I don't think the defections we saw at Morgan Stanley when Purcell was running it earlier this year will have a big effect on earnings.

They (the Penguins) looked a little out of sync from when we saw them earlier this year. It might have been from some of things we sent their way.

Merrill saw the most pickup in traditional retail. Morgan Stanley still seems like the problem child.

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Earlier this year against this club, he played well. It's something that I think was important for him to do after last year. Right now, I think with all of the criticism he's gotten, that's pretty much behind him. He's certainly a big-game guy.

You look at Morgan Stanley and its peers, you see a lot of reliance on their proprietary trading desks and a willingness to take on more risk. If the markets are reaching a cyclical peak, which I think they are, profits are at risk when the economy slows down.