Epstein Secrets

6 -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% Rich EFTA01477372 Shop 'til You Drop America (and t

emium collapsing. — As a result, the U.S. has been outperforming the emerging markets. Footnotes: Data as of 3Q15. Source: Bloomberg Finance LP, FactSet, Deutsche Bank Wealth Management. Deutsche Bank Wealth Management Footnotes: Data as of December 31, 2015. Source: FactSet, Deutsche Bank Wealth

. deduct.-recur.impact -3.50 -5.00 -6.00 Recurring impact 7.00 1.50 -3.50 One-time repat. tax 8.50 -8.50 Source: BofAML US Equity & Quant Strategy, FactSet, Compustat, S&P “Assumes end to interest deductibility only applies to new debt, where we estimate 70-90% of debt is long-term. Note: For this exhib

r the last few years, and, if we exclude the cash-rich Technology sector, leverage is approaching all-t

would advise a tilt in EM portfolios toward cash-rich and faster- growing Asia. Emerging market countr

et revisions, in %; MSCI Europe) 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% Jun.05 Jun.06 Jun.07 Jun.0&8 Jun.09 Jun.10 Jun.11 Jun.12 Source: FactSet, UBS CIO, as of 27 June 2012 Note: Past performance is no indication for future returns. 21 Please see important disclaimer and disclosures at the