Epstein Secrets

ahn <i Rich, following up on your question from a while back about this topic. Please find a white paper attached. Regards, Amanda The election of Donald Trump as President is expected to lead to significant tax law changes. The tax changes may come in two parts: from the repeal of the Affordable Care Act (O

ive, we are issuing this Tax Alert to inform you of changes that are anticipated, based on proposals made during the campaign by both President-elect Trump and the House Republicans. We also discuss how these changes may impact your planning, both currently and in the future. Bank of America Merrill Lyn

ory or legal statements made herein. Not a product of Bank of America Merrill Lynch (BofAML) Research and should not be viewed as a research report Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 HOUSE_OV

ent on higher rates Navigating post-Trump volatility • We are recording unprecedented divergences in falling equity vol with rising rates vol post Trump's win. Intra-day S&P realized vol collapsed from near 60% to below 20% in 2d [Chart 1] • While equities have shown less conviction over what a Tru

in falling equity vol with rising rates vol post Trump's win. Intra-day S&P realized vol collapsed from n

our days since the election Source: BofA Merrill Lynch Global Research. Based on daily data since 1962. Source: BofA Merrill Lynch Global Research Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 The pow

d before rebounding sequentially by 660kb/d between 2Q17 and 4Q17. 3 — US Energy Policy / Trump Administration — Francisco views the likelihood for Trump's administration to implement a border adjustment tax to be extremely low, but recognizes that if a tax was imposed, it would have profound implica

ministration — Francisco views the likelihood for Trump's administration to implement a border adjustment

supported. However, a toxic mix of much faster-than-anticipated US interest rate hikes, a much stronger USD, and a trade war with China pose risks. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 The pow

ide given the aforementioned points. That said, given the velocity and magnitude of the recent move and uncertainty around the impact and timing of Trump's policies, we believe options offer better risk-reward than being outright long financials stocks here. With flat call skew, "appearing" call sprea

and uncertainty around the impact and timing of Trump's policies, we believe options offer better risk-re

8. Violent rotation: record equity ETF inflow, record financials inflow, biggest bond outflow in 3.5 yrs, record EM debt outflow. Regards, Amanda Amanda Ens Director Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park I 5th Floor I New York,

nd before rebounding sequentially by 660kb/d between 2Q17 and 4Q17. 3 — US Energy Policy / Trump Administration — Francisco views the likelihood for Trump’s administration to implement a border adjustment tax to be extremely low, but recognizes that if a tax was imposed, it would have profound implicati

supported. However, a toxic mix of much faster-than-anticipated US interest rate hikes, a much stronger USD, and a trade war with China pose risks. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 Phone: V

bonds if interest rates continue to move. Our financials sector specialist thinks XLF could have another 20-25% upside given its many levers to the Trump trade: less regulation, higher interest rates/steeper yield curve, higher vol, economic growth, etc. The regional banks are asset sensitive and more

y. Note that while ROEs could go higher, it's unlikely that they can get back to the peaks... Regards, 2 EFTA_R1_01923231 EFTA02670130 Amanda Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 Phone:

that this is being discussed makes me think that we are getting to a more serious stage of the negotiation over tax reform This news is bullish for Trump trades, at least for the medium-term White House explores two new tax ideas — a value-added tax and carbon tax — as leading proposal to raise revenu

st April 4 By Damian Paletta and Max Ehrenfreund President Trump's administration is exploring the creation of two

n the right, to raise revenue in a way that supports economic growth. But the prospect of any new taxes has long drawn skepticism from Republicans. Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 HOUSE_OV

is triggered: 2.8x (5.0%/1.75%) = Gross max payoff if knock-in is not triggered: 5.6x (9.9%/1.75%) — you have upside up to 114.9% Regards, Amanda Amanda Ens Director | Global Equities HOUSE_OVERSIGHT_012044 --- PAGE BREAK --- Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorpor

side given the aforementioned points. That said, given the velocity and magnitude of the recent move and uncertainty around the impact and timing of Trump’s policies, we believe options offer better risk-reward than being outright long financials stocks here. With flat call skew, “appearing” call spread

Importance: — High Navigating post-Trump volatility ° We are recording unprecedented divergences in falling equity vol with rising rates vol post Trump’s win. Intra- day S&P realized vol collapsed from near 60% to below 20% in 2d [Chart 1] ° While equities have shown less conviction over what a Trum

Research. Based on daily data since 1962. —— 4-day return of a 30yr UST futures investment ee 14-Nov-16 Source: BofA Merrill Lynch Global Research Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 The power

see USDJPY reaching 120 next year and Japanese reflation, bullish for Japanese equities, particularly the banks. Huge focus on Banks/Financials post Trump election, they're the big winners. The Banking sector is the main beneficiary of higher rates/less regulation overhang. Investors are still underwe

pan Stocks Net Flows ¥TD) Copyright® 2016 Bloomberg Finance L.P. Source: Bloomberg L7-Hov-2016 14210730 HOUSE_OVERSIGHT_014398 --- PAGE BREAK --- Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated Japan Investment Strategy Nikkei to