Epstein Secrets

tedtt yield 12/80 12/84 12/88 12/92 12/96 12/00 12/04 12/08 12/12 200 2006 2008 2010 2012 2014 2016 Source: BofA Merrill Lynch Global Research, MSCI, Datastream Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream European Yield Screen The rising rates backdrop has left yield not quite as scar

d 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 FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of

0 066 = G/99—s—«<OG/O2—sC«OG/OS.s«OG/OS=—OG/11 (06/14 06/96 8606/99) (OG/02—sCO6/NSsC«G/OSS(G/11 S(O /14 Source: BofA Merrill Lynch Global Research, Datastream, MSCI, IBES Source: BofA Merrill Lynch Global Research, Datastream, MSC The other metric that illustrates the valuation overhang in Europe is the ri

d 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 FCA and the PRA) by Merrill Lynch International Bank Limited, London Branch, which is authorized by the Central Bank of Ireland and subject to imited regulation by the FCA and PRA - details about the extent of

Saudi 12m Fwd PE 27 EM 12m Fwd PE 25 Average 23 eoccccce Average 2.1 1.9 nhs 1.5 1.3 14 09 07 08 09 10 11 12 13 14 15 16 0 10 (12181 8H Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Source: DataStream, |/B/E/S, Bloomberg, BofA Merrill Lynch Global Research Research Interestingly, no

ued and distributed in Singapore to institutional investors and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank) (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (S