From:"Paul Morris"

From: "Paul Morris" To: <[email protected]> Subject: Investment Strategy Overview — When Doves Fly: The Bull Cycle Continues Date: Wed, 20 Mar 2019 17:04:47 +0000 Investment Strategy Overview Chief Investment Office In its quarterly update on the markets, our Chief Investment Office emphasizes that the Federal Reserve's sharp 180-degree change in policy is more powerful than many people have been suggesting. With this and other factors, we think the bull cycle remains intact and expect the S&P 500 to head toward and potentially above 2900 in the coming months. As a general guideline, we remain overweight equities, preferring U.S. large caps and exposure to greater growth through the emerging markets, and slightly negative on fixed income. We stress, however, that bonds remain a foundation for most long-term portfolios given their diversification benefits and income potential. We hope you'll gain timely insights from the new report "When Doves Fly: The Bull Cycle Continues" or the Executive Summary version " and feel free to get in touch with us with questions about our market perspectives. Sincerely, Paul ;Merrill Lynch ciPhoto Paul Morris Managing Director Private Wealth Manager ONE BRYANT PARK STE 28TH FLOOR NEW YORK, NY 10036 This material was prepared by the Chief Investment Office (00) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of the CIO only and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill Lynch or U.S. Trust entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available. 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