From: "Barrett, Paul S"

From: "Barrett, Paul S" To: "'Brad Wechsler"' < CC: Barrett Team < "'Richard Joslin"' "'Jeffrey Epstein ([email protected])"' <jeevacation(iigmail.com> Subject: Equity Themes Date: Tue, 21 Jul 2015 19:32:29 +0000 Attachments: European_Travel_Research.pdf; US_Elections_Research.pdf; Housing_Recovery_Research.pdf >, Brad Please find a summary of our latest investment themes. We would recommend $1MM to each theme (based on $10MM account size). Housing Recovery: First time homebuyers has turned positive for the first time since end of 2013. Home sales are ticking higher while inventories remain low and improving credit scores allowing many more to access the credit market. The housing data continues to improve and we expect this to continue given strong gains in employment. • Homebuilders: Lennar (LEN), Taylor Morrison (TMHC) • Home improvement: Home Depot (HD) • Other beneficiaries: Realogy (RLGY) Name Ticker Rating Target LENNAR CORP-A LEN OW 53.00 TAYLOR MORRISON HOME CORP-A TMHC OW 23.00 REALOGY HOLDINGS CORP RLGY OW 54.00 HOME DEPOT INC HD OW 126.00 European Travel: We think travel to Europe will increase this summer as vacationers look to benefit from the weaker currency. Single names below that we think will benefit from this theme. • Airlines: Ryanair (RYA ID), International Consolidation Airlines (IAG LN) • Online Travel: Priceline (PCLN), TripAdvisor (TRIP) • European hotels: Accor (AC FP), Tui (TUI1 GR) Name Ticker Rating Target RYANAIR HOLDINGS PLC RYA ID OW 13.50 INTL CONSOLIDATED AIRLINE-DI IAG LN N 619.16 PRICELINE GROUP INC/THE PCLN OW 1352.00 TRIPADVISOR INC TRIP N 80.00 ACCOR SA AC FP OW 54.00 TUI AG-DI TUI1 GR OW 17.98 U.S. Elections: The first primary debate is this summer. In the past, media companies and ad agencies have been the largest beneficiaries, but this cycle we also think social media companies are worth adding. 75% of Americans own a smartphone vs. only 35% in 2012. 61% of millennials get news from Facebook. • Social media: Facebook (F8), Twitter (TWTR) • Traditional media: Comcast (CMCSA), Viacom (VIAB) EFTA00850678 Name Ticker Rating Target FACEBOOK INC-A FB OW 100.00 TWITTER INC TWTR OW 55.00 COMCAST CORP-CLASS A CMCSA OW 70.00 VIACOM INC-CLASS B VIAB OW 82.00 NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly account statement for the official record of all of your account activities. For question, please call yours Morgan representative. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, M., and affiliates. For a copy of the "Characteristics and Risks of Standardized Options" booklet, please contact your JPMorgan Advisor. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at EFTA00850679