Epstein Secrets

mberg European equities: switch to outright long Healthcare We switch our European sector pair trade preferr

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

nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10

ncrease penetration of higher margin offerings 48 Health: Not Tremendously Prescriptive 51 Vision 2030 a s

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

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

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

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