Wall Street's biggest firms, battered by the breakdown in mortgage and other debt markets, say there's money to be made among the wreckage.
Goldman Sachs, Morgan Stanley and Lehman Brothers reported sharply lower quarterly profits last week as the credit crunch slammed the value of a widening range of mortgages, corporate loans and other assets
And while the firms' chief financial officers warned that markets would remain choppy for some time, the executives all made the same point: The forces keeping prices down won't last.
"Many assets are being priced by the market at levels which are significantly below the levels that would stem from a fundamental valuation approach," Goldman CFO David Viniar told
investors on a conference call. He blamed the depressed prices on "technical contagion" that eventually will abate.
That leads to our Fast Money Reader Poll. How much longer will the downward pressure on stock prices last. Tell us now!
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