Brad Hintz
Brad Hintz
certainly gain margins people run takes
It doesn't take a lot of people to run this business. It certainly takes very little amounts of capital, and as you gain more and more assets, your margins expand.
asset banking businesses cycle exciting investment management north point retail tough trading
We are probably at the point where the trading cycle is slowing, at least in North America, and it's tough to say investment banking will get better. But the retail and asset management businesses look really good. That's what's exciting to investors.
crude keys knowledge physical pricing products refined represents
Physical pricing knowledge in crude and refined products represents the keys to the castle.
banking best business disclosure gains handful merchant portfolio positions remained remains street wall
Merchant banking remains an exceptional business for the handful of Wall Street firms that have remained in it. Unfortunately, the disclosure of merchant banking portfolio positions is weak, and forecasting these gains is at best challenging.
good quarter retail
It was a pretty good quarter for most of the firms. Retail is doing very well.
environment expect operating positive remain securities throughout
While we expect the operating environment to remain positive for the securities firms throughout 2006, we feel that much of this 'good news' is already priced into the brokerage stocks.
business case dean entirely former gathering heads people process seems stepping targeting team time troubled wait wanting
This seems to be a case of Mack wanting to put his own team together, ... Stepping back, we'll have to wait and see if Mack is only targeting heads of troubled business units or former Dean Witter people or if he's in the process of gathering an entirely new team. Only time will tell.
looking promising sign
They're all looking for brokers. And that's a very promising sign for this year.
statement trading
They're making a statement about where they think trading is going to go.
affect business career chief decisions executives
This is a business of reputation, and when chief executives are making M&A decisions that could affect their own career paths, they don't want to take a chance.
happy problems
(A.G. Edwards) brokers are not going to be happy about this, but they know the problems in their industry.
clouds driven emerge hanging holding horizon poor quarter storm trading
The story here is driven by poor trading results. Hanging on the horizon are these storm clouds that emerge from the trading business. Every quarter you are holding your breath.
expertise purchase trading
Trading expertise is something that you can purchase on the marketplace.
acting business client customer customers equity evolving execution fixed form future income model risk says seems taking trading
What it really says is the future of institutional equities will be more like fixed income - a business of proprietary trading and customer execution with customers evolving away form being a client and acting more like a counterparty, ... This idea of a fixed income model for equity - taking risk - seems to be working, he said.