(FORTUNE Magazine) – I wear a helmet when I ski. I bring this up because I do consider myself to have a very big responsibility here at Schwab. People rely on me. One of my three knee operations was from when I was helicopter skiing in Nevada. That's an example of something I gave up. It's too risky. I've never known anyone who got caught in an avalanche at a ski resort, but I know people who've been caught in an avalanche helicopter skiing.

When I'm on the slopes, all I'm thinking is, "Stay vertical." At all costs, stay vertical! Seriously, I'm usually focused on sort of the challenge of the mountain. I'm not thinking of work; I'm thinking of my next turn. You don't have time to think of the mechanics--move your foot here, point your toe here. You're thinking of the rhythm. You're in the flow. It's such a wonderful feeling. You're moving with the terrain. You can't think about anything else or you'll fall.

I have been known to make cellphone calls from the chair lift to my office. The chair lift provides a perfect time to check and find out how the market is doing. But don't tell anyone that.