The Charles Schwab Corporation

“Schwab's float-powered platform with $10T+ in client assets and near-duopoly positioning in RIA custody and retail brokerage is a structurally durable business in clear earnings recovery — 2025 EPS of $4.65 nearly doubled from 2024's $2.99 as NII normalization advanced. However, the stock at $92.73 and 12.8x forward earnings reflects much of this recovery already; the structural rate sensitivity of the sweep model is a permanent feature proven by the 2022–2024 episode, management carries a meaningful governance blemish from the $187M SEC settlement, and the expected return of 2–3x over a decade is solid but unexceptional. A price at or below $80 would provide an adequate margin of safety to upgrade to BUY — until then, this is a high-quality company to track and own opportunistically.”