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Investment Strategy
mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr
a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_014457 →higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo
a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_014496 →is one of the nation's largest managed care organizations, covering roughly 23 million members. The company focuses on three main business segments: Health Care (health insurance, dental, behavioral health and pharmacy benefit Bankof America <> Merrill Lynch Top 10 US Ideas Quarterly | 03 January 2017 3 HOU
Page: HOUSE_OVERSIGHT_014624 →a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_014650 →nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10
a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_016193 →Quantitative Analysis
tax of overseas earnings of US firms’ subsidiaries at reduced rates. Non-Financials in the S&P hold at least $1.2tn in overseas cash (mostly Tech and Health Care). If half was used for buybacks, this could add 3% ($4) to S&P 500 EPS. A redux of 2004 where companies used 80% of cash for buybacks may be less lik
Page: HOUSE_OVERSIGHT_023069 →a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merril
Page: HOUSE_OVERSIGHT_023094 →Entities connected to both the Prudential Regulation Authority and Health Care

Frankfurt
LOCATION
United Kingdom
LOCATIONBaFin
ORGANIZATION
Deutsche Bank
ORGANIZATION
the Financial Services Agency
ORGANIZATION
Donald Trump
PERSON
Bloomberg L.P.
ORGANIZATIONUtilities
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATIONthe Capital Market Authority
ORGANIZATION
Michael Bloomberg
PERSON
Bank of America
ORGANIZATION
Malaysia
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATION
Seoul
LOCATION
Merrill Lynch
ORGANIZATIONThe Monetary Authority of Singapore
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATION
Jeffrey Epstein
PERSON