Monday, June 3, 2019

How Teenagers Consume Media

How Teenagers Consume MediaDigital media is profoundly transforming consumer behaviour and traditional media business models. While creating new opportunities, its disruptive make is being accelerated by the global recession.At the vanguard of this digital revolution be teenagers. While their habits will obviously change (especially when they start employment), discernment their mindset seems an excellent way of assessing how the media landscape will evolve. To this end, we asked a 15 year old summer give intern, Matthew Robson, to describe how he and his friends consume media. Without claiming delegacy or statistical accuracy, his piece provides sensationness of the cle atomic make out 18st and intimately thought provoking insights we pee-pee seen. So we published it.T here are several issues that immediately parachuting out from the piece. Teenagers are consuming more media, moreover in entirely different ways and are almost certainly not prepared to digest for it. Th ey resent intrusive advertising on billboards, TV and the Internet. They are happy to chase content and music across platforms and devices (iPods, mobiles, streaming sites). Print media (newspapers, controlories) are viewed as irrelevant but events (cinema, concerts etc.) remain popular and one of the few beneficiaries of payment. The convergence of period of play, TV, mobile and Internet is accelerating with huge implications for pay-TV.For mobiles, price is key both in cost of handset prices 100-200 as well as taking pay as you go as opposed to contracts. Mid-range feature phones still dominate, meaning that Sony Ericsson does well as thats their sweet spot. High-end smartphones are desirable but too expensive. Most prefer to own separate devices for music, and messaging. Texting is still key and wasting disease of new data work limited due to cost. Wi-Fi is more popular than 3G.While these trends will not necessarily surprise, their influence on TMT stocks lotnot be unde restimated.How Teenagers ConsumeMediaRadioMost teenagers nowadays are not regular explicate a lineers to radio. They may occasionally tune in, but they do not try to listen to a program specifically. The main reason teenagers listen to the radio is for music, but now with online sites streaming music for free they do not b some other, as services such as closing curtain.fm do this advert free, and users can choose the songs they want instead of listening to what the radio presenter/DJ chooses.TelevisionMost teenagers go out television, but normally there are points in the year where they watch more than average. This is due to programs coming on in seasons, so they will watch a particular show at a certain succession for a number of weeks (as long as it lasts) but then they may watch no television for weeks after the program has ended. allows them to watch shows when they want. Whilst watching TV, adverts come on quite regularly (18 minutes of every hour) and teenagers do n ot want to watch these, so they switch to another channel, or do something else whilst the adverts run.The majority of teenagers I speak to leave Virgin Media as their provider, citing lower costs but similar content of Sky. A fraction of teenagers endure Freeview but these people are light users of TV (they watch about 1 hours per week) so they do not require the hundreds of take that other providers offer.NewspapersNo teenager that I know of regularly reads a newspaper, as most do not have the time and cannot be bothered to read pages and pages of preparebook while they could watch the news summarised on the internet or on TV.The whole newspapers that are read are tabloids and freesheets (Metro, London Lite) mainly because of cost teenagers are very reluctant to pay for a newspaper (hence the popularity of freesheets such as the Metro). Over the last few weeks, the sun has decreased in cost to 20p, so I have seen more and more copies read by teenagers. Another reason why ma inly tabloids are read is that their compact size allows them to be read easily, on a bus or train. This is especially true for The Metro, as it is distributed on buses and trains.Gamingusers, which has had an impact on phone usage one can speak for free over the console and so a teenager would be unwilling to pay to use a phone. PC gaming has little or no place in the teenage market. This may be because usually feebles are released across all platforms, and whilst one can be sure a game will play on a console PC games require expensive set ups to ensure a game will play smoothly. In addition, PC games are relatively easy to pirate and download for free, so m each teenagers would do this rather than grease ones palms a game. In contrast, it is near impossible to obtain a console game for free.InternetEvery teenager has some access to the internet, be it at school or internal. Home use is mainly used for fun (such as social networking) whilst school (or library) use is for work. M ost teenagers are heavily active on a combination of social networking sites. Facebook is the most super acid, with nearly everyone with an internet ascribeion registered and visiting 4 times a week. Facebook is popular as one can move with friends on a wide scale. On the other hand, teenagers do not use twitter. Most have signed up to the service, but then equitable leave it as they release that they are not going to update it (mostly because texting twitter uses up credit, and they would rather text friends with that credit). In addition, they realise that no one is viewing their profile, so their tweets are pointless. Outside of social networking, the internet is used primarily as a source of reading for a variety of topics. For distinct the web, Google is the dominant figure, simply because it is well known and easy to use. somewhat teenagers make purchases on the internet (on sites like eBay) but this is only used by a small will) so that they can transpose it to portab le music players and share it with friends. How teenagers play their music while on the go varies, and usually dependent on wealth -with teenagers from higher income families using iPods and those from lower income families using mobile phones. Some teenagers use both to listen to music, and there are always exceptions to the rule. A number of people use the music service iTunes (usually in conjunction with iPods) to acquire their music (legally) but again this is unpopular with many teenagers because of the high price (79p per song). Some teenagers use a combination of sources to obtain music, because sometimes the sound timbre is better on streaming sites but they cannot use these sites whilst offline, so they would download a song then listen to it on music streaming sites (separate from the file).CinemaTeenagers visit the cinema quite often, catchless of what is on. Usually they will target a film first, and set out to see that, but sometimes they will just go and choose when they get there. This is because going to the cinema is not usually about the film, but the experience -and getting together with friends. Teenagers visit the cinema more often when they are in the lower end of teendom (13 and 14) but as they approach 15 they go to the cinema a lot less. This is due to the pricing at 15 they have to pay the adult price, which is often simulacrum the child price. Also, it is possible to buy a pirated DVD of the film at the time of release, and these cost much less than a cinema ticket so teenagers often choose this instead of going to the cinema. Some teenagers choose to download the films off the internet, but this is not favourable as the films are usually wild quality, have to be watched on a small computer screen and there is a chance that they will be malicious files and install a virus.DevicesMobile Phones99% of teenagers have a mobile phone and most are quite capable phones. The general view is that Sony Ericsson phones are superior, due to t heir long list of features, built in walkman capability and set (100 will buy a mid-high range model). Teenagers due to the risk of it getting lost do not own mobile phones over the 200 mark. As a rule, teenagers have phones on pay as you go. This is because they cannot afford the monthly payments, and cannot commit to an 18-month contract.Usually, teenagers only use their phone for texting, calling. Features such as video messaging or video calling are not used -because they are expensive, (you can get four regular texts for the price of one video message). service such as instant messaging are used, but not by everyone. It usually depends whether the phone is Wi-Fi compatible, because otherwise it is very expensive to get internet off the phone network. As most teenagers phones have Bluetooth support, and Bluetooth is free, they utilise this feature often. It is used to radiate songs and videos (even though it is illegal) and is another way teenagers gain songs for free. Teenage rs never use the ringtone and picture shell outing services, which gained popularity in the early 00s. This is because of the negative press that these services have attracted (where the bearing 20 a week with no easy way to cancel the service) and the fact that they can get pictures and music on a computer -then transfer it to their phones at no cost. Mobile email is not used as teenagers have no need they do not need to be machine-accessible to their inbox all the time as they dont receive important emails. Teenagers do not use the internet features on their mobiles as it costs too much, and generally, if they waited an hour they could use their home internet and they are willing to wait as they dont usually have anything urgent to do.Teenagers do not upgrade their phone very often, with most upgrading every two years. They usually upgrade on their birthday when their parents will buy them a new phone, as they do not normally have enough money to do it themselves.Televisions Mo st teenagers own a TV, with more and more upgrading to HD ready flat screens. However, many are not utilising this HD functionality, as HD channels are expensive extras which many families cannot justify the added expenditure. Many of them dont want to sign up to HD broadcasting services, as adverts are shown on standard definition broadcasts, so they cant see the difference. Most people have Virgin Media as a TV provider. Some have sky and some have Freeview but very few only have the first five channels (BBC One, BBC Two, ITV, Channel Four and Channel Five).Computers Every teenager has access to a elemental computer with internet, but most teenagers computers are systems capable of only everyday tasks. Nearly all teenagers computers have Microsoft office installed, as it allows them to do school work at home. Most (9/10) computers owned by teenagers are PCs, because they are much cheaper than Macs and school computers run Windows, so if a Mac is used at home compatibility issues arise.Games Consoles Close to 1/3 of teenagers have a new (What is Hot?Anything with a touch screen is desirable.Mobile phones with large capacities for music.Portable devices that can connect to the internet (iPhones)Really big telliesWhat Is Not?Anything with wiresPhones with black and white screensClunky brick phonesDevices with less than ten-hour battery lifeDisclosure SectionMorgan Stanley Co. foreign plc, authorized and regulate by Financial Services representation, disseminates in the UK interrogation that it has prepared, and approves solely for the purposes of separate 21 of the Financial Services and Markets Act 2000, research which has been prepared by any of its classifys. As used in this disclosure section, Morgan Stanley includes RMB Morgan Stanley (Proprietary) Limited, Morgan Stanley Co International plc and its affiliates. For important disclosures, stock price charts and rating histories regarding companies that are the publication of this report, delight see the Morgan Stanley research Disclosure Website at www.morganstanley.com/researchdisclosures, or contact your enthronisation translator or Morgan Stanley research at 1585 Broadway, (Attention Equity enquiry Management), New York, NY, 10036 USA.Analyst CertificationThe pastime analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report Edward Hill-Wood. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts.Global research Conflict Management PolicyMorgan Stanley Research has been published in accordance with our conflict management policy, which is on hand(predicate) at www.morganstanley.com/institutional/research/conflictpolicies. classic US Regulatory Disclosures on Subject CompaniesAs of June 30, 2009, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research BSkyB, Informa, Lagardere, Reed Elsevier NV, Reed Elsevier PLC, SeLoger.com, SES, TF1, Vivendi, Wolters Kluwer, Yell. As of June 30, 2009, Morgan Stanley held a net long or short position of US$1 million or more of the debt securities of the following issuers covered in Morgan Stanley Research (including where guarantor of the securities) BSkyB, DMGT, Eutelsat Communications, Havas, ITV, Lagardere, Pearson, Publicis Groupe, Reed Elsevier PLC, SES, TF1, Thomson Reuters Corp., Thomson Reuters PLC, coupled Business Media, Vivendi, Wolters Kluwer, WPP Group Plc, Yell. Within the last 12 months, Morgan Stanley managed or co-managed a public offering of securities of Thomson Reuters Corp.. Within the last 12 months, Morgan Stanley has received compensation for coronation banking services from Eutelsat Communications, Lagardere, ProSi ebenSat1, Publicis Groupe, Reed Elsevier PLC, SES, Thomson Reuters Corp., Thomson Reuters PLC, Vivendi, WPP Group Plc. In the next 3 months, Morgan Stanley expects to receive or intends to look for compensation for investiture banking services from Antena 3, BSkyB, CTC Media, Eutelsat Communications, Gestevision Telecinco, Havas, Informa, ITV, JCDecaux, Johnston Press, Lagardere, Pearson, ProSiebenSat1, Publicis Groupe, Reed Elsevier PLC, SES, TF1, Thomson Reuters PLC, leash Mirror, United Business Media, Vivendi, Wolters Kluwer, WPP Group Plc, Yell. Within the last 12 months, Morgan Stanley Co. Incorporated has received compensation for products and services other than investment banking services from Publicis Groupe, Thomson Reuters PLC. Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company Antena 3, BSkyB, CTC Media, Eutelsat Communications, Gestevisio n Telecinco, Havas, Informa, ITV, JCDecaux, Johnston Press, Lagardere, Pearson, ProSiebenSat1, Publicis Groupe, Reed Elsevier PLC, SES, TF1, Thomson Reuters Corp., Thomson Reuters PLC, Trinity Mirror, United Business Media, Vivendi, Wolters Kluwer, WPP Group Plc, Yell. Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company Antena 3, BSkyB, Gestevision Telecinco, ITV, Lagardere, Mediaset, Pearson, Publicis Groupe, Reed Elsevier PLC, SES, TF1, Thomson Reuters PLC, Trinity Mirror, United Business Media, Vivendi. The research analysts, strategists, or research associates principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, f irm revenues and overall investment banking revenues. An employee or director of Morgan Stanley is a director of WPP Group Plc. Morgan Stanley Co. Incorporated makes a market in the securities of CTC Media. Morgan Stanley Co. International plc is a corporate broker to BSkyB, Trinity Mirror, United Business Media. Certain disclosures listed above are also for compliance with applicable regulations in non-US jurisdictions. inventory RATINGSMorgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated or scraggy (see definitions below). Morgan Stanley does not assign ratings of Buy, Hold or take to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold and look at. Investors should carefully read the definitions of all ratings used in Morgan Stanley Research. In addition, since Morgan Stanley Research contains more complete breeding concerning the analysts views, investors should carefull y read Morgan Stanley Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investors decision to buy or sell a stock should depend on individual circumstances (such as the investors existing holdings) and other considerations.Global pedigree Ratings DistributionFor disclosure purposes only (in accordance with NASD and NYSE requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond Overweight, our most positive stock rating, with a buy recommendation we correspond Equal-weight and Not-Rated to hold and Underweight to sell recommendations, respectively. Data include common stock and ADRs currently assigned ratings. An investors decision to buy or sell a stock should depend on individual circumstances (such as the investors existing holdings) and other considerations. coronation Banking Clients are companies from whom Morgan Stanley or an affiliate received investment banking compensation in the last 12 months.Analyst Stock RatingsOverweight (O). The stocks contribute output is expected to exceed the average total lapse of the analysts industry (or industry teams) reportage being, on a risk-adjusted basis, over the next 12-18 months. Equal-weight (E). The stocks total return is expected to be in line with the average total return of the analysts industry (or industry teams) insurance coverage universe, on a risk-adjusted basis, over the next 12-18 months. Not-Rated (NR). Currently the analyst does not have adequate conviction about the stocks total retur n relative to the average total return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Underweight (U). The stocks total return is expected to be below the average total return of the analysts industry (or industry teams) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Unless otherwise specified, the time frame for price targets included in Morgan Stanley Research is 12 to 18 months.Analyst Industry ViewsAttractive (A) The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be attractive vs. the relevant broad market benchmark, as indicated below. In-Line (I) The analyst expects the performance of his or her industry coverage universe over the next 12-18 months to be in line with the relevant broad market benchmark, as indicated below. Cautious (C) The analyst views the performance of his or her industry coverage universe over the next 12- 18 months with caution vs. the relevant broad market benchmark, as indicated below. Benchmarks for each region are as follows North America SP five hundred Latin America relevant MSCI country index or MSCI Latin America Index Europe MSCI Europe Japan TOPIX Asia relevant MSCI country index.Important Disclosures for Morgan Stanley Smith Barney LLC CustomersCiti Investment Research Analysis (CIRA) research reports may be available about the companies that are the subject of this Morgan Stanley research report. Ask your Financial consultant or use Research Center to view any available CIRA research reports in addition to Morgan Stanley research reports. In addition to the disclosures on this research report and on the Morgan Stanley disclosure website (www.morganstanley.com/researchdisclosures), important disclosures regarding the relationship between the companies that are the subject of this report and Morgan Stanley Smith Barney LLC, Citigroup Global Markets Inc. or any of it s affiliates, are available at https//www.citigroupgeo.com/geopublic/Disclosures/index_a.html. This Morgan Stanley research report has been reviewed and approved on behalf of Morgan Stanley Smith Barney LLC. This review and approval was conducted by the same person who reviewed this research report on behalf of Morgan Stanley. This could hold a conflict of interest.Other Important DisclosuresMorgan Stanley produces a research product called a Tactical Idea. Views contained in a Tactical Idea on a particular stock may be contrary to the recommendations or views expressed in this or other research on the same stock. This may be the result of differing time horizons, methodologies, market events, or other factors. For all research available on a particular stock, please contact your sales representative or go to Client Link at www.morganstanley.com. For a discussion, if applicable, of the valuation methods used to determine the price targets included in this summary and the risks rela ted to achieving these targets, please refer to the latest relevant published research on these stocks. Morgan Stanley Research does not provide individually tailored investment advice. Morgan Stanley Research has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The securities/instruments discussed in Morgan Stanley Research may not be suitable for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of a particular investment or strategy will depend on an investors individual circumstances and objectives. The securities, instruments, or strategies discussed in Morgan Stanley Research may not be suitable for all investors, and certain investors may not be eligible to purchase or participate in some or all of them. Morgan Stanley Research is not an offer to buy or sell o r the solicitation of an offer to buy or sell any security/instrument or to participate in any particular trading strategy. The Important US Regulatory Disclosures on Subject Companies section in Morgan Stanley Research lists all companies mentioned where Morgan Stanley owns 1% or more of a class of common securities of the companies. For all other companies mentioned in Morgan Stanley Research, Morgan Stanley may have an investment of less than 1% in securities or derivatives of securities of companies and may trade them in ways different from those discussed in Morgan Stanley Research. Employees of Morgan Stanley not involved in the preparation of Morgan Stanley Research may have investments in securities or derivatives of securities of companies mentioned and may trade them in ways different from those discussed in Morgan Stanley Research.Derivatives may be issued by Morgan Stanley or associated persons Morgan Stanley and its affiliate companies do business that relates to compan ies/instruments covered in Morgan Stanley Research, including market making and specialized trading, risk arbitrage and other proprietary trading, fund management, commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from guests the securities/instruments of companies covered in Morgan Stanley Research on a principal basis. With the exception of information regarding Morgan Stanley, research prepared by Morgan Stanley Research force are based on public information. Morgan Stanley makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to tell you when opinions or information in Morgan Stanley Research change apart from when we intend to discontinue research coverage of a subject company. Facts and views presented in Morgan Stanley Research have not been reviewed by, and may not reflect information known to, professionals in ot her Morgan Stanley business areas, including investment banking power. Morgan Stanley Research personnel conduct site visits from time to time but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits. The value of and income from your investments may vary because of changes in interest rates or foreign exchange rates, securities prices or market indexes, operational or financial conditions of companies or other factors. There may be time limitations on the exercise of options or other rights in your securities transactions. Past performance is not necessarily a track down to future performance. Estimates of future performance are based on assumptions that may not be realized. Unless otherwise stated, the cover page provides the closing price on the primary exchange for the subject companys securities/instruments. To our readers in Taiwan breeding on securities/instruments that trade in Taiwan is distributed by Morgan Stanley Ta iwan Limited (MSTL). Such information is for your reference only. Information on any securities/instruments issued by a company owned by the government of or incorporated in the PRC and listed in on the Stock Exchange of Hong Kong (SEHK), namely the H-shares, including the component company stocks of the Stock Exchange of Hong Kong (SEHK)s Hang Seng China Enterprise Index or any securities/instruments issued by a company that is 30% or more directly- or indirectly-owned by the government of or a company incorporated in the PRC and traded on an exchange in Hong Kong or Macau, namely SEHKs Red Chip shares, including the component company of the SEHKs China-affiliated Corp Index is distributed only to Taiwan Securities Investment Trust Enterprises (SITE). The reader should independently evaluate the investment risks and is solely responsible for their investment decisions. Morgan Stanley Research may not be distributed to the public media or quoted or used by the public media without t he express written consent of Morgan Stanley. Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to be construed as a recommendation or a solicitation to trade in such securities/instruments. MSTL may not execute transactions for clients in these securities/instruments.To our readers in Hong Kong Information is distributed in Hong Kong by and on behalf of, and is attributable to, Morgan Stanley Asia Limited as part of its set activities in Hong Kong. If you have any queries concerning Morgan Stanley Research, please contact our Hong Kong sales representatives. Morgan Stanley Research is disseminated in Japan by Morgan Stanley Japan Securities Co., Ltd. in Hong Kong by Morgan Stanley Asia Limited (which accepts responsibility for its contents) in Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), adj ust by the Monetary Authority of Singapore, which accepts responsibility for its contents in Australia to wholesale clients within the meaning of the Australian Corporations Act by Morgan Stanley Australia Limited A.B.N. 67 003 734 576, pallbearer of Australian financial services license No. 233742, which accepts responsibility for its contents in Australia to wholesale clients and retail clients within the meaning of the Australian Corporations Act by Morgan Stanley Smith Barney Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents in Korea by Morgan Stanley Co International plc, Seoul Branch in India by Morgan Stanley India Company Private Limited in Canada by Morgan Stanley Canada Limited, which has approved of, and has agreed to take responsibility for, the contents of Morgan Stanley Research in Canada in Germany by Morgan Stanley Bank AG, Frankfurt am Main, regulated by Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin) in Spain by Morgan Stanley, S.V., S.A., a Morgan Stanley group company, which is supervised by the Spanish Securities Markets Commission (CNMV) and states that Morgan Stanley Research has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations in the United States by Morgan Stanley Co. Incorporated, which accepts responsibility for its contents. Morgan Stanley Co. International plc, authorized and regulated by Financial Services Authority, disseminates in the UK research that it has prepared, and approves solely for the purposes of section 21 of the Financial Services and Markets Act 2000, research which has been prepared by any of its affiliates. Private U.K. investors should obtain the advice of their Morgan Stanley Co. International plc representative about the investments concerned. RMB Morgan Stanley (Proprietary) Limited is a member of the JSE L imited and regulated by the Financial Services Board in South Africa. RMB Morgan Stanley (Proprietary) Limited is a joint venture owned equally by Morgan Stanley International Holdings Inc. and RMB Investment Advisory (Proprietary) Limited, which is wholly owned by FirstRand Limited. The information in Morgan Stanley Research is being communicated by Morgan Stanley Co. International plc (DIFC Branch), regulated by the Dubai Financial Services Authority (the DFSA), and is directed at wholesale customers only, as defined by the DFSA. This research will only be made available to a wholesale customer who we are satisfied meets the regulatory criteria to be a client.The information in Morgan Stanley Research is being communicated by Morgan Stanley Co. International plc (QFC Branch), regulated by the Qatar Financial centerfield Regulatory Authority (the QFCRA), and is directed at business customers and market counterparties only and is not intended for Retail Customers as defined by th e QFCRA. As unavoidable by the Capital Markets Board of Turkey, investment information, comments and recommendations stated here, are not within the scope of investment advisory activity. Investment advisory service is provided in accordance with a contract of engagement on investment advisory concluded between brokerage houses, portfolio management companies, non-deposit banks and clients. Comments and recommendations stated here rely on the individual opinions of the ones providing these comments and recommendations. These opinions may not fit to your financial status, risk and return preferences. For this reason, to make an investment decision by relying solely to this information stated here may not bring about outcomes that fit your expectations. The trademarks and service marks contained in Morgan Stanley Research are the property of their respective owners. Third-party data providers make no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data. The Global Industry Classification Standard (GICS) was developed by and is the exclusive pro

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.