Individual investors left their money with Morgan Stanley
waiting for good ideas, Chairman and CEO James Gorman said "First on
CNBC" Friday, adding the stock market rally could have legs if the
political uncertainty is resolved.
"We have $1.8 trillion of assets," Gorman said in a "Squawk Box" interview, right after Morgan reported better-than-expected earnings. "On any day, 5 percent of that is looking to go to work. Ninety billion dollars is sitting there waiting to get into the market. If we see some confidence coming through from the political sector ... this thing has legs."
"The individual investors haven't pulled money out of firms like ourselves," Gorman said. "So it's not a total despair of the markets. It's a confusion and uncertainty. The money is still there. They're waiting for good ideas."
"We have $1.8 trillion of assets," Gorman said in a "Squawk Box" interview, right after Morgan reported better-than-expected earnings. "On any day, 5 percent of that is looking to go to work. Ninety billion dollars is sitting there waiting to get into the market. If we see some confidence coming through from the political sector ... this thing has legs."
"The individual investors haven't pulled money out of firms like ourselves," Gorman said. "So it's not a total despair of the markets. It's a confusion and uncertainty. The money is still there. They're waiting for good ideas."
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