Epstein Secrets

deserves a larger premium. ¢ We continue to like Healthcare as it offers solid long-term earnings prospects w

Consumer Staples and Healthcare. We also like the Energy sector. e We are negative on Industrials and Con

is underestimating ’17 EPS upside potential from Energy recovery given the segment’s close correlation to

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

retionary Telecom Staples Industrials Health Care Energy Materials Info Tech Real Estate Source: BofAML U

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