From: "Paul V. Morris" 4

From: "Paul V. Morris" 4 To: Jeffrey Epstein <[email protected]> Subject: CIO Outlook January 2017 - Volatility and Sentiment: What Gives? Date: Tue, 28 Feb 2017 16:27:45 +0000 RC, 1O Outlook Volatility and Sentiment: What Gives? Equity market performance has been impressive amid low levels of volatility and elevated global political uncertainty. While equities could be susceptible to declines in such an environment, mainly from macroeconomic and policy disappointments, our analysis of history suggests that neither a spike in volatility, nor a large drawdown would be imminent. Read more in the current Monthly Letter, Volatility and Sentiment: What Gives? We also encourage you to visit latest thinking on long-term investment themes. Sincerely, The Morris Group Private Wealth Manager for our The Morris Group Private Wealth Manager One Bryant Park, 28th Floor New York, NY 10036 (212) 680-5919 The investments or strategies presented do not take into account the investment objectives or financial needs of particular investors. It is important that you consider this information in the context of your personal risk tolerance and investment goals before making an investment decision. Investments have varying degrees of risk. Some of the risks involved with equities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Bonds are subject to interest rate, inflation and credit risks. Investments in high-yield bonds may be subject to greater market fluctuations and risk of loss of income and principal than securities in higher rated categories. Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. EFTA00631436 There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes. interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors. Alternative investments, such as hedge funds and private equity funds. are speculative and involve a high degree of risk. Asset allocation, diversification and rebalancing do not assure a profit or protect against loss in declining markets. Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation. The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group's Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services. Investments involve risk, including the possible loss of principal investment. The banking, credit and trust services sold by the Group's Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America. N.A., member FDIC, and other affiliated banks. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation. O 2017 Bank of America Corporation. All rights reserved. ARVMTMJD It you prefer not to receive future e-mails misted to this topic click here ;2J EFTA00631437