It's a little premature for a downgrade like this when the industry is about to report earnings that are better than anyone expected. We're pretty neutral on the industry but selectively bullish on certain stocks. If anything, the sell-off has created even more opportunities.

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In the first quarter, we had high capital market revenue because trading revenue was high but investment banking revenue was weak. I think this quarter we are going to see an explosion in investment banking revenue and what I'm hearing from companies is the trading revenue is surprisingly staying up.

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