Morgan Stanley Q2 bull case confirmed

Morgan Stanley's Q2 was impressive: equity trading and investment banking fees surged together, with wealth management and institutional services revenue both growing by double digits, while also raising dividends by 15% to $1.15. This isn't just one quarter of luck; the bull case is solidified by the IB cycle recovery plus steady wealth management income, suggesting valuations should move up a notch. Yet the stock only moved 0.8%, while the options market priced in ±4.5%—those who bought straddles got taxed again by IV crush 😭. If you want to ride the same logic, look at Goldman Sachs, which hasn't reported earnings yet and offers a cleaner entry without the premium trap. $MS: In earnings season, it's never the results that hurt people, it's the volatility.