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季報顯示:大摩向好,高盛轉(zhuǎn)弱

季報顯示:大摩向好,高盛轉(zhuǎn)弱

Stephen Gandel 2013-10-23
高盛和摩根士丹利兩大投行前后腳發(fā)布了第三季度的財報。數(shù)字顯示,就在競爭對手高盛處境艱難之時,摩根士丹利的業(yè)績卻大有改觀,表明公司CEO高文的全面整改策略已經(jīng)初見成效。

????但是,業(yè)績數(shù)字可能也夸大了高文策略的成功。在市場創(chuàng)下歷史新高之時,摩根士丹利的財富管理業(yè)務(wù)表現(xiàn)出色也合情合理。如果市場下跌,它也可能再度拖后腿。個人投資者通常會在市場拋售時第一個進(jìn)行拋售,之后最后一個返回市場。

????另外,近年來摩根士丹利也一直在努力維持債券交易市場的份額。這在本季度也成為一大優(yōu)勢。但這并不總是優(yōu)勢。而且摩根士丹利依然面臨一個問題,必須與規(guī)模更大的競爭對手摩根大通(JPMorgan Chase)和美國銀行(Bank of America)爭奪利潤厚的投資銀行交易,后兩者可以用較低的利率為客戶提供融資服務(wù)。

????不管怎樣,至少目前,這些可能的負(fù)面因素似乎不是問題。高文的策略最終獲得了投資者的推崇。它的股價今年迄今已經(jīng)上漲53%,接近30美元。(財富中文網(wǎng))???

????Still, the results could be overstating the success of Gorman's strategy. At a time when the market is hitting all-time highs, it makes sense that Morgan Stanley's wealth management unit would be doing well. If the market falters, it could lag again. Individuals are often the first ones out in a market sell-off, and the last ones back in.

????Also, Morgan Stanley has struggled to maintain its market share in debt trading in recent years. That was a virtue this quarter. But it won't always be. And Morgan Stanley still faces the problem that it now has to compete for lucrative investment banking deals against much larger rivals JPMorgan Chase (JPM) and Bank of America (BAC), which can offer clients financing at cheaper rates.

????Nonetheless, for now at least, none of those possible negatives seem to matter. Gorman's strategy is finally getting respect from investors. The bank's shares are up 53% so far this year to just under $30.

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