Epstein Secrets

LP Committee Chairman Lamar Alexander (R-TN) told Bloomberg BNA in June that the impediments to passage are t

ion and agenda 8 Lame-duck session 2016 11 Tax 13 Health 17 Energy 19 Financial services 21 EY 1 | Electi

ico} ico} SSR ERE EERE ES SSR eRe EER EES Source: Bloomberg Source: Bloomberg 4 Global Cross Asset Strategy -

at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for

ns of SAR14bn that PIF administers). According to Bloomberg, PIF had stakes in publicly listed companies on T

ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s

(SD) Source: BofA Merrill Lynch Global Research, Bloomberg Chart 5: Financials valuations have recovered si

at current levels. The fundamental bull case for Health rests on the strong pipeline of new products for

e: BofA Merrill Lynch Global Fund Manager Survey, Bloomberg. As a reminder, the FMS Cash Rule works as follow

-12 1% 78 3.0% -13 % 33 -0.4% 6 68% -0./% SXDP (Health) 3.0% -08% 1% 8.7% 0.9% 9 2% 115 2.5% -12 3% 40

(RHS) Source: BofA Merrill Lynch Global Research, Bloomberg. Daily data from Jan-90 to 5-Jun-17. The politic

3% -] 2% 74 3.1% = 2% 3.2 -0.4% 0 54% 0.9% SXDP (Health) 3.1% -0.6% 2% 86% 0.9% -/ 2% 115 24% -14 2% 4]

orate Finance The NASDAQ OMX Group FBC Group Ltd Bloomberg News The New York Times Liberty Global Inc. Col

ion Agence France Presse (AFP) Kaiser Foundation Health Plan Inc. Ecovative Design LLC Sberbank Saudi Ba

ervices 1,720 Tax credit for orphan drug research Health 100 Exclusion & deferral of policyholder income e

0.1 0.1 0.1 Utilities 0.2 0.2 0.2 0.2 S&P 500 ex. Financials & Real Estate 117.0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAA