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$MS 2Q15 Q&A: Bolu of Credit Suisse wanted to get thoughts on competitive implications of driving comp ratio below 55%. James viewed that reduction in comp ratio was overwhelmingly driven by business mix as in non-compensable revenues and by cost structure in non-compensation expenses. Really depends on business mix & scalability of the business.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.