Epstein Secrets

e trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dr

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

Global Cross Asset Strategy —- Year Ahead Bankof America The Trump inflection ape ce Investment Strategy 30 November 2016 Corrected Key takeaways ee « Market response to Trump is logical but moves have been frontlo

am Page for Full List of Contributors 10Y real rates. CNH a hedge vs trade risk. Trump extends some trends, starts others In the three weeks since Donald Trump’s election victory global markets have seen some dramatic moves. Som1e of those moves are extending trends that had already started — higher yields, hi

e. That is particularly the case if the Fed under President Trump is made more hawkish as our economists think it p

g anything helpful on health or tech for US until trump stands up on international development and aid S

e to say is already being done by others and that health care has an advocacy strategy (without this) etc

o pills are better than one, and brand-name pills trump gener- ics. Capsules are generally more effective

tutes of agency of endorsing the wishful thinking Health, in Bethesda. The F.D.A.'s of drug manufacturers.

ion and agenda 8 Lame-duck session 2016 11 Tax 13 Health 17 Energy 19 Financial services 21 EY 1 | Electi

likely to be limited to keeping the government funded beyond the expiration of the current continuing resolution on December 9, 2016. President-elect Trump and the Republican Congress are certain to provide ambitious policy agendas with plenty of proposals to analyze and the need for significant legislat

this front is far from certain. Republican House losses in the election were minimized for a number of reasons, including the Republican turnout for Donald Trump, the relatively static map created by the post-2010 redistricting process, and highly localized campaigns run by Republican House Members in marginal

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

r Cross Asset year ahead you needed not so much a crystal ball as a time machine to have got things completely right this year. Aside from Brexit and Donald Trump winning the US election it is easy to forget that in February we were worrying about a US recession and deflation. US 5Y5Y forward breakeven inflatio

ed at 1.8% at that point. Four months later we were worrying about the deflationary impact of Brexit. Now we are thinking about the reflation under a Trump Presidency. Chart 9: US 5Y5Y forward inflation troughed in February Chart 10: At the same time as Basic Resources 3.3 17 34 45 —— Stoxx Basic Resour

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

reform OK, maybe it’s not as inevitable as death and taxes, but some form of corporate tax reform seems likely. It is a stated priority of President Trump and has widespread Congressional support. We here focus on four components that could have big equity implications. We assess the impacts at a market

x reform seems likely. It is a stated priority of President Trump and has widespread Congressional support. We here

. DHR (US 1 name) top pick, also A, ZTS in Animal Health, BDX in Diagnostics & CTLT in Services. Medtech

ves & 2-3mm exchange lives would be a 1-2% EBITDA hit on avg). Focus on company-specific stories like EVHC. MCOs (+) — Fischbeck generally +ve under Trump (especially around MA given historical support from GOP) w/ tailwinds from corporate tax & rising rates. ANTM top pick in given valuation & tailwinds

-12 1% 78 3.0% -13 % 33 -0.4% 6 68% -0./% SXDP (Health) 3.0% -08% 1% 8.7% 0.9% 9 2% 115 2.5% -12 3% 40

upside on structurally challenged European banks & relatively more bearish outlook for US rates vs EU USDJPY and NKY the biggest beneficiaries of a Trump win Banks and Insurance are the most leveraged sector Banks and Insurance are the most leveraged sector China risk premium rising but A-shares vol

ion Agence France Presse (AFP) Kaiser Foundation Health Plan Inc. Ecovative Design LLC Sberbank Saudi Ba

ni Adi B. Godrej Jamshyd N. Godrej Daniel Goffart Donald J. Gogel Rick Goings Ayla Géksel Yair Goldfinger l

3% -] 2% 74 3.1% = 2% 3.2 -0.4% 0 54% 0.9% SXDP (Health) 3.1% -0.6% 2% 86% 0.9% -/ 2% 115 24% -14 2% 4]

r- end target of 2.85% for the 10y rate (just above the median forecast). Long-term rates have remained low due to uncertainty around Fiscal policy (Trump’s plans on infrastructure spending), subdued inflation expectations and a slower than expected Fed hiking cycle. On the other hand, a near full-emplo