Epstein Secrets

-13.1% Energy -13.1% Financials 1.1% Capex 4.7% Industrials 0.2% Industrials 0.2% Materials -4.5% Energy Equipment & Services -11.6% Defensives 3.0% Information Technology 8.2% Utilities -6.116 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0% Consumer 8.6% C

6 013US8RTE (Reasonable PE Tech) • -10.1% Telecommunication Services 2.0% Consumer 8.6% Consumer Staples 3.7% Consumer Discretionary 12.5% Health Care 4.8% Consumer Staples 3.7% Information Technology 8.2% Dividend Growth 4.9% Domestic tyclicals 5.9% Financials 1.1% Consumer Discretionar

Energy 0.3% Energy 0.3% Financials 1.2% Capes 3.9% Industrials 1.3% Industrials 1.3% Materials 5.3% Energy Equipment & Services 3.8% Defensives 5.6% Information Technology 5.4% Utilities -4.6% DBUSBRTE (Reasonable PE Tech) -6.0% Telecommunication Services 6.1% Consumer 4.8% Consum

-4.6% DBUSBRTE (Reasonable PE Tech) -6.0% Telecommunication Services 6.1% Consumer 4.8% Consumer Staples 2.3% Consumer Discretionary 6.8% Health Care 10.1% Consumer Staples 2.3% Information Technology 5.4% Dividend Growth 3.5% Domestic Cyclicals 3.6% Financials 1.2% Consumer Discretiona

higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo

approaching 2010/14 lows on PE-relative. Staples have also de- rated severely — in fact Food & Beverage relative PE fell somewhat more than the other Defensives. However, current levels are still somewhat higher versus the historical range (since 1999) than for Healthcare or Utilities. That being said, the PE