Investment bank and wealth management firm Morgan Stanley (NYSE: MS) actually fared pretty well this year when you consider the carnage in the market.

The stock price is down roughly 15% compared to the broader market's decline of more than 20% and the SPDR S&P Regional Banking ETF's nearly 21% decline. Investment banking has really been a struggle for the entire industry and difficult market conditions challenged the bank's investment management business.

But the bank continues to perform well in the down market and shows that it could be a very good stock to buy in 2023 for the long term.

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Source Fool.com