April 22 (Bloomberg) -- Brad Hintz, a Sanford C. Bernstein & Co. analyst who has rated Morgan Stanley stock âoutperformâ since mid-2007, said the bankâs weaker-than-expected results left him feeling âhumiliated.â âMy guys are holding the sword so I can run on it this afternoon,â Hintz said in an interview today, adding that heâs still reviewing his earnings estimates and hasnât changed his recommendation on the company. Morgan Stanley today posted a $177 million loss in the first quarter, or 57 cents a share, compared with the 8-cent average loss estimate of 19 analysts surveyed by Bloomberg. Hintz, a 59-year-old former Morgan Stanley treasurer, was the top-ranked analyst covering brokerage firms in a survey by Institutional Investor magazine last year. He said he was âvery disappointedâ that Morgan Stanley reaped $1.3 billion of fixed-income revenue in the same quarter that Goldman Sachs Group Inc. had record revenue of $6.56 billion and JPMorgan Chase & Co. had revenue of $4.9 billion, both records. âWhy on earth would you bring down a balance sheet or reduce your leverage of 11 times in the face of what were excellent flow trading results?â he said, referring to the leverage ratio that compares total assets to shareholder equity. âIf you constrain fixed-income traders, thereâs nothing they can do.â Colm Kelleher, Morgan Stanleyâs chief financial officer, said today that the trading results reflected the firmâs reduced appetite for risk. Chief Executive Officer John Mack said in the earnings statement that âwe have focused on prudent stewardship of our balance sheet, capital and risk profiles.â Hintz said that last yearâs bankruptcy of smaller rival Lehman Brothers Holdings Inc. and the subsequent drop in the stock and bonds of Morgan Stanley may have affected managementâs judgment, even though the companyâs shares and debt have rebounded. âIs this the fallout of the near-death experience that the firm went through after Lehman? Is this a management team that says âwhoa, weâre not going to take risk, weâre going to pull back, weâre going to be very conservativeâ?â Hintz said. âThey let a perfectly well-thrown ball just zoom right by them.â http://www.bloomberg.com/apps/news?pid=20601087&sid=a5Nt5d1CZcms&refer=home ItÂ´s so hard to learn a new expression : "deeeeelllleveragiiiinnnggg". Outsch ! My throat hurts. Cough. Cough.