Black has done a terrific job in his short tenure of making the firm more disciplined and laying out a long-term strategy.
Earnings per share may drop, relative to where they have been.
I think these things are hard to implement so that it's clear who reports to whom. From my experience, those problems can be significant. If someone tells you to do something, should you do it? Does it matter? In these matrix models, people interface with each other rather than reporting to someone, so it's not clear who can tell you what to do.
It is a disappointing quarter.
Franklin had another fantastic quarter basically on the back of its international funds.
His intellectual, mathematical thinking has placed its stamp on the firm's bond operations. His presence permeates the place.
It's improving, but they're turning around a battleship here. It's taking a long time to improve confidence. There are still a lot of investors out there who feel like they were let down by Janus during the bursting of the bubble.
The quarter-on-quarter comparisons are completely meaningless.
This is a significant expense for them that wasn't recognized on the income statement until now.
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