we provide free access to the episodes chart pack including all the data discussed blue line capital president bill baruch and analyst jannis meindl break down the latest fallout from silicon valley bank and regional banks writ large while most investors were focused on banking stress we also share the latest on the inflation front this week we cover morgan stanley with a juggernaut wealth management asset united health as revenue keeps expanding we close it out with adobe among the highestquality saas businesses as a systemically important bank morgan stanley ms has none of the regional banking issues that have shaken the banking space at less than 11bn of unmarked treasury and mbs losses liquidity concerns are barely present as the company’s tier1 capital ratio of 172 exceeds the regulatory minimum under basel iii standards of 148 a concern for banks as a whole is the potential tickup in delinquencies going forward and the associated economic slowdown that could come with it unlike bofa or wells fargo morgan stanley’s presence in loans is much lower which lends itself to more resilience against an economic downturn given the company’s wealth management business comprises more than 50 of revenue deposits shifting into money market funds and other fixedincome products benefits the firm heightened activity on the company’s fixed income desk is also encouraging given that the macro picture remains volatile lending itself to high trading volumes growing revenue at an annual rate of 12 in 2022 united health ueec has proven resilient against trends of an aging population and the insurance premium payout expected to come with it united healthcare the company’s insurance arm is complemented by the optum platform which breaks down into three segments 1 optumhealth 2optumrx 3 optuminsight optumhealth helps insurance patients to find the specialist or medical provider they need while optumrx deals with prescription drugs optuminsight aids hospitals and doctors all integrated into the unitedhealth platform steady medical care and administrative ratios suggest customer premiums remain in check despite concerns about delayed procedures in and around covid the company trades above peers at an 185x ntm pe but has a significant network effect with 5499 million insurance members adobe adbe is the foundational layer of the digital economy providing digital media and analytics solutions for all customer tiers from small businesses to large enterprises at a 218 ntm pe we don’t tout the multiple as expensive given the high cash flow visibility and a strong recurring revenue base as a saas business providing a 95 gross profit margin in digital media the incremental cost of providing more services to customers is close to zero while the global digital economy keeps expanding with a high and expanding free cash flow margin of 42 over the last twelve months investors are buying a quality business that is facing uncertainty around the figma acquisition which could lead to a 1bn breakup fee paid by the company if the doj decides to block the merger