Here's a very rosy view of things, from the Morgan Stanley (MS) perspective: The bank's stock has been roundly beaten down, relative to Goldman Sachs' (GS) stock, and that makes Morgan Stanley more attractive now. Bloomberg reports that signs of this are already cropping up. Morgan Stanley has held up well this year, eking out a small gain, while Goldman Sachs' stock has been treading water.

Some think Goldman Sachs has no where to go but down. The thesis certainly makes a lot of sense, but it is sort of a backhanded compliment if you think about it. It certainly speaks to the historic competition between the two firms. We always seem to be comparing them, even at a time when the comparison seems less apt. At this point, they seem to have become different companies. Goldman Sachs has remained pretty much what it was before the crisis, while Morgan Stanley has morphed into something slightly different. What do you think? Who is Goldman's main rival now? 

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