While Morgan Stanley (NYSE: MS) has performed well lately despite an uncertain economy, investors aren't giving it enough credit for the moves it's made to succeed in any climate. The company has made strategic acquisitions this year to diversify its revenue streams -- becoming less reliant on traditional investment banking, which can be very volatile .

In the past 10 months, the company acquired asset management firm Eaton Vance (NYSE: EV) and E*Trade, known for its electronic trading platform, for a total of $20 billion. However, the company currently sports a price-to-earnings ratio below industry peers. Even Morgan Stanley CEO James Gorman recently questioned the company's valuation.

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Source Fool.com