From: "Paul V. Morris"

From: "Paul V. Morris" To: Jeffrey Epstein <[email protected]> Subject: The Weekly Letter: The New Geopolitical Normal Date: Tue, 25 Oct 2016 14:39:35 +0000 > laCIO Weekly The New Geopolitical Normal The geopolitical backdrop has never been messier. Of notable concern: surging Chinese military spending that portends rising military expenditures across the region. Beneficiaries of this dynamic will include many large U.S. defense contractors that count numerous Asian states as clients. We reiterate one of our high-conviction investment themes of being long U.S. defense companies, despite current lofty valuations. Rising geopolitical risks should remain a significant revenue tailwind for the sector over the medium term. Find out more in the new edition of The Weekly Letter, The New Geopolitical Normal. We also encourage you to visit ml.com/insights for our latest thinking on long-term investment themes, including seven recently published articles, as well as our midyear updates on the markets and the economy. The Morris Group Private Wealth Manager Read the latest CIO Weekly The Morris Group Managing Director-Wealth Management Private Wealth Manager One Bryant Park, 28th Floor New York, NY 10036 (212) 680-5919 EFTA00690528 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. 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. 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. 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. (BofA Corp.). The Private Banking and Investment Group is a division of Merrill Lynch, Pierce, Fenner & Smith Incorporated 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. 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. Investments involve risk, including the possible loss of principal investment. Past performance is no guarantee of future results. 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. @ 2016 Bank of America Corporation. All rights reserved. ARPSHSNS If prefer not to receive future e-mails related to this topic click here EFTA00690529