but mind the GAAP A structural slowing of industrials: Investing around this late cycle risk Don't pull the plug on Health Care Corporate debt and Bank EPS outlook Portfolio Health Advisory: Premature rotation into Energy & Industrials Window for 2015 liftoff slams shut Cut S&P 2015 end target to 2050

but mind the GAAP A structural sbwing of Industrials. Investing around this late cycle risk Don't pull the plug on Health Care Corporate debt and Bank EPS outlook Portfolio Health Advisory. Premature rotation into Energy & Industrials Window for 2015 liftoff slams shut Cut S&P 2015 end target to 2050

at Energy and Financials. We raise our allocation to Banks and lower our allocation to Telecom from OW to EW and make our OW on Utilities smaller. Bank EPS is likely down 5% in 2016 rather than up 5% as we previously thought, as only for 2 Fed hikes in late 2016 won't raise the average 2016 Fed Funds ra

but mind the GAAP A structural sbwing of Industrials. Investing around this late cycle risk Don't pull the plug on Health Care Corporate debt and Bank EPS outlook Portfolio Health Advisory. Premature rotation into Energy & Industrials Window for 2015 liftoff slams shut Cut S&P 2015 end target to 2050

but mind the GAAP A structural slowing of Industrials: Investing around this late cycle risk Don't pull the plug on Health Care Corporate debt and Bank EPS outlook Portfolio Health Advisory: Premature rotation into Energy & Industrials Window for 2015 liftoff slams shut: Cut S&P 2015 end target to 2050