The firm has been dropping since it hit 31, as its brokerage adventure has been expensive, and top brokers continue to defect. A firm that still uses typewriters (I am not kidding) is not one I would trust with my money. I will also point out that the same people who nearly caused its sale to Wachovia are still present. I like how a firm of their size is an expert (suddenly) in brokerage, and yet never merged their Dean Witter acquisition. I would say that if you see a firm selling off over a 3 month period, something undisclosed is wrong, and funds are unwinding. Longer term, MS is down from 80, and has never recovered. There are 2 solutions: sell out to a larger firm or bring in competent management. There are no other options.