Children don't ruin everything, Stanley points out.

斯坦利也指出，孩子并不会毁了所有美好。

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As Adam Jonas of Morgan Stanley points out, there is no certainty that American customers will flock to buy rebadged small Fiats.

如摩根·士丹利的亚当琼纳斯所指出，还无法确定美国消费者是否会蜂拥地去买换了商标的小型菲亚特车。

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But as Morgan Stanley points out, given off-book liabilities such as retirement, healthcare and education, the average consumer is practically in negative equity.

但正如摩根·士丹利指出的那样，假如考虑到退休、医疗和教育等账外债务，中国普通消费者实际上是负资产。

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Morgan Stanley strategist Jerry Lou points out that it wasn't until March that analysts began to expect H-share earnings to fall in 2009;

摩根士丹利（Morgan Stanley）的策略师娄冈（JerryLou）指出，直到3月份，分析师才开始预计H股成份股公司2009年的收益会下滑；

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Morgan Stanley strategist Jerry Lou points out that it wasn't until March that analysts began to expect H-share earnings to fall in 2009;

摩根士丹利（Morgan Stanley）的策略师娄冈（JerryLou）指出，直到3月份，分析师才开始预计H股成份股公司2009年的收益会下滑；

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