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Welcome to the Risk Reversal podcast. I am Dan Nathan. That is Guy Adami. I am Guy

Adami. You're still Guy Dami. We have, for the 13th guy. 13th time. Mike Wilson,

of Morgan Stanley. He is the chief U.S. Equity Strategist and CIO.

Michael, welcome back to the podcast. Always good to see you guys.

How loved are you at Morgan Stanley?

Why are we going right there?

Think about it. You are, you in many ways are the face of the firm.

Now, you're not going to admit to that, I know. But when they see you, they immediately say Morgan Stanley, they associate that. How does that make you – that's a serious question. Like, how does it make you feel when you've become synonymous with arguably one of the best investment banks in the world? Yeah, I mean, it's a privilege. I mean, it's great. Thanks for saying that.

It's, well, it's true. Yeah, but I mean, there's a firm. There's so many great, you know, leaders in the firm, and I'm one of many, and I feel privileged to be a voice that people listen to. They do, and you've been there throughout so many cycles. You and I met the late 90s. And one of the things I find fascinating about

Wall Street, there's so many shortcuts that a lot of folks try to take, right? And the business has changed. Every cycle, it changes a lot and it gets smaller and smaller, even with all the consolidation that we've seen over the last 30 years. When I met you, you were a research salesperson. Is that there?

And then you pivoted during the dot com, you know, kind of run up to a tech salesman. Yes. And you were very good at it. And you were covering all the major hedge fund accounts and some big mutual fund accounts. And it's interesting because I don't think you've worked anywhere else in your career. Have you? No. I've had like seven or eight totally different jobs. Within Morgan Stanley.

I mean, that for me, you know, there's no way I would be at the same firm doing the same thing. It's just, I get, you know, bored or, you know, frustrated. And the best part of Morgan Stanley is that they, they allowed me to do that. They created this. Well, they recognize a value. of value. I mean like for instance a lot of folks who kind of outlive their usefulness in a certain job. And one of the things that's really interesting

when you talk about one of the best investment banks in the world, the CEO, a guy named Ted Pick,

...