Shares of brokerage business The Charles Schwab Corp. (NYSE:SCHW) appreciated in the third quarter on continued strong asset growth. The business continued to shift to fee-based advice from trading activity, a move that we believe creates more stability and the potential for increased profitability. Speculation of an interest rate hike by the U.S. Federal Reserve also helped boost the stock price as a rate increase would likely improve earnings for the company. (Michael Baron)
From Ron Baron (Trades, Portfolio)'s Barons Partners Fund third-quarter 2016 commentary.
