EFTA01033959.pdf

From:"Paul Morris" To:<jeevacation@gmail.com> 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 ciPhoto 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 Paul Morris income potential. Managing Director Private Wealth Manager We hope you'll gain timely insights from the new ONE BRYANT PARK report "When Doves Fly: The Bull Cycle Continues" or STE 28TH FLOOR the Executive Summary version " and feel free to get in NEW YORK, NY 10036 touch with us with questions about our market perspectives. Sincerely, Paul ;Merrill Lynch 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. EFTA01033959 Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation. Merrill Lynch Wealth Management, Merrill Edge°, U.S. Trust, and Bank of America Merrill Lynch are affiliated sub-divisions within GWIM. The Chief Investment Office, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM. The GWIM Investment Strategy Committee (GWIM MC) is responsible for developing and coordinating recommendations for short- term and long-term investment strategy and market views encompassing markets, economic indicators, asset classes and other market-related projections affecting GWIM. Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results. Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets. It is not possible to invest directly in an index. 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. Investing in fixed-income securities may involve certain risks, including the credit quality of individual issuers, possible prepayments, market or economic developments and yields and share price fluctuations due to changes in interest rates. When interest rates go up, bond prices typically drop, and vice versa. 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You should consult your legal and/or tax advisors before making any financial decisions. Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a registered broker- dealer and Member SIPC, and other subsidiaries of Bank of America Corporation (BofA Corp.). 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 I 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 nghts 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 Amenca, N.A., Member FDIC, and other affiliated banks. nvestment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned ubsidiary of BofA Corp The Bull Symbol and Merrill Lynch are trademarks of Bank of America Corporation. el 2019 Bank of America Corporation. All rights reserved. ARWBPDLF 03/2019 EFTA01033960