VOLTAIRE'S PORCH-MODERATED Message Board

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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Voltaire who wrote (34273)	3/21/2001 9:41:49 AM
From: stockman_scott	Read Replies (4) of 65232

V: Even 'the Best of the Houses' are having trouble turning in a good performance. It's hard for me to understand why the Houses wanted this sell-off to be so profound and last this long. It's true they can make money when the market moves both directions BUT they clearly haven't been setting any records. Here are Morgan Stanley's latest results... biz.yahoo.com The Houses can only make so much off trading and the real cash cows are their M&A and IPO franchises. Most of the houses don't have a large enough exposure to the fixed income arena to fully capitalize on this new environment. I'm wondering if they've lost quite a bit of their control. Other private institutions (Like Fidelity -- the largest Asset Manager) probably aren't getting hit as hard. Oh well, just some Wednesday morning thoughts. I continue to remain cautiously optimistic and will ride out this storm.....Problems are often opportunities in disguise...=) Best Regards, Scott

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