Epstein Secrets

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

enda 8 Lame-duck session 2016 11 Tax 13 Health 17 Energy 19 Financial services 21 EY 1 | Election 2016 H

A Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Affiliated Mgrs. AMG AMG US M

ectively lend again in the sector. Moreover, with energy criticized loans peaking in 1Q16, management expe

uy 70.0% Short interest % of float 2.25% Source: Bloomberg and BofA Merrill Lynch Global Research estimates

is underestimating ’17 EPS upside potential from Energy recovery given the segment’s close correlation to

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

money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi

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

money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi

osite —No-change line 35 08 09 10 11 12 Source: Bloomberg, UBS CIO, as of September 2012 Note: Past perfor

Consumer Staples and Healthcare. We also like the Energy sector. e We are negative on Industrials and Con

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

naging Board and Chief Executive Officer, Siemens Energy Chairman of the Board of Management Chairman an

retionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML U

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