EFTA00626167.pdf

From: "Paul V. Morris" 4 To: Jeffrey Epstein <jeevacation@gmail.com> Subject: CIO Outlook May 2017 — Market Disconnects — Real or a Head Fake? Date: Tue, 30 May 2017 20:34:49 +0000 RCIO Outlook Market Disconnects Real or a Head Fake? The S&P 500 Index has been boosted by optimism over pro-growth reforms from Washington and, as policy expectations have remained in limbo, stronger-than- expected economic growth. However, we have seen breaks in the market start to appear, and the question is whether this recent optimism will fade or increase from real economic growth. We look at these breaks to understand if these market disconnects are warranted or temporary. Read more in the current Monthly Letter Market Disconnects — Real or a Head Fake? We also encourage you to visit ml.com/insights for our latest thinking on long-term investment themes. Sincerely, The Morris Group Private Wealth Manager The Morris Group Private Wealth Manager One Bryant Park, 28th Floor New York, NY 10036 (212) 680-5919 http://www.pwa.ml.com/themorrisgroup 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. EFTA00626167 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. N.A., 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. O 2017 Bank of America Corporation. All rights reserved. AR3QWMG9 If you prefer not to receive future e-mails related to this topic click here. ;2J EFTA00626168