
NYSE:MS
To him this is the cheapest U.S. Bank. Trading for about half of its tangible book value. Just got some fantastic news. Their largest growing business is their wealth management business. On a valuation battle, Citigroup wanted a much higher price but they wanted to pay a much lower price. They won and are getting a phenomenal deal on a multi-billion-dollar purchase. This will propel this company forward.
2008 was very tough on this and the other banks. Coming out of that, it is a weakened company against its competitors. Has great exposure to Europe. Has more exposure to the fixed income market. If you own, he would move elsewhere.