Morgan Stanley (MS) is a global financial services firm with leading franchises in investment banking (especially equities), wealth management ("WM"), and investment management ("IM"). MS has a low-risk business model and in recent years has completed the pivot to capital-light businesses such as WM and IM. It now derives more than 50 percent of its profits from these businesses.

MS has been the best-performing large U.S. bank this year by a very wide margin and is up more than 25 percent year-to-date. The COVID19 real-life stress-test left it largely unscathed and unequivocally demonstrated the resilience of its business model.

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