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.

David Easthope

Desks Its Morgan Peers Reliance Stanley Trading

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unwarranted discount to its peers.

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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.

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

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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,

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