We also like, believe it or not, Morgan Stanley, which is our top pick in the brokerage field, although they may have another quarter and some stuff to wade through. It's selling at a very steep discount to the group. It's our top pick,

But on the other side, you have Morgan Stanley, leaders in the brokerage world, putting up huge numbers.

You look at Morgan Stanley and its peers, you see a lot of reliance on their proprietary trading desks and a willingness to take on more risk. If the markets are reaching a cyclical peak, which I think they are, profits are at risk when the economy slows down.

When the field compacts you have to be precise. If you're not precise you run out of room. We've gone inside when we should've gone outside and there's so little room for error. When one person is off it bunches up someone else.

I don't think the defections we saw at Morgan Stanley when Purcell was running it earlier this year will have a big effect on earnings.

We achieved bulge bracket status and only Morgan Stanley is better (in terms of earnings,