From: "Paul V. Morris" To: Jeffrey Epstein <[email protected]> Subject: The Weekly Letter: The New Geopolitical Normal Date: Tue, 25 Oct 2016 14:39:35 +0000 > laCIO Weekly The New Geopolitical Normal The geopolitical backdrop has never been messier. Of notable concern: surging Chinese military spending that portends rising military expenditures across the region. Beneficiaries of this dynamic will include many large U.S. defense contractors that count numerous Asian states as clients. We reiterate one of our high-conviction investment themes of being long U.S. defense companies, despite current lofty valuations. Rising geopolitical risks should remain a significant revenue tailwind for the sector over the medium term. Find out more in the new edition of The Weekly Letter, The New Geopolitical Normal. We also encourage you to visit ml.com/insights for our latest thinking on long-term investment themes, including seven recently published articles, as well as our midyear updates on the markets and the economy. The Morris Group Private Wealth Manager Read the latest CIO Weekly The Morris Group Managing Director-Wealth Management Private Wealth Manager One Bryant Park, 28th Floor New York, NY 10036 (212) 680-5919 EFTA00690528