They look for one interest rate cut by mid-year, which I think is about right. Maybe by July, maybe by June 30th we’ll get one rate cut. We’re going to go over earnings coming in from Ford. Cisco is going to report tonight. We’ve had Shopify come in. We’ve had a few others that we will go through. And earnings season, I would say most of the big guys now, the Microsofts of the world, have reported. We have a new article out today on Seeking Alpha. So far, Barry, I’m delivering on my goal and promise to try to deliver two to three articles per week out there on Seeking Alpha. And we cover them all, the duds. I think it’s just as important, especially on the widely held stocks, which a lot of people on Seeking Alpha, 20 million people visit Seeking Alpha during the course of a month. It is one of the biggest websites out there for financial news and for retail investors. I like to give my opinions out there and justify them with the backup statistics and numbers that back up my thesis and my conclusion on any given stock. I think it’s important to make those investors aware of the soggy stocks. that they more than likely uh… you know uh… are interested in the eighteen t’s of the world i think that’s just important to do that as it is to bring their attention to what we could so you can contrast one against another well in dodging the dodging the duds can be just as important as finding the winners that’s right i mean instead of today we covered one of our favorite stocks as they reported recently It’s a big player in AI, and I thought it was a good time for an update after their earnings, after their capital spending plans, etc. And we give our latest take on the company formerly known as Facebook, now known as Meta. And I made the point that it is true that Wall Street kind of wrote off meta there for a while. Like he was lost in the metaverse, right?
SPEAKER 01 :
Yeah, and we always joke around, too, that the one thing that Republicans and Democrats can agree on is that they don’t like Zuckerberg. And so, I mean, you can tell the multiple for… For Meta, it shows, I think, kind of the disdain for that company that even though everyone uses some form or fashion of it.
SPEAKER 02 :
Yeah. Well, yeah, 3.5 billion people, that’s half the planet.
SPEAKER 01 :
I mean, you know the forward PE ratio.
SPEAKER 1 :
20, 19, 19.
SPEAKER 01 :
It’s a 19 forward PE, which is less than Procter & Gamble.
SPEAKER 02 :
I was going to say, I was literally typing in PG right now.
SPEAKER 01 :
Yeah. What is forward PE on Procter & Gamble?
SPEAKER 1 :
22.8.
SPEAKER 02 :
22. What’s Coca-Cola? KO. It’s got to be up there around 20 or so. That one’s 23.7. There you go. And we’re at 19 on Meta. That’s an anomaly. For me, that’s an opportunity, okay? Whether the market agrees with me or not, You have to cut through that dislike for Facebook and for Zuckerberg himself. Canary Capital. I’ve never heard of them. I don’t know if they’re just a canary in the coal mine here. They see Bitcoin sliding to $50,000. They say that 2026 will mark the bare leg of Bitcoin’s four-year cycle. I’m not a big cycle guy myself. Just when you think you’ve got a cycle, the cycle doesn’t work anymore. That’s what I have found to be the case. That’s the Elliott Wave and this kind of thing.
SPEAKER 01 :
It’s correlation. Yeah, the problem is it’s correlation versus causation, right? It’s kind of like how we were talking about the years that the NFC wins the Super Bowl. The market does 3% better than when the AFC does it. And obviously, there’s no causation there. It’s pure correlation.
SPEAKER 02 :
Yeah. But anyways, they see it going to $50,000. That’s all I know is I see a very, very weak asset class. Very weak. In any kind of a rally, you have overhead supply that wants out. and they use those opportunities to get out.
SPEAKER 01 :
The interesting thing about Bitcoin is if somebody says it’s going to $50,000 or if somebody says it’s going to $120,000, I mean, we still don’t really have much of an opinion on it because who knows what it’s going to, right? There’s no way to really value it.
SPEAKER 02 :
Stick your finger in the wind and guess which way it’s going to go. India keeps its e-cigarette ban, which is a blow to Philip Morris, You know what? I’m just not a fan. I think the cigarette stocks long, long ago. It’s just an uphill battle. Smoking hasn’t been good for people’s health, been hazardous to your health, and I think it’s not a very good investment either. But widely held, another stock that is in a lot of portfolios that I see from the big wire house firms. One of the cities we’re heard in is Columbus, Ohio. And not too far south from Columbus is Piketon, Ohio. That’s where they’re going to build a uranium plant expansion. Centrist Energy, that’s LEU, one of the biggest uranium companies out there, said Wednesday that Fluor will be its partner in procurement and construction for the multi-billion dollar expansion of its uranium enrichment capacity in Piketon, Ohio. Well, I think of Iran and their enrichment facilities deep under the ground and all this and that. But under a multi-year contract, FLOR will lead engineering design of the expanded capacity in Ohio. So anyways, uranium is becoming a very important piece of the AI puzzle. Palo Alto is in focus. They closed their deal with CyberArk today. I’m not a fan of Palo Alto stock, P-A-N-W, but that deal is done. And we’ll take a look at earnings when we come back as several big companies have weighed in with their quarterly earnings reports. We’ll be right back.
SPEAKER 08 :
This is Bill Gunderson.
SPEAKER 02 :
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. And welcome back here to the second half of today’s Best Stocks Now show. Well, one of the stocks in the news and our show, one of our big audiences is in the Detroit, Bloomfield Hills area. And a lot of people, most everybody we meet with back there when we’re there, Barry, seems to be tied to the auto industry. You know, a big majority of them in one way or another. And of course, Ford stock. which they have had their issues over the years. It was $3 a share back in 2020 during COVID, and now it’s $13.74 per share. The stock is actually up 1% as they did exceed their expectations, but their sales… were $45 billion this quarter versus $48 billion last, same comparable quarter last year. So their sales were down 5%. Their earnings, however, were only 13 cents per share, which is a little bit better than expected, but they made 39 cents per share a year ago. That’s down 67%, yet the stock is up 1.1% today. But all in all, look. An investment in Ford over the last 10 years, you’ve made 7.2% per year, and that includes the last 12 months, which have been way outside of normal. And I think there was a lot of excitement that Ford was backing out of the EV and writing off a lot of things and kind of cleaning house. And actually, over the last 12 months, the stock’s up 58%, which is very unusual for Ford. Which right now, let’s just contrast this. This has always blown me away. Ford is $54 billion in market cap. $54 billion. Tesla is $1.58 trillion in market cap. Wow. And you say, how can that be? Well, Tesla trades at 255 times earnings. Ford trades at 12 times earnings. So, I mean, if you put the two side by side, it makes no sense that Ford is so cheap and trades at such a low multiple. But historically, I mean, it’s traded in single-digit multiple range, and they don’t have a front man at Ford like Tesla has in Europe. Elon Musk, and they don’t have humanoid robots coming along in the background, and they’re not wanting to build AI centers on the moon, which Elon is talking about today. So the discrepancy between the two stocks is enormous. Does that say that, yeah, I’d be buying Ford here? No. You know what? It’s a heavy cyclical, very inconsistent earnings, high cost, fierce competition. And, you know, the results, has it been worth the risk over the years? Over the last five years, you’ve made 8.5%. Well, the S&P has been 15.5. And over the last three years, you’ve made 8.6. Well, it’s been 23.4. And you take away this big performance over the last 12 months, which has been due to a lot of factors that are probably not sustainable. you’ve had very dismal returns in Ford and yet you know I have people that will transfer in an account and they’ll tell me don’t sell my Ford they see you know they’re they’re beholden to the stock you know whether it’s sentimental or maybe they had a grandfather that worked there or whatever and It doesn’t hold up well in a bear market. In the last bear market, 08 and 09, Ford was down 80%, while the S&P was down 54.5%. And if we do a valuation on Ford, The growth rate is really, is it going to be 5%, 8%, 9%? I’m being fairly generous with my growth rate. I get 70% upside potential and I think that is really generous. Really, really, really generous. All in all, I think you can expect 7%, 6%, 8% a year with a lot of volatility along the way and choppiness and whatnot. So, I mean, I just can’t ever see us owning Ford. We do own their bonds, though, right? Or is it Ford bonds that we own?
SPEAKER 01 :
Yeah, we owned one from, I don’t know, we’ve had it for a long time, but it was a high-yielding bond. I think at the time, I want to say the coupon’s around $8. eating half me and has that thing did it finally mature i can’t remember no it’s still it’s still going it was it was actually a longer dated name uh longer dated bond uh whenever you know back when yields were yields were uh yields were much lower so so just give a real simple explanation of why we would buy uh an eight percent you do a yield to worst calculation right describe that Yeah, so the neat thing about bonds in general is it’s very mathematical. So when you purchase a bond, at least initially, you know, okay, if this company sticks around and pays you back at the end of the period, right, then here’s what your return will be over that period. And we call that… uh yield to worst or you could you know some folks will call it uh yield to maturity or yield to call um we we look at yield to worst and so whenever we buy a bond you know hey it you know worse comes to worst we we have to hold this thing to maturity here’s what it’s going to pay out yeah um obviously that’s going to be a function you know of the you know coupon it’s primarily a function of the price that you pay for the bond right and so That’s where, when you talk about the certainty of bonds, like I said, as long as the company is there to pay your principal back in the end, mathematically you know what to expect.
SPEAKER 02 :
Yes, and that takes away the interest rate risk if you plan on holding it to maturity. And there’s the difference. There’s the big difference between owning a bond fund where you have… a lot of interest rate risk. And a lot of turnover inside the fund itself. I just don’t like bond funds, and there’s got to be trillions and trillions of dollars in bond funds. I see these ads all the time, Vanguard. Vanguard, and it shows all these people sitting behind computers watching the markets trade and everything, and how they have institutional quality bond funds. Well, I would just challenge you to look on the app and pull up a big bond fund, AGG, for instance, which is the aggregate bond fund. Or you can do a bond. B-O-N-D is another one. And you’ll find like two or two. You’re lucky to find two percent overall returns over the last decade. uh… because of uh… you know you’ve been fighting interest rates and that’s bond funds whereas if you take an individual bond that you hold to maturity to me that just makes so much more sense than owning a bond fund There’s your most widely held asset class, I would say, out there. Because with the asset allocation strategies that most firms employ onto their investors, 40% to 50% of your portfolio would be in bond funds. That’s just the way it is. And bond funds, I have a real hatred and dislike, and it’s because of the returns. It’s like having a guy in your lineup that bats 198 year after year. And, you know, does that help me? No. It drags me down. It drags the rest of the team down. That’s my take on bond funds, and I’m very outspoken on that. And yet it’s probably the most used tool other than ETFs. and big ETFs that track massive baskets of stocks, you’re not going to get any alpha out of that. You’re the benchmark that everybody else is out there to beat. So I just can’t see. I think it’s the most overused, and it’s a big cash cow. for these companies that manage these bond funds because they charge a management fee inside those bond funds. And at the end of the day, there’s not much left over for the individual investor. So you just look at your statement when you get it. How much do you own in bonds? And they come in all flavors, and that’s also part of an asset allocation. You’re going to have a ton of short-term bonds that are paying 1% or 2%, short-term paper. Then you’re going to have some intermediate. They’re going to layer them, intermediate-term bonds. You’re going to have some long-term bonds. You might have some corporate bonds. You might have some U.S. treasuries. You might have some emerging market debt. but it all adds up to very mediocre returns over time we’ll be right back
SPEAKER 07 :
You got to go where you want to go. Do what you want to do. And whoever you want to be, you got to go where you want to go.
SPEAKER 02 :
And welcome back here to the final segment of today’s Best Stocks Now show. Now, this next stock that I’m going to talk about is Robinhood, which is an excellent example. You know, it’s one thing to know when to buy. It’s another thing to know when to sell. And I’m going to use Robinhood as an example. We did very well with Robinhood in 2025. We bought it on March the 12th. I know we owned it in our ultra-growth portfolio, and I’m going to look and see if we owned it in our premier growth because it is a large-cap stock these days. I mean, it’s become pretty much the de facto. And it was getting larger as we were holding it. Yeah. We owned it, I guess, just in the ultra-growth, but we had a pretty big position there. We bought it on March the 12th at $39 per share, and it went on a major run. And I remember it going from a 3% or 4% position to pretty soon it became a 10% or 12% position in that portfolio. And along the way, you know, I did some selling, but… The biggest thing that started to happen to Robinhood was the chart started to break down in the early fall of last year in October, in the October time frame. We sold half of it at $132. I cut it in half. So I took a 15% position down to like a 7% position, and then I sold the rest at 125 when the chart continued to weaken. Was that a good choice? Well, it’s at 76 today. So, you know, it’s down another, what, 45% from where we sold it? And the chart has only gotten worse and worse and worse. And one of the problems that Robinhood has right now is its exposure to crypto. And that was the thing I think that started to cause people to second-guess Robinhood when they started talking about the sports betting, the prediction markets, and the exposure to crypto. We have never gotten back into the stock, and we’ve avoided a $50 sell-off. We are out of it $50 higher. Now, eventually it may land in a spot where, where it becomes attractive again, but I look at the PE ratio right now, it’s at 42. Well, it was at 100 at one time. It got to 101, the PE ratio on Robinhood. It’s now a $68 billion company, but it got up to $130 billion in market capitalization. That’s a large cap stock. That’s good old Vlad, Vlad Tenev, who gets a lot of press. He’s not an Elon Musk, but maybe in his little industry in that space, him, Robinhood, and Interactive Brokers are probably the two brokerage firms of choice for the trading on your iPhone crowd, let’s call it, all right? And, you know, Robinhood has no minimum. I’ve had people ask me, Bill, how do I invest in the markets? Well, look, start with buying a few shares of a really good stock and just keep adding and build a portfolio over time.
SPEAKER 01 :
They might sell fractional shares there, too. I know in some names some of these companies do now. Yeah. You know, if you want a piece of booking.com that’s $5,000 to change, right?
SPEAKER 02 :
Now, it does become a problem. I have people transfer fractional, like someone owes 13.144 shares of something. It’s tricky. I guess Schwab doesn’t sell the fractional shares. So when I sell the position, the client’s left holding like one-tenth of one share because they all need to get together, all of these firms, right, and adopt a policy whether we’re going to do fractional shares or not. And then Robinhood has a lot of really strange contracts and whatnot. But their earnings growth, okay, their sales were up 27% year over year. Their earnings were up 22%. That’s a huge drop. That’s a big deceleration. They were a triple-digit grower. If I look at the three prior quarters to that, 106%, 100%, 259%, and then down to 22%. And when you start to get that deceleration going from triple-digit growth now to just 22% growth, that’s a massive deceleration. That’s putting on the brakes is what that’s doing. And it’s reflected in the charts. Stocks not only follow earnings, but they follow earnings expectations. And deceleration is a bad thing. If a stock’s been averaging 40% growth in the last several quarters and all of a sudden it drops to 10%, we’ve seen quite a few examples of that this quarter, that’s not good. And if you look at that chart on Robinhood, that’s a terrible chart. At some point, will it bottom and maybe be an attractive entry point again? Well, it’s possible. I still think that they’re a market leader in the space that they’re in. And it’s hard to sneeze at a $68 billion company that started from nothing in 2021. So anyways, Robinhood, back in 2021, got up to $85. Now here it is. five years later and it’s below that level it hit in its first year as a publicly traded company so we do not own Robinhood I’m not surprised by this sell-off in Robinhood today and you know maybe I think I am dusting off my old book and going to get it out a new issue of it this year sometime and maybe we’ll do a whole chapter or two on when to sell oh it’s fun to buy barry it’s easy to pull the trigger on a buy it’s much more difficult and i would say even more important knowing when to sell than when to buy. Number one, admitting when you’ve made a mistake and not writing a buy into the ground, which there’s a few money managers that I know out there that run ETFs that are infamous for writing stocks into the ground. No, you have to have some kind of net underneath the higher wire you’re walking on in case you’re wrong and slip and make a mistake. And it’s all it takes is one really, really big loser, not only to kill your confidence, but to kill your portfolio. That’s why they call it money management. Anyways, if you’d like to get four weeks to the newsletter, go to GundersenCapital.com and learn along with the trading and buying and selling that I do and the portfolios that I run. And if you say, you know, I don’t have time to be on this all the time. We manage money here for a living. Give us a call. Set up an appointment. 855-611-BEST. 855-611-BEST.
SPEAKER 03 :
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.
