James Cassel quips that he’ll know by the end of the year whether this is a good time to launch a boutique investment bank.

“You know, if business comes in it’s going to be a great time. If it doesn’t it was a terrible time,” said the chairman of Cassel Salpeter & Co. “In six months, I’ll tell you, because then I’ll be smart as to what I should have done today.”

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