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Morgan Stanley Proves How Tough Market Timing Can Be

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KEY TO RISK IS KNOWING WHEN TO PLAY
"It is official. Morgan Stanley completely missed the trading boat in 2009," Deal Journal reports. "In the first half of the year, the securities firm dialed down its proprietary trading risk, while rivals such as Goldman Sachs Group were logging huge profits with debt and equities trades. Heading into the third quarter, Morgan Stanley said it would “gradually increase its risk” and hired 350 new traders. But by the fourth quarter, much of the market volatility that traders feasted on for much of 2009 had subsided. In addition, credit spreads narrowed. The result: Trading revenue at most banks, including J.P. Morgan Chase and Citigroup, fell sharply at the end of the year."
SOURCE:   Deal Journal

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