季报显示：大摩向好，高盛转弱

    但是，业绩数字可能也夸大了高文策略的成功。在市场创下历史新高之时，摩根士丹利的财富管理业务表现出色也合情合理。如果市场下跌，它也可能再度拖后腿。个人投资者通常会在市场抛售时第一个进行抛售，之后最后一个返回市场。

    另外，近年来摩根士丹利也一直在努力维持债券交易市场的份额。这在本季度也成为一大优势。但这并不总是优势。而且摩根士丹利依然面临一个问题，必须与规模更大的竞争对手摩根大通（JPMorgan Chase）和美国银行（Bank of America）争夺利润厚的投资银行交易，后两者可以用较低的利率为客户提供融资服务。

    不管怎样，至少目前，这些可能的负面因素似乎不是问题。高文的策略最终获得了投资者的推崇。它的股价今年迄今已经上涨53%，接近30美元。（财富中文网）   

    Still, the results could be overstating the success of Gorman's strategy. At a time when the market is hitting all-time highs, it makes sense that Morgan Stanley's wealth management unit would be doing well. If the market falters, it could lag again. Individuals are often the first ones out in a market sell-off, and the last ones back in.

    Also, Morgan Stanley has struggled to maintain its market share in debt trading in recent years. That was a virtue this quarter. But it won't always be. And Morgan Stanley still faces the problem that it now has to compete for lucrative investment banking deals against much larger rivals JPMorgan Chase (JPM) and Bank of America (BAC), which can offer clients financing at cheaper rates.

    Nonetheless, for now at least, none of those possible negatives seem to matter. Gorman's strategy is finally getting respect from investors. The bank's shares are up 53% so far this year to just under $30.