Jeff Park

Two, it has E-Trade.

which sometimes people forget, like E-Trade is now part of Morgan Stanley's direct like retail reach.

And then you have E-Trade offering crypto trading via partnership with Zerohash.

So they've done things towards a lens towards tokenization and tokenized equities.

And now they're bringing basically the ETF game into the system.

I was told that it's very rare for Morgan Stanley to launch its own branded ETFs because they've acquired others in the past, like in advance is a good example, but they don't label it as Morgan Stanley products.

But this will be, which is kind of in a way a historic thing to just show their might of distribution.

So I think that's really interesting.

Well, one of the first acquisitions that the new CEO, Ted Pick, made at Morgan Stanley was Secondary's trading company for private stocks, which I thought was really quite interesting.

It almost sits at the center of the story of what's going on with the SEC in terms of the regulatory environment they're trying to create for different kinds of capital formation strategies.

And I think Reg CF, Reg D, they'll all come back in play to allow either private companies to go public much faster or create different kinds of caps and weightings to allow capital to flow more seamlessly between public and private capital markets.

At the center of that is wealth managers.

In my opinion, what Morgan Stanley has done better than almost anybody else is they have built the channels to reach the end consumers as directly as possible and giving them a wide range of investment choices that allow you to play on the public side and the private side.

And I think that's kind of where everyone's trying to go.

Like, you know, Robinhood is starting on the public side, and they're trying to give you crossover pre-IPO names and early vetting as one of the ways.

But, like, you can't trade, like, SpaceX yet on Robinhood.

But, you know, they're coming.

They want that.

And Morgan Stanley has a platform they're bringing that back onto.

So...