I don't think the investment banks will be back for a while because all of the action is moving to smaller firms. There will be a shakeout in the hedge fund in

I don't think the investment banks will be back for a while because all of the action is moving to smaller firms. There will be a shakeout in the hedge fund industry, but there will continue to be successful firms that do very well. Believe it or not there is still a lot of money out there looking for investments. I already see what looks like a bull market in the creation of financial startups trading markets that are not related to fixed income. These people will not have the government looking over their shoulder on compensation so they will be able to attract the best young talent that is sick of the uncertainty over pay and firm performance at a big institution.