The Charles Schwab Corp.’s (SCHW, Financial) revolutionary Mutual Fund Marketplace platform completely changed mutual fund distribution. Schwab’s extraordinarily low overhead due to its culture of digitization has allowed it to offer its 34 million financial advisers and individual customers an ever-increasing menu of services at low cost…and be exceptionally profitable. Assets held at Schwab have increased to $7.5 trillion from $60 billion when we began to invest in that business in 1992 at $0.88 per share.
From Ron Baron (Trades, Portfolio)'s Baron Funds first-quarter 2023 letter.
