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.
More Quotes from 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
Unlike in the past, it can't acquire its way out of the growth slowdown.
Guy Moszkowski
To think they're immune would be very imprudent, and I'm sure they'd be the first to agree with me on that. But from everything I can infer, the second quarter is starting out just as strong as the first, and they manage their risk very well. Earnings growth could contract quite a bit if things get bad, but they're well protected from severe loss in most any market environment.
Guy Moszkowski
Results were extremely strong in almost every category, with particular strength in fixed income and equity trading, each producing well over 400 million more than we had forecast in revenue, for a total trading 'surprise' of 1BB in revenue.
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
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
Readers Who Like This Quotation Also Like:
I always make it a point to pick songs on which players really shine.John Mayall
It was so difficult for the fans to understand my problems with baseball.
Curt Flood
I am pleased now that I have lived in a gay as well as a religious ghetto, though it hasn't been very comfortable. Taken together, their limitations cancel each other out and I have seen the world more kindly and more honestly.
Lionel Blue