Speaker · Updated
Rick Wurster: latest market views
The Charles Schwab Corporation
Summary
Rick Wurster has been President and CEO of The Charles Schwab Corporation since January 1, 2025, after serving as its President from 2021 and earlier leading Schwab's asset management businesses.
Chorus has 13 views from Rick Wurster across 4 episodes on Bloomberg Talks and Bloomberg Surveillance since October 16, 2026. Their latest calls: bullish on Texas Stock Exchange.
Where they stand
Their latest bullish or bearish call on each company.
- Texas Stock ExchangeBullish ·
What they talk about most
- Asset managers, brokers & exchanges · 2
- Private markets for individual investors · 2
- Texas Stock Exchange · 2
- AI bubble & tech valuations · 1
- US elections & politics · 1
- US growth & recession risk · 1
- US inflation · 1
- Consumer AI products · 1
- Market sentiment, positioning & volatility · 1
- US Treasuries & yields · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
Not clearly a bubble: many stocks look fairly or undervalued, though some are richly priced.
Rick says the market feels like a boom after several years of strong returns, but he is not convinced it is a bubble. His reason is that a tremendous number of stocks look fairly valued or undervalued. Some highly valued companies have incredible fundamentals and are creating new markets, so high multiples are not surprising. He still finds many companies that look cheap.
“one thing that gives me some confidence that maybe we're not in a bubble is there is a tremendous number of stocks that I think are either fairly valued or undervalued.”at 4:48
Bloomberg Talks: Charles Schwab CEO Rick Wurster Talks Future of AI ·
US economy and markets are strong, driven by productivity gains and a historic AI investment boom.
Rick says the economy is strong and that is why markets have kept rising despite uncertainty. He points to incredible productivity growth and an AI-driven wave of investment at a level he has never seen in his career. He sees fundamentally a lot of great things happening.
“You're seeing incredible productivity growth. This birth of AI that's driving a lot of incredible level investment, certainly level of investment I've never seen in my career.”at 12:55
Bloomberg Talks: Charles Schwab CEO Rick Wurster Talks Future of AI ·
Midterm uncertainty is a short-lived market headwind; markets have risen after every midterm he cites.
Rick says the market does not like uncertainty and the midterms create some. He expects the market to get past it soon. He cites past midterms, where the market went up after the election cycle got through, in what he says is 19 of 19 cases. He argues the economy's strength is what has kept markets rising.
“The market doesn't love uncertainty, and and the midterms create uncertainty. But we'll get past that soon. And if you look at the past midterms, 19 of the last 19 midterms after we've got through them, the market's gone up.”at 12:55
Bloomberg Talks: Charles Schwab CEO Rick Wurster Talks Future of AI ·
Inflation is the biggest risk to stocks, mainly by pushing bond yields up and lifting discount rates.
Rick names inflation as the biggest risk to the market. The mechanism is that if bond yields keep rising, the large amount of debt in the world becomes more expensive. The discount rate applied to equities then rises. Carol notes inflation seems persistent, and Rick agrees it is something to watch.
“I think to me, the the biggest risk is inflation because the way inflation could hurt the market is if bond yields continue to go up, there's a lot of debt in the world.”at 13:42
Bloomberg Talks: Charles Schwab CEO Rick Wurster Talks Future of AI ·
Market sentiment, positioning & volatility
Clients are fully invested in equities with rising margin borrowing; no sign of pulling back.
Wurster says clients own more equities than ever, and a larger share of their wealth is in stocks. Leverage is still high, with clients taking on more and more margin, so trading activity remains high. He sees no signs that people are pulling back from equities even as fixed income interest rises. This points to a retail base that is still heavily long and leveraged, based on Schwab's own account data.
“At the same time, we still see people fully invested in equities and leverage is still high, they've been taking more and more margin, so their trading activity remains high. There's no signs that people are pulling back from equities”at 18:20
Bloomberg Surveillance: Bloomberg Surveillance TV: October 16th, 2026 ·
A roughly 3.4% real 30-year yield is an attractive lock-in for retirees, driving record fixed income interest.
Wurster says clients are showing record levels of interest in fixed income, and he links that to yields. The real yield on a 30-year Treasury was about 3.4% recently, so for someone retiring at 65, locking in 3.4% real for 30 years is a good deal. He thinks that makes a lot of sense for a specific demographic right now, and he notes yields of around 5% are available in many places if investors take a little more risk.
“The real yield on a thirty year was 3.4 recently, so for someone retiring at age 65, to be able to lock in 3.4% real for thirty years is a pretty good deal.”at 18:47
Bloomberg Surveillance: Bloomberg Surveillance TV: October 16th, 2026 ·
Investors love AI but are not yet willing to hand over financial accounts to AI agents.
Wurster says that even as people use AI more every day, activity on agents touching accounts is very limited. Schwab gets a weekly report on blocked agent attempts, and the big agents are blocked in the tens to twenties per week. He reads this as evidence that while people love AI, they are not yet willing to turn their financial accounts over to it, so consumer demand for autonomous agents in investing is still early.
“we're seeing very limited activity. I get a report on how many times we've blocked clients from using one of these agents in a week, and it's in the tens and twenties per week that the big agents are being blocked.”at 21:58
Bloomberg Surveillance: Bloomberg Surveillance TV: October 16th, 2026 ·
Asset managers, brokers & exchanges
Falling fees across the industry are good for clients, and Schwab has led the cuts.
Asked how Schwab makes money as fees compress over five years, Wurster argues fee cuts put more money back in clients' pockets and that this serves the firm's mission. He says Schwab has been at the forefront of bringing fees down across the industry and offers what he considers the lowest passive fees in the industry, supported by technology, research and platforms.
“Well, I look at that, and I look at it as a good thing because it's putting more money back in the client's pockets.”at 4:24
Bloomberg Talks: Schwab CEO Rick Wurster Talks AI Strategy, Investing Trends ·
Private markets for individual investors
Retail investors should get access to private investments, delivered with advice and risk disclosure.
Wurster argues private investments have long made large institutions money and have both diversified and enhanced returns, so retail investors should have the same access. He adds that access must be handled thoughtfully. Schwab's retail alternatives platform requires a conversation with a professional, so clients understand the risks and how much of the portfolio to allocate.
“Privates have been a way that large institutions have made a lot of money over time and it's been both diversifying and return enhancing. I believe retail investors should have access to those very same investments.”at 7:33
Bloomberg Talks: Schwab CEO Rick Wurster Talks AI Strategy, Investing Trends ·
Texas Stock ExchangeBullish
The Texas Stock Exchange will grow a lot as capital and companies move to Texas.
Schwab is a secondary listing on the Texas Stock Exchange and an owner investor in it. Wurster expects it to be much bigger in five years because a large amount of capital and money is moving to Texas, and more companies are relocating there and are likely to get involved. He does not expect the NYSE or Nasdaq to go away and says they will be hard to unseat.
“Well, I think it'll be a lot bigger. We are there as a secondary listing. We're also an owner investor in the Texas Stock Exchange. There's so much capital and money moving to Texas. And so I expect it'll expand over time.”at 10:23
Bloomberg Talks: Schwab CEO Rick Wurster Talks AI Strategy, Investing Trends ·
Asset managers, brokers & exchanges
Fee compression across the industry is good for clients, and Schwab has led in cutting fees.
Wurster argues that falling fees, such as the move from mutual funds to ETF-structure products, put more money back in clients' pockets. He says Schwab has been at the forefront of bringing fees down and has some of the lowest passive fees in the industry. He therefore sees the compression as a positive, since it fits the firm's client-first model.
“I look at that and I look at it as a good thing because it's putting more money back in the client's pockets.”at 5:35
Private markets for individual investors
Retail investors should get the same private-market access as institutions, delivered thoughtfully with advice.
Wurster says privates have long been a source of diversification and return enhancement for large institutions, so retail investors should be able to access the same investments. He wants that access delivered carefully, so clients know the risks and the products fit their allocation. Schwab's retail alternatives platform requires a professional conversation before access.
“I believe retail investors should have access to those very same investments.”at 8:44
Texas Stock ExchangeBullish
Texas Stock Exchange will grow as capital and companies move to Texas, while NYSE and Nasdaq remain strong.
Schwab is a secondary listing on the exchange and an investor in it. Wurster says there is a lot of capital and money moving to Texas, and companies are relocating there, so he expects the exchange to expand over time. He does not expect the NYSE or Nasdaq to go away, and says they will be hard to unseat.
“Well, I think it'll be a lot bigger. We are there as a secondary listing. We're also an owner, an investor in the Texas Stock Exchange. There's so much capital and money moving to Texas.”at 11:34
Shows
- Bloomberg Talks · 2 episodes
- Bloomberg Surveillance · 2 episodes
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Chorus reports what speakers said. It isn't investment advice.