SECOND TEAM

Bobby Chada, Emmanuel Turpin & team Morgan Stanley

Under the direction of Bobby Chada and Emmanuel Turpin, the Morgan Stanley group of eight jumps from runner-up to second place. The analysts, who are credited by one portfolio manager with being “the first to predict the impact of overbuilding on German power prices,” downgraded RWE from equal weight to underweight in June, at €55.15, on an impending new tax on nuclear power. By late December the Essen, Germany–based electricity supplier’s shares had slid 9.5 percent, to €49.89, and trailed the sector by 16.4 percentage points.