Keep pulling the thread on Lisa Shalett.
Morgan Stanley's strategy for client acquisition includes leveraging its corporate stock plan administration business to offer financial wellness programs and free financial plans to all employees of a corporate client, acquiring customers at scale.
James Gorman's strategic vision for Morgan Stanley was to combine the stable, growth-oriented wealth management business with the more cyclical markets and banking businesses to add ballast and create shareholder value.
Morgan Stanley's strategic acquisitions of E-Trade and Eaton Vance were intended to create a client lifecycle model, acquiring customers at early stages for self-directed investing and graduating them to full-service advice.
Lisa Shalett predicts that over the next couple of years, long-term interest rates will normalize towards a 5% to 6% range and equity multiples will mean-revert to approximately 17 times forward earnings.
The era of passive, "set it and forget it" investing by simply buying a market-cap weighted S&P 500 index is over.
In the war in Ukraine, approximately 70% of recent casualties have been inflicted by drones.
AllianceBernstein's significant exposure to financial stocks as a deep value investor led to major difficulties for the firm during the great financial crisis.
Morgan Stanley has expanded its client focus from its traditional ultra-high-net-worth base to now include the mass market through its E-Trade platform, as well as family offices and institutions.
Morgan Stanley is a market leader in offering alternative investments to private wealth clients, with approximately 80% of its offerings being either a "first look" opportunity or available at a "best price."
Morgan Stanley was saved during the 2008 financial crisis by a large equity infusion from Mitsubishi Financial Group (MUFG), which was an arm's length partnership that allowed the firm to be rescued without being acquired by a larger bank.
The acquisition of Eaton Vance provided Morgan Stanley with the direct indexing firm Parametric, which has become a key capability for the wealth management business.
Since the March 2009 market bottom, the S&P 500 has compounded at approximately 15% per year, which is double the normal rate for a business cycle.