EFTA00711149.pdf

From: "Paul V. Morris" 4 To: Jeffrey Epstein -4 Subject: CIO Outlook — The Tortoise and the Hare Cycle Date: Sat, 15 Jul 2017 19:53:38 +0000 PC, 1O Outlook The Tortoise and the Hare Cycle The Morris Group Private Wealth Manager We see ourselves in a new kind of market cycle we're calling The Tortoise and the Hare. The tortoise is the One Bryant Park, 28th Floor global economy (and lagging regulatory framework), New York, NY 10036 the hare the pace of innovation. The symbiotic relationship between them is leading to conflicting signals, concerns, disruption and displacement in some areas. At the same time, however, new markets and consumers, more efficient production and a low cost of capital are powering global profits to new heights and drawing continued investment from the sidelines. Learn more about our 2017 midyear update in the new CIO Monthly Letter, The Tortoise and the Hare Cyst. We also encourage you to visit for our latest thinking on long-term investment themes. Sincerely, The Morris Group Private Wealth Manager 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. 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. Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets. EFTA00711149  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 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, •.. 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, registered investment adviser. Member SIPC and a wholly owned subsidiary of BofA Corp. © 2017 Bank of America Corporation. All rights reserved. ARDK89P3 If you prefer not to receive future e-mails related to this topic click here. ;2J EFTA00711150