Bloomberg Surveillance Bloomberg Surveillance TV: September 24th, 2025
8 snips
Sep 24, 2025 
Rick Wurster, President and CEO of Charles Schwab, shares insights on retail investor behavior, emphasizing the mixed emotions of clients amidst high valuations. Barbara Reinhard from Voya Investment Management discusses staying overweight in equities due to strong earnings and AI-driven efficiencies. Peter Tchir explores the national security aspects affecting investments, including U.S.-China tech competition. Nathan Sheets, Chief Global Economist at Citi, offers perspectives on tariffs and a stagflationary environment, forecasting a potential growth slowdown.
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Clients Are Happy But Nervous
- Rick Wurster says clients are "happy, but nervous" as balances hit records while valuations worry them.
- He reports trading activity up ~30% and strong in-branch engagement seeking Schwab advice.
Sideline Cash Grows In Dollars Not Share
- Schwab sees cash as a stable percentage of portfolios even as dollar amounts rise with market gains.
- That implies large absolute sidelined cash but not a higher cash allocation overall.
Educate Young Investors Regularly
- Schwab runs 35 hours of live education weekly to teach young investors fundamentals over crypto hype.
- Do prioritize long-term equity investing and understand differences between equities, bonds, and speculative assets.