Bill Baruch is buying Morgan Stanley as a new position and calls it a great entry point. His case starts with wealth management, where assets under management grew 25% last quarter, and the asset management arm, where alternative solutions grew 87% on AUM. He acknowledged headwinds from investment banking and IPO delays, but with the stock at 14 times and down 20% from its high, he likes the setup. The funding came from Berkshire Hathaway, which the team cut in half. They added it in June as Berkshire put cash back to work, but with the S&P setting fresh highs, Bill wants something with a little more punch than a low beta name. Watch the full discussion here.