Epstein Secrets

5% share shrink. Ex. Energy & Financials, as much less y/y litigation expense at Banks, 2015 S&P EPS was up 6% or 10% ex. 4% FX drag. Growth led by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 i

25.0% Information Technology IT Services 17.4 16.3 Semiconductors Software Communications Equipment Electronic Equipment 2.8% 5.0% Utilities Electric Utilities Gas Utilities 15.4 14.9 Independent Power Producers Multi-Utilities 2.3% 2.5% Telecom 12.4 12.7 Telecommunication Services Banks Capital Mark

markets. Industrials companies reported weak results and guidance. Sizable beats from Tech giants GOOG, MSFT & AMZN brightened 3Q earnings season. Health Care companies (PFE, BMY, GILD, BAX) had large beats on both EPS and sales. Large Oil & Gas companies (XOM, CVX, MPC, VLO) had big beats on EPS on very

Technology 17.5 16.5 Semiconductors Software Communications Equipment Electronic Equipment Banks Capital Markets 14.0 13.2 Consumer Finance Electric Utilities Gas Utilities 2.9% 2.3% 3.4% 2.6% Utilities 15.7 15.2 Independent Power Producers Multi-Utilities Telecom 12.6 13.0 Telecommunication Serv

TES, ON). For screening purpose, our over-weight industries for mid and small caps are all industries in Consumer Discretionary, Consumer Staples, Health Care, and Tech. DB Analyst 16% Paul Ginocchio, CFA 72% Nandan Amladi 28% 30% 15% Alan Hellawell Paul Trussell George Hill 16% Gunnar Romer 23%

ceuticals Airlines Airlines Airlines Airlines Information Technology Communications Equipment Information Technology IT Services IT Services Electric Utilities Electric Utilities Electric Utilities Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Information Technology Semiconductors & Semiconductor