$SCHW CHARLES SCHWAB CORP, RACE TO THE BOTTOM ON PRICE.

Charles Schwab has gained considerable market share by challenging industry pricing standards. The launch of innovative products and services is expected to continue growth as cost conscious investors become more and more aware of their investment profits disappearing in fees. We are bias on the long side on SCHW despite the considerable fall in price from last summers market peaks. The stock seems undervalued to its peers at only 15 times EPS.