Charles Schwab
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21 ноября, 17:17

Charles Schwab's Chief Investment Strategist, Sonders On The Markets

While markets appear healthy, Sonders discusses wider asset class correlations, the importance of diversification and opportunities for selective, active management.

16 ноября, 11:33

Остерегайтесь market orders при торговле ETFs

Уважаемые инвесторы!Нам иногда приходится наблюдать на рынке странное явление – значительные (сопоставимые с размером подписного лота ETF) заявки (‘orders') на покупку или продажу ETF, которые при неаккуратном заведении в торговую платформу (вместо лимитированной заявки (‘limit order’) в биржевой стакан размещается заявка “исполнить по рынку” (‘market order')) приносят клиенту необоснованные убытки: он продает принадлежащие ему ценные бумаги дешевле, чем мог бы, или покупает дороже, чем стоило бы. Избежать этих проблем очень просто, и мы постоянно рассказываем об этом как в рамках наших публичных вебинаров с инвесторами, так и во время встреч с профессиональными участниками рынка ценных бумаг, призванными оберегать своих клиентов от технических ошибок.Как возникают такие невынужденные ошибки? Клиент выставляет рыночную заявку на продажу или покупку ETF без указания минимальной/максимальной цены ('market order’), «сносит» маркет-мейкера (выкупает весь объем заявки маркет-мейкера) и «собирает стакан» (заключает сделки по заведомо худшим ценам, ниже цены маркет-мейкера). Это происходит несмотря на то, что маркет-мейкер восстанавливает размер своих заявок в биржевые стаканы в течение кратчайшего периода времени (обычно счет идет на секунды). Очевидно, что при подаче такой рыночной заявки инвестор не принимает во внимание ни справедливую стоимость акции ETF, ни возможность маркет-мейкера выкупать (или продавать) с рынка практически неограниченный объем бумаг благодаря возможности погасить или подписаться на акции ETF с минимальными издержками. FinEx рекомендует: при продаже или покупке, если ваша заявка превосходит заявку маркет-мейкера в стакане – просто используйте лимитированную заявку, вместо рыночной. Это позволит вам защититься от некорректного исполнения, а ваша полная заявка будет просто исполнена по частям. Другими словами, если ваша заявка больше объема, выставленного маркет-мейкером в конкретный момент времени, то после ее частичного исполнения маркет-мейкер оперативно «доставит» в биржевой стакан необходимое количество денег или бумаг.Я уже писал подробно про ликвидность ETF здесь еще в 2015 г., где подчеркивал необходимость использования лимитных ордеров (‘limit orders’). К сожалению, в России клиент редко может услышать от брокера четкую рекомендацию избегать больших рыночных заявок.При этом постоянное внимание принципам функционирования биржевого рынка ETF и методам достижения наилучшего исполнения заявок уделяют представители финансовой индустрии на развитых рынках – вот несколько примеров с рынков Канады, Австралии и США (1) (2). Обратите внимание на последнюю ссылку – даже на крупнейшем ETF-рынке в мире ведущий брокер (Charles Schwab) рекомендует обратиться за помощью к профучастнику-специалисту при торговле крупными пакетами акций от 10 000 штук. И это при том, что подписные корзины (минимальный объем, требуемый для создания или погашение нового блока акций ETF) на рынке США традиционно довольно велики (100-500 тыс. акций). Очень надеюсь, что эта информация окажется вам полезной, и вы сможете избежать невынужденных ошибок при торговле ETF на Московской бирже. Если у вас когда-либо будут вопросы относительно способов подачи торговых заявок или принципов функционирования ETF, я и мои коллеги всегда готовы ответить на любые ваши вопросы – для этого достаточно задать нам вопрос с помощью чатов на сайтах https://finexetf.ru и https://finex-etf.ru. Спокойного инвестирования! Янкелев Олег, Старший партнер FinEx Capital Management LLP

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15 ноября, 20:48

Schwab's Monthly Metrics Improved In October

In continuation with a generally strong performance in the first three quarters of the year, Charles Schwab‘s growth trend continued as the brokerage saw significant improvement across its key metrics in October.

15 ноября, 16:51

E*TRADE Financial (ETFC) October DARTs Up 7% Sequentially

E*TRADE Financial's (ETFC) sequential and year-over-year increase in DARTs indicates higher revenues for the firm.

15 ноября, 16:03

Schwab's (SCHW) October Metrics Indicate Y/Y Improvement

Schwab's (SCHW) improving metrics reflect benefit from higher interest rates. Thus, a steady rise in revenues is expected in the near term.

14 ноября, 16:26

The Zacks Analyst Blog Highlights: Pfizer, Occidental Petroleum, Charles Schwab, Prudential and S&P Global

The Zacks Analyst Blog Highlights: Pfizer, Occidental Petroleum, Charles Schwab, Prudential and S&P Global

13 ноября, 23:32

Top Analyst Reports for Pfizer, Occidental Petroleum & Charles Schwab

Top Analyst Reports for Pfizer, Occidental Petroleum & Charles Schwab

13 ноября, 18:44

Buy 3 Best Schwab Mutual Funds for Stunning Returns

Below we share with you three top-ranked Schwab mutual funds. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy)

13 ноября, 15:22

TD Ameritrade (AMTD) October Daily Client Trades Up 55% Y/Y

TD Ameritrade (AMTD) reported average client trades per day of 680,000 in its activity report for October 2017, up 19% from the prior-month tally and 55% from the year-ago period.

07 ноября, 16:49

Wells Fargo Launches Robo-Advisor to Attract Young Investors

Wells Fargo (WFC) launched a hybrid service, which is both digital and low-cost option for investing.

03 ноября, 18:56

Interactive Brokers (IBKR) Up 2.1% as October DARTs Improve

Interactive Brokers' (IBKR) Electronic Brokerage segment reported total client DARTs of 698,000, up 16% from both October 2016 and September 2017.

30 октября, 21:51

Рынки опасаются провала налоговой реформы Трампа

В преддверии публикации законопроекта реформы налоговой системы США среди инвесторов усилились опасения, что очередная инициатива Дональда Трампа либо провалится, либо не принесет желаемого результата.

30 октября, 21:51

Рынки опасаются провала налоговой реформы Трампа

В преддверие публикации законопроекта реформы налоговой системы США среди инвесторов усились опасения, что очередная инициатива Дональда Трампа либо провалится, либо не принесет желаемого результата.

26 октября, 19:01

Raymond James (RJF) Q4 Earnings Beat, Revenues Improve

Higher revenues support Raymond James' (RJF) Q4 results. However, higher expenses are a headwind.

25 октября, 17:22

TD Ameritrade (AMTD) Q4 Earnings Beat Estimates, Stock Up

TD Ameritrade Holding Corporation's (AMTD) improved trading activity in fourth-quarter fiscal 2017 pleased investors. As a result, shares gained 3.9% after the results were announced.

24 октября, 17:02

Are Markets Being Driven by Fun-Durr-Mentals?

Authored by Lance Roberts via RealInvestmentAdvice.com, This past weekend, I discussed how the current rally since the election has been based on “hopes” for tax cuts and tax reforms as there was little evidence currently to suggest it was based on fundamental underpinnings. To wit: “Do not be mistaken, this ‘rally’ IS all about tax cuts. Despite many who are suggesting this has been a ‘rational rise’ due to strong earnings growth, that is simply not the case as shown below. (I only use ‘reported earnings’ which includes all the ‘bad stuff.’ Any analysis using ‘operating earnings’ is misleading.)” “Since 2014, the stock market has risen (capital appreciation only) by 35% while reported earnings growth has risen by a whopping 2%. A 2% growth in earnings over the last 3-years hardly justifies a 33% premium over earnings.” The chart below expands that analysis to include four measures combined: Economic growth, Top-line Sales Growth, Reported Earnings, and Corporate Profits After Tax. While quarterly data is not yet available for the 3rd quarter, officially, what is shown is the market has grown substantially faster than all other measures. Since 2014, the economy has only grown by a little less than 9%, top-line revenues by just 3% along with corporate profits after tax, and reported earnings by just 2%. All of that while asset prices have grown by 29% through Q2. But despite the data, many on Wall Street are suggesting the recent string of “record highs” is all about improving fundamentals and not about the “Trump agenda.” To wit: “Charles Schwab executive Jeffrey Kleintop has a message for supporters of President Donald J. Trump who believe his election is behind recent stock market gains: The rally is not about him.   The president’s advocates attribute the upturn to anticipation of Mr. Trump’s efforts to cut taxes, decrease regulation and increase infrastructure spending. Mr. Kleintop doubts that the president’s anticipated policies have been decisive.   ‘The Trump rally doesn’t exist, it’s rooted in the fundamentals.’“   What’s driving the markets upward are corporate sales growth and first-quarter earnings, both of which have registered their biggest gains in several years.” Looking at the data above, not so much. But let’s expand this data even more back to 1955. The chart below is an expansion of the real, inflation-adjusted, profits after-tax versus the cumulative change to the S&P 500. Here is the important point – when markets grow faster than profitability, which it can do for a while, eventually a reversion occurs. This is simply the case that all excesses must eventually be cleared before the next growth cycle can occur. Currently, we are once again trading a fairly substantial premium to corporate profit growth. Since corporate profit growth is a function of economic growth longer term, we can also see how “expensive” the market is relative to corporate profit growth as a percentage of economic growth. Once again, we find that when the price to profits ratio is trading ABOVE the long-term linear trend, markets have struggled and ultimately experienced a more severe mean reverting event. With the price to profits ratio once again elevated above the long-term trend, there is little to suggest that markets haven’t already priced in a good bit of future economic and profits growth. While none of this suggests the market will “crash” tomorrow, it is supportive of the idea that future returns will substantially weaker than in recent years. No, We Aren’t In A New Secular Bull Market Are we in a strongly trending “cyclical” bull market currently? Absolutely. Are we in a long-term “secular” bull market as witnessed in the 80-90’s? Absolutely not. Jeffrey Saut, the chief investment strategist at Raymond James, currently believes the latter. He suggests there may be nearly a decade left in this “secular bull” market, which is defined as a market that’s driven by forces that could be in place for years. “I say secular bull markets last 16, 17, 18, 19, 20 years. And even if you start the measuring point in March of ’09, you still ought to have another seven, eight, nine years left in this thing. This is going to be the longest, strongest secular bull market of my career and I’ve been in the business 47 years.” Personally, I hope he’s right as it would sure make my job of managing money easier for my clients. However, as noted above, and as shown below, “secular bull markets,” which are long-term growth trends, have never started from 15x valuations and immediately surged to the second highest level on record. Historically, as shown below, secular bull markets are born of excessive pessimism and low valuations that stay in place for years as earnings and profitability grow faster than prices (keeping valuations lower.) Despite Mr. Saut’s hopes, that is simply not the case today as valuations exploded as earnings, economic and profit growth lagged the liquidity induced surge in asset prices. We can see this more clearly by using a 10-year MEDIAN of Shiller’s CAPE ratio. By smoothing out valuation cycles it becomes substantially easier to see that “secular bull markets” have never been born at these levels, but rather died. Importantly, the drivers behind the long-term secular bull market of the 80’s and 90’s are trends which simply do not exist currently. In the early 80’s and 90’s: Inflation and interest rates were high and falling which boosted corporate profitability. The extreme negative sentiment of the late 70’s was finally undone by the early 90’s.  (At the turn of the century roughly 80% of all individual investors in the market began investing after 1990. 80% of that total started after 1995 due to the investing innovations created by the Internet. The majority of these were “boomers.”) Large foreign net inflows to chase the “tech boom” drove prices to extreme levels. The mirage of consumer wealth, driven by declining inflation and interest rates and easy access to credit, inflated consumption, corporate profits, and economic growth. Corporate profits were boosted by deregulation of industries, wage suppression, outsourcing and productivity increases.  Pension funding requirements and accounting standards were eased which increased corporate profits.  Stock-based executive compensation was grossly expanded which led to more “accounting gimmickry” to sustain stock price levels. The dual panel chart below shows the economic fundamentals versus the S&P 500 and the change that occurred beginning in 1983.  (Red dividing line) Despite much hope that the current breakout of the markets is the beginning of a new secular “bull” market – the economic and fundamental variables suggest otherwise. Valuations and sentiment are at very elevated levels which are the opposite of what has been seen previously. Interest rates, inflation, wages and savings rates are all at historically low levels which are normally seen at the end of secular bull market periods, not the beginning of one. Lastly, the consumer, the main driver of the economy, will not be able to again become a significantly larger chunk of the economy. With savings low, income growth weak and debt back at record levels, the fundamental capacity to re-leverage to similar extremes is no longer available. While stock prices have certainly been driven much higher through the Federal Reserve’s ongoing interventions, that support both in the U.S. and Europe is coming to an end. The inability for the economic variables to “replay the tape” of the 80’s and 90’s, increases the potential of a rather nasty mean reversion at some point in the future. It is precisely that reversion that will likely create the “set up” necessary to start the next great secular bull market. However, as was seen at the bottom of the market in 1974, there were few individual investors left to enjoy the beginning of that ride. Of course, with the virtual entirety of Wall Street being extremely bullish on the markets and economy going into the end of the year, along with bullish sentiment at extremely high levels, it certainly brings to mind Bob Farrell’s Rule #9 which states: “When all experts agree – something else is bound to happen.”

24 октября, 10:04

10 People Who Are Richer Than Donald Trump

Billionaire Donald Trump is the wealthiest man to become president of the U.S. by a long shot, but he might not be quite as wealthy as you think he is.

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23 октября, 03:46

SoFi held sale talks, but bidders balked at $8 billion price: newspaper

NEW YORK (Reuters) - Social Finance Inc discussed a potential sale earlier this year, including with financial services company Charles Schwab Corp, but the talks fell apart over the $8 billion price...

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13 октября, 20:33

Schwab's Interest Earning Assets Should Help Offset Declines In Trading Commissions

Charles Schwab’s performance in the first half of 2017 was strong, and we expect this trend to continue when the company reports its third quarter earnings on October 16. We believe that interest-earning assets and assets under management will be the key drivers of growth. However, trading revenues

13 октября, 16:37

Why an Earnings Beat is Likely for Schwab (SCHW) in Q3?

Higher interest-earnings assets along with improvement in rates should help Shwab earn more in Q3.