UBS AG

European banks are high risk. #1 prediction is that Europe will get hit harder than North America is with this recession, so the worst is still coming for them. Unlike the US, which is aggressively de-leveraging itself right now, Europe has not been as aggressive.

Big yield, 7.4%. Doubt about the CEO. Avoid owning this. Hold onto small positions.

She is looking for an entry point into some of these large international financials. Given its exposure to this whole sub prime area, and that we are not true at or the uncertainties surrounding it, she would not be aggressive buying it, but would rather wait.

Love their asset management business, the world's largest. Also have a great balance sheet. Big exposure to mortgages so had a big write-off. Stock has been hit very hard and is essentially trading on the value of the asset management business. There could still be more land mines. Believes in this for the long-term.

The leading money management firm in the world. Asset management companies are trading at about 17X, 18X and even 19X forward earnings and that's when trades at about 9X. AAA balance sheet. Has a wonderful money management business. Ridiculously under priced.

This is a powerful asset management company. It taps into a lot of the petro $’s. A lot of Arab money flows up in that direction. It won't be able to grow at the level that it has over the last few years.