Scott Sheridan
Appearances
I am Charles Schwartz Show
Investing Through Volatility
Wenn du jetzt hoffentlich, dass wir das durchführen. I now have learned of a use case. I'm not saying it's enough a reason to go in and buy it, but it is a use case, which is Stablecoin. And the Stablecoins and what it's been explained to me and why somebody would want it, because I still don't see a value in Stablecoin. I've got dollars in my pocket. I've got a credit card.
I am Charles Schwartz Show
Investing Through Volatility
What do I need a Stablecoin for? At least with Bitcoin or Ethereum or any of the other coins, I've got risk. I've got upside. So I could make some money at Stablecoins tied to the dollar. Ich habe es kurz nicht gedacht. Es gibt viele Leute außerhalb der Vereinigten Staaten, die Dollar verkaufen wollen. Sie können keine Dollar bekommen.
I am Charles Schwartz Show
Investing Through Volatility
Also würde es eine Möglichkeit geben, jemanden außerhalb der Vereinigten Staaten zu kaufen, um seine Hände auf den USD zu nehmen. Ich werde das als Grund eröffnen. Aber in seiner heutigen Form sehe ich Krypto als nichts anderes als Spekulation und ein handelsfähiges Konto.
I am Charles Schwartz Show
Investing Through Volatility
Not in my mind. And it's another one that does not make sense to me. It didn't make sense to me in 2000. It definitely does not make sense to me over 3000. My partner and I You mentioned we had two huge successes, which we did. We had some losers along the way. And I'm laughing right now. One of them was we bought, not making this up, we bought a gold mine in Mali, Africa. And it was real.
I am Charles Schwartz Show
Investing Through Volatility
It was legitimate. Okay. It was real. We had the government's backing. We had people over there. And at the time, I want to say gold was 200 to 25, 250. This would have been... Mitte 90s, late 90s, etwas wie das. Wir haben auf es aufgeben lassen, aber wir lachen, weil wir sagten, wenn Gold zu 3,50 geht, werden wir so viel Geld davon machen.
I am Charles Schwartz Show
Investing Through Volatility
Du kannst dir also vorstellen, dass Gold bei 30, ich denke, es war 30, es hat nicht 3400 gekippt, es war für sicher 3300. Das macht mir nicht Sinn, außer dass All your shorts are out of the way. And the natural lungs are holding this. And they're absolutely gold bugs. My partner was a gold bug for years. For years he was a gold bug. I'm with you. If you need gold, because the dollar has gone...
I am Charles Schwartz Show
Investing Through Volatility
in the toilet i'm not saying zero but whatever we got hyperinflation and you need gold to go out and buy something you're gonna need guns and ammo and i'm not a guns and ammo person but you're gonna need that because it's just gonna be the biggest strongest person is going to be taking your goals so if somebody wants to own it because it gives them comfort great that goes back to the psychology of trading if it feels good to you to own some gold in your portfolio awesome
I am Charles Schwartz Show
Investing Through Volatility
Aber wenn du mir meine Meinung fragst, ob es einen Grund gibt, Gold zu verkaufen, außer Spekulationen und einem Handelsfahrzeug, sehe ich das nicht persönlich.
I am Charles Schwartz Show
Investing Through Volatility
Well, I'm sure there's more than a few, but my whole career outside of my first year out of school, my whole career has been spent in the market. So I traded on the floor of the CBOE. I went down the summer of 86. I left in 2003 officially. But my partner and I had already started before I left. We had started Thinkorswim, which was our first brokerage firm. We sold that to TD Ameritrade.
I am Charles Schwartz Show
Investing Through Volatility
Let's start off where I was on the floor. So I traded, my partner and I came out of the floor of this Chicago Board Options Exchange, CBOE. We traded in the OEX, which was the S&P 100 versus the SPX, which is the S&P 500. I think it exists, but I think there's one person. It's not a tradable product anymore. So please don't go looking to trade the options in there. Okay.
I am Charles Schwartz Show
Investing Through Volatility
Eine Sache, die ich sicher sagen werde, sind die meisten Marktgeber, die wir waren. Wir waren Marktgeber. Die meisten Marktgeber sind Contrarians. Warum? Weil, wenn das Papier kommt, nehmen wir die andere Seite des Papiers. Also, wenn das Papier kommt und der Markt erhöht ist, nehmen wir die andere Seite davon. Nun, wir handeln und es gibt immer Hedges.
I am Charles Schwartz Show
Investing Through Volatility
Es gibt andere Dinge, die man gegen es tun kann. Aber wenn der Markt auf Alltagshöhen ist, wollen wir immer kurz werden. Und wenn der Markt bricht, werden wir auf der anderen Seite sein, wenn die Leute paniken. So that's why when you say that it looks like I'm a hater, I'm not a hater. I just don't see the value in it. But again, I want to be perfectly clear.
I am Charles Schwartz Show
Investing Through Volatility
If somebody sees it and it makes them feel good to have it in their portfolio, put it in your portfolio. There's nothing wrong with buying, again, an amount of gold or amount of crypto that if you said, look, if this goes to zero, my life's still fine.
I am Charles Schwartz Show
Investing Through Volatility
I just wouldn't take all of your assets and say, my friends are in Bitcoin or Ethereum or some other coin and say, I have to be involved because you just don't know where it's going. Nothing wrong with having a piece, but I'd be careful. Ja. Eine der Dinge, die ich sagen werde, ist, dass naiv sein wirklich, wirklich hilfreich ist.
I am Charles Schwartz Show
Investing Through Volatility
Also, wenn du nicht wirklich sicher bist, worauf du gehst, aber du hast Vertrauen, dann bleib einfach weiter und bleib weiter, bis du nicht mehr weiter kannst. Pivotiere, wenn du es brauchst. Finde eine andere Weise, um zu dein Endgame zu erreichen. Aber lass nicht, dass Leute dir sagen, dass es nie funktionieren wird oder es eine schreckliche Idee ist.
I am Charles Schwartz Show
Investing Through Volatility
Oder wenn es eine gute Idee war, hätte jemand anderes es gemacht. Ich hasse all diese Antworten. We came up with the idea of Thinkorswim late 90s. So we hired somebody who we needed somebody to build a website, which sounds funny today because all these things 25 years later, you go, okay, big deal. Go build a website. It's not that hard. Right.
I am Charles Schwartz Show
Investing Through Volatility
25 years ago, it was not the easiest thing in the world. Well, that person went on to become our CTO, both at Thinkorswim and at TastyTrade. So he was with us for a long time. He retired about a year ago. But we went on to build, to me, what was the premier platform at the time. I mean, it really changed. It changed the way we didn't create online trading.
I am Charles Schwartz Show
Investing Through Volatility
We changed the way that people were able to access the markets. So I'm sure you're familiar with Robinhood. Most people are. The guys that started Robinhood learned the business by going to my partner's shows and watching him talk about trading. So the impact that we have had on the industry, we, when I say we, think or swim, we began the revolution of lowering commissions.
I am Charles Schwartz Show
Investing Through Volatility
What we did was we attacked our competitors by saying, you know what, we really came out with a Right. So, Stocktrading now is zero. So, my partner likes to say, I don't think we've ever run the numbers to prove this. I don't know how we would get the information, but we have saved the industry. We've saved retail traders billions of dollars in commissions.
I am Charles Schwartz Show
Investing Through Volatility
And I'm sure we have, because we led the charge. When I came back... and started tasty trade within the first month, all the big four lowered their ticket charges. And I smiled and I said, well, I guess they know we're back. And to me, that was the highest compliment that they could have paid us. So It is what we have done in the industry.
I am Charles Schwartz Show
Investing Through Volatility
And again, our technology today, I love, I think it's the best of the business. But there is so much good technology out there that wherever you're trading, you should be able to have, you should have a platform that will allow you to do what you need to do, whether it's software, web or mobile.
I am Charles Schwartz Show
Investing Through Volatility
It is now part of Charles Schwab. And 10 years ago, I actually just had my 10-year anniversary, we started another brokerage firm to compete. It's called Tasty Trade, and that is currently where I am. I am the CEO of Tasty Trade, which is another online brokerage firm.
I am Charles Schwartz Show
Investing Through Volatility
And hopefully the firm you're trading with has really good education because most firms do have at least solid, if not really good.
I am Charles Schwartz Show
Investing Through Volatility
It's not really in my wheelhouse to show off, but we have had huge success. And it's been a tremendous amount of effort that has gone into that success. You can't be successful without putting in crazy amounts of effort. And you can't be successful without a team around you. So, it's always a we, not a me. It's an us, not a me.
I am Charles Schwartz Show
Investing Through Volatility
And I think when I hear people come out and say, well, I did this, I did this, I'm like, well, you were involved, you might have been leading the charge, but you had a group of people around you. And we've had the really good fortune at both of our companies of having... Freunde oder Leute, die unsere Freunde werden. Und es ist Familie, wirklich. Das ist die Art, wie wir Leute behandeln.
I am Charles Schwartz Show
Investing Through Volatility
Sie haben hier gearbeitet. Und keine großen Operationen. Thinkorswim, wir hatten wahrscheinlich ungefähr 250 Mitarbeiter, als wir es verkauften. Und das gleiche mit ungefähr 350 Leuten hier jetzt mit Tasty. Also für mich war Thinkorswim... Ja, genau. dass Retail das tun könnte. Und wir haben das gleiche mit Tasty gemacht.
I am Charles Schwartz Show
Investing Through Volatility
Also habe ich drei und eine halbe Jahre abgeholt, als ich im Jahr 2012 weg war. Drei Jahre. Ich habe drei Jahre abgeholt, als ich im Jahr 2012 weg war. Und als ich weg war, haben Leute mich gefragt, wann du wieder zur Arbeit gehst, weil meine Frau für mich ein Retirement-Party hatte, aber ich lachte. Ich bin wie, ich mache definitiv etwas. Ich stoppe jetzt nicht. Ich hoffe, dass ich nie stoppe.
I am Charles Schwartz Show
Investing Through Volatility
Ich will den Rest meines Lebens weiterarbeiten, weil ich es genieße. Aber... I took three and a half years off. I didn't know if I would like it after six months or I'd hate it after a week. I loved it. Loved it. And because I had spent, we went, my partner and I spent the first five years. We didn't have a day off. We were working 80-hour weeks. And it was craziness.
I am Charles Schwartz Show
Investing Through Volatility
My wife, I remember, asked me one day, are you sure you're good with this? And I said, no, I'm not sure, but I'll tell you when it ends. We'll look back on it. We'll see whether it was worth it. So people would ask me when I was going to go back to work. I had a simple answer. The day I don't want to have lunch with my wife is the day I'm going back to work.
I am Charles Schwartz Show
Investing Through Volatility
So my partner called me, said, you got to come back. We're going to start another brokerage firm. And I agreed to it. My wife and I were in the car going to dinner. She said, what did you just agree to? And I started laughing. I said, I'll tell you at dinner. So I told her and she looked at me. She's like, you don't want to have lunch with me anymore?
I am Charles Schwartz Show
Investing Through Volatility
And I said, no, I do want to have lunch with you, but Um so etwas wie Thinkorswim zu machen, was wir nicht in der Industrie erschaffen haben, wir haben es verändert. Aber das zu tun, war lebenswürdig und wirklich einmal im Leben. Um es wieder zu versuchen, habe ich gesagt, ich muss es machen. Ich liebe Herausforderungen. Ich muss es machen, nur aus der Perspektive der Herausforderung.
I am Charles Schwartz Show
Investing Through Volatility
Great question. Both firms, well for sure when we started Thinkorswim, we were focusing on derivatives. So options, equity options was really our sweet spot. That's still the case today. So of course we do offer stock trading, but we specialize in options and futures, crypto. So it's a full platform, you can trade wherever you want to trade.
I am Charles Schwartz Show
Investing Through Volatility
Und es war ein erstaunlicher, es war wirklich ein erstaunlicher Reise.
I am Charles Schwartz Show
Investing Through Volatility
Gute Frage. Und meine Antwort ist wiederum, was auch immer für dich funktioniert, mach das. Mach es einfach. Es macht keinen Unterschied, wenn Leute mich anrufen, ich kann nicht sagen, wie viele Male ich Leute gesagt habe, kann ich meine Strategie mit dir teilen? Und ich sage, nein, ich habe keine Angst. Ich habe meine eigene. Du hältst deine. All I care about is that it's working for you.
I am Charles Schwartz Show
Investing Through Volatility
At the network, it's really interesting because tactical and fundamental would be the two most common ways for people to go about making trading decisions. Our network is strictly based on math. Es ist alles Mathematik. Es ist auf Probabilität basiert. Und für mich ist Mathematik Mathematik.
I am Charles Schwartz Show
Investing Through Volatility
Also, wenn jemand Zeit spart, Videos zu schauen, wirst du anfangen, die Trading-Strategien auf deiner Talent zu finden. Und es sind viele große Nummern. Aber ihr Mantra ist Trade Small, Trade Often. Trade Small, Trade Often. Also, du versuchst kleine Teile zu machen, anstatt den Home-Run zu erzielen. Nothing better if you happen to buy a stock and it explodes. I mean, it's amazing.
I am Charles Schwartz Show
Investing Through Volatility
But those are few and far between. So to have more of a consistent approach, what do you need to do? Got to be in the game, got to constantly be trading. And all the information, again, free, available, tastylive.com. Go check out the content. So from my perspective, and let's go back to the volatility question, because it's perfect for what's going on right now.
I am Charles Schwartz Show
Investing Through Volatility
Du und ich haben darüber gesprochen, bevor wir diese Konversation begonnen haben. Du hast einen Kommentar gemacht, du weißt, der Stock ist 100, jetzt sind es 60. Ist das ein guter Zeitpunkt, um reinzukommen? Oder soll ich mich interessieren? Vielleicht wird es niedriger gehen. Nobody knows anything. So you don't know anything. I don't know anything. The quote unquote experts know nothing.
I am Charles Schwartz Show
Investing Through Volatility
They can't know where the market's going. So all I can tell you for sure is that if a stock is 100 and now it's 60, 60 is definitely less expensive than 100. So you know you're at least better off than you would have been had you bought the stock at 100. Still doesn't mean that it's a good buy. Right.
I am Charles Schwartz Show
Investing Through Volatility
One of the approaches that I am taking right now, because I do want market exposure, I do want to buy some of these stocks that have been beat up, some of the big names. So for anybody that has traded options, you will understand this. If you haven't, it's going to probably be a little complicated, but volatility has exploded. Obviously, we're doing this now instead of little chops.
I am Charles Schwartz Show
Investing Through Volatility
So what happens when volatility explodes? Market makers, the firms that are making the markets for all these options, they go, wait a minute, I got to get paid for the risk I'm taking because there's so much more volatility now. So the prices, the options go up. Because they pump volatility into the options. What does that mean? Well, in simple terms, a put gives somebody the right to sell.
I am Charles Schwartz Show
Investing Through Volatility
The big difference is how thin or how light our platform is today compared to what we built at Thinkorswim. Und wie ich Denker beschreibe, würde ich sagen, es ist mein Baby. Ich liebe mein Baby. Aber wir sind weitergegangen und wir haben mit dem, was wir glauben, eine kleinere, simplere, schnellere Weise, um Leute zu handeln.
I am Charles Schwartz Show
Investing Through Volatility
One put gives somebody the right to sell 100 shares of stock at a particular price at a particular point in time. If you sell that put, rather than buying it, if you sell the put, you now have the obligation to buy 100 shares of stock at that price within the next, whatever your period of time is, you know, 45 days, 37 days, whatever it is.
I am Charles Schwartz Show
Investing Through Volatility
So because volatility has gotten pumped up so much, I have not gone out and bought the stocks. Because in my mind, I'm like, I don't know if they're going higher, they're going lower. I don't need to own the stocks right now, but I'm okay owning the stocks right now. So I'm selling puts below the market and getting paid. I am selling somebody else insurance. That's the way I explain it.
I am Charles Schwartz Show
Investing Through Volatility
I'm the insurance company. And what I think I'm doing right now is I am selling flood insurance after the flood. That's the easiest way to do it. If somebody's ever tried to buy flood insurance, if you live in a zone that just got flooded, you're going, you either can't get it or it's prohibitively expensive and you're not going to pay whatever they're asking for it. Right.
I am Charles Schwartz Show
Investing Through Volatility
When option volatility gets into, historically we're in the upper teens, but for years we were in the low teens. We have just gone through a period, we were basically locked in the 25 to 30 range for a while. Now we're back in the 20 range. But imagine what that does to the premiums. So now, again... I'm selling flood insurance to somebody who just had a flood. I'll take my chances.
I am Charles Schwartz Show
Investing Through Volatility
And I'm going to say, you know what? I'm comfortable buying Apple at whatever price or Google at whatever price. So I'm not doing right at the money. I'm going out of the money. So I'm giving myself a little bit of room. And for me, these are stocks that I'm comfortable owning and I'd love to own down at those prices.
I am Charles Schwartz Show
Investing Through Volatility
Für mich, ja, Optionen, wiederum primär auf Quoten, die ich für einen längeren Zeitraum verwenden möchte. Aber es gibt viele wirklich gute Trading-Opportunitäten, wenn jemand nur interessiert ist, um einen passiven Einkommen zu machen. Wenn ich sage passiv, ist es aktiv, aber ich sage nicht, dass du täglich tradierst.
I am Charles Schwartz Show
Investing Through Volatility
Du setzt einen Trade an und lässt ihn hoffentlich ein paar Wochen sitzen, dann lässt du das Premium raus und dann kommst du davon und gehst auf den nächsten Trade. Von meiner Perspektive und in Wahrheit, wenn Ethereum zurückgegangen ist, als ich es getradet habe, die eine Zeit, als ich es getradet habe, habe ich es 1.000 gekauft und es wurde auf den Weg hoch.
I am Charles Schwartz Show
Investing Through Volatility
Es wurde zu 4.000 und auf den Weg zurückgegangen. Ich schaue und sage, weißt du was, wenn es wieder in der 1.000-Dollar-Range geht, werde ich etwas kaufen. Okay, also bin ich nicht verabschiedet, diese Produkte zu tradieren. Sie sind einfach nicht meine Go-To's. Right.
I am Charles Schwartz Show
Investing Through Volatility
Und das geht wieder zurück zu meinem Kommentar, dass jeder herausfinden muss, was sein Niveau ist, was seine Toleranz für Risiko ist. Und du wirst wissen, wenn du sagst, wie werde ich ever wissen, wirst du wissen. Und eine meiner Lieblingslinien ist, wenn jemand sagt, ich habe keine Ahnung, wie man Risiko und Erwartungen evaluieren kann, also ich weiß nicht mal, worüber du sprichst.
I am Charles Schwartz Show
Investing Through Volatility
Und ich sage, okay, lass mich dir eine Frage stellen. Wenn du auf der Straße crossst, siehst du beide Seiten. Und sie schauen mich an, wie ich natürlich beide Seiten sehe. Ich sage, okay, dann weißt du, wie man Risiko und Erwartungen evaluieren kann.
I am Charles Schwartz Show
Investing Through Volatility
You're not alone. That's why the mantra of the network just rings so true to me. Trade small, trade often. But small is the key.
I am Charles Schwartz Show
Investing Through Volatility
Wir brauchen viel mehr Zeit, um wirklich in diesen Bereich hineinzukommen. Aber, du weißt, auf einem Top-Line-Level. Wenn du nicht wirklich auf das Projekt fasziniert bist, wird es nicht funktionieren. Das ist für Ansteller. Also musst du wirklich glauben, was du tust. Du musst wirklich die Leute genießen, mit denen du arbeitest, weil es einige wirklich stressvolle Zeiten geben kann.
I am Charles Schwartz Show
Investing Through Volatility
Und wir hatten viele. Ich meine, wir waren kurz vor der Ausbildung, ein paar Male zuvor. Und das ist wirklich, wirklich erstaunlich, wenn du all die Arbeit siehst, die du gemacht hast und du denkst, oh mein Gott, es war aus unserer Kontrolle und etwas ist passiert und du bist fast aus der Ausbildung. So, one of the things that my partner, that Tom and I are really, really good at, is pivoting.
I am Charles Schwartz Show
Investing Through Volatility
So, I think where most people get into trouble is they get fixated on a concept. And they say, here's my concept. It's a widget. It's a gadget. Whatever it is. I have a new idea for a widget. Here's my widget. And they keep running into issues, but they don't modify. And at the end, it doesn't work. And they say, well, you know, the market just was against me. Something just didn't happen.
I am Charles Schwartz Show
Investing Through Volatility
Versus if they had a widget and the market said, you know what, if you make gadgets, we'd be interested in gadgets. We're not interested in widgets right now. You go, great, you know what, I was going to make gadgets, now I'm making gadgets. Listen, now I'm going to contradict myself.
I am Charles Schwartz Show
Investing Through Volatility
So I'm going to say, listen to the marketplace, because if you don't have something in the marketplace that's going to adapt, you're not going to go anywhere. I don't care how much you believe or how passionate you are about the project. Having said that, As you are building it, you need to make sure you are maintaining your vision on what you think this is going to be.
I am Charles Schwartz Show
Investing Through Volatility
Because if you allow too many forces to come at you, you're going to dilute the product and it's not going to be, my guess is, it's not going to be what you were hoping it was going to be.
I am Charles Schwartz Show
Investing Through Volatility
You don't tell the market what to do. So when we launched Thinkorswim, it was right after the dotcom bubble. And I remember how many people said to us, oh my god, we feel so badly for you. Couldn't be a worse time to launch a brokerage firm. And my partner and I just looked at each other like, what are you going to do? This is the cards we got dealt. These are our cards. You got to play them.
I am Charles Schwartz Show
Investing Through Volatility
Turned out to be an amazing time because what we quickly realized was people, that had accounts that other firms were looking for alternatives because they had issues with their existing firm. When the market's going straight up and everybody's making money, why are you ever going to change? You're like, I love where I'm trading, I'm making money, what do I need to go look at something new for?
I am Charles Schwartz Show
Investing Through Volatility
So sometimes you turn lemons into lemonade because you look at it and you say, oh my God, what am I going to do? It's a disaster. Sometimes you take a disaster and you turn it around, you turn it in your favor, you go, that was the greatest tailwind I've ever had, as opposed to most people would look at it as a headwind.
I am Charles Schwartz Show
Investing Through Volatility
And I think as you were talking before, you've got to be able to move it, you have to be liquid in that environment. So one of the things that we're good at is we say, look, that MVP, minimum viable product, get it out. Right. Okay. There is no such thing as perfection. So get it out, make sure it's workable, whatever it is, get it out there and you modify as need be.
I am Charles Schwartz Show
Investing Through Volatility
Well, I'm taking a deep breath right now because having done this for as long as I've done this, I can say without question what we went through in April. Wir haben das noch nie gesehen. Das war ein absolut verrückter Zeitpunkt. Jemand könnte darüber reden. Du könntest zurückgehen und sagen 08 09. Du könntest zurückgehen und sagen, sprich über die Dotcom-Bubble in 2000.
I am Charles Schwartz Show
Investing Through Volatility
But with the understanding that there is a version one, there's a version two, there's probably going to be a version 10, 15, 20. Eine der Dinge, die ich entschuldige, dass ich es nicht gemacht habe. Woody war unser CTO, unser erster Hörer. Und er hatte den originalen Build für Thinkorswim. Und ich würde gerne sehen, wie das aussieht. Nur weil... Nur für Spaß.
I am Charles Schwartz Show
Investing Through Volatility
Just for fun, because it was probably like this. And then, you know, eventually we built it up to this. So just crazy to be able to see something like that. But we just, you know, you need to be able to evolve. You need to be able to adapt. And I think what most people make the mistake.
I am Charles Schwartz Show
Investing Through Volatility
The first problem for most people is they don't know how to put one foot in front of the other and say, okay, where do I go? So how do I actually get this going? Once you get this going, for most people, the blocker is money. Totally get it. So what you need to do is... Right? You gotta be really careful with whatever money you raise. Typically it comes from friends and family or your own.
I am Charles Schwartz Show
Investing Through Volatility
And you say, alright, I have X number of dollars. Whatever you think you're gonna need, you're going to need more. Whatever you think, the amount of time you think it's gonna take to build it, it's going to be longer.
I am Charles Schwartz Show
Investing Through Volatility
So when somebody says, I have X number of dollars and it's gonna take me a year to do it, I say, you better make sure that amount of money will get you at least one and a half X, if not two X in time, because the worst thing in the world is to have Vielen Dank. Basically, I'll give you whatever I have to give you because otherwise I'm out of business.
I am Charles Schwartz Show
Investing Through Volatility
Versus if they come to you and you're fortunate enough to have cash flow and say, you know what, I don't really need your money, but I'll take it because it's always good to have some extra money in the bank. And you hope you never need it. That was our first round of funding. We took the funding, didn't need it, but they were really pushing us.
I am Charles Schwartz Show
Investing Through Volatility
And at the time it was the largest investment into a private company in Illinois. Wir haben das Geld genommen, wir haben es nie getäuscht. Wir haben es nie benötigt, aber weißt du was? Toll, dass wir es haben. Keine Regret, dass wir ein bisschen Verlust hatten, weil es uns die Frieden der Meinung gab, dass wir sagen, wenn wir einen Hickup haben, werden wir mehr als gut.
I am Charles Schwartz Show
Investing Through Volatility
So, I definitely take a less traditional approach with my hiring. And I've hired hundreds, if not a couple thousand. I've hired a lot of people. And as I said, it's like in my wheelhouses not to self-promote. I don't miss on hires by bringing in people. I might miss on not hiring somebody, but that I will never know. For me, and you made a comment earlier in the conversation about culture.
I am Charles Schwartz Show
Investing Through Volatility
Und ich denke, für die meisten Leute ist Kultur ein Witzwort. Sie sagen, wir müssen eine wirklich gute Kultur haben. Ich kreiere tatsächlich großartige Kulturen in den Unternehmen. Und Leute haben mich gefragt, wie man das macht. Und meine Antwort ist, ich leite einfach durch, was ich tue. Ich bin nur ich selbst. Du kannst Kultur nicht lernen. You can hopefully get people to adopt the culture.
I am Charles Schwartz Show
Investing Through Volatility
But the culture that we have, that we had at Vickersum, that we have at Tasty, is you try to hire really good people and you really challenge them. Now, when I say challenge them, my partner, the way I describe my partner is he lives to work and I work to live. Für mich ist es so, dass ich viele andere Dinge in meinem Leben genießen möchte.
I am Charles Schwartz Show
Investing Through Volatility
Ich versuche also, so effektiv wie möglich zu sein, in den Stunden, in denen ich arbeite. Aber wenn ich nicht arbeite, dann mache ich die anderen Dinge, die ich machen möchte. Was wir also tun, ist, dass wir die Leute challenge, wir drücken die Leute, aber was wir auch tun, ist, dass wir den Leuten genug Rücken geben, dass sie sagen können, dass sie das tun können.
I am Charles Schwartz Show
Investing Through Volatility
Du könntest zurück in 87 zurückgehen. Die große Unterschiede aus meiner Sicht war, dass dieser 100% selbstinduziert war. Also die anderen, da gab es Gründe und vielleicht würde jemand argumentieren, dass 08, 09 eine Hausbubble war. Und man könnte sagen, das war selbstinduziert, weil wir es ermöglicht haben, es zu passieren.
I am Charles Schwartz Show
Investing Through Volatility
Ich challenge die Leute und ich erhalte die Leute, Dinge zu tun. Dann sage ich, ich möchte, dass du das tust. Dann sage ich, ich kann es nicht. Und dann sage ich, warum kannst du es nicht? Und sie sagen, weil ich es noch nie getan habe. Und ich sage, okay, na gut, ich werde dich nicht fragen, etwas zu tun, das ich mit Zeit und Geld nicht lösen kann.
I am Charles Schwartz Show
Investing Through Volatility
Und wenn ich jemandem das sage und ich sage, ich vertraue dir, ich glaube in dich, dass du das tust. All of a sudden they go like this, their head explodes. They become a better employee. They become, you know, just a better, better, better, better. And it's a win, win, win.
I am Charles Schwartz Show
Investing Through Volatility
Whereas most managers, I think what most managers try to do is keep everybody in a box because they say, I don't want you showing me up at some point in time. So you just stay over here and work in your little world. We're the exact opposite of that. Somebody has an argument or can make a compelling argument for a project that they want to go work on. We'll say, go ahead, go take a shot.
I am Charles Schwartz Show
Investing Through Volatility
Meine Mutter, ähm, sie sagte mir früher, dass ich einen Academy Award gewinnen könnte, weil du nichts darüber erzählen kannst, ob du weißt, wie mein Tag war. Ich habe eine massive Risikotoleranz. Ich weiß nicht, ob es gut oder schlecht ist, aber es ist, was es ist. Und es ist, wer ich bin. Also kann ich verrückte Mengen von Risiken nehmen, die für mich kalkuliert sind.
I am Charles Schwartz Show
Investing Through Volatility
Also bin ich nicht ein großer Casino-Spieler oder Sportspieler. Ich meine, für Spaß, du bist ein bisschen hier und da. Aber ich bete basically alles, was ich habe, auf mich selbst. Also wenn wir etwas sehen, mein Partner und ich haben viel zusammengearbeitet. Ich glaube, das ist unser 36. Jahr zusammen, was verrückt ist. Und wir hatten einige von diesen und natürlich auch einige große Erfolge.
I am Charles Schwartz Show
Investing Through Volatility
Aber aus meiner Perspektive You have to have the stomach, you have to have the internal fortitude to say, I can tolerate not getting paid. I can tolerate this, this, this for some period of time. Obviously, you can't go into perpetuity without getting paid. But when we started Thinkorswim, we took basically a bare minimum salary and we just bet on the upside. So we had stock in the company.
I am Charles Schwartz Show
Investing Through Volatility
I could go with that argument, but for sure with this one, this was President Trump making a decision on tariffs that he believes in or did believe in. I don't know if he still does, but did believe in it. And the market said, we are not going to buy into this one. And you saw literally, you know, 20 plus percent sell off fast.
I am Charles Schwartz Show
Investing Through Volatility
We said, you know, if this works, the salary is going to be irrelevant. I can't tell you what problems somebody's going to run into, but most problems are solvable.
I am Charles Schwartz Show
Investing Through Volatility
And what I say to my team, I say, don't worry about making a mistake, because typically if people start panicking about they're going to make a mistake, they make bad decisions, because I don't want to do this, because even though it might be better in the long run, if it doesn't go well, it's going to look badly on me. That's a bad, for me, that's a bad mindset.
I am Charles Schwartz Show
Investing Through Volatility
So my feeling is, take a lot of risks, but like in baseball, So long as you only have two strikes, you're still in the batter's box. It's when you get your third strike that you're going back to the bench. So you need to be careful. And again, calculated risk.
I am Charles Schwartz Show
Investing Through Volatility
So there are things in one of the comments I've said to my kids since they were little, control the things that you can control, because you're going to have to deal with things out of your control that are going to take a lot of your bandwidth. The ones that are going to trip you up are the ones that are out of your control.
I am Charles Schwartz Show
Investing Through Volatility
So you've got to make sure that you've got some juice left in the tank that you say, okay, I can go navigate that problem. Now, my partner and I, it's also really, really important if you do have a partner, pick somebody that has a different skill set. You don't need somebody that is the same as you because you can do what you can do. So my partner's skill set is very different than my skill set.
I am Charles Schwartz Show
Investing Through Volatility
But we have mad respect for each other to the point where we don't even need to talk. You just go do you. I'll go do me. When we need to talk, we'll come back together. We'll figure it out. So, and that's why it's worked for as long as it has worked. So, when looking for, first of all, you said when hiring people. So, hiring people is, I will finish with this.
I am Charles Schwartz Show
Investing Through Volatility
Hiring the wrong person is worse than not hiring somebody. So, if you are not sure, don't do it. Because when I say it's worse, what happens is it takes a while to figure out that you have the wrong person. Once you have the wrong person, now you've got to put time and effort into figuring out how you're going to get rid of the person.
I am Charles Schwartz Show
Investing Through Volatility
Then once you do that, then you've got to start the process over to backfill that role. So Again, hiring the wrong person is worse than not hiring somebody.
I am Charles Schwartz Show
Investing Through Volatility
Now, going back to my partner, I can't stress enough about how critical it is that if you do have partners, pick partners that you literally would hand your checkbook or your credit card to and say, I have total confidence with what you're going to do with this.
I am Charles Schwartz Show
Investing Through Volatility
Wie weit geht das Investieren? Zunächst einmal, jemand, der einen zusätzlichen Einkommen hat. Obwohl, wenn du dein Geld leben willst, dann hast du keinen zusätzlichen Einkommen. Aber hoffentlich, wenn du ein paar Jahre gearbeitet hast und du ein bisschen Geld weggegeben hast, kann ich dir nicht erzählen, wie wichtig es ist, Geld regelmäßig wegzunehmen.
I am Charles Schwartz Show
Investing Through Volatility
And the volatility that we saw both up and down, because we had some crazy updates, you know, was all of a sudden tariffs on, tariffs off. So Einer der Kommentare, wenn ich mit vielen jüngeren Menschen spreche, einer der Kommentare, die ich mache, ist, dass man lernen muss, besonders in jüngerer Zeit, dass man lernen muss, wie man Risiken nimmt.
I am Charles Schwartz Show
Investing Through Volatility
Ob es jedes paar Wochen ist, ob es jedes Monat ist. Und es könnte 50 Dollar sein. Es könnte 100 Dollar sein. Es könnte 500 Dollar sein. Was auch immer. Start einfach, Geld in den Stockmarkt zu bekommen. Wir haben vorhin über die S&P 500 gesprochen oder über die QQQs, das ist der Nasdaq. Das ist wirklich einfach. Du kannst Fractionals kaufen. Du kannst $25 wert kaufen.
I am Charles Schwartz Show
Investing Through Volatility
Es ist also wichtig, dass die Leute engagiert sind. Wenn du ein Portfolio hast, wenn du mehr Geld hast, um etwas zu machen. Take a look at what I was just talking about earlier. It might not be the right strategy for you, but for me, selling puts in stocks that have elevated volatility, selling puts that are out of the money, I'm typically looking around at 25 Delta.
I am Charles Schwartz Show
Investing Through Volatility
So I've got some cushion in case I'm wrong. But again, do it only if you want to buy the shares. So don't go do it because, oh, well, the market was down, now it's up again, and it's just going to keep going higher. Nobody knows where the market's going. And you've made the comment that we're in for... Viele Jahre Volatilität und ich stimme Ihnen zu.
I am Charles Schwartz Show
Investing Through Volatility
Wird es im nächsten Jahr oder zwei schwerer werden? Vielleicht. Wird es im nächsten Jahr oder zwei niedriger werden? Wahrscheinlich. Also nimm nicht nur einen Platz und sage, ich gehe heute einfach alle rein, weil ich denke, heute ist der Tag. Aber versuche auch nicht zu paniken. Die S&Ps gingen von fast 6200 bis 4800. You know, I'm sure there were people who were like, I just want out.
I am Charles Schwartz Show
Investing Through Volatility
They just get me out. Now we're back up to, right, to 50. And you go, then you probably have positions that are too big, if that's the approach. There's also, if we do enter another 15 plus year bull market. There's nothing wrong with having mental or actual stops in. So if you do buy stocks and you have a great run, you could just keep raising your stops.
I am Charles Schwartz Show
Investing Through Volatility
So if you buy a stock at 100 and, you know, a handful of years, it's now 200, you could say, you know what, I'm going to let it go. But if it gets to 180, I'm out. I'm going to get out. And that's if you put an actual stop in on the stock, your broker will take that order. And you just say, look, set it and forget it. I don't have to think about it. Coming back to the business side.
I am Charles Schwartz Show
Investing Through Volatility
If somebody has the opportunity to go start a business and that has been a dream to do it, I can't stress enough, if you have the ability to do it, go do it. Even if it means that you have your regular job and you're doing this on nights and weekends to get going, don't have a regret in your life in 15, 20, 30 years to say, I really wish I would have done it.
I am Charles Schwartz Show
Investing Through Volatility
What's the worst thing that happens is you fail.
I am Charles Schwartz Show
Investing Through Volatility
There is nothing as scary as it can be. And it can be scary. You know, when you only eat what you kill, that's very different than getting a paycheck and a corporate credit card. But there is nothing in the business world that is more satisfying than starting a business and watching it grow and develop and build into something.
I am Charles Schwartz Show
Investing Through Volatility
And my last comment to that is, if you do get to that point and you do have suitors, you have people that are knocking on your door that want to invest in your company. Somebody told us this early on as a private equity firm when we were taking money for Thinkorswim. We did not go with this firm, but one of the comments from the partner of private equity firm said, whoever you go with,
I am Charles Schwartz Show
Investing Through Volatility
Make sure you get whatever you want in writing before you sign the deal. It's really easy to fall in love with the concept of, oh my God, these people want to invest money in our business. Just remember, when they do that, you're going to lose some, if not most of the control in your business.
I am Charles Schwartz Show
Investing Through Volatility
And that's something you need to think about, because if you don't want to lose control, don't take the money. If you want to take the money, get what you can. I'm not saying they're going to give you everything, but don't say, I'll wait until I sign the deal and then go back and ask for something else. You're not getting it.
I am Charles Schwartz Show
Investing Through Volatility
Von dem, was ich kenne, ist es großartig, großartig und ich denke, dass es wirklich die Art und Weise ändert, wie viele von uns vorwärts arbeiten. Das gesagt, sehe ich es nicht als die Technologie oder die technologische Fähigkeit, die Leute aus dem Geschäft bringen wird und alle Leben verändert und niemand mehr einen Job hat. Ich sehe das nicht. Gehen einige Jobs weg?
I am Charles Schwartz Show
Investing Through Volatility
So people have to understand what that means, because what might be super risky for one person might be just run of the mill for another. But if somebody is just getting going in their career, they have some investable assets, you need to be engaged with the markets.
I am Charles Schwartz Show
Investing Through Volatility
Ja, aber das ist nur, weißt du, das ist nur Technologie, die vorwärts geht. You know, when you hear about people complaining, well, I might lose my job, you go back and look at jobs that we've lost over time due to technological advancements. So, you know, you have, you name things. A little bit.
I am Charles Schwartz Show
Investing Through Volatility
That's right. And that goes back to being flexible. So whatever your job is now, maybe part of that job or all of it. modifies, changes, goes away, it doesn't mean that there aren't going to be other opportunities. And for me, I try to learn something every day. I try to pick up some piece of information that's new information for me.
I am Charles Schwartz Show
Investing Through Volatility
And as scary as it can be, I try to recreate or reinvent myself in different ways and say, how can I go do this better or do this better? What can I do to improve? And if we have something that is available, and literally you get it on your phone right now, So you could get AI anywhere and the models are just going to become better and better and better. I would try to embrace it.
I am Charles Schwartz Show
Investing Through Volatility
I wouldn't run from it. It's not leaving, that's for sure.
I am Charles Schwartz Show
Investing Through Volatility
Email is the best. It's scott, S-C-O-T-T, at tastytrade.com.
I am Charles Schwartz Show
Investing Through Volatility
So tastytrade.com is the brokerage side. We do have help and learning center, but if you really want to watch the videos and check out all the on-air talent, that would be tastylive.com. T-A-S-T-Y live L-I-V-E dot com. Great stuff.
I am Charles Schwartz Show
Investing Through Volatility
I know it seems crazy right now to say, why would I want to be in the market when it literally just sold off 20% and just snapped back. You know, today we're back, not at highs, but we're not far off. I think we're 400 or 500 points. So in the S&P, so it's not that far away.
I am Charles Schwartz Show
Investing Through Volatility
But the markets, as crazy as they are right now, one thing I will say with certainty, and I will preface this with, nobody has any idea where the another world war breaks out and something happens that would be an oh my god situation, the markets are going to be significantly higher in 10, 15, 20, 30 years.
I am Charles Schwartz Show
Investing Through Volatility
So if somebody is just starting their career and they're in their 20s and they think they have a 40 year horizon before they want to retire, you need to have exposure to the market. Now having said that, Exposure needs to be controlled. So don't go crazy and take all of your money and just put it in today because all of a sudden you might need some of the money and the market could go lower.
I am Charles Schwartz Show
Investing Through Volatility
So people have to take a reasonable approach. Again, what does that mean? Maybe somebody decides I'm going to put X number of dollars in every week or every month. But whatever that number is, make sure that it's money that you don't need for the foreseeable future.
I am Charles Schwartz Show
Investing Through Volatility
Eine wirklich gute Frage. Die Antwort auf die Frage, was du mit einem Broker meinst, lass uns einfach vorsichtig sein, denn du musst durch einen Broker gehen, um deinen Handel zu machen. Also, wenn du zum Tasty Trade kommst oder zu irgendwelchen unserer Gegner gehst, ob es Schwab ist, Fidelity, Robin, es macht keinen Unterschied, sie sind alle Broker.
I am Charles Schwartz Show
Investing Through Volatility
Also musst du technisch einen Broker für den Handel haben. Ich denke, du sprichst dazu, was unsere Eltern hatten, wo unsere Eltern jemanden hatten, der den Account managen würde. That's a dying breed. Everybody, you know, you could do whatever you need to right now, right here. It does. You could do it from the train. You could do it from your desk. You could do it from an airplane.
I am Charles Schwartz Show
Investing Through Volatility
Nein, absolut nicht. Ich denke, es gibt so viel Informationen da draußen. Die Plattformen sind grundsätzlich kommoditiert. Natürlich bin ich gegen unsere. Ich denke, unsere ist das Beste, aber es ist egal. Alle Plattformen sind zumindest gut, wenn nicht sehr gut. Ich würde sagen, die meisten von ihnen sind gut, wenn nicht sehr gut. So there's plenty of choices out there.
I am Charles Schwartz Show
Investing Through Volatility
On top of that, one of the things that we have led the charge in for the last 25 years is education. And our education is free. You know, there's no, we don't charge for it. So somebody can go on online, they can watch live or we record the shows. We do about 15 hours, five days a week of live programming. Amazing stuff. Everything from a where do I begin to complex math.
I am Charles Schwartz Show
Investing Through Volatility
So whatever your range is, we've got stuff out there. Other firms have information, they have education. So my ask is that people take time, put effort into this. This is not an easy business, but whatever business somebody is in, it's probably not an easy business. It took time to learn whatever they needed to learn to do whatever their job is. This is the same thing.
I am Charles Schwartz Show
Investing Through Volatility
The stock market is not something, in my opinion, that you can just put five minutes a week into and say, well, I hope I make a lot of money. Now, if somebody... doesn't have the time or the interest, but they do have the money, your comment about just buying the S&P or QQQ, something like that, so you have NASDAQ exposure, S&P 500 exposure, works.
I am Charles Schwartz Show
Investing Through Volatility
Low expense ratio, so you're not paying somebody 2%, 3%, 4%, because to me, you just don't need to do that. And if somebody says, well, paying 2% or 3%, it doesn't really make a difference, it really doesn't. We've done studies.
I am Charles Schwartz Show
Investing Through Volatility
massive amount over time. You could see the returns over time and how much they change. You know, if you have an expense ratio, if you're paying 30, 40 basis points, 25 basis points. So it's there for the taking if somebody wants to put the effort into it.
I am Charles Schwartz Show
Investing Through Volatility
For sure, when people are starting, do not quit your day job. That's going to be a huge mistake. So for sure, when somebody's starting, they need to just put their toe in the water, start investing, start making some trades. There's no better way to learn anything. Trading for sure, but anything, than to do it. So the great news about trading is you can trade tiny.
I am Charles Schwartz Show
Investing Through Volatility
And now you can even trade under one share. Most firms have fractional shares. So if you wanted to go in and buy $10 or $20 or $50 of Apple, you could go do that. So what I say to people is there is a huge psychological aspect to trading. And you need to find your comfort zone.
I am Charles Schwartz Show
Investing Through Volatility
Eine der ersten Regeln, jemand hat mir das über Gambling erzählt, eine der ersten Regeln von Gambling, wenn du jemanden in einem Spiel spielst, nicht Gambling, nicht ein Casino-Spiel, aber wenn du dich in einem Golfspiel oder Basketball bettest, oder was auch immer es ist, du bettest deine Freunde, du machst etwas, erste Regel, lass deinen Opponenten spielen, um mehr zu spielen, als sie spielen wollen.
I am Charles Schwartz Show
Investing Through Volatility
Weil wenn du sie aus ihrer Komfortzone holst, für die Anzahl der Geld, die sie betten, denken sie nicht mehr an die Aktion eines Golfswinges oder eines Putts oder eines Freethrows. Sie denken jetzt, oh wow, das ist viel Geld, wenn ich das nicht mache. Das selbe mit Trading. Du wirst sofort wissen, ob du zu groß tradierst.
I am Charles Schwartz Show
Investing Through Volatility
Wenn du auf deinem Computer sitzt und du weinst und sagst, oh mein Gott, ich fühle mich nicht so gut, ich kann nicht glauben, dass ich das nur gemacht habe, dann handelst du zu groß. Mit Optionen kannst du nicht weniger als eine handeln, aber du könntest Spreiten machen. Du könntest also eine Spreite machen und viele Leute sind furchtbar vor Optionen, weil sie nicht wissen, was sie sind.
I am Charles Schwartz Show
Investing Through Volatility
But somebody can put a trade on where you're risking, you know, 40 cents to make 60 cents or you're risking 60 cents to make 40 cents. But the probabilities are in your favor. When I say cents, that's dollars. So somebody would say, oh, I could do that. I want to risk 60 dollars to make 40 dollars. And somebody would say, why would you do that?
I am Charles Schwartz Show
Investing Through Volatility
Well, I have a 75 percent chance or 80 percent chance of that working. So the odds are in my favor. So everybody going back to everybody's risk tolerance, everybody has to figure out their own size. So they're going to find certain strategies they like, whether it's strictly stock or options. Stock's two dimensional. So there's not much you could do.
I am Charles Schwartz Show
Investing Through Volatility
You're either long or you're short or you're out. Whereas with options, because there's puts, there's calls, there's long, there's short, it becomes a 3D puzzle. And for me, part of that puzzle, I felt like every day I got to go to the floor. When I was on the floor at the CBOE, I felt like I got to play a game for a living, which was awesome.
I am Charles Schwartz Show
Investing Through Volatility
Ich bin nicht ein Glaubwürdiger. Es ist hier. Es ist hier, sicher. Ich habe keine und ich habe ein bisschen getradet. Es ist lustig, weil, als wir dieses Unternehmen begonnen haben, als wir Tasty Trade 10 Jahre ago begonnen haben, waren wir aus einem Raum, in dem die Food Hall einen ATM für Bitcoin hatte. Und es war 275 Dollar.
I am Charles Schwartz Show
Investing Through Volatility
Und ich dachte mir, ich sollte ein paar davon kaufen und es einfach vergessen. Und dann erinnere ich mich, jetzt werde ich auf den Launch gehen. Wo soll das Pasta gehen? Also, $235. Also, jetzt, $100,000, natürlich, reden wir über einen Fehler. Aber du hättest es gekauft. Du hättest es irgendwo auf dem Weg gekauft und Geld gemacht, ohne dass du es gekauft hättest.
I am Charles Schwartz Show
Investing Through Volatility
Ich glaube, es hat 110, 115, etwas gekauft. Das ist der Höhe. Und dann hat es zurückgezogen zu 75. Also, There's a lot of really smart people within the walls of TastyTrade that know a lot about crypto and I've had a lot of conversations with them. They have not been able to convince me as to why it's trading where it is and why it's anything other right now, anything other than a trading vehicle.
I am Charles Schwartz Show
Investing Through Volatility
Right. Also, wenn jemand es von einer spekulativen Sicht betrachtet und er will ein Asset, das er handeln kann, das sich bewegt, dann ist es gut. Absolut. Da gibt es viele Möglichkeiten. Aber wenn jemand sitzt und versucht, mir zu leuchten, wie das den Dollar verändern wird, Ich sehe es nicht. Und mein Wunsch hier ist ein paar Dinge. Eines mit Bitcoin.
I am Charles Schwartz Show
Investing Through Volatility
Es gibt, glaube ich, 23 Millionen, die potenziell meines sind. Es ist also eine finite Anzahl. Und das ist einer der Argumente für die Leute, die es mögen. Sie sagen genau richtig. Du kannst nicht nur Dollar impfen. Ich werde nicht in die ganze Wirtschafts-Diskussion über das Impfen von Dollar sprechen. Aber so weit hat es für uns gearbeitet. Wir werden die Bondsmärkte ein bisschen öffnen.