Epstein Secrets

eek advice rega ents discussed in this report. ‘A Merrill Lynch Global Research, may have issued and may in the future issue trad

-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

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

0 35 ; 40 —— (SM / Euro PMI manuf alg (advanced 9m) 30 =———=|\iSCI Europe EPS € (trailing yoy, R 60 01/98 «= 01/01 0104 01/07 O10 O13 O16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 3: Cyclicals vs Defensives trade now looks very stretched 4 3 2 1 0 { -2 3 -4 Dec-97 Dec-01 Dec-05 Dec-09 Dec-13 Cyclicals

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

*S&P ex. Fins. & Real Estate cash is as a % of total S&P 500 market cap Source: Bloomberg, FactSet, BofA Merrill Lynch US Equity & US Quant Strategy, BofA Merrill Lynch Global Research Repatriation in context: a look back at 2004 The last repatriation holiday in the US was the Homeland Investment Act (HIA) of 2004 (part of the Ame