Epstein Secrets

cult operating environment. Along with relatively rich valuations vs GEMs, we advise a highly selective

arch Analyst Merril Lynch (DIFC) Belal Rajih Sabbah, CFA Research Analyst Merril L h DIFC) Jean-Michel Saliba EFTA00634193 Research Analyst Merrill Lynch KSA Company This report is intended for Richard Aboboto Read the research report for complete information including important disclosures and analyst cortifica

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

onal del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and

rowing disparity of income and wealth between the rich and the poor (Chart 2), and the loss of national

ch d the Prudential Regulation Authority (Hong Kong): Merrill Lynch (Asia lated by the Monetary Authority of Israel}: Merrill Lynch Lynch lidrios; Merrill Lynch KSA Company, each is defined in the rules of the by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to Bank of Ireland and subject

rrill Lynch Hardline Retail team called “a little rich,” though it is difficult to tell if weak trends a

onal del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and

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

onal del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merrill Lynch Banco Multiplo S.A., regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and

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

errill Lynch errill Lynch (Spain): Merrill Lynch Capital Markets Espana, S.A.S.V., regulated by jo SA, regulated by Comissdo de Valores Mobiliarios; Merrill Lynch KSA Company, regulate by the S DFSA): } to professional clients and eligible counterparties (as each is defined in the rules of the by the PRA and regulated

via bullish X-market risk reversals Steet Selling rich USO (WTI tracker) 3M 25d puts to fund cheaper SXE

ional del Mercado De Valores; Merrill Lynch (Brazil}: Bank of America Merrill Lynch Banco Multiplo S.A, regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company, Merrill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. This information: has been approved for publication and is