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The stock fell 17% in 2023 and is down again to start the new year
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In a new book, and in an interview with Fortune, the legendary Schwab talks about what he’s gleaned from decades of brokering trades, weathering market turmoil, and getting burned—literally.
An interview with Charles Schwab, with quotes from the entrepreneur on collecting Coke bottles for cash, naming a company after himself and much more
Charles M. Schwab's Riverside House was, according to The New York Times "The most pretentious house" in New York -- photo The Library of Congress When the doors of the gargantuan Charles M. Schwab mansion named Riverside House were opened in 1947 for the sale of the interior fittings, among the 100 viewers was S. Archer Gibson. The elderly man was not there to buy bronze hardware or stained glass windows. He was reminiscing. In the soaring two-story chapel area of the French Renaissance chateau Gibson touched the cabinet of the grand pipe organ he once played as Charles Schwab’s private organist. The impressive instrument had been enlarged by the millionaire at Gibson’s request in 1904 at a cost of $21,500 and again in 1911 for $23,457.50 more. The days when the fabulously wealthy installed pipe organs into their homes and hired private organists – Gibson earned $10,000 per year – were over. And the days of Schwab's extraordinary mansion were over as well. Steel tycoon Charles M. Schwab had no intentions to built just any house in 1901. His would be the largest and most expensive. And he intended that it would vastly outshine the mansions rising on Fifth Avenue along Central Park. Schwab had started out in the steel business as a teenage laborer in a Carnegie steel mill and was by now one of the wealthiest men in the country; the head of United States Steel. Among the Fifth Avenue houses, only Andrew Carnegie's mansion rising at 91st Street and 5th Avenue had a vast garden and fenced yard. The free-standing home was unique in its luxurious setting. Along Riverside Drive, however, millionaires were opting for free-standing residences surrounded by lawns. This is what Schwab had in mind when he spent $865,000 for the full block on Riverside Drive in 1901, extending to West End Avenue, between 73rd and 74th Street. It was the most ever spent on a building lot to date. The magnate commissioned architect Maurice Hebert to design a French Renaissance chateau that would impress. Hebert did exactly that. The 75-room limestone mansion was a marriage of elements from three French chateaux: Blois, Azay-le-Rideau and Chenonceau. Surrounded by lush lawns and formal gardens it diminished the homes of Vanderbilts and Rockefellers. Andrew Carnegie, in seeing the massive edifice rising is said to have commented, “Have you seen that place of Charlie’s? It makes mine look like a shack.” The tycoon spent $3 million on the structure and several million more for the furnishings and antiques. It was a four-story palace with a 166-foot tower that offered panoramic views. To supply the vast amount of stone to build it, a quarry was opened in Peekskill, New York. River House sits on its park-like grounds shortly after construction -- photo NYPL Collection According to Robert Hessen in his Steel Titan: The Life of Charles M. Schwab, “Schwab had a passion for owning the biggest and the best – homes, or automobiles, or private railroad cars.” Riverside House would exemplify that passion. The sheer size of the mansion staggered the editors of Harper’s Weekly who admitted that it “may strike the average observer as a burdensome possession, oppressive to maintain, and likely to be embarrassing to heirs, but if Mr. Schwab can stand it, we can.” The rear of the Schwab mansion in winter -- photo nycago.com The New York Times, on the other hand, cooed. “In architectural design, richness of decoration, and completeness of details this structure is calculated to surpass in luxury and magnificence any city home in America, if not the entire world.” More than 100 artists, designers, modelers, engineers and architects were engaged in the construction. Hebert personally supervised the work of artisans at the William Baumgarten & Co. which creating reproduction tapestries for the house–several of which were exhibited at the St. Louis World’s Fair before being installed in the house. Ceilings and walls were decorated by artists like Albert Mantelet, Arthur Thomas and Jose Villegas. Rooms were executed in various periods; the dining room in Louis XIV, the library in Henri II (a copy of the library in Fontainblue), the parlor in Louis XVI (copied from the Petite Trianon), the main hall in Francis I, and so on. “Nothing will enter into the construction of the new dwelling,” reported The New York Times, “that has not been made specially to order…So-called stock material, no matter how good it may be, will be ignored.” Interior pillars were made of elaborately carved marble, paneling was South American mahogany, the chapel, where the custom-made organ was installed, doubled as a music room and was large enough to seat a full orchestra. A natatorium in the basement featured a glazed-brick pool 20 by 30 feet under an arched glass roof. There was a bowling alley and 50-foot gymnasium on this level as well. The art gallery was filled with $1.5 million in artworks. There were six elevators, a self-contained power plant, and, to Charles Schwab’s great satisfaction, the 1906 version of air conditioning. Years later he would brag, “When I built it, it was the most modern house in the United States…this was thirty years ago, yet it had an air-cooling system in it.” Schwab's custom-made Aeolian pipe organ in the chapel -- photo nycago.com The master bedroom was 20 feet square and the adjoining bath had a five-foot square shower stall. There were a four-car garage, a receiving lodge for incoming goods, and a service tunnel beneath the sculptured gardens. The grand staircase included an additional pipe organ. -- many thanks to Jim Lewis for this photo from an Aeolian Organ advertisement. While other millionaires entered their mansions through expensive and impressive wooden double doors, Schwab went a step further. “Of particular note will be the massive bronze doors on the west side of the house at the main entrance,” said The New York Times. “While these doors will not be as large as those on the Capitol at Washington, each of them will weigh from a ton to a ton and a half. There will also be another set of bronze doors on the north side of the building leading to Seventy-fourth Street.” The rear of Riverside House as it appeared from West End Avenue, a full block from the front entrance -- photo NYPL Collection Schwab’s wife, Eurana, had protested against moving so far northward, fearing she would never see her Fifth Avenue friends again. After a period, despite her Fifth Avenue friends visiting regularly, Rana Schwab stopped accepting social invitations--even those from the White House–out of embarrassment of her physical condition. The food-loving Rana became severely overweight. She stayed in Riverside House, catered to by her 20 servants--chief among them George Stone, the butler. Nevertheless, in 1917 as World War I raged in Europe, she dedicated two rooms of the first floor for the use of Red Cross volunteers who knitted sweaters, socks and bandages for soldiers in France. The Schwab's 1916 Christmas Card featured the staircase -- many thanks to Jim Lewis for this great image. In 1921, S. Archer Gibson was recorded playing the Schwab organ, creating what would be among the earliest organ recordings. Later, in 1932, Schwab agreed to allow the National Broadcasting Company to broadcast a series of Wednesday night organ concerts played by Gibson. The couple lived in luxurious comfort in Riverside House until Schwab’s fortunes were wiped out by the Great Depression. The massive mansion changed almost overnight from a palace to a hulking white elephant. Unable to pay the taxes Schwab tried futilely to sell the property for $4 million. He moved into a small apartment on Park Avenue in 1939 where he died nearly penniless later that year. Tycoon Charles M. Schwab lost his entire fortune nearly overnight -- photo NYPL Collection The mansion sat ghostly and vacant for years. Mayor Fiorello La Guardia rejected the idea of using the house as the mayoral mansion, feeling it was far too grandiose. It was the last hope for the hulking and sumptuous Schwab house. After sitting empty for a decade, the land was purchased as the site of an apartment building. The sale of the interior fittings which organist S. Archer Gibson attended was the last time visitors would stare in awe at the painted ceilings, the carved grand staircase and the marble columns. The elaborate mahogany doors and carved marble pilasters were salvaged from Riverside House and are installed in Brooklyn's Our Lady of Lebanon Cathedral --photo nycago.com The wrecking company informed the press a few days later that the great pipe organ in the chapel was too large to remove. It would be smashed with the rest of the house. At the eleventh hour, however, Eric Sexton of New Canaan, Connecticut purchased the instrument, disassembled it and installed part of it in his home in Camden, Maine. In place of Schwab's French Renaissance chateau sits The Schwab House -- photo cityrealty.com In place of Charles M. Schwab’s magnificent French chateau now stands an uninspired red brick building with a name dripping with irony: “The Schwab House.”
“There are dozens of primers on investing, but Schwab’s is straightforward and carefully organized. . . . The glimmers of his personal life are gems. . . . By now, Schwab is a financial brand name, and the lessons from his rich life make for good reading—and good investing.” —Suze Orman, author of The 9 Steps to Financial Freedom The biggest risk in investing is doing nothing. In the updated edition of this New York Times bestseller, Charles Schwab presents clear and simple lessons that will give readers the confidence they need to start down the road to financial independence. Schwab, one of the most trusted gurus in American investing, explains all the basics in a clear, easy-to-understand way. This revised edition completely updates the book to take into consideration the substantial changes and fluctuations in the market in recent years. A significant amount of new material has been added, including a valuable section on performance monitoring, a key strategy that enables investors to measure the performance of their portfolios against objective benchmarks. Using this excellent book, investors will learn how to: • Define and set investment goals • Prepare an investment plan, put it into action, and update it regularly • Plan for their children’s education • Cope effectively with the ups and downs of the market • Plan for a comfortable retirement
Whether it's how to diversify or when you should start investing, Charles Schwab has some tips on how to become a successful investor.
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Here at last are the hard-to-find answers to the dizzying array of financial questions plaguing those who are age fifty and older. The financial world is more complex than ever, and people are struggling to make sense of it all. If you’re like most people moving into the phase of life where protecting—as well as growing-- assets is paramount, you’re faced with a number of financial puzzles. Maybe you’re struggling to get your kids through college without drawing down your life’s savings. Perhaps you sense your nest egg is at risk and want to move into safer investments. Maybe you’re contemplating downsizing to a smaller home, but aren’t sure of the financial implications. Possibly, medical expenses have become a bigger drain than you expected and you need help assessing options. Perhaps you’ll shortly be eligible for social security but want to optimize when and how to take it. Whatever your specific financial issue, one thing is certain—your range of choices is vast. As the financial world becomes increasingly complex, what you need is deeply researched advice from professionals whose credentials are impeccable and who prize clarity and straightforwardness over financial mumbo-jumbo. Carrie Schwab-Pomerantz and the Schwab team have been helping clients tackle their toughest money issues for decades. Through Carrie’s popular “Ask Carrie” columns, her leadership of the Charles Schwab Foundation, and her work across party lines through two White House administrations and with the President’s Advisory Council on Financial Capability, she has become one of America’s most trusted sources for financial advice. Here, Carrie will not only answer all the questions that keep you up at night, she’ll provide answers to many questions you haven’t considered but should.
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I have a new bank account with Charles Schwab: a bank I've never actually seen before in real life. Why