Epstein Secrets

K --- Best Relative Value Trades Athanasios Vamvakidis Erjon Satko MLI (UK) MLI (UK) [email protected] [email protected] Arko Sen Shusuke Yamada, CFA >> MLI (UK) Merrill Lynch (Japan) [email protected] [email protected] Relative value in a macro world « Long EUR/JPY: data and positionin

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ted by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): P Comisién Nacional del Mercado De Valores; Merrill Lynch (Brazil): Bank of America Merr This research report: has been approved for publication and is distributed in the United FCA and the PRA) by MLI (UK) and Bank of America Merrill Ly

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore) are regulated by MAS. Bank of America N.A., Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limi License 235132 (MLEA) distribu

macro trade" of short yen / buy equities is also a possibility. Our Buy-rated stocks in bank, insurance and cyclical sectors are listed in Table 1. Shusuke Yamada, CFA FX/Equity Strategist Merrill ~ | Global Research Bankof America a Merrill Lynch HOUSE_OVERSIGHT_014400 --- PAGE BREAK --- Japan Economics

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losures on page 5 to 6. 11687576 Timestamp: 17 November 2016 03:30PM EST Bankof America Merrill Lynch 18 November 2016 Investment Strategy Japan Shusuke Yamada, CFA >> FX/Equity Strategist Merrill Lynch (apan) +81 3 6225 8515 [email protected] Exhibit 1: Sector rotation and inventory cycle Slowdown

h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L

losures on page 6 to 8. 11686246 Timestamp: 13 November 2016 06:10PM EST Bankof America Merrill Lynch 14 November 2016 Investment Strategy Japan Shusuke Yamada, CFA >> FX/Equity Strategist Merrill Lynch (iapan) #8] 3 6225 8515 [email protected] Paul Ciana, CMT Technical Strategist MLPF&S +1 646 855

h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A.,, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS

OW JP Equities, Ihs JP Performance vs World, rhs Source: BofA Merrill Lynch Global Fund Manager Survey 2016 Our Japanese equity and FX strategist Shusuke Yamada has been arguing for a while that we would see both a weaker JPY and a rebound in Japanese equities. While arguably the JPY had turned beforehand, th

h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L

errill Lynch (Japan) +81 3 6225 7747 [email protected] Yang Chen Rates Strategist Merrill Lynch (Hong Kong) +852 3508 8695 [email protected] Shusuke Yamada, CFA FX Strategist Merrill Lynch (Japan) +813 6225 8515 [email protected] Global Emerging Markets Claudio Irigoyen LatAm FI/FX Strategy/Ec