"The reality sometimes of what's going on versus the market's perception is completely different," Kruszewski said. "This is one of those times."

That very well could be true, but how long that disconnect between perception and reality lingers is the question. And Stifel's acquisitive nature, with the new talent brought onboard, may make cutting costs to improve margins more difficult than at larger banks.

So what's the strategy? Keep growing assets to justify the build-out of the infrastructure. Kruszewski wants to increase assets to $15 billion by the summer. What kind of assets is he targeting? "Kind of know it when you see it," he told analysts. 

To stretch the growing pains analogy to the point of annoyance, Stifel was like a kid who lined up lots of dance partners at the prom. But then the music stopped. Now, like most investment banks, it really needs the DJ to start spinning tunes again. When will that be? You'll know it when you see it.

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

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