Brad Hintz
Brad Hintz
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.
banking easy investment relatively side tough trading
Investment banking is relatively easy to forecast, but the trading side is a tough one.
statement trading
They're making a statement about where they think trading is going to go.
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.
banking cover investment knock moving performance weak
Investment banking really did knock the cover off the ball. We're moving from a pretty weak performance into a better-performing business.
house trading wall weakest
I would say they're the weakest trading house on Wall Street.
funds roaring willing
The hedge funds have come roaring into the commodities market, and they are willing to take risks.
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.
expertise purchase trading
Trading expertise is something that you can purchase on the marketplace.
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.
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.
investing
When you are investing in J. P. Morgan,
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.