Stock: Morgan Stanley

• Overweight Stock's total return is expected to exceed the average total return of the analyst's industry coverage universe, on a risk-adjusted basis, over the next 12-18 months.
• Equal-weight Stock's total return is expected to be in line with the average total return of the analyst's industry coverage universe, on a risk-adjusted basis, over the next 12-18 months.
• Underweight Stock's total return is expected to be below the average total return of the analyst's industry coverage universe, on a risk-adjusted basis, over the next 12-18 months.
• More Volatile Estimates stock has more than 25% chance of price move up or down of more than 25% in a month, based on a quantitative assessment of historical data. Or, in the analyst's view, is likely to become materially more volatile over the next 1-12 months compared with the past 3 years. Stocks with less than one year of trading history are automatically rated as more volatile unless otherwise noted.

1. State your recommendation and recommendation definition

2. Defend your Recommendation

a. Does your firm generate positive income, is this expected to grow or continue or decline, Why?

b. Do you consider your firm to be risky? Why or why not? (Correct answers should include terms like revenue, cost, diversification)

3. Why do you think investors invest in the stock market?