Michael WilsonChief US Equity Strategist & CIO of Morgan Stanley WealthManagement and Institutional SecuritiesNo content leftof this lineNo content leftof this lineNo content rightof this lineNo content rightof this linePlace contentbelowthis line Place content below this lineSource andFootnotes Guideline3Over the Last Month, US Large Cap Stocks Are the Only Asset ClassOutperforming CPISource: Morgan Stanley Research; As of October 11, 2018.RankingAug-18Latest 1Russell 2000S&P 500 2S&P 500Russell 2000 3REITSUS HY 4US HYUS 2Yr 5US 2YrCommodities 6US Agg. BondGlobal HY 7MSCI JapanUS Agg. Bond 8US 10YrUS IG 9Global HYUS 10Yr 10US IGMSCI Japan 11MSCI EuropeREITS 12Inflation BondsInflation Bonds 13CommoditiesEM $ Sov Credit 14EM $ Sov CreditEM Local Debt 15MSCI EMMSCI Europe 16EM Local DebtMSCI EM 17MSCI ChinaMSCI ChinaNo content leftof this lineNo content leftof this lineNo content rightof this lineNo content rightof this linePlace contentbelowthis line Place content below this lineSource andFootnotes Guideline4The Rolling Bear Market Has Finally Turned on Tech andDiscretionary – but There Is Still Room to FallSource: FactSet, Morgan Stanley Research; As of October 11, 2018.-6.9%-9.7%-8.4% -8.3% -7.8% -7.7% -7.6%-7.0%-6.0% -5.5%-3.5% -2.8%0.7%-12% -10% -8% -6% -4% -2% 0% 2% S& P50 0 Te ch En er gy Di sc re tio na ry Sm allC ap s M at er ial s Ind us tri als Co m mSe rvi ce s He alt h C ar e Fin an cia ls Re alEs ta te St ap les Ut ilit ies NTM PE % Change from Oct 3, 2018 - Oct 11, 2018-15.0%-38.7%-23.7% -23.2%-20.1% -19.8% -19.3%-13.5%-10.3% -8.6% -8.2% -7.7%-6.9%-45% -40% -35% -30% -25% -20% -15% -10% -5% 0% S& P50 0 En er gy M at er ial s Fin an cia ls Ind us tri als Co m mSe rvi ce s Sm allC ap s St ap les Re alEs ta te Di sc re tio na ry Ut ilit ies Te ch He alt h C ar e NTM PE % Change from Dec 18, 2018 - Oct 11, 2018 。。。。。。