Why would anyone want to buy Morgan Stanley shares? There are several sound reasons. First, it is a good and well-managed company. Second, it has that touch of pizzazz which is so elusive on Wall Street. Third, it is financially strong with solid credit ratings. Fourth, Morgan Stanley encourages the public perception that it is risk-averse in its trading strategies and because of its broadly based spread of businesses, including credit cards and an asset-management operation, is less vulnerable than other investment banks to volatile financial markets.

Speak to any senior Morgan Stanley manager and they may tell you that houses such as Goldman Sachs and Bear Stearns often resemble casinos but never the always-prudent and usually fully hedged Morgan Stanley.