Brad Hintz
Brad Hintz
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.
crude keys knowledge physical pricing products refined represents
Physical pricing knowledge in crude and refined products represents the keys to the castle.
house trading wall weakest
I would say they're the weakest trading house on Wall Street.
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.
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.
betting control expense fully integrate investing jamie team
When you are investing in J.P. Morgan, what you are really betting on is Jamie and Jamie's team, ... You are betting that Jamie's team of expense control czars are going to be able to fully integrate this business.
investing
When you are investing in J. P. Morgan,
expertise purchase trading
Trading expertise is something that you can purchase on the marketplace.
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.
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.
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.
happy problems
(A.G. Edwards) brokers are not going to be happy about this, but they know the problems in their industry.
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.
extremely forecast million
I look at my forecast and, frankly, I was off by $180 million on their investment-banking side. M&A did extremely well.