The good ol' days to be a bank may be over. But not all financial institutions are made equal. Think of Morgan Stanley (MS) as an example.

The company has little, if any, exposure to the fragile broad consumer segment. About 40% of the company's revenues come from wealth management, plus at least as much from institutional clients - i.e. investment banking, sales and trading. All of these businesses should be performing better in 2020 than those that are more exposed to the low interest rate environment and potentially deteriorating consumer credit quality.

But of course, the proof is in the pudding. Morgan Stanley will have its chance to prove my optimism right (or wrong) when it reports third-quarter earnings. The numbers should come out around mid-October, during financial services earnings season.

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