It reinforces the principal that we at Morgan Stanley have to be banking the long-term winners. In these volatile markets investors are extremely focused on differentiating the real winners from the also-rans. A company that is just a good story, which might have had a successful IPO in a bullish market, will find it very hard to have a successful offering in these kinds of markets. The bar is now much higher in terms of which companies investors are prepared to buy. So our sights are set on only working with the very best.
Investors remember that.
So we will see a lot of differentiation between not only the companies that investors are prepared to buy, but also investors will differentiate between which underwriters they are prepared to buy from. You need to look at the longer-term performance. If a stock does well over a period of time, that is a measure of the company doing well. Our issuer clients feel very good about the deals we have done for them because when their issues perform in the aftermarket, that means investors will be more likely to buy their securities the next time around. It is more difficult for the early stage companies that might have successfully been able to go to market just a few months ago, to go to the market now.