What a difference 10 months can make.
Last year, I wrote a profile of Moelis & Company (MC), a small (about $2b mkt. cap) investment bank with a strong M&A and restructuring business (examples below), as well as other lines of revenue.
Source: Moelis & Company 2019 Q1 Presentation
At the time, Moelis was trading at around $63 per share. I recommended the stock for further consideration on the basis of its capital-light business model, lack of indebtedness, and generous special dividend payments. However, I also advised caution due to the company's breakneck rate of