From: "Paul V. Morris" 4 To: Jeffrey Epstein <[email protected]> Subject: CIO Outlook January 2017 - Volatility and Sentiment: What Gives? Date: Tue, 28 Feb 2017 16:27:45 +0000 RC, 1O Outlook Volatility and Sentiment: What Gives? Equity market performance has been impressive amid low levels of volatility and elevated global political uncertainty. While equities could be susceptible to declines in such an environment, mainly from macroeconomic and policy disappointments, our analysis of history suggests that neither a spike in volatility, nor a large drawdown would be imminent. Read more in the current Monthly Letter, Volatility and Sentiment: What Gives? We also encourage you to visit latest thinking on long-term investment themes. Sincerely, The Morris Group Private Wealth Manager for our The Morris Group Private Wealth Manager One Bryant Park, 28th Floor New York, NY 10036 (212) 680-5919 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. Bonds are subject to interest rate, inflation and credit risks. Investments in high-yield bonds may be subject to greater market fluctuations and risk of loss of income and principal than securities in higher rated categories. 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 marke