MS vs JEF. They had performed in line for quite a while. JEF earnings miss hurt them and they didn’t rally but recently entered their own personal h*ll as they were dragged down for looking or sounding or seeming too much like MF. I don’t think they are MF. I still don’t love financials as I believe the European crisis is taking another leg down with problems in Italy, but I would think that some of this underperformance can be retraced with JEF at its end of Sept. lows, and MS not even close. MS must be having an awful quarter so far too, their own debt spreads have tightened a lot (as bizarre as it is to have to mention that). The DVA really does create a lot of bad incentives for debt management by financials, but that is for another time and place.