Epstein Secrets

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Financials Information Technology Telecommunication Services Utilities 40% 43% 26% 47% 34% 35% 42% 25% 57% 51% 13% Source: Bloomberg, FactSet, Standard & Poor's, 1.P. Morgan Asset Management. 1. "Catastrophic loss" defined as a 70% decline from peak value with minimal recovery. This is a s

ex/depreciation - 2yma pushed 2y fwd (RS, %) Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Factset Margin upside, capex discipline and FX tailwind provide additional support. Third, profit margins in Europe are not elevated: in the bottom third of

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

. deduct.-recur.impact -3.50 -5.00 -6.00 Recurring impact 7.00 1.50 -3.50 One-time repat. tax 8.50 -8.50 Source: BofAML US Equity & Quant Strategy, FactSet, Compustat, S&P “Assumes end to interest deductibility only applies to new debt, where we estimate 70-90% of debt is long-term. Note: For this exhib

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