This morning, Morgan Stanley announced a net loss of $2.3 billion -- in the last quarter alone. That's an astounding figure. But what makes it even more remarkable is that Wall Street analysts, the geniuses who follow the company and are supposed to know how it's doing, predicted that its losses for the quarter would be $298 million.
They only missed it by a little over two billion dollars. You or I could have done better than that, and we're not supposed to know anything about the subject. Hell, a monkey and a dartboard couldn't have gotten it more wrong than the analysts did.
Here's the kicker: as I write this, Morgan Stanley's stock is trading higher today than yesterday, up over a dollar per share (about 6.5%)! Well, who wouldn't want a piece of it?