Epstein Secrets

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

ge cap US oils. We view Hess as the most catalyst rich large cap US E&P for 2017 with a return to growth

money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi

la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade

naging Board and Chief Executive Officer, Siemens Energy Chairman of the Board of Management Chairman an

sh Lerner Monique F. Leroux Aharon Leshno-Yaar Rich Lesser Yves Leterme Doris Leuthard Lord Levene

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

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

enda 8 Lame-duck session 2016 11 Tax 13 Health 17 Energy 19 Financial services 21 EY 1 | Election 2016 H

luenced by both electoral politics (e.g., ethanol-rich lowa largely supported his candidacy) and the pre

money but the barrier was not breached at expiry Energy equity outperformed the overall equity market whi

ation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Hi

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

would advise that EM portfolios tilt toward cash-rich and faster- growing Asia. Country preferences wi