Epstein Secrets

7.64 1.93 9.28 Consumer Discretionary 2.24 15.42 2.94 15.46 Consumer Staples 3.82 14.31 3.63 19.33 Industrials 1.47 7.33 2.55 13.51 Utilities 1.06 5.96 1.47 8.05 Telco 2.38 16.75 2.24 11.74 Information Technology 2.08 17.17 3.19 17.32 Healthcare 3.80 12.15 3.54 16.84 AGG

LP 3) DM ROE in non-financials sector is now better than EM as aggregate margins have converged. A straightforward side-by-side comparison of the DuPont decomposition of the non-financial sectors in DM and EM reveals that the marginal shift of ROE in favour of DM which has taken place over recent ye

gure 17: EM versus DM by sector — P/BV (x) and RoE (%) Sector Financials Energy Materials Consumer Discretionary Consumer Staples Industrials Utilities Telco Information Technology Healthcare AGGREGATE EM P/BV (x) EM ROE (%) 1.46 0.94 1.35 2.24 3.82 1.47 1.06 2.39 2.08 3.90 1.59 13.8

LP 3) DM ROE in non-financials sector is now better than EM as aggregate margins have converged. A straightforward side-by-side comparison of the DuPont decomposition of the EFTA01466426 non-financial sectors in DM and EM reveals that the marginal shift of ROE in favour of DM which has taken place

ould be able to retain half of the benefit ($8) and the remainder would be passed on to customers or competed away. For instance, a lasting impact to Utilities’ profits is unlikely, as the benefit would be passed on via regulated pricing. Repatriation: Buybacks could boost EPS by 3% Both Trump and the Blue

anufacturing 5% Bristol Myers 9.0 Information {including software publishers} 4% Eli Lilly 8.0 Finance, insurance, real estate, rental and leasing 4% DuPont 17 Transportation equipment manufacturing 3% Pepsi Co, Inc. 14 Management of companies and enterprises 3% Intel 62 All other industries 2% Coca-Cola