We Like Blackrock and Morgan Stanley: Grisanti

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Oct. 14 (Bloomberg) -- Grisanti Capital Management Founding Partner Christopher Grisanti discusses the markets and his investment ideas with Tom Keene on Bloomberg Television's "Market Makers." (Source: Bloomberg)

Makers." i am stephanie ruhle.

We are back with christopher santi.

We talked about what is going on in d.c., i want to know what is going on in your office.

When i look at volume, they are so low.

Are you taking cash off the table?

We are selling our safer stocks, consumer staples, health care.

We want a little bit of dry powder.

We know where the downside is coming from.

We know there's going to be trouble with negotiations.

If we have a day where the dow is down two or 300 points -- 200 or three other points, we will go with the more volatile names on our buy list.

When we think about what is going on with jpmorgan, i don't know that i would feel so comfortable.

You do?

It is opinions like that that give us the opportunity.

Look at this legal chart they took -- we made so much money when we bought after the whale charge.

That was a terrific buying opportunity.

We have not had a lot of opportunity this year.

You are describing a bowl market.

The phrase you used -- you are describing a bull market.

The phrase you used is there hasn't been a way and.

-- a way in.

We are talking about something that is moving in the right direction.

I care about incremental change.

We have a fed that is the most accommodative that we have ever seen in our careers.

It is the lowest inflation, unemployment is heading in the right direction.

The question is -- will the events of the last couple of weeks put a wrench in that?

We will look back on this as a buying opportunity.

Is in the fed accommodative because things are bad?

They are bad, but they are not terrible.

We are heading in the right direction.

A month ago, we talked about the fed not being so accommodative.

Rates are up a hundred basis points because things are better than they were a year ago.

They are down 20%. as i was saying, if this negotiation does not work out and we go into default where we do default, even for a few days, that could be the black swan event of the decade.

All money managers are conditioned for a happy outcome that that could be the black swan events.

For the viewers who have their pencils sharpened, what is the opportunity to buy?

Morgan stanley, blackrock -- both of those are volatile on down days.

Blackrock is known as an asset manager, morgan stanley is becoming more of an asset manager.

It is selling a tangible book value.

I find it remarkable, the improvement in tone on their quarterly call in the last two or three reports.

They find -- they have gone from the goats of wall street to someone who is up-and-coming.

He is the first guy to head morgan stanley from the asset management side of the building -- the business.

That is part of the reason we are confident.

Does he get global markets right now?

They had a lousy quarter.

Morgan stanley had a financial process.

-- financial crisis.

Let's say this is a team that is changing from football to baseball and their football team is not doing well, but their future is in the other sport.

Morgan stanley can double from this.

When you say things art doing better, where do you see them

This text has been automatically generated. It may not be 100% accurate.


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