Epstein Secrets

d | 30 November 2016 921 Merrill Lynch HOUSE_OVERSIGHT_014452 --- PAGE BREAK --- Risks to trades Equity trades ¢ The risks to long divi basket & Pharma trades are a steepening of rates curves and better than expected growth outside of Europe causing investors to rotate out of bond proxies. Plus our a

dom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in 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 Mer

rtant drugs in 2017. Chart 79: Healthcare PE relative back near market multiple and lowest since 2011 when patent cliff was at its worst Chart 78: Pharma’s improving growth outlook not reflected in PE 3 Year Sales, EBIT and EPS CAGR Majors and 12 month forward PE ratio 15% 20 1.70 ——HealthCare 12m fw

dom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in 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 Mer

Similarly, as we discuss below, half of the repatriated cash following the 2004 Homeland Investment Act came from just 15 companies, predominantly in Pharma and Tech. Our own analysis of the S&P 500 (based on filings and estimates from our analysts) suggests that non-Financials in the S&P hold approximate

dom of Saudi Arabia Company, regulated by the Capital Market Authority. This research report: has been approved for publication and is distributed in 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 Mer