24 ordspråk av David Trone
David Trone
Asset management acquisitions are safer, in our view, given the predictability of earnings, although they will likely be more expensive than banks or consumer finance companies.
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Financially, the deal seems to be of little impact. We estimate ultimate earnings impact as flattish for Merrill over the next few years.
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Fink is coming from a position of power because of his recent success.
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Full-service firms are awash in capital and looking at means of effective deployment. Over the last few weeks, media reports have been fuller than normal with buzz of these firms exploring large deals.
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It gives them a way to get in the game without having to put capital at risk.
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It's in last place with no real assets to improve their position. Discover desperately needs to have an improved value proposition for the cardholders. That's where it all begins.
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It's in last place with no real assets to improve their position. Discover desperately needs to have an improved value proposition for the cardholders. That's where it all begins.
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It's not likely a firm would double its revenue in a sequential comparison. One should assume that some of that's proprietary trading.
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Its track record is outstanding, they've earned tens of billions of dollars over the last several years and they've never come close to having a negative trading line. I'd say that's reasonable risk-reward.
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Merrill has consistently bought back about $1 billion per quarter since early 2004, a pace that lately has been insufficient in offsetting balance sheet growth.
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On a year-over-year basis, Lehman's results are outstanding, while the negative sequential comparisons are a product of the strength of the 2005 third quarter.
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Our estimate of $340 million in advisory revenue easily places the quarter as the highest for the firm post-bubble, and should move 2005 advisory revenues about 28% over the prior year.
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The franchise itself is doing quite well.
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The online brokerage industry is becoming a bit of an oligopoly.
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The online brokerage industry is becoming a bit of an oligopoly.
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