Is Nvidia the New Tesla?

The Compound and Friends

Josh Brown

Investing, Business, News, Business News

4.7 • 2.2K Ratings

🗓️ 22 August 2023

⏱️ 80 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this TCAF Tuesday, join Michael Batnick and Downtown Josh Brown for an all-new episode of What Are Your Thoughts and see what they have to say about: tech stocks, Elon Musk's shadow rule, Jackson Hole preview, interest rates, ARM, and much more! But first, hear what Josh has to say about the recent news out of Schwab and Goldman! Thanks to Rocket Money for sponsoring this episode! Go to https://www.rocketmoney.com/compound for more info. Watch this episode on YouTube: https://youtube.com/live/ylK9_oNIl78 Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ladies and gentlemen, welcome to the compound and friends on downtown Josh Brown.
0:04.7	We're going to get to what are your thoughts very shortly, Michael Batnik and I talking
0:10.2	about a whole host of important stuff that's been going on this week.
0:14.0	There's a couple of things that we're not going to get to, but they've been on my mind
0:18.2	and they are industry related in the wealth management space.
0:22.5	One was a little bit unsurprising to me.
0:26.6	One was very surprising.
0:28.7	And so let's start with the slightly less surprising news.
0:33.7	Charles Schwab said late Monday, it's going to lower its head count.
0:38.8	I mean, this is a situation where after Labor Day, they will have completely closed the
0:45.5	acquisition of one of their largest competitors, TD Ameritrade, this very much affects my firm.
0:52.6	We were large custody clients of TD Ameritrade, end of Schwab, and now both of those relationships
1:00.4	will collapse into one.
1:02.2	There were some really incredible people that we've worked with over the years at TD Ameritrade
1:07.1	as we built our business.
1:09.8	Most I would say, most are no longer there, but the Schwab people are great as well.
1:16.4	And this was a merger that was announced in 2019 and it kind of came about just as Schwab
1:24.7	was transitioning its own business model to really making most of their money from
1:30.4	asset management and banking less of their money from transactional brokerage.
1:36.2	And in the midst of the negotiations with TD Ameritrade, they actually cut their commission
1:41.6	per trade price to zero.
1:44.6	And that of course was to bring it in line with what Robinhood was charging.
	...

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