Morgan Stanley achieved strong revenue growth this quarter, particularly across all aspects of our institutional securities business.
We certainly see a lot of people coming to us with Internet businesses to sell, ... But the deals are not getting done because these companies have no revenue and no tangible assets.
We're going to get some reality back in the market.
Investment Management is a key business for Morgan Stanley, one that we are deeply committed to investing in and growing.
Given the management changes and other distractions the firm has haced over the past nine months, this impressive performance is a testament to the talent and commitment of our people and the fundamental strength of our franchise.
Small- to medium-sized transactions are typically not affected in a downturn.
When you go overseas, you see excitement, for whatever reason, you don't see here.
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