Happy Birthday, Mr. Schwab

The weekend Wall Street Journal interviews (link requires registration) Charles Schwab. We’ve had brokerage accounts at Charles Schwab & Co. since the late 1970’s, and, although my portfolio’s performance has been wanting, I am fully aware where the blame lies. (Question: what is the definition of an MBA? Answer: someone who has the answer to all questions save one---“if you’re so smart, why aren’t you rich?”).

Charles Schwab turns 70 this weekend, and his energy and optimism would appear remarkable for a man half his age. Also remarkable is this passage from the interview:

I went yesterday to Best Buy to get a CD player, I looked at the price, and I looked at this thing, and I said, how could it be any good at 29 bucks? I mean, there must be a catch here. I've got to try this thing. Twenty-nine dollars for this incredible CD [player], with earphones and all the things I love to listen to.

Wish I could have been there: one of the Bay Area’s billionaires, prowling the aisles at Best Buy, fingering a $29 CD player. C’mon, Chuck! It’s your birthday---treat yourself to an iPod! © 2007 Stephen Yuen