Epstein Secrets

CB Singapore in respect of any matters arising fnam. or in connection with. the document. Japan: JPMorgan Securities Japan Co.. Ltd. is regulated by the Financial Services Agency in Japan. Malaysia: This material is issued and distributed in Malaysia by JPMorgan Securities (Malaysia) Sdn Bhd (18146-X) which is a Participating

YID Equity Sector Performance' Energy Materials Industrials Discretionary Staples Healthcare rmancials Information Tech. Telecormimications Utilities Overall •Lawdaneturrn as el Al 10.2014 Sauce: J.P. Wigan 1.36 101 1/1 0.94 2.22 6.15 1021 2.12 1.34 102 1.71 0.92 2.30 6.20 1000 2.

perspective. Financials are now trading around median relative valuation levels. Healthcare PE relative is at the bottom of the historical range and Utilities relative PE is also close to the prior low hit in 2013. Food & Beverage still commands a large premium and PE- relative is 6-10% above the 2010 / 201

): Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan

ould be able to retain half of the benefit ($8) and the remainder would be passed on to customers or competed away. For instance, a lasting impact to Utilities’ profits is unlikely, as the benefit would be passed on via regulated pricing. Repatriation: Buybacks could boost EPS by 3% Both Trump and the Blue

: Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co., Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan

ahead of closing the Rite Aid acquisition Cheap hedge against a bond tantrum Cheap equity upside in a bond / equity melt-up Record outperformance of Utilities vs. Financials + FMS positioning + central bank catalysts = potential for cyclicals / defensives mean reversion SX7E 1M 25d call / SX5E 1M 25d call p

a): Merrill Lynch Argentina SA, regulated by Comisién Nacional de Valores; Merrill Lynch Japan): Merrill Lynch Japan Securities Co, Ltd. regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International ncorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan)