Pes Psp English Commentary

[Gamaliel Nation]

Thiswebsite has no "official" connection to the Pet Shop Boys. It merely presents my own personal commentary—often including attempted explanations and interpretations—on the songs of my favorite contemporary pop band. Of course, this commentary has often been influenced by what the Pet Shop Boys themselves, Chris Lowe and Neil Tennant, have said about their music and by what others have previously written. Nevertheless, many of the observations I make here are original with me.

By no means am I suggesting that these are the "only" or "correct" interpretations. In fact, it's typical of great art, even great pop art, to lend itself to multiple interpretations. It's part of what makes it great. And I do consider the Pet Shop Boys to be the creators of great pop art. So you can take or leave my interpretations as you wish. If you disagree, please don't take offense. Rather, enjoy the fact that we're both fans of music rich enough to invite different interpretations.

Despite my best efforts, I have no doubt that I'm guilty of at least some factual errors. I recognize this fact and apologize in advance for any that may have slipped past me. I'll certainly correct any errors that come to my attention.

This website will be most attractive and legible when viewed on a full screen at a resolution of at least 1024 x 768 pixels. But resolution much higher than that may result in the text being too small for your reading comfort; if you find that to be the case, you may wish to use your browser's zoom-in capabilities. In addition, this site makes extensive use of javascript; if your browser program isn't configured to use javascript or activescript, some features will not work properly.

I don't mind when other writers, either online or elsewhere, use the ideas I express here. That's one of the reason this website exists. Ideally they will cite me as the source of those ideas or otherwise attribute them to me. That's wonderful, and I greatly appreciate it. If they don't, however, that's unfortunate but forgivable. After all, people don't own ideas.

I don't do any of those things. So my site really doesn't need to be "secure" in this way, particularly considering the costs involved. I hope this doesn't dissuade you from visiting.

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Periodically, Peter Crawford, our Chief Financial Officer, will use this forum to provide insight and commentary regarding Schwab's financial picture. For any questions, please contact Investor Relations via email or call: Jeff Edwards, Managing Director, Head of Investor Relations: 415-667-1524.

At the same time, client cash realignment trends extended through the end of May. The average daily pace of net outflows from the combination of bank sweep deposits and Bank Deposit Account (BDA) balances declined for the fourth consecutive month to approximately $350 million, or a month-over-month improvement of 65%:

This trend carried into early June, with the month-to-date pace across bank sweep, BDA balances, and broker-dealer cash balances tracking similar to May. The trajectory in client cash realignment further supports our belief that this activity will abate during the second half of 2023.

While we look forward to unpacking some of the drivers helping to support our sustained success with clients at the Winter Business Update next month, I wanted to take a moment today to provide some perspective on several notable topics, including total accounts, average interest-earning assets (AIEA), and client cash sorting. Read more >

As we announced in our second quarter earnings release, we crossed the $250 billion asset threshold1 for heightened regulatory requirements, ending the period at $262 billion in consolidated assets. While we don't believe the consequences will be disruptive to our business model or our strategy, I wanted to share a brief overview of what crossing this threshold means to Schwab and how we have been preparing over the last few years. Read more >

In our January SMART report released today, we noted a $7.2 billion outflow from a mutual fund clearing services ("clearing") client. Since we expect several additional large clearing outflows in early 2018, I wanted to share some context on the business and discuss the potential effect on our reported client asset flows (noticeable) and revenues (immaterial). Read more >

Today we announced another reduction in our online equity, ETF, and option trade commission rates, following moves we announced just a few weeks ago on February 2nd. With this second action coming right on the heels of the first, I thought it might be useful to share some context regarding how they both fit within our financial planning for 2017. Read more >

Those of you who follow The Charles Schwab Corporation closely may receive our quarterly financial results through a wire service/email, a market data aggregator, or simply by checking our corporate website. This morning, we began making our results available via another widely-used platform: Twitter. You can find our page on with the handle @CharlesSchwab. Today's activity includes a Tweet noting the availability of fourth quarter 2015 results with a link to our press release, and follow-ups sharing the headlines from this morning's announcement. Read more >

Today we released our November Monthly Activity Report. While we produced another month of solid client metrics, we have no illusions about another press release stealing the show later this week. As you know, the Federal Reserve is widely anticipated to begin raising interest rates on December 16th. We have seen economic and employment reports meet expectations, FOMC minutes evolve, and member speeches show increasing conviction. Read more >

We issued our SMART report for the month of August today, and between the client metrics shown there and the trading data that we've already posted it's clear we've been busy. With the elevated market volatility late in the month, our clients made extensive use of our branches, phone-based service centers and online capabilities to help keep their investing on track. Many of them engaged with our financial consultants and subject matter experts to ask questions about how their assets enrolled in our advisory solutions are positioned, as well as assess their holdings and determine what, if any, action should be taken. Read more >

By now, you may have noticed that we recently made a few changes to our disclosures, and I'd like to make sure everyone is aware of these developments as well as provide context for how they help tell our story. As a large savings and loan holding company, our required reporting has expanded significantly in recent years. In addition, as Schwab evolves, we revisit our reporting and strive to keep it closely aligned with the everyday workings of the business. In the second quarter of 2015, we added a new Other Regulatory Disclosures tab to our corporate website, made changes to the Asset Management and Administration Fees (AMAF) table in our earnings release package, and included some new information in our 10-Q filing. Read more >

As we announced in our earnings release today, our Q4 '14 financial results included two nonrecurring items related to the company's non-agency residential mortgage-backed securities (RMBS) portfolio: net litigation proceeds of approximately $28 million and net losses of $8 million from selling securities totaling approximately $500 million. Taken together, these items increased pre-tax income by approximately $20 million, or $.01 per share. With the financial crisis well behind us, it's been a while since we've needed to discuss these securities, so I wanted to walk through some history and share a perspective on these recent developments. Read more >

Concurrent with our Earnings Release today, we are inaugurating a new approach to reporting on our clients' trading activity intra-quarter. We have retired the inclusion of trade reporting in our Monthly Market Activity Report ("SMART") and are now providing a weekly look at trading activity, including revenue, asset-based, and other trades, which is posted on the Investor Relations landing page on . Read more >

As I mentioned in my last post, here are a few more thoughts on the evolution of client behavior during the market recovery, which is now a full five years along: With the S&P 500 up over 170% from its lowest point in the first quarter of 2009 and setting new records, it's not really surprising to see investors put cash back to work in the markets. There are, however, some interesting aspects to the way our clients have reallocated their holdings across products and asset classes during the recovery thus far. Read more >

The S&P 500 Index bottomed at 676.53 on March 9, 2009, so we are now a full five years into the market recovery. As the recovery has strengthened in recent months, we have been asked more often about individual investor engagement, with the questioner usually equating engagement with trading activity. Read more >

This is my inaugural CFO Commentary. I expect to use this site regularly to provide perspectives on Schwab's financial picture, including color on our performance and details on topical issues. Over time, I can see sharing more significant financial information that might be better discussed in a forum like this, versus press releases or other forms of communication. Read more >

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