Aaron Back

speaker

279 appearances 6 recordings 1 series first heard Jul 2018 last heard Jul 2019

Aaron Back’s voice in public audio — every appearance, attributed to the second.

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But that's because it takes a while from when a deal is announced to when it closes.

And when it closes is when the banks who worked on that deal get paid.

So we saw record M&A volume in the first half of this year.

And Morgan Stanley and Goldman Sachs are the market leaders.

So there's no doubt that they're going to be getting paid off that probably in the next couple of quarters.

Yeah, I mean, they've both underperformed this year.

It's been an up market.

They've both been down 15 to 17 percent for varying reasons.

Goldman Sachs had some leadership change at the top.

There's been a little bit of uncertainty about their strategic direction.

And Morgan Stanley had a big run up the year before.

And they both had a little bit of a snafu where they didn't quite get approval to return as much capital to shareholders as they wanted from the Fed.

But that's all in the past now.

And I really think that they're positioned to do pretty well for the next couple of quarters.

And the stocks are cheap as well.

Yeah, so it's just important to understand how these banks make money off the markets.

And they're basically middlemen.

They process trades.

You have a client who wants to sell, they help them sell.

You have a client who wants to buy, they help them buy.

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