SARA SILVERSTEIN : Let's move over to the bullpen. We're seeing high-profile IPOs from Arm Holdings and Instacart. Any update on Morgan Stanley?

CHRIS VERSACE: So that's an interesting question because we had a couple of different high-profile IPOs, some of which are trading below their IPO price. And it appears as if that window was open for a brief period of time. And we have since seen Morgan Stanley shares fall back. I believe the last I looked, they were trading below $80.

So the risk/reward could be interesting there. We just don't have a catalyst that allows us to spring into that. So we'll look to review what some of its competitors have to say when they start to report next week, again, late, late next week. And by that, I mean some of the big banks and what they're saying about activity not only for investment banking, but also on the asset management side, which by the way, remains a great business at Morgan Stanley. But no plans yet to call it up from the bullpen.

SARA SILVERSTEIN : And same question, but about M&A activity.

CHRIS VERSACE: Yeah. I mean, look, there is M&A activity unfolding and there's some bigger deals, i.e. like I said, Microsoft and Activision. But with interest rates going higher, the hurdle rate could be a little slow for that activity. So again, it's going to be something we want to watch and want to monitor. Maybe we see a flurry of smaller deals.

But we'll have to see what-- excuse me, what Morgan Stanley's involvement is in these deals. Remember the Arm deal, IPO, very big. Morgan Stanley wasn't a part of it. So we need to understand where the activity is and to what degree they're involved.

SARA SILVERSTEIN : And after recent weakness in new home sales, you noted you're keeping Builders FirstSource on the back burner. Are there any bullpen positions that are likely to get an upgrade in the portfolio?

CHRIS VERSACE: I think we're more likely to see, given what's unfolded in the market over the last six weeks, probably some newer names that come into the bullpen. We did that during the summer months. An example, Qualcomm was entered and it came up. So I think that's more likely to happen.

I wouldn't be surprised if perhaps we rethink about some of the positions that are in the bullpen as well. Again, this is kind of the warm-up area companies were growing more interested in. It could be time for a little bit of a refresh here.