John Stephenson Lazard Ltd LAZ-N PAST TOP PICK Dec 16, 2015

(A Top Pick Jan 2/15. Down 0.97%.) A merchant bank. They have an asset management division. Roughly split 50/50. There are some headwinds with the emerging markets being weak. This is well positioned to pick up an M&A within Europe. Still likes.

John Stephenson

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TOP PICK

This is an investment bank and an asset manager. A high margin business. A very scalable business. Thinks the US is the place to be.

PAST TOP PICK

(A Top Pick Jan 2/15. Down 26.62%.) A little disappointing. This falls more broadly into the camp of a good idea, but with the wrong timing. A great company. A boutique investment bank/asset manager.

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John Stephenson Lazard Ltd LAZ-N PAST TOP PICK Dec 16, 2015

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