Epstein Secrets

e current and future US administration foreign policy inclinations, in our view. Separately, we note that the White House spokesman said US President Obama did not support the legislation and likely would not sign it. (A potential presidential veto may however still be overruled if Congress assembles the

y, we note that the White House spokesman said US President Obama did not support the legislation and likely would

12 months, an investment banking client of MLPF&S and/or one or more of its affiliates: BAE SYSTEMS, Dubai, Qatar, Qatar (Central Bank), SABIC, Saudi Telecom, THALES, Yansab. MLPF&S or an affiliate has received compensation from the issuer for non-investment banking services or products within the past 12

lections, Republicans will likely lose seats in the House overall, but retain a majority; we also expect them to win a narrow majority in the Senate. Obama will likely retain the White House. Such an electoral outcome would confirm the existing gridlock between Republicans and Democrats. e Against the b

ile IT is a preferred cyclical sectors. We also like Energy. e We are cautious on Materials, where we expect margin pressure to continue, as well as Telecom and Utilities, due to high valuations. Strategic (1 to 2 years) °¢ We like medium-sized US companies, which should benefit from robust earnings gro

et structure as a result of the shale gas boom ¢ Transmission spending to integrate renewables/improve reliability, and its impact on power prices e Obama initiatives on climate change legislation, and the EPA threat e Energy efficiency initiatives — utility uncoupling , demand growth e Nuclear assets

46.1 237.2 62% Industrial 101.4 155.8 54% Consumer Staples 104.7 160.5 53% Health Care 89.1 128.4 44% Energy 181.9 238.9 31% Financials 63.0 82.0 30% Telecom 51.0 56.9 12% Utilities 113.4 100.9 -11% Source: Bloomberg e Reasons for Underperformance Much of this recent underperformance can be explained by