From: "Barrett, Paul S"
To: Brad Wechsler <1 k "Jeffrey Epstein (jeevacation@gmail.com)"
leevacation@gmail.com>
CC: Barrett Team "Nelson, Justin D"
Subject: 2 Themes for Leon - Pharma and Japan
Date: Thu, 08 Oct 2015 14:11:51 +0000
Attachments: PFE Sept 10.pdf; BMY Oct 1.pdf; BMY Sept 30.pdf; MRK Oct 2.pdf; MRK-
BMY_Sept_30.pdf; PFE_Sept_30.pdf; C8c5_-_IsT4S_12M_JPNR.400-SBEN_100915.pdf
Jeffrey/Brad
2 things we would like to implement in the portfolio:
1. Take advantage of the sell-off in Healthcare by buying 3 large cap pharma names.
Name Ticker Rating JPM Target
Merck & Co., Inc. MRK OW $66
Pfizer Inc. PFE OW $40
Bristol-Myers Squibb Co. BMY OW $78
Source: Bloomberg 10/07/2015
2. Nikkei 400 linked structured note:
We think there is further BoJ easing given their inability to reach inflation targets
Re-allocation from Fixed income into Equities by local pension plans (estimated $50Bln)
The 12% selloff since August offers an attractive entry level. Index up 3% YTD.
Paul
Paul Barrett I Managing Director I Global Investment Opportunities Group I Morgan Securities LLC Morgan Private
Bank I M. Morgan Chase Sank
320 Park Avenue, 14th Floor, New York, NY 10022 I T: I F: (212) 310-0108 I
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