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.
More Quotes from Brad Hintz:
The story here is driven by poor trading results. Hanging on the horizon are these storm clouds that emerge from the trading business. Every quarter you are holding your breath.Brad Hintz
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.
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I would say they're the weakest trading house on Wall Street.
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(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.
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