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- Young investors ought to be focused on saving.
年輕投資者應該專注於儲蓄。
They ought to be focused on the merits of long-term investing.
他們應該專注於長期投資的好處。
If they wanna actively trade, that's great. But they shouldn't expect a quick hit.
如果他們想要主動交易，那很好。但他們不應該期望快速獲利。
- Rick Wurster took over as CEO of Charles Schwab in January.
Rick Wurster 於一月接任嘉信理財執行長。
His appointment comes at a time when retail investors are gaining more influence over the state of the stock market, which is sparking a divide in the brokerage industry
他的任命正值散戶投資者對股市狀態的影響力日益增強，這在經紀行業引發了分歧，
that could shape how millions of people accumulate wealth.
可能會影響數百萬人積累財富的方式。
What makes prediction markets, and maybe sports prediction markets in particular, so alarming?
什麼讓預測市場，尤其是體育預測市場，如此令人擔憂？
- I think prediction markets started with the best of intentions.
我認為預測市場的出發點是好的。
People thought, "Hey, you can take a position on what's gonna happen with the employment report." And what happened is they didn't really take off.
人們想：「嘿，你可以對就業報告的結果下注。」結果是它們並沒有真正起飛。
There wasn't much volume. Those events aren't really of national interest.
交易量不大。這些事件並不是真正的全國性話題。
There's a lot more interest in the football game, or Taylor Swift getting engaged to Travis Kelsey than there was on the employment reports.
人們對足球比賽或泰勒絲與特拉維斯·喬西訂婚的興趣比對就業報告大得多。
- For that to happen. - Then the election came around in November and the volume in prediction markets skyrocketed.
讓那發生。然後 11 月的選舉到來了，預測市場的交易量飆升。
And these brokerages that had added it thought to themselves, "Well, gosh, this is great.
這些增加了預測市場的經紀商心想：「哇，這太棒了。」
We're getting an inflow of client engagement. We're making tons of money.
我們獲得了客戶參與度的流入。我們賺了很多錢。
Is there a way to replicate this election, which happens every four years on a more frequent basis?" And of course there's something every Saturday and Sunday that the country loves, and that's football.
有沒有辦法更頻繁地複製這種每四年一次的選舉？當然每週六和週日都有全國喜愛的東西，那就是足球。
And sports gambling became a great way to arbitrage the state gambling laws because they went through the CFTC and they didn't have to work through the states.
體育博彩成為繞過州賭博法的好方法，因為它們通過 CFTC，不必通過各州。
- Do you think that Schwab would ever consider offering prediction markets or event contracts?
你認為嘉信理財會考慮提供預測市場或事件合約嗎？
And if so, where do you think you guys would draw the line?
如果會的話，你們會在哪裡劃線？
- We haven't heard a lot of interest from our clients.
我們沒有從客戶那裡聽到很多興趣。
The volume still really is in sports. So it's not currently high on our list at the moment.
交易量仍然主要在體育方面。所以這目前不是我們的優先事項。
If we find out it becomes a competitive necessity in the brokerage space that people really wanna buy stocks and have access to prediction markets at the same time,
如果我們發現它成為經紀領域的競爭必需品，人們真的想要同時買股票和使用預測市場，
it's something clearly we're gonna have to consider.
這顯然是我們必須考慮的事情。
We do have competitors, we've gotta worry about the competitive landscape, but ideally we wouldn't have to.
我們確實有競爭對手，我們必須擔心競爭格局，但理想情況下我們不必這樣做。
- Walk me through what is starting to raise some red flags for you this year and why that is?
告訴我今年有什麼開始讓你警覺，為什麼？
- I think there is a really bright line between gambling and investing.
我認為賭博和投資之間有一條非常明確的界線。
The blending of those two is not a great thing.
將這兩者混為一談不是好事。
Now I'm not some big anti-gambler. I would just suggest a couple things.
現在我不是什麼反賭博的人。我只是想提幾點建議。
One, they do that with prudence, which means the right amount of money, recognizing that they're more likely to lose than to win, and that they not conflate that with the benefits
一是他們要謹慎行事，這意味著用適當的金額，認識到他們更可能輸而不是贏，並且不要把這和
of being a long-term investor. I don't think we wanna send a message, particularly to young investors, that investing is this quick-hit race that you have to win.
作為長期投資者的好處混為一談。我不認為我們想向年輕投資者傳達投資是一場你必須贏的速戰速決的競賽。
- This blurring between investing and gambling that you mentioned as a concern of yours, is this something that you think could have significant consequences if we see, say, maybe a major market pullback
你提到的這種投資和賭博之間界限模糊的擔憂，你認為如果我們看到，比如未來幾年出現重大市場回調，
in the years to come? - What I worry about is inevitably we're gonna go through a period of pullback in markets.
這會產生重大後果嗎？我擔心的是我們不可避免地會經歷市場回調期。
Markets go up, they go down. That's how markets operate.
市場有漲有跌。這就是市場的運作方式。
And so what we're talking to our clients about is the benefits of diversification, the benefits of long-term investing.
所以我們正在和客戶談論多元化的好處、長期投資的好處。
Over 20 years, equities have never gone down.
20 年來，股票從未下跌。
Over 10 years, they've rarely gone down, and a balanced portfolio has never gone down.
10 年來，它們很少下跌，而平衡的投資組合從未下跌。
So the power of long-term investing in productive assets is a way to accumulate a lot of wealth.
所以長期投資於生產性資產的力量是積累大量財富的方式。
And that's what we're out telling the story about.
這就是我們正在講述的故事。
And our young investors and older investors, they believe in that.
我們的年輕投資者和年長投資者，他們相信這一點。
And that's why their wealth is in an all-time record with us.
這就是為什麼他們在我們這裡的財富創下歷史新高。
- One criticism that I hear about this is that putting these guardrails in place is effectively sort of telling individual investors what they can or cannot do in the markets
我聽到的一個批評是，設置這些護欄實際上等於告訴個人投資者他們在市場上可以或不可以做什麼，
by choosing not to offer something like event contracts or prediction markets.
通過選擇不提供像事件合約或預測市場這樣的東西。
How do you think about this line between protecting investors and say, patronizing them?
你如何看待保護投資者和居高臨下對待他們之間的界線？
- We empower our investors to accumulate wealth and to save and invest how they want to.
我們賦予投資者積累財富、按自己的方式儲蓄和投資的能力。
And we offer a vast array of ways to get invested on our platform, more ways to get invested than any other brokerage that I'm aware of, and investors can do without what they want.
我們在平臺上提供大量投資方式，比我知道的任何其他經紀商都多，投資者可以按自己想要的方式操作。
- I had a photo I wanted to maybe show you from a story I did recently.
我有一張照片想給你看，來自我最近做的一個報導。
- I'm familiar with the photo and the story.
我熟悉那張照片和那個報導。你把那個報導做得很好。
You did a really nice job with that story.
謝謝你。謝謝你。我想問，我們能否期待你在任何嘉信理財活動上穿連身工作服。
- Thank you. Thank you. I wanted to ask if we can ever expect you in a jumpsuit at any Schwab event.
你不會看到我穿 F1 連身工作服。
- You're not gonna see me in an F1 jumpsuit.
原因如下。我認為這向年輕投資者傳達了錯誤的訊息。
And here's why. I think it sends the wrong message to young investors.
原因在這裡。我認為這向年輕投資者傳達了錯誤的訊息。
Young investors ought to be focused on saving.
年輕投資者應該專注於儲蓄。
They ought to be focused on the merits of long-term investing.
如果他們想主動交易，那很好，但他們不應該期望快速獲利。
If they wanna actively trade, that's great, but they shouldn't expect a quick hit.
把投資比作賽車會教年輕投資者，你今天必須贏。
And what comparing investing to a race does is it teaches the young investor, you've gotta win today.
你必須快。如果那支股票今天沒有上漲，天哪，出了什麼問題。
You've gotta go fast. And if that stock's not going up today, gosh, something's going wrong.
我們告訴客戶的是制定計劃，堅持計劃，長期投資。
What we talk to our clients about is have a plan, stick to the plan, invest for the long term.
會有起起落落。你必須應對這些。
There's gonna be ups and downs. You gotta navigate those.
這就是你積累財富的方式。我真的擔心向年輕投資者傳達的訊息，說你必須在投資中獲得這些快速回報。
And that's how you accumulate wealth. And I really worry about the message that's being sent to young investors that you've gotta get these quick hits as it relates to investigating.
我就這個問題和 Robinhood 聊過，這是他們的首席經紀官 Steve Quirk 告訴我的。
- I've talked to Robinhood about this, and this is what their chief brokerage officer Steve Quirk told me.
「下一代投資者，那就是我們服務的對象。」
"The next generation of investors, that's who we serve.
「我們正在向人們介紹更多資產和功能，因為那是他們想要的。」你必須用這種方式來迎合千禧世代和 Z 世代嗎？
We are introducing more assets and capabilities to people because that's what they want." Is it true that you have to maybe do things in this way to cater to millennials and Gen Z?
我們在年輕投資者中表現出色，而且我們是用嘉信的方式做的，就是幫助他們在財務生活中達到他們想要的目標。
- We are crushing it with the young investor, and we're doing it the Schwab way, which is to help them in their financial life get to where they want to be.
我們客戶的平均年齡是四十多歲。
The average age of our client is in its forties.
我們新客戶的平均年齡是三十多歲。
The average age of our new client is in its thirties.
我們今年下載最多的文章是債券投資基礎。
The most downloaded article we have this year is the basics of bond investing.
下載這篇文章的人中 75% 不到 35 歲，三分之一不到 24 歲。
And 75% of the people that downloaded it are under the age of 35 and a third are under the age of 24.
所以我們有採取長期觀點、考慮多元化的年輕投資者，這些人傾向於選擇嘉信。
So we've got young investors that are taking a long-term view, thinking about diversification, and that's who tends to come to Schwab.
這就是我們為什麼贏。我們有 11.8 萬億美元的資產。
And it's why we're winning. We're $11.8 trillion of assets.
僅今年到十月我們就吸引了 4000 億美元的新資產，我認為這比那家認為自己在年輕投資者中獲勝的公司還多。
We've brought in $400 billion of new assets just this year through October, which I think is bigger than the firm that thinks it's winning with young investors.
所以我想說我們才是年輕投資者的選擇。
So I'd say we're it with a young investor.
川普政府承諾為非常年輕的投資者創建儲蓄帳戶，那些今天還是孩子的人。
- The Trump administration has pledged to create these savings accounts for very young investors, those that are kids today.
嘉信有計劃與政府合作提供這些帳戶嗎？
Does Schwab have any plans to partner with the administration in offering these accounts?
我認為無論你的政治立場如何，川普帳戶對我們國家絕對是好事。
- I think regardless of your politics, the Trump Accounts are unequivocally a great thing for our country.
我們公司的起點是民主化投資渠道。
We got our start as a firm because we democratized access to investing.
50 年前 Chuck 創辦公司時，如果你有一百萬美元，你可以投資。
Back when Chuck started the firm 50 years ago, if you had a million dollars, you could get invested.
你有十萬美元，50 年前是很多錢，但投資仍然太貴了。
You had a hundred thousand dollars, which was a lot of money 50 years ago, it was still too expensive to get invested.
Chuck 做的是降低在我們國家投資股票的成本，因此讓比原本更多數百萬美國人投資了。
And what Chuck did was bring down the cost of getting invested in our country and in stocks, and as a result got millions more Americans invested than otherwise would.
川普帳戶的機會是向我國出生的每個嬰兒介紹儲蓄和投資，這對我們國家的未來非常有力。
The opportunity for the Trump Accounts to come along and introduce saving and investing to every baby born in our country is so powerful for the future of our country.
因為從一開始，從你出生的那一刻起，成為儲蓄者、投資者，看到複利和投資的力量
Because right out of the gate, from the moment you're born, to be a saver, to be an investor, seeing the power of compounding and investing in your life
從 0 歲到 18 歲，並知道這是可以幫助你一生的東西，我認為這太不可思議了。
from age zero to age 18 and knowing that's something that can help you the rest of your life, I think is so incredible.
這是你願意更直接參與的事情嗎？
- Is this something that you would be open to being involved in more directly?
我們一直告訴每屆政府，我們能做的任何幫助儲蓄者、投資者和國家的事情，我們都會做。
- We have always told every administration that anything we can do to help savers and investors and the country, we will do.
我認為政府很清楚我們對這個計劃有多大的信心，我們會看看結果如何。
And I think the administration's well aware of our belief in how strong a program this is, and we'll see how it plays out.
你和我其實有一個共同點，就是我們都在結束新工作的第一年。
- You and I actually have something in common, which is that we're both wrapping up the first year of our new jobs.
我想你的辦公室可能比我的大一點。
I think yours maybe comes with a slightly bigger office than mine.
作為嘉信執行長的第一年快結束了，你感覺如何？
How are you feeling as you come up on the end of your first year as the CEO of Schwab?
我告訴你，能每天為我們 4600 萬客戶帳戶服務是一種榮幸。
- Well, I'll tell you, it's an honor to serve our 46 million client accounts every day.
今年我的鬧鐘一次都沒響過，我每天都在它響之前醒來，準備好出發，準備好為客戶服務，為他們帶來改變。
And so my alarm hasn't gone off once this year, I've woken up every day before it, ready to go, ready to serve our clients and make a difference for them.
今年你發現自己經常回顧的領導建議是什麼？
- What leadership advice have you found yourself coming back to this year?
我記得第一次和 Chuck 開會時，我準備了一份關於我領導的業務之一的報告，關於它的盈利能力以及我們如何賺更多錢。
- I remember on my very first meeting with Chuck, I'd prepared this deck about one of the businesses that I was leading and its profitability and how we could make more money.
他一直問我們的費用，我想：「好吧，他知道我們的費用比任何競爭對手都低，我們可能可以提高它們，我們會賺更多錢。」
And he kept asking me about our fees, and I was thinking, "Well, he knows our fees are lower than any of our competitors, and we could probably raise them, we'd make more money.
「作為我們最大的股東，他會受益。」最後他說：「Rick，你得想辦法降低這些費用，讓它們越來越低。」我說：「好吧，Chuck，
And as our largest shareholder, he would flourish." And at the end he said, "Rick, you gotta find a way to knock these fees down, make 'em lower and lower." And I said, "Well, Chuck,
我們會放棄很多盈利。」他說：「不，我們不會。」
we'll give up a lot of profitability." And he said, "No, we won't.
「客戶會和我們做更多生意，因為他們會更喜歡我們。他們會把我們推薦給別人。」
Clients will do more business with us 'cause they'll like us more.
所以在商學院學了很多的兩年之後，我認為在那一次會議中我學到了令人難以置信的
They'll refer us to others." And so after two years of business school during which I learned a lot, I think in that one meeting I learned an incredible amount
關於商業以及是什麼讓嘉信在 50 多年來如此成功的知識。
about business and what has made Schwab so incredibly successful for 50-plus years.
關於商業以及讓嘉信理財在 50 多年來如此成功的原因。
點擊句子跳轉到對應位置
- Young investors ought to be focused on saving.
年輕投資者應該專注於儲蓄。
They ought to be focused on the merits of long-term investing.
他們應該專注於長期投資的好處。
If they wanna actively trade, that's great. But they shouldn't expect a quick hit.
如果他們想要主動交易，那很好。但他們不應該期望快速獲利。
- Rick Wurster took over as CEO of Charles Schwab in January.
Rick Wurster 於一月接任嘉信理財執行長。
His appointment comes at a time when retail investors are gaining more influence over the state of the stock market, which is sparking a divide in the brokerage industry
他的任命正值散戶投資者對股市狀態的影響力日益增強，這在經紀行業引發了分歧，
that could shape how millions of people accumulate wealth.
可能會影響數百萬人積累財富的方式。
What makes prediction markets, and maybe sports prediction markets in particular, so alarming?
什麼讓預測市場，尤其是體育預測市場，如此令人擔憂？
- I think prediction markets started with the best of intentions.
我認為預測市場的出發點是好的。
People thought, "Hey, you can take a position on what's gonna happen with the employment report." And what happened is they didn't really take off.
人們想：「嘿，你可以對就業報告的結果下注。」結果是它們並沒有真正起飛。
There wasn't much volume. Those events aren't really of national interest.
交易量不大。這些事件並不是真正的全國性話題。
There's a lot more interest in the football game, or Taylor Swift getting engaged to Travis Kelsey than there was on the employment reports.
人們對足球比賽或泰勒絲與特拉維斯·喬西訂婚的興趣比對就業報告大得多。
- For that to happen. - Then the election came around in November and the volume in prediction markets skyrocketed.
讓那發生。然後 11 月的選舉到來了，預測市場的交易量飆升。
And these brokerages that had added it thought to themselves, "Well, gosh, this is great.
這些增加了預測市場的經紀商心想：「哇，這太棒了。」
We're getting an inflow of client engagement. We're making tons of money.
我們獲得了客戶參與度的流入。我們賺了很多錢。
Is there a way to replicate this election, which happens every four years on a more frequent basis?" And of course there's something every Saturday and Sunday that the country loves, and that's football.
有沒有辦法更頻繁地複製這種每四年一次的選舉？當然每週六和週日都有全國喜愛的東西，那就是足球。
And sports gambling became a great way to arbitrage the state gambling laws because they went through the CFTC and they didn't have to work through the states.
體育博彩成為繞過州賭博法的好方法，因為它們通過 CFTC，不必通過各州。
- Do you think that Schwab would ever consider offering prediction markets or event contracts?
你認為嘉信理財會考慮提供預測市場或事件合約嗎？
And if so, where do you think you guys would draw the line?
如果會的話，你們會在哪裡劃線？
- We haven't heard a lot of interest from our clients.
我們沒有從客戶那裡聽到很多興趣。
The volume still really is in sports. So it's not currently high on our list at the moment.
交易量仍然主要在體育方面。所以這目前不是我們的優先事項。
If we find out it becomes a competitive necessity in the brokerage space that people really wanna buy stocks and have access to prediction markets at the same time,
如果我們發現它成為經紀領域的競爭必需品，人們真的想要同時買股票和使用預測市場，
it's something clearly we're gonna have to consider.
這顯然是我們必須考慮的事情。
We do have competitors, we've gotta worry about the competitive landscape, but ideally we wouldn't have to.
我們確實有競爭對手，我們必須擔心競爭格局，但理想情況下我們不必這樣做。
- Walk me through what is starting to raise some red flags for you this year and why that is?
告訴我今年有什麼開始讓你警覺，為什麼？
- I think there is a really bright line between gambling and investing.
我認為賭博和投資之間有一條非常明確的界線。
The blending of those two is not a great thing.
將這兩者混為一談不是好事。
Now I'm not some big anti-gambler. I would just suggest a couple things.
現在我不是什麼反賭博的人。我只是想提幾點建議。
One, they do that with prudence, which means the right amount of money, recognizing that they're more likely to lose than to win, and that they not conflate that with the benefits
一是他們要謹慎行事，這意味著用適當的金額，認識到他們更可能輸而不是贏，並且不要把這和
of being a long-term investor. I don't think we wanna send a message, particularly to young investors, that investing is this quick-hit race that you have to win.
作為長期投資者的好處混為一談。我不認為我們想向年輕投資者傳達投資是一場你必須贏的速戰速決的競賽。
- This blurring between investing and gambling that you mentioned as a concern of yours, is this something that you think could have significant consequences if we see, say, maybe a major market pullback
你提到的這種投資和賭博之間界限模糊的擔憂，你認為如果我們看到，比如未來幾年出現重大市場回調，
in the years to come? - What I worry about is inevitably we're gonna go through a period of pullback in markets.
這會產生重大後果嗎？我擔心的是我們不可避免地會經歷市場回調期。
Markets go up, they go down. That's how markets operate.
市場有漲有跌。這就是市場的運作方式。
And so what we're talking to our clients about is the benefits of diversification, the benefits of long-term investing.
所以我們正在和客戶談論多元化的好處、長期投資的好處。
Over 20 years, equities have never gone down.
20 年來，股票從未下跌。
Over 10 years, they've rarely gone down, and a balanced portfolio has never gone down.
10 年來，它們很少下跌，而平衡的投資組合從未下跌。
So the power of long-term investing in productive assets is a way to accumulate a lot of wealth.
所以長期投資於生產性資產的力量是積累大量財富的方式。
And that's what we're out telling the story about.
這就是我們正在講述的故事。
And our young investors and older investors, they believe in that.
我們的年輕投資者和年長投資者，他們相信這一點。
And that's why their wealth is in an all-time record with us.
這就是為什麼他們在我們這裡的財富創下歷史新高。
- One criticism that I hear about this is that putting these guardrails in place is effectively sort of telling individual investors what they can or cannot do in the markets
我聽到的一個批評是，設置這些護欄實際上等於告訴個人投資者他們在市場上可以或不可以做什麼，
by choosing not to offer something like event contracts or prediction markets.
通過選擇不提供像事件合約或預測市場這樣的東西。
How do you think about this line between protecting investors and say, patronizing them?
你如何看待保護投資者和居高臨下對待他們之間的界線？
- We empower our investors to accumulate wealth and to save and invest how they want to.
我們賦予投資者積累財富、按自己的方式儲蓄和投資的能力。
And we offer a vast array of ways to get invested on our platform, more ways to get invested than any other brokerage that I'm aware of, and investors can do without what they want.
我們在平臺上提供大量投資方式，比我知道的任何其他經紀商都多，投資者可以按自己想要的方式操作。
- I had a photo I wanted to maybe show you from a story I did recently.
我有一張照片想給你看，來自我最近做的一個報導。
- I'm familiar with the photo and the story.
我熟悉那張照片和那個報導。你把那個報導做得很好。
You did a really nice job with that story.
謝謝你。謝謝你。我想問，我們能否期待你在任何嘉信理財活動上穿連身工作服。
- Thank you. Thank you. I wanted to ask if we can ever expect you in a jumpsuit at any Schwab event.
你不會看到我穿 F1 連身工作服。
- You're not gonna see me in an F1 jumpsuit.
原因如下。我認為這向年輕投資者傳達了錯誤的訊息。
And here's why. I think it sends the wrong message to young investors.
原因在這裡。我認為這向年輕投資者傳達了錯誤的訊息。
Young investors ought to be focused on saving.
年輕投資者應該專注於儲蓄。
They ought to be focused on the merits of long-term investing.
如果他們想主動交易，那很好，但他們不應該期望快速獲利。
If they wanna actively trade, that's great, but they shouldn't expect a quick hit.
把投資比作賽車會教年輕投資者，你今天必須贏。
And what comparing investing to a race does is it teaches the young investor, you've gotta win today.
你必須快。如果那支股票今天沒有上漲，天哪，出了什麼問題。
You've gotta go fast. And if that stock's not going up today, gosh, something's going wrong.
我們告訴客戶的是制定計劃，堅持計劃，長期投資。
What we talk to our clients about is have a plan, stick to the plan, invest for the long term.
會有起起落落。你必須應對這些。
There's gonna be ups and downs. You gotta navigate those.
這就是你積累財富的方式。我真的擔心向年輕投資者傳達的訊息，說你必須在投資中獲得這些快速回報。
And that's how you accumulate wealth. And I really worry about the message that's being sent to young investors that you've gotta get these quick hits as it relates to investigating.
我就這個問題和 Robinhood 聊過，這是他們的首席經紀官 Steve Quirk 告訴我的。
- I've talked to Robinhood about this, and this is what their chief brokerage officer Steve Quirk told me.
「下一代投資者，那就是我們服務的對象。」
"The next generation of investors, that's who we serve.
「我們正在向人們介紹更多資產和功能，因為那是他們想要的。」你必須用這種方式來迎合千禧世代和 Z 世代嗎？
We are introducing more assets and capabilities to people because that's what they want." Is it true that you have to maybe do things in this way to cater to millennials and Gen Z?
我們在年輕投資者中表現出色，而且我們是用嘉信的方式做的，就是幫助他們在財務生活中達到他們想要的目標。
- We are crushing it with the young investor, and we're doing it the Schwab way, which is to help them in their financial life get to where they want to be.
我們客戶的平均年齡是四十多歲。
The average age of our client is in its forties.
我們新客戶的平均年齡是三十多歲。
The average age of our new client is in its thirties.
我們今年下載最多的文章是債券投資基礎。
The most downloaded article we have this year is the basics of bond investing.
下載這篇文章的人中 75% 不到 35 歲，三分之一不到 24 歲。
And 75% of the people that downloaded it are under the age of 35 and a third are under the age of 24.
所以我們有採取長期觀點、考慮多元化的年輕投資者，這些人傾向於選擇嘉信。
So we've got young investors that are taking a long-term view, thinking about diversification, and that's who tends to come to Schwab.
這就是我們為什麼贏。我們有 11.8 萬億美元的資產。
And it's why we're winning. We're $11.8 trillion of assets.
僅今年到十月我們就吸引了 4000 億美元的新資產，我認為這比那家認為自己在年輕投資者中獲勝的公司還多。
We've brought in $400 billion of new assets just this year through October, which I think is bigger than the firm that thinks it's winning with young investors.
所以我想說我們才是年輕投資者的選擇。
So I'd say we're it with a young investor.
川普政府承諾為非常年輕的投資者創建儲蓄帳戶，那些今天還是孩子的人。
- The Trump administration has pledged to create these savings accounts for very young investors, those that are kids today.
嘉信有計劃與政府合作提供這些帳戶嗎？
Does Schwab have any plans to partner with the administration in offering these accounts?
我認為無論你的政治立場如何，川普帳戶對我們國家絕對是好事。
- I think regardless of your politics, the Trump Accounts are unequivocally a great thing for our country.
我們公司的起點是民主化投資渠道。
We got our start as a firm because we democratized access to investing.
50 年前 Chuck 創辦公司時，如果你有一百萬美元，你可以投資。
Back when Chuck started the firm 50 years ago, if you had a million dollars, you could get invested.
你有十萬美元，50 年前是很多錢，但投資仍然太貴了。
You had a hundred thousand dollars, which was a lot of money 50 years ago, it was still too expensive to get invested.
Chuck 做的是降低在我們國家投資股票的成本，因此讓比原本更多數百萬美國人投資了。
And what Chuck did was bring down the cost of getting invested in our country and in stocks, and as a result got millions more Americans invested than otherwise would.
川普帳戶的機會是向我國出生的每個嬰兒介紹儲蓄和投資，這對我們國家的未來非常有力。
The opportunity for the Trump Accounts to come along and introduce saving and investing to every baby born in our country is so powerful for the future of our country.
因為從一開始，從你出生的那一刻起，成為儲蓄者、投資者，看到複利和投資的力量
Because right out of the gate, from the moment you're born, to be a saver, to be an investor, seeing the power of compounding and investing in your life
從 0 歲到 18 歲，並知道這是可以幫助你一生的東西，我認為這太不可思議了。
from age zero to age 18 and knowing that's something that can help you the rest of your life, I think is so incredible.
這是你願意更直接參與的事情嗎？
- Is this something that you would be open to being involved in more directly?
我們一直告訴每屆政府，我們能做的任何幫助儲蓄者、投資者和國家的事情，我們都會做。
- We have always told every administration that anything we can do to help savers and investors and the country, we will do.
我認為政府很清楚我們對這個計劃有多大的信心，我們會看看結果如何。
And I think the administration's well aware of our belief in how strong a program this is, and we'll see how it plays out.
你和我其實有一個共同點，就是我們都在結束新工作的第一年。
- You and I actually have something in common, which is that we're both wrapping up the first year of our new jobs.
我想你的辦公室可能比我的大一點。
I think yours maybe comes with a slightly bigger office than mine.
作為嘉信執行長的第一年快結束了，你感覺如何？
How are you feeling as you come up on the end of your first year as the CEO of Schwab?
我告訴你，能每天為我們 4600 萬客戶帳戶服務是一種榮幸。
- Well, I'll tell you, it's an honor to serve our 46 million client accounts every day.
今年我的鬧鐘一次都沒響過，我每天都在它響之前醒來，準備好出發，準備好為客戶服務，為他們帶來改變。
And so my alarm hasn't gone off once this year, I've woken up every day before it, ready to go, ready to serve our clients and make a difference for them.
今年你發現自己經常回顧的領導建議是什麼？
- What leadership advice have you found yourself coming back to this year?
我記得第一次和 Chuck 開會時，我準備了一份關於我領導的業務之一的報告，關於它的盈利能力以及我們如何賺更多錢。
- I remember on my very first meeting with Chuck, I'd prepared this deck about one of the businesses that I was leading and its profitability and how we could make more money.
他一直問我們的費用，我想：「好吧，他知道我們的費用比任何競爭對手都低，我們可能可以提高它們，我們會賺更多錢。」
And he kept asking me about our fees, and I was thinking, "Well, he knows our fees are lower than any of our competitors, and we could probably raise them, we'd make more money.
「作為我們最大的股東，他會受益。」最後他說：「Rick，你得想辦法降低這些費用，讓它們越來越低。」我說：「好吧，Chuck，
And as our largest shareholder, he would flourish." And at the end he said, "Rick, you gotta find a way to knock these fees down, make 'em lower and lower." And I said, "Well, Chuck,
我們會放棄很多盈利。」他說：「不，我們不會。」
we'll give up a lot of profitability." And he said, "No, we won't.
「客戶會和我們做更多生意，因為他們會更喜歡我們。他們會把我們推薦給別人。」
Clients will do more business with us 'cause they'll like us more.
所以在商學院學了很多的兩年之後，我認為在那一次會議中我學到了令人難以置信的
They'll refer us to others." And so after two years of business school during which I learned a lot, I think in that one meeting I learned an incredible amount
關於商業以及是什麼讓嘉信在 50 多年來如此成功的知識。
about business and what has made Schwab so incredibly successful for 50-plus years.
關於商業以及讓嘉信理財在 50 多年來如此成功的原因。