Ted Pick (Ted Pig in transcript) - Morgan Stanley Chairman and CEO

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139 appearances 1 recordings 1 series first heard Jan 2026 last heard 21 Jan

Ted Pick (Ted Pig in transcript) - Morgan Stanley Chairman and CEO’s voice in public audio — every appearance, attributed to the second.

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Bloomberg Talks · Morgan Stanley CEO Ted Pick Talks M&A · 21 Jan 2026 podcast

There may be opportunistic transactions or allocations that happen.

But after 20 years of financial repression, we're back to live markets and live nation states.

That's here.

But at the same time, you have U.S.

capital markets, which are more than half the capital stock.

And the reality is, very basically, as we know, corporate health is excellent.

Consumer health at the top end is excellent, and obviously the administration's getting after housing for the bottom half of the K. Earnings, as you know, grew 8% this year.

They could grow in the mid-teens next year.

That's double the long-term average.

That's pretty good.

So good corporate, good consumer, excellent capital markets, an easier Fed to lower by 75.

Maybe there's more to go.

Maybe it's

a demand-driven 2026, in which case the Fed doesn't have to move, we have good inflation, we keep on powering forward growth, or maybe it's supply side, where there is spending, but there isn't the same kind of job creation, then the Fed will help out.

So there are downside cases, but just in the main, oh, and the tailwinds of deregulation in the bill are kicking in, it kind of is hard to argue against the 26 US-led growth case.

Now, we could get in a debate about where asset prices should be, but in terms of just two years ago, we were talking about recession.

Last year, we weren't sure because the administration's come in.

We're not talking about that today.

So for our business, very simply, we write tickets to kind of two times GDP nominal.

And so if you think about our wealth and investment bank, if we're going to grow, you know, five, 10% on a two times basis, nominally, that should be pretty good for our business, for doing our job.

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