Tim Stenovec

Thousands of them are here at Schwab Impact 2025 in Denver.

Well, the market environment right now, we want to dive right in there because really this week we've heard from

different Wall Street executives that an overdue collection have weighed on the market this week.

So reduced expectations for Fed rate cuts, a prolonged government shutdown.

Michael Burry added to the negative tone with his disclosure of bearish wagers on Palantir and NVIDIA.

Dip buyers, though, coming back into the trade today.

Retail investors have been buying dips.

How do you see today's environment from sort of a risk-reward perspective?

So let's go further into the retail trader because they've grown to about 20% of the U.S.

equity market today.

I'm curious about sentiment trends.

The structure of this trend, how resilient are retail traders in an eventual downturn?

People hear retail investor, they think about Robinhood, for example.

Your customer versus Robinhood's customer base.

What are the differences there?

Well, speaking of what's out there in the market.

Wait.

Go ahead.

No, not yet.

Yeah, I want to wait.