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approaching 2010/14 lows on PE-relative. Staples have also de- rated severely — in fact Food & Beverage relative PE fell somewhat more than the other Defensives. However, current levels are still somewhat higher versus the historical range (since 1999) than for Healthcare or Utilities. That being said, the PE
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Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)

United States
LocationCountry located primarily in North America
Pierce, Fenner & Smith Incorporated
Organization
Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationMerrill Lynch International
OrganizationMerrill Lynch Equities (Australia) Limited
Organizationthe Australian Securities and Investments Commission
Organizationthe Hong Kong Securities and Futures Commission
OrganizationMerrill Lynch Canada Inc
Organizationthe Investment Industry Regulatory Organization of Canada
OrganizationMerrill Lynch Mexico
Organizationthe Comisidn Nacional Bancaria y de Valores
OrganizationMerrill Lynch Argentina SA
Organization
Comisién Nacional de Valores
OrganizationUruguayan football club based in Montevideo, Uruguay

the Financial Services Agency
OrganizationMerrill Lynch International Incorporated
OrganizationMerrill Lynch Securities (Taiwan) Ltd.
Organizationthe Securities and Futures Bureau
Organization