On Investing - Charles Schwab

Latest Episodes:

Market Outlook: What's in Store for 2024? Dec 08, 2023

Show notes

After a tumultuous year for the markets, what's in store for 2024? In this year-end episode, Schwab experts look ahead to consider what investors might expect from the markets in the new year.

First, Liz Ann Sonders, Schwab's chief investment strategist, speaks with senior investment strategist Kevin Gordon. Liz Ann offers her perspective on the direction of the U.S. economy and stock market. She and Kevin discuss inflation, interest rates, company earnings, and the job market, among other topics.

Next, Kathy Jones, Schwab's chief fixed income strategist interviews her colleagues Collin Martin and Cooper Howard. Kathy looks at what bond investors might expect from the Federal Reserve and fixed income assets in the new year. She and fixed income strategist Collin Martin recap the year in the corporate bond market and look ahead for what's next in bond investments in 2024. Kathy also discusses the muni bond market with fixed income strategist Cooper Howard.

Then, Jeffrey Kleintop—Schwab's chief global investment strategist—joins Liz Ann on the show and examines what 2024 might hold for the global economy and markets.

Finally, Mike Townsend, Schwab's managing director of legislative and regulatory affairs, offers his outlook on what to expect from a possible government shutdown, a busy regulatory environment, and the 2024 election.

On Investing is an original podcast from Charles Schwab. For more on the show, visit Schwab.com/OnInvesting.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

All corporate names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.

Investing involves risk, including loss of principal.

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.

Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.

Small cap investments are subject to greater volatility than those in other asset categories.

International investments involve additional risks, which include differences in financial accounting standards, currency fluctuations, geopolitical risk, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Digital currencies such as bitcoin are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument.

The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

Schwab does not recommend the use of technical analysis as a sole means of investment research.

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions.

The Global Manufacturing Purchasing Managers Index (PMI) is a survey-based indicator of the economic health of the global manufacturing sector. The PMI index includes the major indicators of: new orders, inventory levels, production, supplier deliveries and the employment environment.

The Employment component of the Eurozone Manufacturing Purchasing Managers Index (PMI) measures the conditions surrounding the cost of employment business expenses experienced by surveyed business leaders in the Eurozone.

The Input Prices component of the Eurozone Composite Purchasing Managers Index (PMI) measures the conditions surrounding the prices of raw materials and other business expenses experienced by surveyed business leaders in the Eurozone.

The MSCI EAFE Equal Weighted Index includes the same constituents as the MSCI EAFE Index (large and mid-cap securities from Developed Markets countries around the world excluding the US and Canada), with an alternative weighting scheme where at each quarterly rebalance date, all index constituents are weighted equally.

The S&P 500 Equal Weighted Index includes the same constituents as its parent index, the S&P 500, with each index constituent represented equally.

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An Equities Rally, a GDP Revision, and the Likelihood of 'De-Dollarization' Dec 01, 2023

Show notes

After a market rally in November, what can we expect in December? In this episode, Kathy Jones and Liz Ann Sonders recap the week of Thanksgiving and discuss revisions to the Q3 GDP numbers. They also look toward the week ahead and the economic indicators they are watching.

Kathy Jones interviews economist Jens Nordvig, founder of Exante Data and MarketReader. They discuss the trajectory for inflation, whether we can expect Fed rate cuts in 2024, the long-term investment in AI, and the state of the U.S. dollar, among other topics.

On Investing is an original podcast from Charles Schwab. For more on the show, visit Schwab.com/OnInvesting.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Investing involves risk, including loss of principal.

Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the US Government whose principal value is adjusted periodically in accordance with the rise and fall in the inflation rate. Thus, the dividend amount payable is also impacted by variations in the inflation rate, as it is based upon the principal value of the bond. It may fluctuate up or down. Repayment at maturity is guaranteed by the US Government and may be adjusted for inflation to become the greater of the original face amount at issuance or that face amount plus an adjustment for inflation. Treasury Inflation-Protected Securities are guaranteed by the US Government, but inflation-protected bond funds do not provide such a guarantee.

Currencies are speculative, very volatile and are not suitable for all investors.

Diversification strategies do not ensure a profit and do not protect against losses in declining markets.

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions.

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This Week's CPI Data and the State of the Economy Nov 17, 2023

Show notes

In this episode, Kathy Jones and Liz Ann Sonders look back on the week's CPI data and look ahead to what indicators they are both watching next week.

For her focus on equities and the economy, Liz Ann Sonders interviews Nancy Lazar, chief global economist at Piper Sandler, where she leads the economics research team. Before joining Piper Sandler, she co-founded Cornerstone Macro, Wall Street's premier macro boutique. Prior to Cornerstone, she was co-founder and vice chairman of ISI Group for more than 20 years. They discuss the likelihood of a recession in the coming months, the state of inflation and Fed tightening, corporate revenues, and much more.

For her focus on the bond market, Kathy Jones interviews Collin Martin, a director and fixed income strategist here on my team at the Schwab Center for Financial Research. Their discussion focuses on the quality and yields of investment-grade bonds.

On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Investing involves risk, including loss of principal.

Lower rated securities are subject to greater credit risk, default risk, and liquidity risk.

Bank loans typically have below investment-grade credit ratings and may be subject to more credit risk, including the risk of nonpayment of principal or interest. Most bank loans have floating coupon rates that are tied to short-term reference rates like the Secured Overnight Financing Rate (SOFR), so substantial increases in interest rates may make it more difficult for issuers to service their debt and cause an increase in loan defaults. A rise in short-term references rates typically result in higher income payments for investors, however. Bank loans are typically secured by collateral posted by the issuer, or guarantees of its affiliates, the value of which may decline and be insufficient to cover repayment of the loan. Many loans are relatively illiquid or are subject to restrictions on resales, have delayed settlement periods, and may be difficult to value. Bank loans are also subject to maturity extension risk and prepayment risk.

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions.

The Sahm Rule, developed by Claudia Sahm, identifies signals related to the start of a recession when the three-month moving average of the national unemployment rate (U3) rises by 0.50 percentage points or more relative to its low during the previous 12 months. https://fred.stlouisfed.org/release?rid=456

SLOOS is the Senior Loan Officer Opinion Survey on Bank Lending Practices. For more information, see https://www.federalreserve.gov/data/sloos.htm.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

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The View from Washington D.C. Nov 10, 2023

Show notes

In this episode of On Investing, hosts Liz Ann Sonders and Kathy Jones welcome Mike Townsend to the show. Mike is Schwab's managing director of legislative and regulatory affairs in Washington D.C. He is also the host of Schwab's WashingtonWise podcast, which explores the intersection between policy, politics, the markets, and the economy. He shares his thoughts on the 2024 election cycle, the likelihood of a government shutdown, and the state of the federal budget deficit and government debt.

Kathy and Liz Ann also give an update on what they are keeping an eye on next week in the markets.

Liz Ann Sonders is Schwab's chief investment strategist. She's regularly quoted in financial publications including The Wall Street Journal, The New York Times, Barron's,and the Financial Times.

She also appears as a regular guest on CNBC, Bloomberg, CNN, Yahoo! Finance, and Fox Business News. Liz Ann has been named "Best Market Strategist" by Kiplinger'sPersonal Finance and one of SmartMoney magazine's "Power 30." Barron's has named her to its "100 Most Influential Women in Finance" list, and Investment Advisor has included her on the "IA 25," its list of the 25 most important people in and around the financial advisory profession.

Kathy is Schwab's chief fixed income strategist. She is a regular guest on CNBC, Yahoo Finance, Bloomberg TV, and many other networks and is often quoted by The Wall Street Journal, The New York Times, Financial Times, and Reuters. Kathy has been an analyst of global credit markets throughout her career, working with both institutional and retail clients.

On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third party providers is obtained from what are considered reliable source. However, its accuracy, completeness or reliability cannot be guaranteed and Charles Schwab & Co. expressly disclaims any liability, including incidental or consequential damages, arising from errors or omissions in this publication.

Past performance is no guarantee of future results and the opinions presented cannot be viewed as an indicator of future performance.

Investing involves risk including loss of principal.

Small cap investments are subject to greater volatility than those in other asset categories.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

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Frequently Asked Questions from Investors Nov 03, 2023

Show notes

In this episode of On Investing, hosts Liz Ann Sonders and Kathy Jones recap the previous week and dig into a list of frequently asked questions from investors. They cover questions such as "What's the next move for the Fed?" and "Is a recession coming or not?" among others.

Kathy and Liz Ann also give an update on what they are keeping an eye on next week in the markets.

Liz Ann Sonders is Schwab's chief investment strategist. She's regularly quoted in financial publications including The Wall Street Journal, The New York Times, Barron's, and the Financial Times.

She also appears as a regular guest on CNBC, Bloomberg, CNN, Yahoo! Finance, and Fox Business News. Liz Ann has been named "Best Market Strategist" by Kiplinger's Personal Finance and one of SmartMoney magazine's "Power 30." Barron's has named her to its "100 Most Influential Women in Finance" list, and Investment Advisor has included her on the "IA 25," its list of the 25 most important people in and around the financial advisory profession.

On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Diversification strategies do not ensure a profit and do not protect against losses in markets.

Tax-exempt bonds are not necessarily a suitable investment for all persons. Information related to a security's tax-exempt status (federal and in-state) is obtained from third parties, and does not guarantee its accuracy. Tax-exempt income may be subject to the Alternative Minimum Tax (AMT). Capital appreciation from bond funds and discounted bonds may be subject to state or local taxes. Capital gains are not exempt from federal income tax.

Investing involves risk, including loss of principal.

Currencies are speculative, very volatile and are not suitable for all investors.

Small cap investments are subject to greater volatility than those in other asset categories.

Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeSchwab.com/IndexDefinitions.

S&P 500 Pure Growth is a style-concentrated index designed to track the performance of stocks that exhibit the strongest growth characteristics by using a style-attractiveness-weighting scheme.

S&P 500 Pure Value is a style-concentrated index designed to track the performance of stocks that exhibit the strongest value characteristics by using a style-attractiveness-weighting scheme.

NBER is the National Bureau of Economic Research, an American private nonprofit research organization. https://www.nber.org/

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

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Our Philosophy and What Matters in the Markets Oct 27, 2023

Show notes

In the first episode of Schwab's new podcast, On Investing, hosts Liz Ann Sonders and Kathy Jones introduce each other and explain what matters to them as they analyze the equity and bond markets. They also discuss the current market cycle and what the broader picture might tell us.

Liz Ann Sonders is Schwab's chief investment strategist. She's regularly quoted in financial publications including The Wall Street Journal, The New York Times, Barron's,and the Financial Times.

She also appears asa regular guest on CNBC, Bloomberg, CNN, Yahoo! Finance, and Fox Business News. Liz Ann has been named "Best Market Strategist" by Kiplinger'sPersonal Finance and one of SmartMoney magazine's "Power 30." Barron's has named her to its "100 Most Influential Women in Finance" list, and Investment Advisor has included her on the "IA 25," its list of the 25 most important people in and around the financial advisory profession.

On Investing is an original podcast from Charles Schwab. For more on the show, visit Schwab.com/OnInvesting.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Important Disclosures

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Diversification strategies do not ensure a profit and do not protect against losses in declining markets.

Rebalancing does not protect against losses or guarantee that an investor’s goal will be met. Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability.

Investing involves risk including loss of principal.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

(1023-3NVC)

Introducing On Investing Oct 12, 2023

Show notes

Each week On Investing hosts Liz Ann Sonders, Schwab's chief investment strategist, and Kathy Jones, Schwab's chief fixed income strategist, analyze the financial headlines and bring context to all the conversations around equities, fixed income, the economy, and more.

Join Kathy, Liz Ann, and their guests, as they share insights on what's moving the markets and why, as well as the indicators they are watching for signs of change.

They'll also answer investor questions on everything from which sectors are on the move, to what the bond markets are telling us, to where to look for potential opportunities and how to be proactive.

You can download the latest episode of On Investing and subscribe so you never miss an episode at Schwab.com/OnInvesting or wherever you get your podcasts.

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Investing involves risk including loss of principal.

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

Apple, the Apple logo, iPad, iPhone, and Apple Podcasts are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

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