????但是，業績數字可能也夸大了高文策略的成功。在市場創下歷史新高之時，摩根士丹利的財富管理業務表現出色也合情合理。如果市場下跌，它也可能再度拖后腿。個人投資者通常會在市場拋售時第一個進行拋售，之后最后一個返回市場。

????另外，近年來摩根士丹利也一直在努力維持債券交易市場的份額。這在本季度也成為一大優勢。但這并不總是優勢。而且摩根士丹利依然面臨一個問題，必須與規模更大的競爭對手摩根大通（JPMorgan Chase）和美國銀行（Bank of America）爭奪利潤厚的投資銀行交易，后兩者可以用較低的利率為客戶提供融資服務。

????不管怎樣，至少目前，這些可能的負面因素似乎不是問題。高文的策略最終獲得了投資者的推崇。它的股價今年迄今已經上漲53%，接近30美元。（財富中文網）???

????Still, the results could be overstating the success of Gorman's strategy. At a time when the market is hitting all-time highs, it makes sense that Morgan Stanley's wealth management unit would be doing well. If the market falters, it could lag again. Individuals are often the first ones out in a market sell-off, and the last ones back in.

????Also, Morgan Stanley has struggled to maintain its market share in debt trading in recent years. That was a virtue this quarter. But it won't always be. And Morgan Stanley still faces the problem that it now has to compete for lucrative investment banking deals against much larger rivals JPMorgan Chase (JPM) and Bank of America (BAC), which can offer clients financing at cheaper rates.

????Nonetheless, for now at least, none of those possible negatives seem to matter. Gorman's strategy is finally getting respect from investors. The bank's shares are up 53% so far this year to just under $30.