Strategy and Economics
3 Morgan Stanley Best Ideas List
5 US Economics Consumer Spending:
Slow Growth — Not No Growth — Ahead
Richard Berner
7 US Credit Strategy
A Spooky Comparison
Rizwan Hussain, Gregory Peters, Adam Richmond
9 Equity Derivative Strategy
Equities in the Dollar Bear Camp
Sivan Mahadevan, Christopher R. Metli et al.
11 Global Interest Rate Strategy
A New Balance of Risks
Jim Caron, Laurence Mutkin
13 Asia/GEMS Equity Strategy
Sources of Competitive Advantage in EM,
Part II: The Best Business Models List
Vinicius P. Silva, Jonathan Garner, Michael Wang
Opinion Changes
 Upgrades
15 Managed Care Positioning for 2010: Upgrading
UNH to Overweight, Remaining Overweight WLP
Doug R. Simpson, Melissa McGinnis
17 Cooper Industries
Upgrading to Overweight; High-Quality,
Late-Cycle Laggard at Attractive Value
Scott Davis, Mike Stein, Matthew Gugino, Rob Wertheimer
19 Plains Exploration & Production Expectations
Low, Valuation Supportive – Move to Overweight
Stephen Richardson, Sameer Uplenchwar, Stuart Young
 Downgrades
21 Semiconductors Downgrade Industry to
Cautious – Fundamentals Peaking
Mark Lipacis, Sanjay Devgan
23 Semiconductor Capital Equip. Downgrading
Industry to Cautious; Fundamentals Peak In Sight
Atif Malik, Michael Chu, Mark Lipacis