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 For
me personally, this journey provided an emotional roller-coaster
ride. Without the objectivity that some family, friends and academics
supplied, I would have been unable to complete it.
As for those who implemented our strategy, let me emphasize that
I have the highest regard for Joe Moglia and his management team;
their results speak for themselves. Ameritrade is in a position
to benefit from an evolving, consolidating and changing industry.
Throughout business history, leaders have emerged stronger from
industries saturated with too much competition, and we believe
Ameritrade is now in such a position. We are following a path to
remain competitive with a compelling offering at a great value
proposition. We have adapted our position in the industry to meet
the needs of our clients. And we continue to treat the bear market
as a springboard for growth instead of as a roadblock.
Ameritrade has pulled ahead of the pack and positioned itself as
the industry standard for self-directed investing. Needless to
say, our management is not content resting on past successes or
waiting for the market to recover. They continue to actively seek
out new opportunities to further Ameritrade’s growth—an
attitude that has resulted in consecutive quarters of operating
profitability and positive cash flow and in the industry’s
highest growth rate for new accounts and trades per day. We have
achieved this while significantly strengthening our business by
reducing debt. |
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