Back on October 1st, Charles Schwab & Co. announced that it was cutting commissions to 0%.
The stock fell 15% over the next couple days. Its biggest competitor, TD Ameritrade, plunged 30%.
I began buying for many of my firm’s clients, purchased shares of both in my Investors Edge Marketplace portfolio, and suggested SA readers do their due diligence.
What I knew then that others clearly didn’t - and what I am doing today.
I was an insider in the brokerage industry for many years. I began my career at Kidder, Peabody - does anybody remember that far back? - as a retail and institutional broker. I chose Kidder