Leverage is out, hedging is in.
And he says it s built to last. As an American-style equity culture takes greater hold in Europe, so do concerns about the integrity of investment research. The bubble bursts, and a record year leaves a bitter aftertaste. Few years, taken as a whole, have been as rewarding to deal makers as 2000. Last year set records for issuance of initial public offerings as well as for mergers and acquisitions, two of Wall Street s most lucrative activities.