Couple amazing things -- first is that a bunch of the big services underperformed by ~6 pts in Q3 alone (!), second is that most of the services now have negative 10 year relative performance numbers.
The call is a complete joke -- they keep patting themselves on the backs. I guess they have no other choice but its still way beyond anything even remotely reasonable...
I think its best to be out or short this name.
If one is long, I think management changes need to be seen (note virtually all the key top ranking portfolio managers have kept their posts so far which is insane) before a turnaround can take place and any value can be realized.
Barring that or a freak acquisition, this stock is headed <$10 in my opinion.
I know a number of people at AB. Unfortunately, the good PMs and analysts have either left or shut out of any discussion to make positive contributions. The place has one of the WORST work environments becuase as u noted the MAJOR Criteria for promotion and bonuses is to be a "YES" person and keep your mind and mouth shut. What a pity to watch a great asset mgt company getting destroyed and not a single board member seems to care. Horrible.