Charles Schwab - Invested: Changing Forever the Way Americans Invest

Like myself, Chuck is a dyslexic. He learned early on that he had his limits andunlike most nondyslexicsdiscovered the power of delegation and that business is all about people who share your vision and values but bring their own passion and strengths to the tasks. He realized early on the world is full of people more capable than himself in a thousand different ways. Most leaders and entrepreneurs never learn that simple lesson. Invested is a must-read for anyone interested in working in a business or becoming an entrepreneur. An extraordinary life and book.

Sir Richard Branson, founder of the Virgin Group

This is a fascinating story that teaches you about the never-ending evolution of an entrepreneurial company, but even more about personal learning from that experience. So read, learn how to learn from experience, and enjoy.

George P. Shultz, former secretary of Labor, Treasury, and State

Charles Schwab is a giant who transformed finance and investing for millions of Americans. His memoir is a textbook case on entrepreneurship and principled leadership.

Hank Paulson, 74th Secretary of the Treasury

Through Chucks unique perspective, Invested details Schwabs history persevering through adversity while providing wisdom and encouragement along the way. I have admired and respected Chuck for many years. We share a passion for golf and how its challenges parallel those encountered in business.

Phil Mickelson

Chuck tells a story that very few can tell, a story of creativity, passion, and bravery trumping the odds. Chuck not only created the discount brokerage industry but grew a company in the face of a rapidly changing landscape and led the way in democratizing the market for the individual investor. I am proud to have been a partner with Chuck in the early days. I am especially proud to have him as a friend for the past fifty years.

George R. Roberts, co-chairman and co-CEO of Kohlberg Kravis Roberts

We learn best from the stories of others, and youll be hard pressed to find one so interesting, inspiring, and educational as this one! An enriching read from a great and principled man.

Steve Forbes, chairman and editor in chief, Forbes

Sharing his story of meeting and overcoming personal and business challenges that enabled the innovations enhancing the financial well-being of millions, Chuck Schwabs Invested is full of invaluable insights into building a successful business and successful personal investing. A real must-read for anyone interested in business and finance.

Michael J. Boskin, T. M. Friedman Professor of Economics, Stanford University; former chair, Presidents Council of Economic Advisers

Invested is a wonderful account of a textbook disruptor. By focusing on affordability and accessibility, what Chuck built in Charles Schwab has been a real blessing to mankind.

Clayton Christensen, Kim B. Clark Professor of Business Administration at the Harvard Business School; author of The Innovators Dilemma

For years Chuck Schwab was one of my fiercest competitors; now I consider him a friend. His book about building Charles Schwab into a revolutionary investment powerhouse is a must-read for anyone interested in what an audacious, high-integrity entrepreneur is capable of doing if he dreams big.

Joe Ricketts, founder, former CEO, and former chairman of TD Ameritrade

The fact that anyone in America can be an investor both enhances prosperity and reinforces the publics buy-in to the concept of economic freedom. Few have done more to expand access to this form of direct participation in capitalism and free enterprise than my friend Chuck Schwab, and the story of how he did it belongs on the bookshelf of anyone interested in the evolution of investing over the past four decades.

Paul Singer, founder of Elliott Management Corporation

From the beginning, one of Chucks great insights was that he could only create the business of his dreams by leaning heavily on emerging technologies. He bet big on data and never looked back. It changed investing forever.

Thomas M. Siebel, CEO of C3.ai

By turns practical and personally insightful, Charles Schwabs indefatigable spirit, sound judgment, and entrepreneurial experience shine through in Invested. Throughout his childhood and career, Chuck overcame challenges and set a standard of leadership and innovation throughout decades of change in our US economic system.

Jamie Dimon, chairman and CEO, JPMorgan Chase

When I started Charles Schwab in the early 1970s, there were hundreds of brokerage firms in the United States.

But none were what I dreamed of building, a different kind of brokerage focused on independent-minded investors who wanted access to the markets without the middlemen and costly, often conflicted, advice that came with access back then.

Starting with an idea and little else, I spent the next 40 years with like-minded people building that different firm. As we did, the dream expanded in ways I never could have imagined and changed forever how Americans invest.

This is our story.

PART I

Getting Started

Young people looking for career advice or insights into starting a business often ask me, Whats the key to success?

What are you good at, what do you love doing, what can you talk about without even thinking about it and without tiring of it? I ask them. Thats where you should put your energy. There is tremendous power in that because it drives you forward through the ups and downsand there will always be plenty of both. That passion and knowledge also signal to others that you are genuine, with personal ambitions, true expertise, a direction in lifethe real deal. People are attracted to that, and you will need the support of others.