Charles Schwab (SCHW, Financial), the eponymously named discount brokerage and bank, continues to win market share from major banks and traditional brokers, thanks to their innovative and low-cost platforms built for individuals and investment advisors alike. Client asset growth begets greater scale, and Schwab consistently passes those benefits back to consumers through lowered costs, creating a virtuous cycle of growth in both business value and customers.
From Wallace Weitz (Trades, Portfolio)'s third-quarter 2018 Partners III Fund shareholder letter.
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