title
Famed Investor Charles Schwab on The David Rubenstein Show

description
Feb.20 -- Charles Schwab, chairman and founder of Charles Schwab Corp., talks about letting customers trade for free, overcoming dyslexia and how he became the face of the company. He appears on "The David Rubenstein Show: Peer to Peer Conversations." The show was recorded Nov. 12, 2019 in Washington.

detail
{'title': 'Famed Investor Charles Schwab on The David Rubenstein Show', 'heatmap': [{'end': 1158.26, 'start': 1148.132, 'weight': 1}], 'summary': "Features chuck schwab's journey and impact on the financial service company, including a tenfold increase in results from his picture in ads, the shift to free brokerage resulting in a 4% revenue loss and growth to $3.7 trillion in assets under management, ceo transitions, dyslexia impact, and the changing landscape of the commission system in the 70s.", 'chapters': [{'end': 99.96, 'segs': [{'end': 99.96, 'src': 'embed', 'start': 57.014, 'weight': 0, 'content': [{'end': 58.995, 'text': 'and nobody else would consider myself a journalist.', 'start': 57.014, 'duration': 1.981}, {'end': 65.437, 'text': 'I began to take on the life of being an interviewer, even though I have a day job running a private equity firm.', 'start': 59.735, 'duration': 5.702}, {'end': 69.498, 'text': 'How do you define leadership?', 'start': 68.098, 'duration': 1.4}, {'end': 72.519, 'text': 'What is it that makes somebody tick?', 'start': 70.918, 'duration': 1.601}, {'end': 80.672, 'text': "We're here today with Chuck Schwab, who's one of the best-known figures in the American business world.", 'start': 76.667, 'duration': 4.005}, {'end': 89.164, 'text': "certainly has been so over the last several decades because of his ubiquitous face and his ads, but also because of the great company he's built,", 'start': 80.672, 'duration': 8.492}, {'end': 92.348, 'text': 'which is one of the leading financial service companies in the United States.', 'start': 89.164, 'duration': 3.184}, {'end': 93.249, 'text': "He's now..", 'start': 92.908, 'duration': 0.341}, {'end': 99.96, 'text': "I've just written a book called Invested by Charles Schwab, and we're going to talk about that and his life, which is quite incredible.", 'start': 94.258, 'duration': 5.702}], 'summary': "Interviewer with a day job at a private equity firm speaks to chuck schwab about his book 'invested' and his successful financial service company in the united states.", 'duration': 42.946, 'max_score': 57.014, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ57014.jpg'}], 'start': 5.373, 'title': "Chuck schwab's financial empire", 'summary': "Explores chuck schwab's journey and impact on a leading financial service company, including a tenfold increase in results from using his picture in ads.", 'chapters': [{'end': 99.96, 'start': 5.373, 'title': 'Chuck schwab: building a financial empire', 'summary': "Delves into chuck schwab's journey of building a leading financial service company in the united states, his approach to advertising, and the impact of using his picture in ads, which led to a tenfold increase in results.", 'duration': 94.587, 'highlights': ["Chuck Schwab's decision to use his picture in company ads led to a tenfold increase in results, highlighting the significance of personal branding in advertising.", "Chuck Schwab's role as an interviewer despite running a private equity firm showcases his multifaceted approach to business and leadership.", "The mention of Chuck Schwab's book 'Invested' provides insight into his entrepreneurial journey and expertise in financial services."]}], 'duration': 94.587, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ5373.jpg', 'highlights': ["Chuck Schwab's decision to use his picture in company ads led to a tenfold increase in results, highlighting the significance of personal branding in advertising.", "The mention of Chuck Schwab's book 'Invested' provides insight into his entrepreneurial journey and expertise in financial services.", "Chuck Schwab's role as an interviewer despite running a private equity firm showcases his multifaceted approach to business and leadership."]}, {'end': 541.189, 'segs': [{'end': 127.353, 'src': 'embed', 'start': 100.26, 'weight': 0, 'content': [{'end': 103.761, 'text': 'But let me start by asking you about something you made news with just recently.', 'start': 100.26, 'duration': 3.501}, {'end': 108.403, 'text': "Your company announced that you're not really just going to do discount brokerage.", 'start': 104.321, 'duration': 4.082}, {'end': 110.143, 'text': "You're going to give away brokerage for free.", 'start': 108.523, 'duration': 1.62}, {'end': 116.025, 'text': 'In other words, if I want to buy some stock, I call up Schwab, I have an account, and I trade for free.', 'start': 110.183, 'duration': 5.842}, {'end': 122.109, 'text': "How do you make money if I'm trading for free? Well, David, first, thanks for having me on your show.", 'start': 116.085, 'duration': 6.024}, {'end': 127.353, 'text': 'I had the opportunity to know you for a while, so I feel very comfortable being here and letting you know all of my secrets.', 'start': 122.129, 'duration': 5.224}], 'summary': 'Schwab announced free brokerage, challenging traditional model.', 'duration': 27.093, 'max_score': 100.26, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ100260.jpg'}, {'end': 218.391, 'src': 'embed', 'start': 183.097, 'weight': 2, 'content': [{'end': 188.221, 'text': "Okay, so I shouldn't worry about Chuck Schwab not making money because you're giving your service away for free.", 'start': 183.097, 'duration': 5.124}, {'end': 189.021, 'text': 'You should not worry about it.', 'start': 188.241, 'duration': 0.78}, {'end': 193.084, 'text': 'We actually are giving up about 4% of our revenue in that decision.', 'start': 189.141, 'duration': 3.943}, {'end': 195.405, 'text': "So, for those who don't really follow this,", 'start': 193.664, 'duration': 1.741}, {'end': 200.929, 'text': 'you started as a discount broker where you were giving lower commissions than the standard rates were before.', 'start': 195.405, 'duration': 5.524}, {'end': 204.451, 'text': "Today, you've become a conglomerate, in fact, in the financial services world.", 'start': 201.209, 'duration': 3.242}, {'end': 208.154, 'text': 'You have about $3.7 trillion of assets under management.', 'start': 204.471, 'duration': 3.683}, {'end': 211.997, 'text': 'So you make your money on other financial services, is that correct? Correct.', 'start': 208.494, 'duration': 3.503}, {'end': 215.929, 'text': 'But you know, one of the things, We are a conglomerate.', 'start': 212.557, 'duration': 3.372}, {'end': 218.391, 'text': "We're really not in the original sense.", 'start': 215.949, 'duration': 2.442}], 'summary': 'Charles schwab gives up 4% of revenue by offering free services, managing $3.7 trillion in assets.', 'duration': 35.294, 'max_score': 183.097, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ183097.jpg'}, {'end': 288.321, 'src': 'embed', 'start': 258.524, 'weight': 4, 'content': [{'end': 262.945, 'text': 'So let me ask you about something that some people say makes you so well-known.', 'start': 258.524, 'duration': 4.421}, {'end': 267.687, 'text': "It's that your ads in your company for many, many years have featured your face.", 'start': 263.045, 'duration': 4.642}, {'end': 270.748, 'text': "I started Charles Schwab & Company from the investor's point of view.", 'start': 268.147, 'duration': 2.601}, {'end': 273.168, 'text': 'I invite you to find out more about Schwab today.', 'start': 270.988, 'duration': 2.18}, {'end': 280.11, 'text': 'Now, was that something you decided you wanted to do? David, it started out, obviously, our company started with a shoestring.', 'start': 273.949, 'duration': 6.161}, {'end': 281.731, 'text': "We didn't have much money.", 'start': 280.751, 'duration': 0.98}, {'end': 288.321, 'text': "And I had a tough time raising money because Wall Street certainly didn't want to help me develop competition for them.", 'start': 282.557, 'duration': 5.764}], 'summary': 'Charles schwab ads, featuring his face, started with shoestring budget.', 'duration': 29.797, 'max_score': 258.524, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ258524.jpg'}, {'end': 463.348, 'src': 'embed', 'start': 427.664, 'weight': 5, 'content': [{'end': 431.387, 'text': 'Many of my friends were people in the valley itself.', 'start': 427.664, 'duration': 3.723}, {'end': 433.869, 'text': 'And I was an early adopter.', 'start': 431.807, 'duration': 2.062}, {'end': 440.393, 'text': 'And so we were one of the very first ones to sort of adopt internet in 1995, I think it was.', 'start': 434.589, 'duration': 5.804}, {'end': 446.858, 'text': 'Now, one of the ways you got customers from all over the country, you had something in your mind to do branch offices.', 'start': 440.413, 'duration': 6.445}, {'end': 448.479, 'text': 'Why did you want to have branch offices?', 'start': 447.258, 'duration': 1.221}, {'end': 451.421, 'text': 'Well, we found out early on, very early on,', 'start': 448.499, 'duration': 2.922}, {'end': 463.348, 'text': 'that about At that time about 50 or 60% of our customers wanted to come into a branch and make sure that real people there were behind the counter that they could see that.', 'start': 451.421, 'duration': 11.927}], 'summary': 'Early adopter in the valley, opened branch offices due to 50-60% customer demand for in-person service.', 'duration': 35.684, 'max_score': 427.664, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ427664.jpg'}, {'end': 502.906, 'src': 'embed', 'start': 473.316, 'weight': 6, 'content': [{'end': 475.998, 'text': 'You had your face, which everybody got to like.', 'start': 473.316, 'duration': 2.682}, {'end': 477.9, 'text': 'And you also had the branch offices.', 'start': 476.378, 'duration': 1.522}, {'end': 480.682, 'text': "But there's one other thing that really made your company grow.", 'start': 477.96, 'duration': 2.722}, {'end': 485.566, 'text': 'from reading your book, it seems to me is that you decided to do more than discount brokerage.', 'start': 480.682, 'duration': 4.884}, {'end': 491.612, 'text': 'You came up initially with an idea of, in effect, having people buy mutual funds through your platform.', 'start': 485.967, 'duration': 5.645}, {'end': 493.693, 'text': 'That was a big innovation.', 'start': 492.592, 'duration': 1.101}, {'end': 500.502, 'text': 'Can you explain how that works? When I first started the business, mutual funds were sold by salesmen, obviously.', 'start': 493.914, 'duration': 6.588}, {'end': 502.906, 'text': 'Got big commissions for doing it.', 'start': 501.003, 'duration': 1.903}], 'summary': "Company's growth attributed to offering mutual funds through its platform, disrupting traditional sales model.", 'duration': 29.59, 'max_score': 473.316, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ473316.jpg'}], 'start': 100.26, 'title': "Charles schwab's free brokerage", 'summary': "Discusses charles schwab's shift to free brokerage services, challenging the traditional model. it explores the company's profit strategy and its journey from discount brokerage to free services, resulting in a 4% revenue loss and growth to $3.7 trillion in assets under management.", 'chapters': [{'end': 131.376, 'start': 100.26, 'title': "Charles schwab's free brokerage", 'summary': "Discusses charles schwab's decision to offer free brokerage services, challenging the traditional discount brokerage model, and explores the enigma of how the company plans to profit from this strategy.", 'duration': 31.116, 'highlights': ['Charles Schwab announced the decision to offer free brokerage services, disrupting the traditional model.', 'The enigma of how Charles Schwab plans to profit from the free brokerage service is discussed.']}, {'end': 541.189, 'start': 132.016, 'title': "Charles schwab's journey: from discount brokerage to free services", 'summary': "Highlights charles schwab's transition from discount brokerage to offering free services, resulting in a 4% revenue loss, and the company's growth to $3.7 trillion in assets under management, fueled by innovations like no-load mutual funds and branch offices.", 'duration': 409.173, 'highlights': ["Charles Schwab's decision to offer services for free resulted in a 4% revenue loss, mirroring Google's success with free search.", 'The company has grown to manage about $3.7 trillion in assets, emphasizing its focus on individual investors and advisors.', "Schwab's strategic use of his face in advertisements led to a tenfold increase in results, humanizing the business and boosting customer trust.", 'Early adoption of technology, including the internet in 1995, and branch offices increased customer engagement and efficiency.', "The company's innovative approach to offering no-load mutual funds, in contrast to traditional commission-based sales, contributed to its growth and customer satisfaction."]}], 'duration': 440.929, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ100260.jpg', 'highlights': ['Charles Schwab announced the decision to offer free brokerage services, disrupting the traditional model.', 'The enigma of how Charles Schwab plans to profit from the free brokerage service is discussed.', "Charles Schwab's decision to offer services for free resulted in a 4% revenue loss, mirroring Google's success with free search.", 'The company has grown to manage about $3.7 trillion in assets, emphasizing its focus on individual investors and advisors.', "Schwab's strategic use of his face in advertisements led to a tenfold increase in results, humanizing the business and boosting customer trust.", 'Early adoption of technology, including the internet in 1995, and branch offices increased customer engagement and efficiency.', "The company's innovative approach to offering no-load mutual funds, in contrast to traditional commission-based sales, contributed to its growth and customer satisfaction."]}, {'end': 737.019, 'segs': [{'end': 576.002, 'src': 'embed', 'start': 541.63, 'weight': 0, 'content': [{'end': 546.333, 'text': 'So you were the CEO from the beginning, and then eventually you had a co-CEO.', 'start': 541.63, 'duration': 4.703}, {'end': 549.235, 'text': 'And then the co-CEO had a heart problem.', 'start': 547.133, 'duration': 2.102}, {'end': 553.796, 'text': 'and he had to step back, and then you brought somebody else in.', 'start': 550.015, 'duration': 3.781}, {'end': 558.017, 'text': 'But you, at one point, kicked yourself upstairs a little bit, made yourself chairman.', 'start': 554.316, 'duration': 3.701}, {'end': 558.518, 'text': 'I did.', 'start': 558.238, 'duration': 0.28}, {'end': 563.899, 'text': "And then somebody else was running the company, and then it didn't work out, so then you came back in for three years to run it again.", 'start': 558.558, 'duration': 5.341}, {'end': 566.44, 'text': 'Was that something you really wanted to do? 2004, I came back in.', 'start': 563.939, 'duration': 2.501}, {'end': 569.941, 'text': "I wasn't sure I wanted to, but obviously I loved the company so much.", 'start': 566.56, 'duration': 3.381}, {'end': 574.261, 'text': 'Came back in in 2008.', 'start': 570.401, 'duration': 3.86}, {'end': 576.002, 'text': 'I retired again as CEO.', 'start': 574.261, 'duration': 1.741}], 'summary': 'Ceo transition: served as ceo, became chairman, returned as ceo twice, retired in 2008.', 'duration': 34.372, 'max_score': 541.63, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ541630.jpg'}, {'end': 737.019, 'src': 'embed', 'start': 641.152, 'weight': 4, 'content': [{'end': 649.859, 'text': 'We had him diagnosed because he had, As it turned out, all the similar and identical issues I had as a young student all the way through school,', 'start': 641.152, 'duration': 8.707}, {'end': 652.262, 'text': 'and he was now just only seven.', 'start': 649.859, 'duration': 2.403}, {'end': 658.804, 'text': 'but he had it all the way through the rest of his career And it was a really aha moment for me to understand.', 'start': 652.262, 'duration': 6.542}, {'end': 663.526, 'text': 'yes, he got it through, obviously, DNA.', 'start': 658.804, 'duration': 4.722}, {'end': 667.568, 'text': 'And as a consequence, I got into it.', 'start': 664.026, 'duration': 3.542}, {'end': 669.208, 'text': 'We both got into it, my wife and I.', 'start': 667.688, 'duration': 1.52}, {'end': 673.89, 'text': 'And we started an agency to help other parents who had identified kids with this issue.', 'start': 669.208, 'duration': 4.682}, {'end': 681.353, 'text': 'Turns out one in seven people have some related issue around dyslexia, some learning difference.', 'start': 674.45, 'duration': 6.903}, {'end': 689.563, 'text': "So when you're young and you are dyslexic and there's no term for it yet or at least you weren't diagnosed with that did you just think you weren't that smart?", 'start': 681.513, 'duration': 8.05}, {'end': 691.526, 'text': "Or did your parents think, well, he's not that good a student?", 'start': 689.623, 'duration': 1.903}, {'end': 693.048, 'text': 'And how did you actually get through school??', 'start': 691.546, 'duration': 1.502}, {'end': 695.451, 'text': 'Early on, I read a lot of comic books.', 'start': 693.408, 'duration': 2.043}, {'end': 697.293, 'text': 'I read classic comic books.', 'start': 695.691, 'duration': 1.602}, {'end': 698.375, 'text': 'They had the picture.', 'start': 697.614, 'duration': 0.761}, {'end': 704.397, 'text': 'in a few words, but I got all the stories, whether it was Moby Dick or Tale of Two Cities.', 'start': 699.035, 'duration': 5.362}, {'end': 709.158, 'text': 'I was a wonderful student in the classics, but I got it through comic books.', 'start': 704.817, 'duration': 4.341}, {'end': 717.12, 'text': "But if you're dyslexic, or somebody's dyslexic, does one compensate by hearing better, observing better or being very good in math as you are?", 'start': 709.458, 'duration': 7.662}, {'end': 720.521, 'text': "I think it's a phonological issue.", 'start': 717.56, 'duration': 2.961}, {'end': 721.822, 'text': 'fundamentally is what it is.', 'start': 720.521, 'duration': 1.301}, {'end': 729.611, 'text': "It's conversion of code, code to sound, and then to meaning, and then the reverse is true for writing.", 'start': 721.842, 'duration': 7.769}, {'end': 737.019, 'text': 'And because of that defect in our brain, we are slow readers.', 'start': 730.772, 'duration': 6.247}], 'summary': '1 in 7 people have dyslexia; started agency to help parents; phonological issue affects reading speed', 'duration': 95.867, 'max_score': 641.152, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ641152.jpg'}], 'start': 541.63, 'title': 'Ceo transitions and dyslexia impact', 'summary': "Details the ceo's transitions, emphasizing dedication to company's success, and discusses the speaker's experience with dyslexia, and the establishment of an agency, revealing that one in seven people have related issues around dyslexia.", 'chapters': [{'end': 597.873, 'start': 541.63, 'title': 'Leadership transitions and company direction', 'summary': "Details the ceo's transition from leading the company to becoming chairman, bringing in a new ceo, and eventually returning to run the company for three years in 2004 and 2008, emphasizing his dedication to the company's direction and success.", 'duration': 56.243, 'highlights': ["The CEO transitioned from leading the company to becoming chairman, and then returned to run the company for three years in 2004 and 2008, showcasing his commitment to the company's success.", "The CEO retired as CEO but remained involved in guiding the company's direction, emphasizing his ongoing influence on the company's trajectory.", 'The co-CEO had to step back due to a heart problem, leading to the CEO bringing in someone else to run the company, showcasing the challenges faced in leadership transitions.', "The CEO's dedication to the company's success is evident as he mentions loving the company despite uncertainty about returning to run it in 2004 and 2008."]}, {'end': 737.019, 'start': 597.893, 'title': 'Dyslexia and success', 'summary': "Discusses the speaker's experience with dyslexia, its impact on their life and career, and the establishment of an agency to help parents with dyslexic children, revealing that one in seven people have related issues around dyslexia.", 'duration': 139.126, 'highlights': ['The speaker and their son both had dyslexia, leading them to start an agency to assist parents with dyslexic children, as one in seven people have related issues around dyslexia. One in seven people have related issues around dyslexia.', "The speaker's son, diagnosed at a young age, had similar issues as the speaker did during their school years, leading to an 'aha' moment for the speaker. ", "The speaker's early reading of classic comic books helped them understand and learn stories, despite their difficulty in conventional reading due to dyslexia. ", 'The speaker explains dyslexia as a phonological issue, affecting the conversion of code to sound and meaning, leading to slower reading due to a brain defect. ']}], 'duration': 195.389, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ541630.jpg', 'highlights': ["The CEO's dedication to the company's success is evident as he mentions loving the company despite uncertainty about returning to run it in 2004 and 2008.", "The CEO retired as CEO but remained involved in guiding the company's direction, emphasizing his ongoing influence on the company's trajectory.", "The CEO transitioned from leading the company to becoming chairman, and then returned to run the company for three years in 2004 and 2008, showcasing his commitment to the company's success.", 'The co-CEO had to step back due to a heart problem, leading to the CEO bringing in someone else to run the company, showcasing the challenges faced in leadership transitions.', 'The speaker and their son both had dyslexia, leading them to start an agency to assist parents with dyslexic children, as one in seven people have related issues around dyslexia.', "The speaker's son, diagnosed at a young age, had similar issues as the speaker did during their school years, leading to an 'aha' moment for the speaker.", 'The speaker explains dyslexia as a phonological issue, affecting the conversion of code to sound and meaning, leading to slower reading due to a brain defect.', "The speaker's early reading of classic comic books helped them understand and learn stories, despite their difficulty in conventional reading due to dyslexia."]}, {'end': 1433.296, 'segs': [{'end': 767.303, 'src': 'embed', 'start': 737.48, 'weight': 0, 'content': [{'end': 740.904, 'text': 'You were not a great student, I guess because of dyslexia in high school.', 'start': 737.48, 'duration': 3.424}, {'end': 744.628, 'text': "but you've said in your book that maybe you got into Stanford because you were a pretty good golfer.", 'start': 740.904, 'duration': 3.724}, {'end': 744.868, 'text': 'is that true??', 'start': 744.628, 'duration': 0.24}, {'end': 745.509, 'text': "I'm a pretty good golfer.", 'start': 744.888, 'duration': 0.621}, {'end': 750.776, 'text': 'Makes the academics too happy that I got into Stanford anyhow.', 'start': 746.994, 'duration': 3.782}, {'end': 755.538, 'text': 'But the fact was the coach was looking for some talent in the golf area.', 'start': 751.316, 'duration': 4.222}, {'end': 762.381, 'text': 'Did you play golf at Stanford? I did play golf at Stanford, only as a freshman, only for a period of time.', 'start': 755.798, 'duration': 6.583}, {'end': 767.303, 'text': 'I almost flunked out was what happened because I was not prepared for college at that moment.', 'start': 762.541, 'duration': 4.762}], 'summary': 'Struggled academically due to dyslexia, got into stanford partly for golf; played golf briefly as a freshman.', 'duration': 29.823, 'max_score': 737.48, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ737480.jpg'}, {'end': 817.833, 'src': 'embed', 'start': 789.353, 'weight': 2, 'content': [{'end': 794.616, 'text': 'And I wanted to sort of make money and get the resources to have choices in my life.', 'start': 789.353, 'duration': 5.263}, {'end': 799.101, 'text': 'So I moved off, found financial services was a way to go.', 'start': 795.316, 'duration': 3.785}, {'end': 803.967, 'text': 'So at age 13 or 14, I began to think about this thing, stock market.', 'start': 799.602, 'duration': 4.365}, {'end': 811.837, 'text': 'Then I went to Stanford, economics, business school, all financial, investment management, all that in my early career.', 'start': 804.468, 'duration': 7.369}, {'end': 817.833, 'text': 'And then I worked after and during business school for a small advisory company.', 'start': 812.685, 'duration': 5.148}], 'summary': 'Started learning about stock market at 13, pursued financial services, and gained expertise through education and work experience.', 'duration': 28.48, 'max_score': 789.353, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ789353.jpg'}, {'end': 865.42, 'src': 'embed', 'start': 837.046, 'weight': 1, 'content': [{'end': 843.189, 'text': "so you're doing investment reports, but then eventually you realize, I guess, that you're not going to get that wealthy writing investment reports.", 'start': 837.046, 'duration': 6.143}, {'end': 851.334, 'text': 'So when did the brilliant idea come to you to set up a brokerage firm and a discount brokerage firm? Well, it started really in the early 70s.', 'start': 843.63, 'duration': 7.704}, {'end': 855.156, 'text': 'I saw how difficult this business was.', 'start': 851.414, 'duration': 3.742}, {'end': 857.812, 'text': 'It was built upon Brokerage,', 'start': 855.176, 'duration': 2.636}, {'end': 865.42, 'text': 'was built upon how well companies could make money the brokerage companies and not how customers really wanted to do business.', 'start': 857.812, 'duration': 7.608}], 'summary': 'Realized limitations of writing investment reports, led to setting up discount brokerage firm in early 70s.', 'duration': 28.374, 'max_score': 837.046, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ837046.jpg'}, {'end': 1051.617, 'src': 'embed', 'start': 1024.031, 'weight': 3, 'content': [{'end': 1029.575, 'text': 'you sold it for $52 million, but you then had to put up $250 to $300 million to buy it back,', 'start': 1024.031, 'duration': 5.544}, {'end': 1031.938, 'text': 'and you have to put up a lot of your own money to do that.', 'start': 1029.575, 'duration': 2.363}, {'end': 1039.925, 'text': 'Well, David, back then, the valuation when I sold the company to BBA, I sold for about three times revenue.', 'start': 1031.958, 'duration': 7.967}, {'end': 1043.209, 'text': 'When I bought it back, I bought it for three times revenue.', 'start': 1040.665, 'duration': 2.544}, {'end': 1044.55, 'text': 'So it was about the same.', 'start': 1043.729, 'duration': 0.821}, {'end': 1046.872, 'text': "We'd just grown that much in that time period.", 'start': 1044.589, 'duration': 2.283}, {'end': 1051.617, 'text': 'So it was a fair deal for them when I sold and a fair deal when they sold to me.', 'start': 1047.233, 'duration': 4.384}], 'summary': 'Sold for $52 million, bought back for $250-300 million, 3x revenue deal', 'duration': 27.586, 'max_score': 1024.031, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ1024031.jpg'}, {'end': 1180.376, 'src': 'heatmap', 'start': 1148.132, 'weight': 1, 'content': [{'end': 1153.496, 'text': 'So your company now has a market value that is staggering compared to what it once was.', 'start': 1148.132, 'duration': 5.364}, {'end': 1157.039, 'text': 'I think your market value is about $56 billion, something like that.', 'start': 1153.676, 'duration': 3.363}, {'end': 1158.26, 'text': 'Something like that.', 'start': 1157.059, 'duration': 1.201}, {'end': 1161.322, 'text': '$56 billion, and you are the biggest single individual shareholder still.', 'start': 1158.28, 'duration': 3.042}, {'end': 1164.584, 'text': "Yes So you have a net worth yourself that's fairly high.", 'start': 1161.342, 'duration': 3.242}, {'end': 1167.646, 'text': 'What is your view on the wealth tax?', 'start': 1165.905, 'duration': 1.741}, {'end': 1170.949, 'text': 'Do you think that a wealth tax is going to make society better or not?', 'start': 1167.686, 'duration': 3.263}, {'end': 1171.809, 'text': 'or how do you look at it?', 'start': 1170.949, 'duration': 0.86}, {'end': 1180.376, 'text': "as somebody like me that is subject to criticism for not supporting such a tax? Well, I think it's sort of wrong, directed in many ways.", 'start': 1171.809, 'duration': 8.567}], 'summary': "Company's market value has reached $56 billion, making the speaker the largest individual shareholder. they express skepticism about the benefits of a wealth tax.", 'duration': 32.244, 'max_score': 1148.132, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ1148132.jpg'}, {'end': 1402.934, 'src': 'embed', 'start': 1376.812, 'weight': 4, 'content': [{'end': 1385.216, 'text': "OK. so as you look back on your career, the most important lesson you've taken away from what you've done is it to innovate.", 'start': 1376.812, 'duration': 8.404}, {'end': 1387.757, 'text': 'pay attention to technology, be nice to people?', 'start': 1385.216, 'duration': 2.541}, {'end': 1390.058, 'text': 'What would you say is the key lesson?', 'start': 1388.197, 'duration': 1.861}, {'end': 1402.934, 'text': 'I think you have enough humility in business that extract and have a team of people that you really honor that work with you,', 'start': 1390.619, 'duration': 12.315}], 'summary': 'Key lesson: innovate, embrace technology, be nice to people, and cultivate humility in business.', 'duration': 26.122, 'max_score': 1376.812, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ1376812.jpg'}], 'start': 737.48, 'title': "Chuck schwab's career and company journey", 'summary': "Discusses chuck schwab's journey from his investment career to founding a brokerage firm, and later building and rebuilding his company, emphasizing innovation, technology, and teamwork. it also covers the changing landscape of the commission system in the 70s and the acquisition of the company for $250-300 million.", 'chapters': [{'end': 885.196, 'start': 737.48, 'title': 'Investment career and the birth of a brokerage firm', 'summary': "Discusses how the speaker's golfing talent contributed to his entry into stanford, his early interest in financial services, his transition from investment reports to starting a brokerage firm, and the changing landscape of the commission system in the 70s.", 'duration': 147.716, 'highlights': ["The speaker's golfing talent may have contributed to his admission into Stanford, where he played golf as a freshman before struggling academically, leading to a transition to Stanford Business School (Key point: admission into Stanford due to golfing talent).", "The speaker's early interest in financial services stemmed from his desire to achieve success and financial security, developed during the Depression years, leading to his focus on investment management during his early career and subsequent work as a research analyst and portfolio manager (Key point: early interest in financial services and investment management).", 'The speaker recognized the limitations of the commission system and the brokerage business, leading to the realization in the early 70s that there was a need for a change in how business was conducted, ultimately leading to the founding of a discount brokerage firm (Key point: recognizing limitations of the commission system and founding a discount brokerage firm).']}, {'end': 1433.296, 'start': 885.236, 'title': 'Building and rebuilding a company', 'summary': "Details chuck schwab's journey of building and rebuilding a company, from starting it with minimal resources to eventually buying it back for $250-300 million, and the lessons he learned including the importance of innovation, technology, and teamwork.", 'duration': 548.06, 'highlights': ['Chuck Schwab started his company with minimal resources and eventually bought it back for $250-300 million, selling it for $52 million initially. Started company with minimal resources, bought it back for $250-300 million, initial sale for $52 million.', "The importance of innovation, technology, and teamwork were significant lessons learned from Chuck Schwab's career. Significant lessons: innovation, technology, and teamwork.", 'Chuck Schwab emphasizes the importance of humility in business and the value of having a team of talented individuals. Emphasizes humility in business and the value of a talented team.']}], 'duration': 695.816, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/SdF06ViElNQ/pics/SdF06ViElNQ737480.jpg', 'highlights': ['Admission into Stanford due to golfing talent', 'Recognizing limitations of the commission system and founding a discount brokerage firm', 'Early interest in financial services and investment management', 'Started company with minimal resources, bought it back for $250-300 million, initial sale for $52 million', 'Significant lessons: innovation, technology, and teamwork', 'Emphasizes humility in business and the value of a talented team']}], 'highlights': ["Chuck Schwab's decision to use his picture in company ads led to a tenfold increase in results, highlighting the significance of personal branding in advertising.", 'Charles Schwab announced the decision to offer free brokerage services, disrupting the traditional model.', 'The company has grown to manage about $3.7 trillion in assets, emphasizing its focus on individual investors and advisors.', "The CEO's dedication to the company's success is evident as he mentions loving the company despite uncertainty about returning to run it in 2004 and 2008.", 'The speaker and their son both had dyslexia, leading them to start an agency to assist parents with dyslexic children, as one in seven people have related issues around dyslexia.', 'Admission into Stanford due to golfing talent', 'Recognizing limitations of the commission system and founding a discount brokerage firm', 'Started company with minimal resources, bought it back for $250-300 million, initial sale for $52 million', 'Emphasizes humility in business and the value of a talented team']}