21 Quotes by David Trone

Fink is coming from a position of power because of his recent success.

Financially, the deal seems to be of little impact. We estimate ultimate earnings impact as flattish for Merrill over the next few years.

This was a very strong report, both in terms of asset flows, account adds and trading activity.

The transaction makes a lot of sense strategically at a time when U.S. regulators are frowning upon financial incentives to brokers for pushing in-house funds.

Our estimate of $340 million in advisory revenue easily places the quarter as the highest for the firm post-bubble, and should move 2005 advisory revenues about 28% over the prior year.

This is the first quarter in a long time where you will see year-over-year comparisons that are negative. And we'll probably see results for most of the quarters in 2005 being down on a year-over-year basis.

Asset management acquisitions are safer, in our view, given the predictability of earnings, although they will likely be more expensive than banks or consumer finance companies.

It's not likely a firm would double its revenue in a sequential comparison. One should assume that some of that's proprietary trading.

Its track record is outstanding, they've earned tens of billions of dollars over the last several years and they've never come close to having a negative trading line. I'd say that's reasonable risk-reward.