Evercore Inc Q2 2020 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Matthew Robert Coad - Autonomous Research US LP - Analyst : So I'll be precise with my question. I think the overgeneralized conclusion from last quarter's earnings calls was that no one knows when a recovery in M&A announcements might begin. So based on your commentary earlier, is it fair to say that on the margin, do you have a bit more clarity now? Ralph Lewis Schlosstein - Evercore Inc. - Co-Chairman & Co-CEO John, do you want to start with that? Or... John S. Weinberg - Evercore Inc. - Co-Chairman & Co-CEO Sure. I'd say we don't have a lot more clarity because whereas we see real dialogue, and it's absolutely true to say that the types of dialogues we're having are much more specific and much more targeted and much more actionable, it's really hard to know when this will really kick in and become tangible and begin to be execution-oriented rather than strategic and thinking. So I guess it's -- the best way to say it is we see that we're closer to that really kicking in and really beginning momentum with respect to the strategic initiatives, but it's really hard to say that we have real clarity at this point because I think it's going to take a little bit more time before we do. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JULY 22, 2020 / 12:00PM, EVR.N - Q2 2020 Evercore Inc Earnings Call Ralph Lewis Schlosstein - Evercore Inc. - Co-Chairman & Co-CEO Yes. I would just add, and this is going to sound like a cheeky comment, but it's tautologically true. We know we're 3 months closer to the recovery than we were 3 months ago, but we don't have a huge amount more clarity as to when that recovery will begin other than the fact that there -- clearly, as John indicated, there's a little bit more robustness and seriousness to the discussions that are occurring today than those that we're occurring 3 months ago. So the right things are happening, but they could be derailed.