I look at my forecast and, frankly, I was off by 180 million on their investment-banking side. MA did extremely well.
More Quotes from Brad Hintz:
Physical pricing knowledge in crude and refined products represents the keys to the castle.Brad Hintz
(A.G. Edwards) brokers are not going to be happy about this, but they know the problems in their industry.
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We are probably at the point where the trading cycle is slowing, at least in North America, and it's tough to say investment banking will get better. But the retail and asset management businesses look really good. That's what's exciting to investors.
Brad Hintz
This is a business of reputation, and when chief executives are making MA decisions that could affect their own career paths, they don't want to take a chance.
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It doesn't take a lot of people to run this business. It certainly takes very little amounts of capital, and as you gain more and more assets, your margins expand.
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Merchant banking remains an exceptional business for the handful of Wall Street firms that have remained in it. Unfortunately, the disclosure of merchant banking portfolio positions is weak, and forecasting these gains is at best challenging.
Brad Hintz
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