A trust sold 11,675 SCHW shares at a weighted average $89.2149 ($89.115–$89.30), about $1.04 million, on 3 November; Form 4 accepted 5 November at 6:59pm ET, no 10b5-1 plan reported. The interesting-looking detail is that unticked plan box on a founder’s sale. I chased it and there is no story at the other end.

The disqualifying number is the ratio. Reported indirect holdings after the trade: trust 53,334,616, limited partnership 30,021,463, 188 Corp 44,025, spouse as trustee 10,624,797 — 94,024,901 shares in total. The sale is 0.0124% of that. Any interpretation that survives multiplication by 8,053 to reach the full position is not an interpretation worth having. There is no signal to extract from a founder disposing of one ten-thousandth of his stake, and the absent plan box is best explained by the sale being too small to be worth a plan. Reporting it as “Schwab co-chairman sells” is accurate and meaningless at the same time, which is the ordinary reading, and the ordinary reading is right.