Asset management remains the highest quality revenue stream and the highest return-on-equity revenue stream in the financial-services business.
More Quotes from Guy Moszkowski:
They are getting one of the prime companies in both Nasdaq market marking and securities clearing for a multiple that we estimate at not more than 14 times earnings, so we think this is a very good deal for them.Guy Moszkowski
In terms of investment banking, in terms of capital markets, in terms of investment management, really everything was very positive. Their outlook statement was also quite positive their backlogs are up compared to where they were last year and they expect to be able to continue to pick up market share.
Guy Moszkowski
I am not a big proponent of the diversified model. It is extremely hard to manage, and I just think there is a lot of value to be had from focusing on a few things really well. The turnaround process at Morgan Stanley will take some time.
Guy Moszkowski
The U.S. origination business may be slowing while it is growing in other markets.
Guy Moszkowski
The miss appears to be weakness in the trading portion of the Investment Bank unit, a frequent culprit due to its excessive volatility versus peers.
Guy Moszkowski
Strategically, it's been very, very difficult for PaineWebber to gain or maintain share in anything other than its main retail business. What they probably hope is by getting together with a more global firm that they can turn that around.
Guy Moszkowski
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