Q These markets must be making life difficult for you Mike.
A They definitely make it interesting. It reinforces the principal that we at Morgan Stanley have to be banking the long-term winners. In these volatile markets investors are extremely focused on differentiating the real winners from the also-rans. A company that is just a good story, which might have had a successful IPO in a bullish market, will find it very hard to have a successful offering in these kinds of markets. The bar is now much higher in terms of which companies investors are prepared to buy. So our sights are set on only working with the very best. That has been...
