Epstein Secrets

16 Bankof America 2 Merrill Lynch HOUSE_OVERSIGHT_014435 --- PAGE BREAK --- Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0

the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the

relative price vs 52wk average (SD) Source: Re BofA Merrill Lynch Global Research, Bloomberg place this text Chart 6: Rapid relative de-rating for Staples — relative PE for Food & Beverage still 6-10% above 2010 / 2014 levels 1.70 1.60 1.50 1.40 1.30 1.20 =———PE-relative FOOD & BEV 110 eee German

the United Kingdom (UK) to professional clients and eligible counterparties (as each is defined in the rules of the FCA and the PRA) by MLI (UK) and Bank of America Merrill Lynch International Limited, which are authorized by the PRA and regulated by the FCA and the PRA, and is distributed in the UK to retail clients (as defined in the rules of the

ctor Est. cash Overseas cash Effective tax Net % imported vs Sector overseas ($bn) = % mkt cap rate LTM exported COGS Discretionary 15 2.9% 28% -14% Staples 68 3.2% 29% -13% Energy 39 26% 21% -3% Health Care 187 10% 23% A% Industrials 127 6.0% 26% 1% Technology 647 14.9% 20% -9% Materials 24 40% 23% 3% Te

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